10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2017

Or

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from             to            

Commission File Number 001-11138

First Commonwealth Financial Corporation

(Exact name of registrant as specified in its charter)

Pennsylvania	25-1428528
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)
601 Philadelphia Street, Indiana, PA	15701
(Address of principal executive offices)	(Zip Code)

724-349-7220

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Indicate by a check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨.

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  x    Accelerated filer  ¨    Smaller reporting company  ¨    Non-accelerated filer  ¨

(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

The number of shares outstanding of issuer’s common stock, $1.00 par value, as of May 8, 2017, was 97,478,605.

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

FORM 10-Q

INDEX

		PAGE
PART I.	Financial Information
ITEM 1.	Financial Statements and Supplementary Data
	Included in Part I of this report:
	First Commonwealth Financial Corporation and Subsidiaries
	Condensed Consolidated Statements of Financial Condition (Unaudited)	3
	Condensed Consolidated Statements of Income (Unaudited)	4
	Condensed Consolidated Statements of Comprehensive Income (Unaudited)	5
	Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)	6
	Condensed Consolidated Statements of Cash Flows (Unaudited)	7
	Notes to the Unaudited Condensed Consolidated Financial Statements	8
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	39
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	54
ITEM 4.	Controls and Procedures	54
PART II.	Other Information
ITEM 1.	Legal Proceedings	55
ITEM 1A.	Risk Factors	55
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	55
ITEM 3.	Defaults Upon Senior Securities	55
ITEM 4.	Mine Safety Disclosures	55
ITEM 5.	Other Information	55
ITEM 6.	Exhibits	56
	Signatures	57

2

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)

	March 31, 2017			December 31, 2016
	(dollars in thousands, except share data)
Assets
Cash and due from banks	$	75,160		$	91,033
Interest-bearing bank deposits	47,944			24,644
Securities available for sale, at fair value	832,754			778,612
Securities held to maturity, at amortized cost (Fair value of $383,735 and $368,618 at March 31, 2017 and December 31, 2016, respectively)	386,954			372,513
Other investments	38,669			36,498
Loans held for sale	9,588			7,052
Loans:
Portfolio loans	4,907,961			4,879,347
Allowance for credit losses	(48,676		)	(50,185		)
Net loans	4,859,285			4,829,162
Premises and equipment, net	66,329			67,534
Other real estate owned	6,910			6,805
Goodwill	186,483			186,483
Amortizing intangibles, net	11,441			12,013
Bank owned life insurance	188,313			187,021
Other assets	99,147			84,648
Total assets	$	6,808,977		$	6,684,018
Liabilities
Deposits (all domestic):
Noninterest-bearing	$	1,270,136		$	1,268,786
Interest-bearing	3,699,593			3,678,622
Total deposits	4,969,729			4,947,408
Short-term borrowings	961,601			867,943
Subordinated debentures	72,167			72,167
Other long-term debt	8,604			8,749
Total long-term debt	80,771			80,916
Other liabilities	35,881			37,822
Total liabilities	6,047,982			5,934,089
Shareholders’ Equity
Preferred stock, $1 par value per share, 3,000,000 shares authorized, none issued	—			—
Common stock, $1 par value per share, 200,000,000 shares authorized; 105,563,455 shares issued at March 31, 2017 and December 31, 2016, and 89,113,083 and 89,007,077 shares outstanding at March 31, 2017 and December 31, 2016, respectively	105,563			105,563
Additional paid-in capital	367,607			366,426
Retained earnings	421,533			412,764
Accumulated other comprehensive loss, net	(6,083		)	(7,027		)
Treasury stock (16,450,372 and 16,556,378 shares at March 31, 2017 and December 31, 2016, respectively)	(127,625		)	(127,797		)
Total shareholders’ equity	760,995			749,929
Total liabilities and shareholders’ equity	$	6,808,977		$	6,684,018

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

3

ITEM 1. Financial Statements and Supplementary Data (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

		For the Three Months Ended
		March 31,
		2017			2016
	(dollars in thousands, except share data)
Interest Income
Interest and fees on loans		$	48,300		$	45,034
Interest and dividends on investments:
Taxable interest		6,994			7,146
Interest exempt from federal income taxes		397			361
Dividends		476			806
Interest on bank deposits		12			6
Total interest income		56,179			53,353
Interest Expense
Interest on deposits		1,812			1,589
Interest on short-term borrowings		1,749			2,235
Interest on subordinated debentures		705			634
Interest on other long-term debt		83			88
Total interest expense		4,349			4,546
Net Interest Income		51,830			48,807
Provision for credit losses		3,229			6,526
Net Interest Income after Provision for Credit Losses		48,601			42,281
Noninterest Income
Net securities gains		652			—
Trust income		1,417			1,255
Service charges on deposit accounts		4,319			3,708
Insurance and retail brokerage commissions		2,082			1,959
Income from bank owned life insurance		1,292			1,296
Gain on sale of mortgage loans		977			683
Gain on sale of other loans and assets		307			195
Card-related interchange income		4,251			3,557
Derivatives mark to market		2			(1,014		)
Swap fee (expense) income		(73		)	460
Other income		1,706			1,616
Total noninterest income		16,932			13,715
Noninterest Expense
Salaries and employee benefits		23,466			21,677
Net occupancy expense		3,761			3,481
Furniture and equipment expense		3,088			2,867
Data processing expense		2,085			1,759
Advertising and promotion expense		806			526
Pennsylvania shares tax expense		816			758
Intangible amortization		572			137
Collection and repossession expense		497			569
Other professional fees and services		959			791
FDIC insurance		793			1,038
Loss on sale or write-down of assets		99			96
Litigation and operational losses		232			244
Merger and acquisition related		611			—
Other operating expenses		4,980			4,201
Total noninterest expense		42,765			38,144
Income Before Income Taxes		22,768			17,852
Income tax provision		6,880			5,379
Net Income		$	15,888		$	12,473
Average Shares Outstanding		88,929,892			88,840,088
Average Shares Outstanding Assuming Dilution		88,987,671			88,845,201
Per Share Data:
Basic Earnings per Share		$	0.18		$	0.14
Diluted Earnings per Share		$	0.18		$	0.14
Cash Dividends Declared per Common Share		$	0.08		$	0.07

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

4

ITEM 1. Financial Statements and Supplementary Data(Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

		For the Three Months Ended
		March 31,
		2017			2016
	(dollars in thousands)
Net Income		$	15,888		$	12,473
Other comprehensive income, before tax expense:
Unrealized holding gains on securities arising during the period		2,543			10,070
Less: reclassification adjustment for gains on securities included in net income		(652		)	—
Unrealized holding (losses) gains on derivatives arising during the period		(516		)	1,735
Less: reclassification adjustment for losses (gains) on derivatives included in net income		78			(15		)
Total other comprehensive income, before tax expense		1,453			11,790
Income tax expense related to items of other comprehensive income		(509		)	(4,126		)
Total other comprehensive income		944			7,664
Comprehensive Income		$	16,832		$	20,137

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

5

ITEM 1. Financial Statements and Supplementary Data(Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

	Shares Outstanding		Common Stock		Additional Paid-in- Capital		Retained Earnings			Accumulated Other Comprehensive Income (Loss), net			Treasury Stock			Total Shareholders’ Equity
	(dollars in thousands, except share and per share data)
Balance at December 31, 2016	89,007,077		$	105,563	$	366,426	$	412,764		$	(7,027	)	$	(127,797	)	$	749,929
Net income							15,888									15,888
Other comprehensive income										944						944
Cash dividends declared ($0.08 per share)							(7,119		)							(7,119		)
Treasury stock acquired	(78,632	)											(1,102		)	(1,102		)
Treasury stock reissued	158,638				1,044		—						1,214			2,258
Restricted stock	26,000		—		137		—						60			197
Balance at March 31, 2017	89,113,083		$	105,563	$	367,607	$	421,533		$	(6,083	)	$	(127,625	)	$	760,995

	Shares Outstanding		Common Stock		Additional Paid-in- Capital		Retained Earnings			Accumulated Other Comprehensive Income (Loss), net			Treasury Stock			Total Shareholders’ Equity
	(dollars in thousands, except share and per share data)
Balance at December 31, 2015	88,961,268		$	105,563	$	365,981	$	378,081		$	(2,386	)	$	(127,693	)	$	719,546
Net income							12,473									12,473
Other comprehensive income										7,664						7,664
Cash dividends declared ($0.07 per share)							(6,224		)							(6,224		)
Treasury stock acquired	(55,301	)											(488		)	(488		)
Restricted stock	53,348		—		109		—						234			343
Balance at March 31, 2016	88,959,315		$	105,563	$	366,090	$	384,330		$	5,278		$	(127,947	)	$	733,314

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

6

ITEM 1. Financial Statements and Supplementary Data(Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	For the Three Months Ended
	March 31,
	2017			2016
Operating Activities	(dollars in thousands)
Net income	$	15,888		$	12,473
Adjustment to reconcile net income to net cash provided by operating activities:
Provision for credit losses	3,229			6,526
Deferred tax expense	2,506			1,200
Depreciation and amortization	2,113			1,740
Net (gains) losses on securities and other assets	(1,718		)	218
Net amortization of premiums and discounts on securities	867			1,102
Income from increase in cash surrender value of bank owned life insurance	(1,292		)	(1,296		)
Increase in interest receivable	(338		)	(911		)
Mortgage loans originated for sale	(27,580		)	(22,269		)
Proceeds from sale of mortgage loans	29,829			22,858
Increase (decrease) in interest payable	571			(26		)
Increase in income taxes payable	4,354			2,811
Other-net	(991		)	(4,834		)
Net cash provided by operating activities	27,438			19,592
Investing Activities
Transactions with securities held to maturity:
Proceeds from maturities and redemptions	10,826			6,924
Purchases	(25,140		)	(19,695		)
Transactions with securities available for sale:
Proceeds from maturities and redemptions	33,125			35,815
Purchases	(85,220		)	(29,930		)
Purchases of FHLB stock	(12,883		)	(10,281		)
Proceeds from the redemption of FHLB stock	10,712			12,636
Proceeds from sale of other assets	1,631			2,101
Restricted cash	(21,284		)	—
Net increase in loans	(37,514		)	(118,137		)
Purchases of other assets	(410		)	—
Purchases of premises and equipment	(1,531		)	(2,251		)
Net cash used in investing activities	(127,688		)	(122,818		)
Financing Activities
Net decrease in federal funds purchased	—			(4,000		)
Net increase in other short-term borrowings	93,658			11,917
Net increase in deposits	22,385			105,873
Repayments of other long-term debt	(145		)	(139		)
Dividends paid	(7,119		)	(6,224		)
Purchase of treasury stock	(1,102		)	(488		)
Net cash provided by financing activities	107,677			106,939
Net increase in cash and cash equivalents	7,427			3,713
Cash and cash equivalents at January 1	115,677			69,452
Cash and cash equivalents at March 31	$	123,104		$	73,165

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

7

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1 Basis of Presentation

The accounting and reporting policies of First Commonwealth Financial Corporation and its subsidiaries (“First Commonwealth” or the “Company”) conform with generally accepted accounting principles in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates, assumptions and judgments that affect the amounts reported in the financial statements and accompanying notes. Actual realized amounts could differ from those estimates. In the opinion of management, the unaudited interim condensed consolidated financial statements include all adjustments (consisting of only normal recurring adjustments) necessary for a fair presentation of First Commonwealth’s financial position, results of operations, comprehensive income, cash flows and changes in shareholders’ equity as of and for the periods presented.

The results of operations for the three months endedMarch 31, 2017 are not necessarily indicative of the results that may be expected for the full year of 2017. These interim financial statements should be read in conjunction with First Commonwealth’s 2016 Annual Report on Form 10-K.

For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, federal funds sold and interest-bearing bank deposits. Generally, federal funds are sold for one-day periods.

Note 2 Supplemental Comprehensive Income Disclosures

The following table identifies the related tax effects allocated to each component of other comprehensive income (“OCI”) in the Condensed Consolidated Statements of Comprehensive Income. Reclassification adjustments related to securities available for sale are included in the "Net securities gains" line and reclassification adjustments related to losses on derivatives are included in the "Other operating expenses" line in the Condensed Consolidated Statements of Income.

	For the Three Months Ended March 31,
	2017									2016
	Pretax Amount			Tax (Expense) Benefit			Net of Tax Amount			Pretax Amount			Tax (Expense) Benefit			Net of Tax Amount
	(dollars in thousands)
Unrealized gains on securities:
Unrealized holding gains on securities arising during the period	$	2,543		$	(890	)	$	1,653		$	10,070		$	(3,524	)	$	6,546
Reclassification adjustment for gains on securities included in net income	(652		)	228			(424		)	—			—			—
Total unrealized gains on securities	1,891			(662		)	1,229			10,070			(3,524		)	6,546
Unrealized (losses) gains on derivatives:
Unrealized holding (losses) gains on derivatives arising during the period	(516		)	181			(335		)	1,735			(607		)	1,128
Reclassification adjustment for losses (gains) on derivatives included in net income	78			(28		)	50			(15		)	5			(10		)
Total unrealized (losses) gains on derivatives	(438		)	153			(285		)	1,720			(602		)	1,118
Total other comprehensive income	$	1,453		$	(509	)	$	944		$	11,790		$	(4,126	)	$	7,664

8

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following table details the change in components of OCI for the three months endedMarch 31:

	2017											2016
	Securities Available for Sale			Post-Retirement Obligation		Derivatives			Accumulated Other Comprehensive Income (Loss)			Securities Available for Sale			Post-Retirement Obligation		Derivatives			Accumulated Other Comprehensive Income (Loss)
	(dollars in thousands)
Balance at December 31	$	(7,455	)	$	225	$	203		$	(7,027	)	$	(2,956	)	$	10	$	560		$	(2,386	)
Other comprehensive income before reclassification adjustment	1,653			—		(335		)	1,318			6,546			—		1,128			7,674
Amounts reclassified from accumulated other comprehensive (loss) income	(424		)	—		50			(374		)	—			—		(10		)	(10		)
Net other comprehensive income during the period	1,229			—		(285		)	944			6,546			—		1,118			7,664
Balance at March 31	$	(6,226	)	$	225	$	(82	)	$	(6,083	)	$	3,590		$	10	$	1,678		$	5,278

Note 3 Supplemental Cash Flow Disclosures

The following table presents information related to cash paid during the period for interest, as well as detail on non-cash investing and financing activities for the three months endedMarch 31:

	2017			2016
	(dollars in thousands)
Cash paid during the period for:
Interest	$	3,832		$	4,674
Income taxes	1,039			1,000
Non-cash investing and financing activities:
Loans transferred to other real estate owned and repossessed assets	958			1,355
Loans transferred from held to maturity to held for sale	3,613			—
Gross increase in market value adjustment to securities available for sale	1,892			10,070
Gross (decrease) increase in market value adjustment to securities derivatives	(438		)	1,720
Investments committed to purchase, not settled	498			600
Noncash treasury stock reissuance	2,258			—

Note 4 Earnings per Share

The following table summarizes the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computations:

	For the Three Months Ended March 31,
	2017		2016
Weighted average common shares issued	105,563,455		105,563,455
Average treasury stock shares	(16,527,204	)	(16,623,094	)
Average unearned nonvested shares	(106,359	)	(100,273	)
Weighted average common shares and common stock equivalents used to calculate basic earnings per share	88,929,892		88,840,088
Additional common stock equivalents (nonvested stock) used to calculate diluted earnings per share	57,779		5,113
Weighted average common shares and common stock equivalents used to calculate diluted earnings per share	88,987,671		88,845,201

9

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following table shows the number of shares and the price per share related to common stock equivalents that were not included in the computation of diluted earnings per share for the three months endedMarch 31 because to do so would have been antidilutive.

	2017					2016
		Price Range					Price Range
	Shares	From		To		Shares	From		To
Restricted Stock	13,750	$	13.96	$	13.96	88,508	$	7.21	$	9.84
Restricted Stock Units	24,375	$	15.09	$	15.09	—	$	—	$	—

Note 5 Commitments and Contingent Liabilities

Commitments and Letters of Credit

Standby letters of credit and commercial letters of credit are conditional commitments issued by First Commonwealth to guarantee the performance of a customer to a third party. The contract or notional amount of these instruments reflects the maximum amount of future payments that First Commonwealth could be required to pay under the guarantees if there were a total default by the guaranteed parties, without consideration of possible recoveries under recourse provisions or from collateral held or pledged. In addition, many of these commitments are expected to expire without being drawn upon; therefore, the total commitment amounts do not necessarily represent future cash requirements.

The following table identifies the notional amount of those instruments at:

	March 31, 2017		December 31, 2016
	(dollars in thousands)
Financial instruments whose contract amounts represent credit risk:
Commitments to extend credit	$	1,687,588	$	1,733,820
Financial standby letters of credit	16,894		18,108
Performance standby letters of credit	27,169		26,630
Commercial letters of credit	1,142		1,301

The notional amounts outstanding as of March 31, 2017 include amounts issued in 2017 of $0.7 million in financial standby letters of credit, $0.1 million in performance standby letters of credit and no commercial letters of credit. A liability of $0.1 million and $0.2 million has been recorded as of March 31, 2017 and December 31, 2016, respectively, which represents the estimated fair value of letters of credit issued. The fair value of letters of credit is estimated based on the unrecognized portion of fees received at the time the commitment was issued.

Unused commitments and letters of credit provide exposure to future credit loss in the event of nonperformance by the borrower or guaranteed parties. Management’s evaluation of the credit risk related to these commitments resulted in the recording of a liability of $3.9 million as of March 31, 2017 and $4.1 million as of December 31, 2016. This liability is reflected in "Other liabilities" in the Condensed Consolidated Statements of Financial Condition. The credit risk evaluation incorporated probability of default, loss given default and estimated utilization for the next twelve months for each loan category and the letters of credit.

Legal Proceedings

First Commonwealth and its subsidiaries are subject in the normal course of business to various pending and threatened legal proceedings in which claims for monetary damages are asserted. As of March 31, 2017, management, after consultation with legal counsel, does not anticipate that the aggregate ultimate liability arising out of litigation pending or threatened against First Commonwealth or its subsidiaries will be material to First Commonwealth’s consolidated financial position. On at least a quarterly basis, First Commonwealth assesses its liabilities and contingencies in connection with such legal proceedings. For those matters where it is probable that First Commonwealth will incur losses and the amounts of the losses can be reasonably estimated, First Commonwealth records an expense and corresponding liability in its consolidated financial statements. To the extent the pending or threatened litigation could result in exposure in excess of that liability, the amount of such excess is not currently estimable. Although not considered probable, the range of reasonably possible losses for such matters in the aggregate, beyond the existing recorded liability (if any), is between $0 and $7 million. Although First Commonwealth does

10

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

not believe that the outcome of pending litigation will be material to First Commonwealth’s consolidated financial position, it cannot rule out the possibility that such outcomes will be material to the consolidated results of operations and cash flows for a particular reporting period in the future.

First Commonwealth Financial Corporation and First Commonwealth Bank were named defendants in an action commenced August 27, 2015 by eight named plaintiffs that is pending in the Court of Common Pleas of Jefferson County, Pennsylvania.  The plaintiffs allege that the Bank repossessed motor vehicles, sold the vehicles and sought to collect deficiency balances in a manner that did not comply with the notice requirements of the Pennsylvania Uniform Commercial Code (UCC), charged inappropriate costs and fees, including storage costs for dates that a repossessed vehicle was not in storage, and wrongly filed forms with the Department of Motor Vehicles asserting that the Bank had complied with applicable laws relating to the repossession of the vehicles. The plaintiffs seek to pursue the action as a class action on behalf of the named plaintiffs and other similarly situated plaintiffs who had their automobiles repossessed and seek to recover damages under the UCC and the Pennsylvania Fair Credit Extension Uniformity Act. First Commonwealth and the Bank contest the plaintiffs’ allegations and intend to oppose class certification.  The Bank has also asserted counterclaims for breach of contract, set-off and recoupment against the plaintiffs, individually, and as representatives of the putative class.  The Bank and counsel for the plaintiffs reached an agreement-in-principle to settle the litigation during the second quarter of 2016. The parties are negotiating the terms of a definitive settlement agreement which would be subject to court approval and other customary conditions. The estimated cost of the settlement to the Bank was recorded as a liability in the second quarter of 2016. As set forth in the preceding paragraph, all current litigation matters, including this action, are believed to be within the range of reasonably possible losses set forth in the preceding paragraph. 

Note 6 Investment Securities

Securities Available for Sale

Below is an analysis of the amortized cost and estimated fair values of securities available for sale at:

	March 31, 2017									December 31, 2016
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential	$	14,585	$	1,440	$	(7	)	$	16,018	$	15,143	$	1,481	$	(7	)	$	16,617
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential	726,240		4,513		(9,799		)	720,954		683,601		4,557		(11,305		)	676,853
Mortgage-Backed Securities – Commercial	—		—		—			—		1		—		—			1
Other Government-Sponsored Enterprises	16,700		—		(58		)	16,642		16,700		—		(69		)	16,631
Obligations of States and Political Subdivisions	27,077		283		—			27,360		27,075		195		(41		)	27,229
Corporate Securities	15,896		476		(3		)	16,369		5,903		416		—			6,319
Pooled Trust Preferred Collateralized Debt Obligations	40,165		530		(6,954		)	33,741		39,989		427		(7,124		)	33,292
Total Debt Securities	840,663		7,242		(16,821		)	831,084		788,412		7,076		(18,546		)	776,942
Equities	1,670		—		—			1,670		1,670		—		—			1,670
Total Securities Available for Sale	$	842,333	$	7,242	$	(16,821	)	$	832,754	$	790,082	$	7,076	$	(18,546	)	$	778,612

11

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Mortgage-backed securities include mortgage-backed obligations of U.S. Government agencies and obligations of U.S. Government-sponsored enterprises. These obligations have contractual maturities ranging from less than one year to approximately 30 years with lower anticipated lives to maturity due to prepayments. All mortgage-backed securities contain a certain amount of risk related to the uncertainty of prepayments of the underlying mortgages. Interest rate changes have a direct impact upon prepayment speeds; therefore, First Commonwealth uses computer simulation models to test the average life and yield volatility of all mortgage-backed securities under various interest rate scenarios to monitor the potential impact on earnings and interest rate risk positions.

Expected maturities will differ from contractual maturities because issuers may have the right to call or repay obligations with or without call or prepayment penalties. Other fixed income securities within the portfolio also contain prepayment risk.

The amortized cost and estimated fair value of debt securities available for sale at March 31, 2017, by contractual maturity, are shown below.

	Amortized Cost		Estimated Fair Value
	(dollars in thousands)
Due within 1 year	$	3,300	$	3,294
Due after 1 but within 5 years	27,386		27,361
Due after 5 but within 10 years	27,077		27,360
Due after 10 years	42,075		36,097
	99,838		94,112
Mortgage-Backed Securities (a)	740,825		736,972
Total Debt Securities	$	840,663	$	831,084

(a) Mortgage-Backed Securities include an amortized cost of $14.6 million and a fair value of $16.0 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $726.2 million and a fair value of $721.0 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.

Proceeds from sales, gross gains (losses) realized on sales, maturities and other-than-temporary impairment charges related to securities available for sale were as follows for the three months endedMarch 31:

	2017		2016
	(dollars in thousands)
Proceeds from sales	$	—	$	—
Gross gains (losses) realized:
Sales Transactions:
Gross gains	$	—	$	—
Gross losses	—		—
	—		—
Maturities and impairment
Gross gains	652		—
Gross losses	—		—
Other-than-temporary impairment	—		—
	652		—
Net gains and impairment	$	652	$	—

Gross gains of $0.7 million recognized in 2017 were a result of the early redemption of one of our trust preferred securities. Securities available for sale with an estimated fair value of $438.4 million and $445.8 million were pledged as of March 31, 2017 and December 31, 2016, respectively, to secure public deposits and for other purposes required or permitted by law.

12

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Securities Held to Maturity

Below is an analysis of the amortized cost and fair values of debt securities held to maturity at:

	March 31, 2017									December 31, 2016
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential	$	4,266	$	—	$	(19	)	$	4,247	$	4,297	$	—	$	(4	)	$	4,293
Mortgage-Backed Securities- Commercial	34,194		—		(700		)	33,494		34,444		—		(561		)	33,883
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential	294,624		83		(2,224		)	292,483		280,430		5		(2,527		)	277,908
Mortgage-Backed Securities – Commercial	14,536		—		(51		)	14,485		14,675		—		(142		)	14,533
Obligations of States and Political Subdivisions	39,134		137		(443		)	38,828		38,667		55		(721		)	38,001
Debt Securities Issued by Foreign Governments	200		—		(2		)	198		—		—		—			—
Total Securities Held to Maturity	$	386,954	$	220	$	(3,439	)	$	383,735	$	372,513	$	60	$	(3,955	)	$	368,618

The amortized cost and estimated fair value of debt securities held to maturity at March 31, 2017, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or prepayment penalties.

	Amortized Cost		Estimated Fair Value
	(dollars in thousands)
Due within 1 year	$	—	$	—
Due after 1 but within 5 years	2,824		2,831
Due after 5 but within 10 years	32,379		32,173
Due after 10 years	4,131		4,022
	39,334		39,026
Mortgage-Backed Securities (a)	347,620		344,709
Total Debt Securities	$	386,954	$	383,735

(a) Mortgage-Backed Securities include an amortized cost of $38.5 million and a fair value of $37.7 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $309.2 million and a fair value of $307.0 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.

Securities held to maturity with an amortized cost of $217.8 million and $119.2 million were pledged as of March 31, 2017 and December 31, 2016, respectively, to secure public deposits and for other purposes required or permitted by law.

13

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 7 Impairment of Investment Securities

Securities Available for Sale and Held to Maturity

As required by FASB ASC Topic 320, “Investments – Debt and Equity Securities,” credit-related other-than-temporary impairment on debt securities is recognized in earnings, while non-credit related other-than-temporary impairment on debt securities not expected to be sold is recognized in OCI. During the three months endedMarch 31, 2017 and 2016, no other-than-temporary impairment charges were recognized.

First Commonwealth utilizes the specific identification method to determine the net gain or loss on debt securities and the average cost method to determine the net gain or loss on equity securities.

We review our investment portfolio on a quarterly basis for indications of impairment. This review includes analyzing the length of time and the extent to which the fair value has been lower than the cost, the financial condition and near-term prospects of the issuer, including any specific events which may influence the operations of the issuer and whether we are more likely than not to sell, or be required to sell, the security. We evaluate whether we are more likely than not to sell debt securities based upon our investment strategy for the particular type of security, our cash flow needs, liquidity position, capital adequacy, tax position and interest rate risk position. In addition, the risk of future other-than-temporary impairment may be influenced by additional bank failures, weakness in the U.S. economy, changes in real estate values and additional interest deferrals in our pooled trust preferred collateralized debt obligations. Our pooled trust preferred collateralized debt obligations are beneficial interests in securitized financial assets within the scope of FASB ASC Topic 325, “Investments – Other,” and are therefore evaluated for other-than-temporary impairment using management’s best estimate of future cash flows. If these estimated cash flows indicate that it is probable that an adverse change in cash flows has occurred, then other-than-temporary impairment would be recognized in accordance with FASB ASC Topic 320. There is a risk that First Commonwealth will record other-than-temporary impairment charges in the future. See Note 10, “Fair Values of Assets and Liabilities,” for additional information.

The following table presents the gross unrealized losses and estimated fair values at March 31, 2017 for both available for sale and held to maturity securities by investment category and time frame for which securities have been in a continuous unrealized loss position:

	Less Than 12 Months					12 Months or More					Total
	Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses
	(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential	$	6,014	$	(26	)	$	—	$	—		$	6,014	$	(26	)
Mortgage-Backed Securities – Commercial	33,494		(700		)	—		—			33,494		(700		)
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential	689,399		(10,015		)	66,191		(2,008		)	755,590		(12,023		)
Mortgage-Backed Securities – Commercial	14,485		(51		)	—		—			14,485		(51		)
Other Government-Sponsored Enterprises	16,642		(58		)	—		—			16,642		(58		)
Obligations of States and Political Subdivisions	22,180		(443		)	—		—			22,180		(443		)
Debt securities issued by foreign governments	198		(2		)	—		—			198		(2		)
Corporate Securities	4,986		(3		)	—		—			4,986		(3		)
Pooled Trust Preferred Collateralized Debt Obligations	—		—			29,274		(6,954		)	29,274		(6,954		)
Total Securities	$	787,398	$	(11,298	)	$	95,465	$	(8,962	)	$	882,863	$	(20,260	)

At March 31, 2017, fixed income securities issued by U.S. Government-sponsored enterprises and U.S. Government agencies comprised 60% and 4%, respectively, of total unrealized losses due to changes in market interest rates. Pooled trust preferred collateralized debt obligations accounted for 34% of the unrealized losses primarily due to the illiquid market for this investment type. At March 31, 2017, there are 116 debt securities in an unrealized loss position.

14

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following table presents the gross unrealized losses and estimated fair values at December 31, 2016 by investment category and time frame for which securities have been in a continuous unrealized loss position:

	Less Than 12 Months					12 Months or More					Total
	Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses
	(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential	$	4,898	$	(11	)	$	—	$	—		$	4,898	$	(11	)
Mortgage-Backed Securities - Commercial	33,883		(561		)	—		—			33,883		(561		)
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential	670,708		(11,630		)	56,200		(2,202		)	726,908		(13,832		)
Mortgage-Backed Securities – Commercial	14,534		(142		)	—		—			14,534		(142		)
Other Government-Sponsored Enterprises	16,632		(69		)	—		—			16,632		(69		)
Obligation of States and Political Subdivisions	33,277		(762		)	—		—			33,277		(762		)
Pooled Trust Preferred Collateralized Debt Obligations	—		—			28,952		(7,124		)	28,952		(7,124		)
Total Securities	$	773,932	$	(13,175	)	$	85,152	$	(9,326	)	$	859,084	$	(22,501	)

As of March 31, 2017, our corporate securities had an amortized cost and an estimated fair value of $15.9 million and $16.4 million, respectively. As of December 31, 2016, our corporate securities had an amortized cost and estimated fair value of $5.9 million and $6.3 million, respectively. Corporate securities are comprised of debt for large regional banks. There were $3 thousand in unrealized losses on corporate securities as of March 31, 2017 and there were no securities in an unrealized loss position as of December 31, 2016. When unrealized losses exist on these investments, management reviews each of the issuer’s asset quality, earnings trends and capital position, to determine whether issues in an unrealized loss position were other-than-temporarily impaired. All interest payments on the corporate securities are being made as contractually required.

As of March 31, 2017, the book value of our pooled trust preferred collateralized debt obligations totaled $40.2 million with an estimated fair value of $33.7 million, which includes securities comprised of 257 banks and other financial institutions. All of our pooled securities are mezzanine tranches, two of which have no senior class remaining in the issue. The credit ratings on all of our issues are below investment grade. At the time of initial issue, the subordinated tranches ranged in size from approximately 7% to 35% of the total principal amount of the respective securities and no more than 5% of any pooled security consisted of a security issued by any one institution. As of March 31, 2017, after taking into account management’s best estimates of future interest deferrals and defaults, two of our securities had no excess subordination in the tranches we own and six of our securities had excess subordination which ranged from 2% to 85% of the current performing collateral.

The following table provides information related to our pooled trust preferred collateralized debt obligations as of March 31, 2017:

Deal	Class	Book Value		Estimated Fair Value		Unrealized Gain (Loss)			Moody’s/ Fitch Ratings	Number of Banks	Deferrals and Defaults as a % of Current Collateral		Excess Subordination as a % of Current Performing Collateral
(dollars in thousands)
Pre TSL IV	Mezzanine	$	1,827	$	1,366	$	(461	)	B1/BB	6	18.05	%	61.36	%
Pre TSL VIII	Mezzanine	1,955		2,142		187			C/C	27	40.34		0.00
Pre TSL IX	Mezzanine	2,421		1,971		(450		)	B1/C	37	27.83		10.19
Pre TSL X	Mezzanine	1,769		2,024		255			Caa1/C	42	30.10		2.11
Pre TSL XII	Mezzanine	5,940		4,903		(1,037		)	B3/C	64	24.09		0.00
Pre TSL XIII	Mezzanine	13,010		11,009		(2,001		)	Ba3/CCC	53	10.01		55.04
Pre TSL XIV	Mezzanine	13,030		10,025		(3,005		)	Ba2/CCC	52	12.87		38.83
MMCap I	Mezzanine	213		301		88			Ca/C	8	58.11		85.00
Total		$	40,165	$	33,741	$	(6,424	)

15

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Lack of liquidity in the market for trust preferred collateralized debt obligations, below investment grade credit ratings and market uncertainties related to the financial industry are factors contributing to the impairment on these securities.

All of the Company's pooled trust preferred securities are included in the non-exclusive list issued by the regulatory agencies and therefore are not considered covered funds under the Volcker Rule.

On a quarterly basis we evaluate our debt securities for other-than-temporary impairment. During the three months endedMarch 31, 2017 and 2016, there were no credit-related other-than-temporary impairment charges recognized on our pooled trust preferred collateralized debt obligations. When evaluating these investments, we determine a credit-related portion and a non-credit related portion of other-than-temporary impairment. The credit-related portion is recognized in earnings and represents the difference between book value and the present value of future cash flows. The non-credit related portion is recognized in OCI and represents the difference between the fair value of the security and the amount of credit-related impairment. A discounted cash flow analysis provides the best estimate of credit-related other-than-temporary impairment for these securities.

Additional information related to the discounted cash flow analysis follows:

Our pooled trust preferred collateralized debt obligations are measured for other-than-temporary impairment within the scope of FASB ASC Topic 325 by determining whether it is probable that an adverse change in estimated cash flows has occurred. Determining whether there has been an adverse change in estimated cash flows from the cash flows previously projected involves comparing the present value of remaining cash flows previously projected against the present value of the cash flows estimated at March 31, 2017. We consider the discounted cash flow analysis to be our primary evidence when determining whether credit related other-than-temporary impairment exists.

Results of a discounted cash flow test are significantly affected by other variables, such as the estimate of future cash flows, credit worthiness of the underlying banks and determination of probability of default of the underlying collateral. The following provides additional information for each of these variables:

• Estimate of Future Cash Flows – Cash flows are constructed in an INTEX cash flow model which includes each deal’s structural features. Projected cash flows include prepayment assumptions, which are dependent on the issuer's asset size and coupon rate. For collateral issued by financial institutions over $15 billion in asset size with a coupon over 7%, a 100% prepayment rate is assumed. Financial institutions over $15 billion with a coupon of 7% or under are assigned a prepayment rate of 40% for two years and 2% thereafter. Financial institutions with assets between $2 billion and $15 billion with coupons over 7% are assigned a 5% prepayment rate. For financial institutions below $2 billion, if the coupon is over 10%, a prepayment rate of 5% is assumed and for all other issuers, there is no prepayment assumption incorporated into the cash flows. The modeled cash flows are then used to estimate if all the scheduled principal and interest payments of our investments will be returned.

• Credit Analysis – A quarterly credit evaluation is performed for each of the 257 banks comprising the collateral across the various pooled trust preferred securities. Our credit evaluation considers all evidence available to us and includes the nature of the issuer’s business, its years of operating history, corporate structure, loan composition, loan concentrations, deposit mix, asset growth rates, geographic footprint and local economic environment. Our analysis focuses on profitability, return on assets, shareholders’ equity, net interest margin, credit quality ratios, operating efficiency, capital adequacy and liquidity.

• Probability of Default – A probability of default is determined for each bank and is used to calculate the expected impact of future deferrals and defaults on our expected cash flows. Each bank in the collateral pool is assigned a probability of default for each year until maturity. Currently, any bank that is in default is assigned a 100% probability of default and a 0% projected recovery rate. All other banks in the pool are assigned a probability of default based on their unique credit characteristics and market indicators with a 10% projected recovery rate. For the majority of banks currently in deferral we assume the bank continues to defer and will eventually default and, therefore, a 100% probability of default is assigned. However, for some deferring collateral there is the possibility that they will become current on interest or principal payments at some point in the future and in those cases a probability that the deferral will ultimately cure is assigned. The probability of default is updated quarterly. As of March 31, 2017, default probabilities for performing collateral ranged from 0.33% to 75%.

Our credit evaluation provides a basis for determining deferral and default probabilities for each underlying piece of collateral. Using the results of the credit evaluation, the next step of the process is to look at pricing of senior debt or credit default swaps for the issuer (or where such information is unavailable, for companies having similar credit profiles as the issuer). The pricing of these market indicators provides the information necessary to determine appropriate default probabilities for each bank.

16

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

In addition to the above factors, our evaluation of impairment also includes a stress test analysis which provides an estimate of excess subordination for each tranche. We stress the cash flows of each pool by increasing current default assumptions to the level of defaults that results in an adverse change in estimated cash flows. This stressed breakpoint is then used to calculate excess subordination levels for each pooled trust preferred security. The results of the stress test allow management to identify those pools that are at a greater risk for a future break in cash flows so that we can monitor banks in those pools more closely for potential deterioration of credit quality.

Our cash flow analysis as of March 31, 2017, indicates that no credit-related other-than-temporary impairment has occurred on our pooled trust preferred securities during the three months endedMarch 31, 2017. Based upon the analysis performed by management, it is probable that two of our pooled trust preferred securities will experience principal and interest shortfalls and therefore appropriate other-than-temporary charges were recorded in prior periods. These securities are identified in the previous table with 0.00% “Excess Subordination as a Percentage of Current Performing Collateral.” For the remaining securities listed in that table, our analysis as of March 31, 2017 indicates it is probable that we will collect all contractual principal and interest payments. For five of those securities, PreTSL IX, PreTSL X, PreTSL XIII, PreTSL XIV and MMCap I, other-than-temporary impairment charges were recorded in prior periods; however, due to improvement in the expected cash flows of these securities, it is now probable that all contractual payments will be received.

During 2008, 2009 and 2010, other-than-temporary impairment charges were recognized on all of our pooled trust preferred securities, except for PreTSL IV. Our cash flow analysis as of March 31, 2017, for all of these impaired securities indicates that it is now probable we will collect principal and interest in excess of what was estimated at the time other-than-temporary impairment charges were recorded. This change can be attributed to improvement in the underlying collateral for these securities and has resulted in the present value of estimated future principal and interest payments exceeding the securities' current book value. The excess for each bond of the present value of future cash flows over our current book value ranges from 19% to 115% and will be recognized as an adjustment to yield over the remaining life of these securities. The excess subordination recognized as an adjustment to yield is reflected in the following table as increases in cash flows expected to be collected.

The following table provides a cumulative roll forward of credit losses recognized in earnings for debt securities held and not intended to be sold:

		For the Three Months Ended March 31,
		2017			2016
	(dollars in thousands)
Balance, beginning (a)		$	17,056		$	24,851
Credit losses on debt securities for which other-than-temporary impairment was not previously recognized		—			—
Additional credit losses on debt securities for which other-than-temporary impairment was previously recognized		—			—
Increases in cash flows expected to be collected, recognized over the remaining life of the security (b)		(228		)	(261		)
Reduction for debt securities called during the period		—			—
Balance, ending		$	16,828		$	24,590

(a) The beginning balance represents credit related losses included in other-than-temporary impairment charges recognized on debt securities in prior periods.

(b) Represents the increase in cash flows recognized in interest income during the period.

In the first three months of 2017 and 2016, no other-than-temporary impairment charges were recorded on equity securities. On a quarterly basis, management evaluates equity securities for other-than-temporary impairment by reviewing the severity and duration of decline in estimated fair value, research reports, analysts’ recommendations, credit rating changes, news stories, annual reports, regulatory filings, impact of interest rate changes and other relevant information. As of March 31, 2017 and 2016, there were no equity securities in an unrealized loss position.

Other Investments

As a member of the Federal Home Loan Bank ("FHLB"), First Commonwealth is required to purchase and hold stock in the FHLB to satisfy membership and borrowing requirements. The level of stock required to be held is dependent on the amount of First Commonwealth's mortgage-related assets and outstanding borrowings with the FHLB. This stock is restricted in that it can only be sold to the FHLB or to another member institution, and all sales of FHLB stock must be at par. As a result of these restrictions, FHLB stock is unlike other investment securities insofar as there is no trading market for FHLB stock and the transfer price is determined by FHLB membership rules and not by market participants. As of March 31, 2017 and

17

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

December 31, 2016, our FHLB stock totaled $38.7 million and $36.5 million, respectively, and is included in “Other investments” on the Condensed Consolidated Statements of Financial Condition.

FHLB stock is held as a long-term investment and its value is determined based on the ultimate recoverability of the par value. First Commonwealth evaluates impairment quarterly and has concluded that the par value of its investment in FHLB stock will be recovered. Accordingly, no impairment charge was recorded on these securities during the three months ended March 31, 2017.

Note 8 Loans and Allowance for Credit Losses

The following table provides outstanding balances related to each of our loan types:

	March 31, 2017						December 31, 2016
	Originated		Acquired		Total		Originated		Acquired		Total
	(dollars in thousands)
Commercial, financial, agricultural and other	$	1,140,702	$	7,758	$	1,148,460	$	1,131,148	$	8,399	$	1,139,547
Real estate construction	239,983		139		240,122		217,840		1,781		219,621
Residential real estate	1,157,236		60,162		1,217,398		1,165,851		63,341		1,229,192
Commercial real estate	1,736,363		24,738		1,761,101		1,717,043		25,167		1,742,210
Loans to individuals	538,991		1,889		540,880		546,589		2,188		548,777
Total loans	$	4,813,275	$	94,686	$	4,907,961	$	4,778,471	$	100,876	$	4,879,347

Credit Quality Information

As part of the on-going monitoring of credit quality within the loan portfolio, the following credit worthiness categories are used in grading our loans:

Pass Acceptable levels of risk exist in the relationship. Includes all loans not classified as OAEM, substandard or doubtful.

Other Assets Especially Mentioned (OAEM) Potential weaknesses that deserve management’s close attention. The potential weaknesses may result in deterioration of the repayment prospects or weaken the Company’s credit position at some future date. The credit risk may be relatively minor, yet constitute an undesirable risk in light of the circumstances surrounding the specific credit. No loss of principal or interest is expected.

Substandard Well-defined weakness or a weakness that jeopardizes the repayment of the debt. A loan may be classified as substandard as a result of deterioration of the borrower’s financial condition and repayment capacity. Loans for which repayment plans have not been met or collateral equity margins do not protect the Company may also be classified as substandard.

Doubtful Loans with the characteristics of substandard loans with the added characteristic that collection or liquidation in full, on the basis of presently existing facts and conditions, is highly improbable.

The use of creditworthiness categories to grade loans permits management’s use of migration analysis to estimate a portion of credit risk. The Company’s internal creditworthiness grading system provides a measurement of credit risk based primarily on an evaluation of the borrower’s cash flow and collateral. Movement between these rating categories provides a predictive measure of credit losses and therefore assists in determining the appropriate level for the loan loss reserves. Category ratings are reviewed each quarter, at which time management analyzes the results, as well as other external statistics and factors related to loan performance. Loans that migrate towards higher risk rating levels generally have an increased risk of default, whereas loans that migrate toward lower risk ratings generally will result in a lower risk factor being applied to those related loan balances.

18

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following tables represent our credit risk profile by creditworthiness:

	March 31, 2017
	Commercial, financial, agricultural and other		Real estate construction		Residential real estate		Commercial real estate		Loans to individuals		Total
	(dollars in thousands)
Originated loans
Pass	$	1,049,152	$	239,983	$	1,143,535	$	1,714,061	$	538,765	$	4,685,496
Non-Pass
OAEM	31,026		—		3,373		5,675		—		40,074
Substandard	53,104		—		10,328		16,627		226		80,285
Doubtful	7,420		—		—		—		—		7,420
Total Non-Pass	91,550		—		13,701		22,302		226		127,779
Total	$	1,140,702	$	239,983	$	1,157,236	$	1,736,363	$	538,991	$	4,813,275
Acquired loans
Pass	$	6,972	$	139	$	59,864	$	23,623	$	1,889	$	92,487
Non-Pass
OAEM	477		—		—		—		—		477
Substandard	309		—		298		1,115		—		1,722
Doubtful	—		—		—		—		—		—
Total Non-Pass	786		—		298		1,115		—		2,199
Total	$	7,758	$	139	$	60,162	$	24,738	$	1,889	$	94,686

	December 31, 2016
	Commercial, financial, agricultural and other		Real estate construction		Residential real estate		Commercial real estate		Loans to individuals		Total
	(dollars in thousands)
Originated loans
Pass	$	1,038,844	$	217,565	$	1,152,511	$	1,691,220	$	546,316	$	4,646,456
Non-Pass
OAEM	27,387		275		5,923		7,596		—		41,181
Substandard	64,917		—		7,417		18,227		273		90,834
Doubtful	—		—		—		—		—		—
Total Non-Pass	92,304		275		13,340		25,823		273		132,015
Total	$	1,131,148	$	217,840	$	1,165,851	$	1,717,043	$	546,589	$	4,778,471
Acquired loans
Pass	$	7,591	$	1,781	$	62,919	$	24,043	$	2,185	$	98,519
Non-Pass
OAEM	486		—		—		—		—		486
Substandard	322		—		422		1,124		3		1,871
Doubtful	—		—		—		—		—		—
Total Non-Pass	808		—		422		1,124		3		2,357
Total	$	8,399	$	1,781	$	63,341	$	25,167	$	2,188	$	100,876

19

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Portfolio Risks

The credit quality of our loan portfolio can potentially represent significant risk to our earnings, capital, regulatory agency relationships, investment community reputation and shareholder returns. First Commonwealth devotes a substantial amount of resources managing this risk primarily through our credit administration department that develops and administers policies and procedures for underwriting, maintaining, monitoring and collecting activities. Credit administration is independent of lending departments and oversight is provided by the credit committee of the First Commonwealth Board of Directors.

Criticized loans have been evaluated when determining the appropriateness of the allowance for credit losses, which we believe is adequate to absorb losses inherent to the portfolio as of March 31, 2017. However, changes in economic conditions, interest rates, borrower financial condition, delinquency trends or previously established fair values of collateral factors could significantly change those judgmental estimates.

Age Analysis of Past Due Loans by Segment

The following tables delineate the aging analysis of the recorded investments in past due loans as of March 31, 2017 and December 31, 2016. Also included in these tables are loans that are 90 days or more past due and still accruing because they are well-secured and in the process of collection.

	March 31, 2017
	30 - 59 days past due		60 - 89 days past due		90 days and greater and still accruing		Nonaccrual		Total past due and nonaccrual		Current		Total
	(dollars in thousands)
Originated loans
Commercial, financial, agricultural and other	$	2,973	$	603	$	139	$	21,710	$	25,425	$	1,115,277	$	1,140,702
Real estate construction	—		—		—		—		—		239,983		239,983
Residential real estate	2,979		1,187		617		5,984		10,767		1,146,469		1,157,236
Commercial real estate	665		—		87		3,899		4,651		1,731,712		1,736,363
Loans to individuals	1,073		485		739		226		2,523		536,468		538,991
Total	$	7,690	$	2,275	$	1,582	$	31,819	$	43,366	$	4,769,909	$	4,813,275
Acquired loans
Commercial, financial, agricultural and other	$	—	$	—	$	477	$	—	$	477	$	7,281	$	7,758
Real estate construction	—		—		—		—		—		139		139
Residential real estate	73		103		51		298		525		59,637		60,162
Commercial real estate	—		—		—		162		162		24,576		24,738
Loans to individuals	6		2		1		—		9		1,880		1,889
Total	$	79	$	105	$	529	$	460	$	1,173	$	93,513	$	94,686

20

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

	December 31, 2016
	30 - 59 days past due		60 - 89 days past due		90 days and greater and still accruing		Nonaccrual		Total past due and nonaccrual		Current		Total
	(dollars in thousands)
Originated loans
Commercial, financial, agricultural and other	$	2,380	$	171	$	75	$	17,928	$	20,554	$	1,110,594	$	1,131,148
Real estate construction	183		—		—		—		183		217,657		217,840
Residential real estate	4,133		1,089		995		5,792		12,009		1,153,842		1,165,851
Commercial real estate	265		327		57		3,443		4,092		1,712,951		1,717,043
Loans to individuals	1,640		776		970		273		3,659		542,930		546,589
Total	$	8,601	$	2,363	$	2,097	$	27,436	$	40,497	$	4,737,974	$	4,778,471
Acquired loans
Commercial, financial, agricultural and other	$	486	$	—	$	—	$	—	$	486	$	7,913	$	8,399
Real estate construction	—		—		—		—		—		1,781		1,781
Residential real estate	148		39		34		422		643		62,698		63,341
Commercial real estate	—		—		—		162		162		25,005		25,167
Loans to individuals	1		7		—		3		11		2,177		2,188
Total	$	635	$	46	$	34	$	587	$	1,302	$	99,574	$	100,876

Nonaccrual Loans

The previous tables summarize nonaccrual loans by loan segment. The Company generally places loans on nonaccrual status when the full and timely collection of interest or principal becomes uncertain, when part of the principal balance has been charged off and no restructuring has occurred, or the loans reach a certain number of days past due. Generally, loans 90 days or more past due are placed on nonaccrual status, except for consumer loans, which are placed on nonaccrual status at 150 days past due.

When a loan is placed on nonaccrual, the accrued unpaid interest receivable is reversed against interest income and all future payments received are applied as a reduction to the loan principal. Generally, the loan is returned to accrual status when (a) all delinquent interest and principal becomes current under the terms of the loan agreement or (b) the loan is both well-secured and in the process of collection and collectability is no longer in doubt.

Impaired Loans

Management considers loans to be impaired when, based on current information and events, it is determined that the Company will not be able to collect all amounts due according to the loan contract, including scheduled interest payments. Determination of impairment is treated the same across all loan categories. When management identifies a loan as impaired, the impairment is measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, except when the sole source for repayment of the loan is the operation or liquidation of collateral. When the loan is collateral dependent, the appraised value less estimated cost to sell is utilized. If management determines the value of the impaired loan is less than the recorded investment in the loan, impairment is recognized through an allowance estimate or a charge-off to the allowance. Troubled debt restructured loans on accrual status are also considered to be impaired loans.

When the ultimate collectability of the total principal of an impaired loan is in doubt and the loan is on nonaccrual status, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the total principal of an impaired loan is not in doubt and the loan is on nonaccrual status, contractual interest is credited to interest income when received under the cash basis method.

21

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

At March 31, 2017, nonaccrual loans held for sale totaled $3.6 million and included loans to one commercial manufacturing borrower. There were no nonaccrual loans held for sale as of December 31, 2016. In addition, no gains or losses were recognized in income related to these loans for the periods ended March 31, 2017 and 2016.

Significant nonaccrual loans as of March 31, 2017, include the following:

• A $7.4 million relationship of commercial industrial loans to a steel and aluminum servicing company. These loans were originated in 2011 and were placed in nonaccrual status during the first quarter of 2016. The collateral valuation completed in the third quarter of 2016 incorporated certain estimates obtained in the first quarter of 2016.

• A $3.6 million relationship of a commercial industrial loan to a company specializing in commercial business services. This loan was originated 2014 and was placed in nonaccrual status during the first quarter of 2017. A collateral valuation was completed during the first quarter of 2017.

• A $3.2 million relationship of commercial industrial loans to a local energy company involved in the drilling and production of natural gas wells. These loans were originated from 2008 to 2011 and were placed in nonaccrual status during the third quarter of 2013. Two of these loans were modified resulting in TDR classification: one loan totaling $1.0 million was modified in 2012, and the other loan totaling $2.2 million was modified in 2014. A valuation of the collateral was updated during the first quarter of 2017.

• A $3.0 million relationship of commercial industrial loans to a gear manufacturer. These loans were originated in 2013 and were placed in nonaccrual status during the third quarter of 2015. A valuation of the collateral was completed during the first quarter of 2017.

The following tables include the recorded investment and unpaid principal balance for impaired loans with the associated allowance amount, if applicable, as of March 31, 2017 and December 31, 2016. Also presented are the average recorded investment in impaired loans and the related amount of interest recognized while the loan was considered impaired. Average balances are calculated using month-end balances of the loans for the period reported and are included in the table below based on their period-end allowance position.

	March 31, 2017						December 31, 2016
	Recorded investment		Unpaid principal balance		Related allowance		Recorded investment		Unpaid principal balance		Related allowance
	(dollars in thousands)
Originated loans:
With no related allowance recorded:
Commercial, financial, agricultural and other	$	12,780	$	20,043			$	9,549	$	15,369
Real estate construction	—		—				—		—
Residential real estate	11,227		13,237				10,873		13,004
Commercial real estate	6,028		7,037				5,765		6,905
Loans to individuals	365		429				382		507
Subtotal	30,400		40,746				26,569		35,785
With an allowance recorded:
Commercial, financial, agricultural and other	13,929		20,124		$	2,466	13,423		19,226		$	2,530
Real estate construction	—		—		—		—		—		—
Residential real estate	366		418		146		424		475		164
Commercial real estate	1,101		1,101		376		810		810		434
Loans to individuals	—		—		—		—		—		—
Subtotal	15,396		21,643		2,988		14,657		20,511		3,128
Total	$	45,796	$	62,389	$	2,988	$	41,226	$	56,296	$	3,128

22

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

	March 31, 2017						December 31, 2016
	Recorded investment		Unpaid principal balance		Related allowance		Recorded investment		Unpaid principal balance		Related allowance
	(dollars in thousands)
Acquired loans
With no related allowance recorded:
Commercial, financial, agricultural and other	$	—	$	—			$	—	$	—
Real estate construction	—		—				—		—
Residential real estate	246		321				406		480
Commercial real estate	162		162				162		162
Loans to individuals	—		—				3		3
Subtotal	408		483				571		645
With an allowance recorded:
Commercial, financial, agricultural and other	—		—		$	—	—		—		$	—
Real estate construction	—		—		—		—		—		—
Residential real estate	65		65		29		16		16		16
Commercial real estate	—		—		—		—		—		—
Loans to individuals	—		—		—		—		—		—
Subtotal	65		65		29		16		16		16
Total	$	473	$	548	$	29	$	587	$	661	$	16

	For the Three Months Ended March 31,
	2017								2016
	Originated Loans				Acquired Loans				Originated Loans
	Average recorded investment		Interest income recognized		Average recorded investment		Interest income recognized		Average recorded investment		Interest income recognized
	(dollars in thousands)
With no related allowance recorded:
Commercial, financial, agricultural and other	$	12,034	$	38	$	—	$	—	$	17,298	$	152
Real estate construction	—		—		—		—		17		44
Residential real estate	11,422		74		241		—		10,724		47
Commercial real estate	5,949		54		162		—		7,658		38
Loans to individuals	338		2		—		—		480		1
Subtotal	29,743		168		403		—		36,177		282
With an allowance recorded:
Commercial, financial, agricultural and other	12,787		26		—		—		17,027		28
Real estate construction	—		—		—		—		—		—
Residential real estate	334		1		65		—		497		—
Commercial real estate	1,111		7		—		—		529		5
Loans to individuals	—		—		—		—		—		—
Subtotal	14,232		34		65		—		18,053		33
Total	$	43,975	$	202	$	468	$	—	$	54,230	$	315

23

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Unfunded commitments related to nonperforming loans were $0.2 million at March 31, 2017 and $1.8 million at December 31, 2016. After consideration of the requirements to draw and available collateral related to these commitments, a reserve of $0.1 million and $12 thousand was established for these off balance sheet exposures at March 31, 2017 and December 31, 2016, respectively.

Troubled debt restructured loans are those loans whose terms have been renegotiated to provide a reduction or deferral of principal or interest as a result of the financial difficulties experienced by the borrower, who could not obtain comparable terms from alternate financing sources.

The following table provides detail as to the total troubled debt restructured loans and total commitments outstanding on troubled debt restructured loans:

	March 31, 2017		December 31, 2016
	(dollars in thousands)
Troubled debt restructured loans
Accrual status	$	13,990	$	13,790
Nonaccrual status	10,482		11,569
Total	$	24,472	$	25,359
Commitments
Letters of credit	$	60	$	—
Unused lines of credit	160		358
Total	$	220	$	358

The following tables provide detail, including specific reserves and reasons for modification, related to loans identified as troubled debt restructurings:

	For the Three Months Ended March 31, 2017
		Type of Modification
	Number of Contracts	Extend Maturity		Modify Rate		Modify Payments		Total Pre-Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment		Specific Reserve
	(dollars in thousands)
Commercial, financial, agricultural and other	1	$	—	$	42	$	—	$	42	$	38	$	—
Residential real estate	7	129		101		306		536		504		—
Commercial real estate	2	179		—		16		195		193		—
Loans to individuals	3	—		14		30		44		43		—
Total	13	$	308	$	157	$	352	$	817	$	778	$	—

24

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

	For the Three Months Ended March 31, 2016
		Type of Modification
	Number of Contracts	Extend Maturity		Modify Rate		Modify Payments		Total Pre-Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment		Specific Reserve
	(dollars in thousands)
Commercial, financial, agricultural and other	2	$	—	$	3,769	$	—	$	3,769	$	3,749	$	—
Residential real estate	8	—		114		874		988		910		—
Commercial real estate	3	65		—		133		198		169		—
Loans to individuals	3	—		18		5		23		16		—
Total	16	$	65	$	3,901	$	1,012	$	4,978	$	4,844	$	—

The troubled debt restructurings included in the above tables are also included in the impaired loan tables provided earlier in this note. Loans defined as modified due to a change in rate may include loans that were modified for a change in rate as well as a re-amortization of the principal and an extension of the maturity. For the three months endedMarch 31, 2017 and 2016, $0.2 million and $3.9 million, respectively, of total rate modifications represent loans with modifications to the rate as well as payment as a result of re-amortization. For both 2017 and 2016 the changes in loan balances between the pre-modification balance and the post-modification balance are due to customer payments.

A troubled debt restructuring is considered to be in default when a restructured loan is 90 days or more past due. The following table provides information related to restructured loans that were considered to be in default during the three months endedMarch 31:

	2017			2016
	Number of Contracts	Recorded Investment		Number of Contracts	Recorded Investment
	(dollars in thousands)
Residential real estate	—	$	—	2	$	70
Total	—	$	—	2	$	70

25

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following tables provide detail related to the allowance for credit losses:

	For the Three Months Ended March 31, 2017
	Commercial, financial, agricultural and other				Real estate construction			Residential real estate			Commercial real estate			Loans to individuals			Total
	(dollars in thousands)
Allowance for credit losses:
Originated loans:
Beginning balance	$	35,974			$	577		$	2,492		$	6,619		$	4,504		$	50,166
Charge-offs	(3,825		)		—			(465		)	(31		)	(1,198		)	(5,519		)
Recoveries	368				54			122			117			128			789
Provision (credit)	2,184				(17		)	265			(123		)	900			3,209
Ending balance	34,701				614			2,414			6,582			4,334			48,645
Acquired loans:
Beginning balance	—				—			19			—			—			19
Charge-offs	—				—			(8		)	—			(7		)	(15		)
Recoveries	—			—	—			6			—			1			7
Provision (credit)	—				—			14			—			6			20
Ending balance	—				—			31			—			—			31
Total ending balance	$	34,701			$	614		$	2,445		$	6,582		$	4,334		$	48,676
Ending balance: individually evaluated for impairment	$	2,466			$	—		$	175		$	376		$	—		$	3,017
Ending balance: collectively evaluated for impairment	32,235				614			2,270			6,206			4,334			45,659
Loans:
Ending balance	1,148,460				240,122			1,217,398			1,761,101			540,880			4,907,961
Ending balance: individually evaluated for impairment	26,260				—			6,287			5,819			—			38,366
Ending balance: collectively evaluated for impairment	1,122,200				240,122			1,211,111			1,755,282			540,880			4,869,595

26

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

	For the Three Months Ended March 31, 2016
	Commercial, financial, agricultural and other			Real estate construction			Residential real estate			Commercial real estate			Loans to individuals			Total
	(dollars in thousands)
Allowance for credit losses:
Beginning balance	$	31,035		$	887		$	2,606		$	11,924		$	4,360		$	50,812
Charge-offs	(1,392		)	—			(382		)	(265		)	(1,469		)	(3,508		)
Recoveries	134			223			118			756			161			1,392
Provision (credit)	11,944			(209		)	286			(6,932		)	1,437			6,526
Ending balance	$	41,721		$	901		$	2,628		$	5,483		$	4,489		$	55,222
Ending balance: individually evaluated for impairment	$	12,900		$	—		$	75		$	420		$	—		$	13,395
Ending balance: collectively evaluated for impairment	28,821			901			2,553			5,063			4,489			41,827
Loans:
Ending balance	1,190,384			256,856			1,212,962			1,552,904			585,649			4,798,755
Ending balance: individually evaluated for impairment	42,016			—			6,246			5,934			—			54,196
Ending balance: collectively evaluated for impairment	1,148,368			256,856			1,206,716			1,546,970			585,649			4,744,559

Note 9 Income Taxes

At March 31, 2017 and December 31, 2016, First Commonwealth had no material unrecognized tax benefits or accrued interest and penalties. If applicable, First Commonwealth will record interest and penalties as a component of noninterest expense. Federal and state returns for tax years 2013 and forward remain open for examination as of March 31, 2017.

During the first quarter of 2017, First Commonwealth adopted ASU No. 2016-09, "Compensation-Stock Compensation (Topic 718)." Adoption of this ASU resulted in a $117 thousand tax benefit.

Note 10 Fair Values of Assets and Liabilities

FASB ASC Topic 820, “Fair Value Measurements and Disclosures,” requires disclosures for non-financial assets and non-financial liabilities, except for items that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). All non-financial assets are included either as a separate line item on the Condensed Consolidated Statements of Financial Condition or in the “Other assets” category of the Condensed Consolidated Statements of Financial Condition. Currently, First Commonwealth does not have any non-financial liabilities to disclose.

FASB ASC Topic 825, “Financial Instruments”, permits entities to irrevocably elect to measure select financial instruments and certain other items at fair value. The unrealized gains and losses are required to be included in earnings each reporting period for the items that fair value measurement is elected. First Commonwealth has elected not to measure any existing financial instruments at fair value under FASB ASC Topic 825; however, in the future we may elect to adopt this guidance for select financial instruments.

In accordance with FASB ASC Topic 820, First Commonwealth groups financial assets and financial liabilities measured at fair value in three levels based on the principal markets in which the assets and liabilities are transacted and the observability of the data points used to determine fair value. These levels are:

• Level 1 – Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange (“NYSE”). Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.

27

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

• Level 2 – Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained for identical or comparable assets or liabilities from alternative pricing sources with reasonable levels of price transparency. Level 2 includes Obligations of U.S. Government securities issued by Agencies and Sponsored Enterprises, Obligations of States and Political Subdivisions, corporate securities, FHLB stock, loans held for sale, interest rate derivatives (including interest rate caps, interest rate swaps and risk participation agreements), certain other real estate owned and certain impaired loans.

Level 2 investment securities are valued by a recognized third party pricing service using observable inputs. The model used by the pricing service varies by asset class and incorporates available market, trade and bid information as well as cash flow information when applicable. Because many fixed-income investment securities do not trade on a daily basis, the model uses available information such as benchmark yield curves, benchmarking of like investment securities, sector groupings and matrix pricing. The model will also use processes such as an option adjusted spread to assess the impact of interest rates and to develop prepayment estimates. Market inputs normally used in the pricing model include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including market research publications.

Management validates the market values provided by the third party service by having another recognized pricing service price 100% of the securities on an annual basis and a random sample of securities each quarter, monthly monitoring of variances from prior period pricing and, on a monthly basis, evaluating pricing changes compared to expectations based on changes in the financial markets.

Other investments recorded in the Condensed Consolidated Statements of Financial Condition are comprised of FHLB stock whose estimated fair value is based on its par value. Additional information on FHLB stock is provided in Note 7, “Impairment of Investment Securities.”

Loans held for sale include residential mortgage loans originated for sale in the secondary mortgage market. The estimated fair value for these loans was determined on the basis of rates obtained in the respective secondary market. Also included in loans held for sale are nonaccrual loans related to one commercial relationship. The fair value of these loans is based on a letter of intent with the potential buyer.

Interest rate derivatives are reported at an estimated fair value utilizing Level 2 inputs and are included in other assets and other liabilities, and consist of interest rate swaps where there is no significant deterioration in the counterparties' (loan customers') credit risk since origination of the interest rate swap as well as interest rate caps and risk participation agreements. First Commonwealth values its interest rate swap and cap positions using a yield curve by taking market prices/rates for an appropriate set of instruments. The set of instruments currently used to determine the U.S. Dollar yield curve includes cash LIBOR rates from overnight to one year, Eurodollar futures contracts and swap rates from one year to thirty years. These yield curves determine the valuations of interest rate swaps. Interest rate derivatives are further described in Note 11, “Derivatives.”

For purposes of potential valuation adjustments to our derivative positions, First Commonwealth evaluates the credit risk of its counterparties as well as our own credit risk. Accordingly, we have considered factors such as the likelihood of default, expected loss given default, net exposures and remaining contractual life, among other things, in determining if any fair value adjustments related to credit risk are required. We review our counterparty exposure quarterly, and when necessary, appropriate adjustments are made to reflect the exposure.

We also utilize this approach to estimate our own credit risk on derivative liability positions. In 2017, we have not realized any losses due to a counterparty's inability to pay any uncollateralized positions.

Interest rate derivatives also include interest rate forwards entered into to hedge residential mortgage loans held for sale and the related interest-rate lock commitments. This includes forward commitments to sell mortgage loans. The fair value of these derivative financial instruments are based on derivative market data inputs as of the valuation date and the underlying value of mortgage loans for rate lock commitments.

In addition, the Company hedges foreign currency risk through the use of foreign exchange forward contracts. The fair value of foreign exchange forward contracts is based on the differential between the contract price and the market-based forward rate.

The estimated fair value for other real estate owned included in Level 2 is determined by either an independent market-based appraisal less estimated costs to sell or an executed sales agreement.

28

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

• Level 3 – Valuations for assets and liabilities that are derived from other valuation methodologies, including option pricing models, discounted cash flow models and similar techniques, and not based on market exchange, dealer or broker traded transactions. If the inputs used to provide the valuation are unobservable and/or there is very little, if any, market activity for the security or similar securities, the securities would be considered Level 3 securities. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities. The assets included in Level 3 are pooled trust preferred collateralized debt obligations, non-marketable equity investments, certain interest rate derivatives, certain other real estate owned and certain impaired loans.

Our pooled trust preferred collateralized debt obligations are collateralized by the trust preferred securities of individual banks, thrifts and bank holding companies in the United States. There has been little or no active trading in these securities since 2009; therefore, it is more appropriate to determine estimated fair value using a discounted cash flow analysis. Detail on our process for determining the appropriate cash flows for this analysis is provided in Note 7, “Impairment of Investment Securities.” The discount rate applied to the cash flows is determined by evaluating the current market yields for comparable corporate and structured credit products along with an evaluation of the risks associated with the cash flows of the comparable security. Due to the fact that there is no active market for the pooled trust preferred collateralized debt obligations, one key reference point is the market yield for the single issue trust preferred securities issued by banks and thrifts for which there is more activity than for the pooled securities. Adjustments are then made to reflect the credit and structural differences between these two security types.

Management validates the fair value of the pooled trust preferred collateralized debt obligations by monitoring the performance of the underlying collateral, discussing the discount rate, cash flow assumptions and general market trends with a specialized third party and confirming changes in the underlying collateral to the trustee reports. Management’s monitoring of the underlying collateral includes deferrals of interest payments, payment defaults, cures of previously deferred interest payments, any regulatory filings or actions and general news related to the underlying collateral. Management also evaluates fair value changes compared to expectations based on changes in the interest rates used in determining the discount rate and general financial markets.

The estimated fair value of the non-marketable equity investments included in Level 3 is based on par value.

The estimated fair value of limited partnership investments included in Level 3 is based on par value.

For interest rate derivatives included in Level 3, the fair value incorporates credit risk by considering such factors as likelihood of default and expected loss given default based on the credit quality of the underlying counterparties (loan customers).

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)
Pooled Trust Preferred Securities	$	33,741		Discounted Cash Flow	Probability of default	0% - 100% (10.19%)
					Prepayment rates	0% - 72.53% (4.15%)
					Discount rates	5.25% - 12.00% (a)
Equities	1,670			Par Value	N/A	N/A
Impaired Loans	2,237		(b)	Reserve study	Discount rate	10.00%
					Gas per MCF	$2.07 - $2.79 (c)
					Oil per BBL/d	$56.05 - $57.65 (c)
	10,845		(b)	Discounted Cash Flow	Discount Rate	1.90% - 7.00%
Limited Partnership Investments	1,340			Par Value	N/A	N/A

(a) Incorporates spread over risk free rate related primarily to credit quality and illiquidity of securities.

(b) The remainder of impaired loans valued using Level 3 inputs are not included in this disclosure as the values of those loans are based on bankruptcy agreement documentation.

(c) Unobservable inputs are defined as follows: MCF - million cubic feet; BBL/d - barrels per day.

The significant unobservable inputs used in the fair value measurement of pooled trust preferred securities are the probability of default, discount rates and prepayment rates. Significant increases in the probability of default or discount rate used would result in a decrease in the estimated fair value of these securities, while decreases in these variables would result in higher fair value measurements. In general, a change in the assumption of probability of default is accompanied by a directionally similar

29

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

change in the discount rate. In most cases, increases in the prepayment rate assumptions would result in a higher estimated fair value for these securities while decreases would provide for a lower value. The direction of this change is somewhat dependent on the structure of the investment and the amount of the investment tranches senior to our position.

The discount rate is the significant unobservable input used in the fair value measurement of impaired loans. Significant increases in this rate would result in a decrease in the estimated fair value of the loans, while a decrease in this rate would result in a higher fair value measurement. Other unobservable inputs in the fair value measurement of impaired loans relate to gas, oil and natural gas prices. Increases in these prices would result in an increase in the estimated fair value of the loans, while a decrease in these prices would result in a lower fair value measurement.

The tables below present the balances of assets and liabilities measured at fair value on a recurring basis:

	March 31, 2017
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities - Residential	$	—	$	16,018	$	—	$	16,018
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities - Residential	—		720,954		—		720,954
Mortgage-Backed Securities - Commercial	—		—		—		—
Other Government-Sponsored Enterprises	—		16,642		—		16,642
Obligations of States and Political Subdivisions	—		27,360		—		27,360
Corporate Securities	—		16,369		—		16,369
Pooled Trust Preferred Collateralized Debt Obligations	—		—		33,741		33,741
Total Debt Securities	—		797,343		33,741		831,084
Equities	—		—		1,670		1,670
Total Securities Available for Sale	—		797,343		35,411		832,754
Other Investments	—		38,669		—		38,669
Loans Held for Sale	—		9,588		—		9,588
Other Assets(a)	—		4,576		1,340		5,916
Total Assets	$	—	$	850,176	$	36,751	$	886,927
Other Liabilities(a)	$	—	$	5,039	$	—	$	5,039
Total Liabilities	$	—	$	5,039	$	—	$	5,039

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

30

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

	December 31, 2016
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities - Residential	$	—	$	16,617	$	—	$	16,617
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities - Residential	—		676,853		—		676,853
Mortgage-Backed Securities - Commercial	—		1		—		1
Other Government-Sponsored Enterprises	—		16,631		—		16,631
Obligations of States and Political Subdivisions	—		27,229		—		27,229
Corporate Securities	—		6,319		—		6,319
Pooled Trust Preferred Collateralized Debt Obligations	—		—		33,292		33,292
Total Debt Securities	—		743,650		33,292		776,942
Equities	—		—		1,670		1,670
Total Securities Available for Sale	—		743,650		34,962		778,612
Other Investments	—		36,498		—		36,498
Loans Held for Sale	—		7,052		—		7,052
Other Assets(a)	—		6,089		930		7,019
Total Assets	$	—	$	793,289	$	35,892	$	829,181
Other Liabilities(a)	$	—	$	5,972	$	—	$	5,972
Total Liabilities	$	—	$	5,972	$	—	$	5,972

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

For the three months endedMarch 31, changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows:

	2017
	Pooled Trust Preferred Collateralized Debt Obligations			Equities		Other Assets		Total
	(dollars in thousands)
Balance, beginning of period	$	33,292		$	1,670	$	930	$	35,892
Total gains or losses
Included in earnings	—			—		—		—
Included in other comprehensive income	497			—		—		497
Purchases, issuances, sales and settlements
Purchases	—			—		410		410
Issuances	—			—		—		—
Sales	—			—		—		—
Settlements	(48		)	—		—		(48		)
Transfers from Level 3	—			—		—		—
Transfers into Level 3	—			—		—		—
Balance, end of period	$	33,741		$	1,670	$	1,340	$	36,751

31

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

	2016
	Pooled Trust Preferred Collateralized Debt Obligations			Equities		Total
	(dollars in thousands)
Balance, beginning of period	$	35,658		$	2,170	$	37,828
Total gains or losses
Included in earnings	—			—		—
Included in other comprehensive income	(2,385		)	—		(2,385		)
Purchases, issuances, sales and settlements
Purchases	—			36		36
Issuances	—			—		—
Sales	—			—		—
Settlements	—			—		—
Transfers into Level 3	—			—		—
Balance, end of period	$	33,273		$	2,206	$	35,479

During the three months endedMarch 31, 2017 and 2016, there were no transfers between fair value Levels 1, 2 or 3. There were no gains or losses included in earnings for the periods presented that are attributable to the change in realized gains (losses) relating to assets held at March 31, 2017 and 2016. For the three months ended March 31, 2016, there were no Level 3 Other Assets measured at fair value on a recurring basis.

The tables below present the balances of assets measured at fair value on a nonrecurring basis at:

	March 31, 2017
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Impaired loans	$	—	$	22,010	$	21,242	$	43,252
Other real estate owned	—		7,427		—		7,427
Total Assets	$	—	$	29,437	$	21,242	$	50,679

	December 31, 2016
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Impaired loans	$	—	$	18,679	$	19,990	$	38,669
Other real estate owned	—		7,566		—		7,566
Total Assets	$	—	$	26,245	$	19,990	$	46,235

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

		For the Three Months Ended March 31,
		2017			2016
	(dollars in thousands)
Impaired loans		$	(1,460	)	$	(7,702	)
Other real estate owned		(31		)	(13		)
Total losses		$	(1,491	)	$	(7,715	)

Impaired loans over $100 thousand are individually reviewed to determine the amount of each loan considered to be at risk of non-collection. The fair value for impaired loans that are collateral based is determined by reviewing real property appraisals, equipment valuations, accounts receivable listings and other financial information. A discounted cash flow analysis is performed to determine fair value for impaired loans when an observable market price or a current appraisal is not available. For real estate secured loans, First Commonwealth’s loan policy requires updated appraisals be obtained at least every twelve months on all impaired loans with balances of $250 thousand and over. For real estate secured loans with balances under $250

32

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

thousand, we rely on broker price opinions. For non-real estate secured assets, the Company normally relies on third party valuations specific to the collateral type.

The fair value for other real estate owned, determined by either an independent market-based appraisal less estimated costs to sell or an executed sales agreement, is classified as Level 2. The fair value for other real estate owned determined using an internal valuation is classified as Level 3. Other real estate owned has a current carrying value of $6.9 million as of March 31, 2017 and consists primarily of commercial real estate properties in Pennsylvania. We review whether events and circumstances subsequent to a transfer to other real estate owned have occurred that indicate the balance of those assets may not be recoverable. If events and circumstances indicate further impairment we will record a charge to the extent that the carrying value of the assets exceed their fair values, less estimated cost to sell, as determined by valuation techniques appropriate in the circumstances.

Certain other assets and liabilities, including goodwill and core deposit intangibles, are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances. Additional information related to goodwill is provided in Note 12, “Goodwill.” There were no other assets or liabilities measured at fair value on a nonrecurring basis during the three months endedMarch 31, 2017.

FASB ASC 825-10, “Transition Related to FSP FAS 107-1” and APB 28-1, “Interim Disclosures about Fair Value of Financial Instruments,” requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis. The methodologies for estimating the fair value of financial assets and financial liabilities that are measured at fair value on a recurring or nonrecurring basis are as discussed above. The methodologies for other financial assets and financial liabilities are discussed below.

Cash and due from banks and interest-bearing bank deposits: The carrying amounts for cash and due from banks and interest-bearing bank deposits approximate the estimated fair values of such assets.

Securities: Fair values for securities available for sale and held to maturity are based on quoted market prices, if available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments. Pooled trust preferred collateralized debt obligations values are derived from other valuation methodologies, including option pricing models, discounted cash flow models and similar techniques, and not based on market exchange, dealer or broker traded transactions. These valuations incorporate certain assumptions and projections in determining the fair value assigned to each instrument. The carrying value of other investments, which includes FHLB stock, is considered a reasonable estimate of fair value.

Loans: The fair values of all loans are estimated by discounting the estimated future cash flows using interest rates currently offered for loans with similar terms to borrowers of similar credit quality adjusted for past due and nonperforming loans, which is not an exit price under FASB ASC Topic 820, “Fair Value Measurements and Disclosures.”

Loans held for sale: The estimated fair value of loans held for sale is based on market bids obtained from potential buyers.

Off-balance sheet instruments: Many of First Commonwealth’s off-balance sheet instruments, primarily loan commitments and standby letters of credit, are expected to expire without being drawn upon; therefore, the commitment amounts do not necessarily represent future cash requirements. FASB ASC Topic 460, “Guarantees” clarified that a guarantor is required to recognize, at the inception of a guarantee, a liability for the fair value of the obligation undertaken in issuing the guarantee. The carrying amount and fair value for standby letters of credit was $0.1 million and $0.2 million at March 31, 2017 and December 31, 2016, respectively. See Note 5, “Commitments and Contingent Liabilities,” for additional information.

Deposit liabilities: The estimated fair value of demand deposits, savings accounts and money market deposits is the amount payable on demand at the reporting date because of the customers’ ability to withdraw funds immediately. The carrying value of variable rate time deposit accounts and certificates of deposit approximate their fair values at the report date. Also, fair values of fixed rate time deposits for both periods are estimated by discounting the future cash flows using interest rates currently being offered and a schedule of aggregated expected maturities.

Short-term borrowings: The fair values of borrowings from the FHLB were estimated based on the estimated incremental borrowing rate for similar types of borrowings. The carrying amounts of other short-term borrowings such as federal funds purchased and securities sold under agreement to repurchase were used to approximate fair value due to the short-term nature of the borrowings.

33

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Long-term debt and subordinated debt: The fair value of long-term debt and subordinated debt is estimated by discounting the future cash flows using First Commonwealth’s estimate of the current market rate for similar types of borrowing arrangements or an announced redemption price.

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

	March 31, 2017
			Fair Value Measurements Using:
	Carrying Amount		Total		Level 1		Level 2		Level 3
	(dollars in thousands)
Financial assets
Cash and due from banks	$	75,160	$	75,160	$	75,160	$	—	$	—
Interest-bearing deposits	47,944		47,944		47,944		—		—
Securities available for sale	832,754		832,754		—		797,343		35,411
Securities held to maturity	386,954		383,735		—		383,735		—
Other investments	38,669		38,669		—		38,669		—
Loans held for sale	9,588		9,588		—		9,588		—
Loans	4,907,961		4,890,426		—		22,010		4,868,416
Financial liabilities
Deposits	4,969,729		4,971,049		—		4,971,049		—
Short-term borrowings	961,601		961,449		—		961,449		—
Subordinated debt	72,167		63,964		—		—		63,964
Long-term debt	8,604		9,038		—		9,038		—

	December 31, 2016
			Fair Value Measurements Using:
	Carrying Amount		Total		Level 1		Level 2		Level 3
	(dollars in thousands)
Financial assets
Cash and due from banks	$	91,033	$	91,033	$	91,033	$	—	$	—
Interest-bearing deposits	24,644		24,644		24,644		—		—
Securities available for sale	778,612		778,612		—		743,650		34,962
Securities held to maturity	372,513		368,618		—		368,618		—
Other investments	36,498		36,498		—		36,498		—
Loans held for sale	7,052		7,052		—		7,052		—
Loans	4,879,347		4,878,254		—		18,679		4,859,575
Financial liabilities
Deposits	4,947,408		4,949,714		—		4,949,714		—
Short-term borrowings	867,943		867,667		—		867,667		—
Subordinated debt	72,167		65,656		—		—		65,656
Long-term debt	8,749		9,169		—		9,169		—

34

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 11 Derivatives

Derivatives Not Designated as Hedging Instruments

First Commonwealth is a party to interest rate derivatives that are not designated as hedging instruments. These derivatives relate to interest rate swaps that First Commonwealth enters into with customers to allow customers to convert variable rate loans to a fixed rate. First Commonwealth pays interest to the customer at a floating rate on the notional amount and receives interest from the customer at a fixed rate for the same notional amount. At the same time the interest rate swap is entered into with the customer, an offsetting interest rate swap is entered into with another financial institution. First Commonwealth pays the other financial institution interest at the same fixed rate on the same notional amount as the swap entered into with the customer, and receives interest from the financial institution for the same floating rate on the same notional amount.

The changes in the fair value of the swaps offset each other, except for the credit risk of the counterparties, which is determined by taking into consideration the risk rating, probability of default and loss given default for all counterparties.

We have 25 risk participation agreements with financial institution counterparties for interest rate swaps related to loans in which we are a participant. The risk participation agreements provide credit protection to the financial institution should the borrower fail to perform on its interest rate derivative contract with the financial institution. We have eight risk participation agreements with financial institution counterparties for interest rate swaps related to loans in which we are the lead bank. The risk participation agreement provides credit protection to us should the borrower fail to perform on its interest rate derivative contract with us.

First Commonwealth is also party to interest rate caps that are not designated as hedging instruments. These derivatives relate to contracts that First Commonwealth enters into with loan customers that provide a maximum interest rate on their variable rate loan. At the same time the interest rate cap is entered into with the customer, First Commonwealth enters into an offsetting interest rate cap with another financial institution. The notional amount and maximum interest rate on both interest cap contracts are identical.

The fee received, less the estimate of the loss for the credit exposure, was recognized in earnings at the time of the transaction.

Derivatives Designated as Hedging Instruments

The Company has entered into four interest rate swap contracts that were designated as cash flow hedges. The interest rate swaps have a total notional amount of $200.0 million, $85.0 million with an original maturity of three years and $115.0 million with and original maturity of four years. The Company's risk management objective for these hedges is to reduce its exposure to variability in expected future cash flows related to interest payments on commercial loans benchmarked to the 1-month LIBOR rate. Therefore, the interest rate swaps convert the interest payments on the first $200.0 million of 1-month LIBOR based commercial loans into fixed rate payments.

The periodic net settlement of interest rate swaps is recorded as an adjustment to "Interest and fees on loans" in the Condensed Consolidated Statements of Income. For the three months endedMarch 31, 2017, there was a $0.2 million impact on interest income as a result of these interest rate swaps, respectively. Changes in the fair value of the effective portion of cash flow hedges are reported in OCI. When the cash flows associated with the hedged item are realized, the gain or loss included in OCI is recognized in "Interest and fees on loans," the same line item in the Condensed Consolidated Statements of Income as the income on the hedged items. The cash flow hedges were highly effective at March 31, 2017 and December 31, 2016, and changes in the fair value attributed to hedge ineffectiveness were not material.

The Company also enters into interest rate lock commitments in conjunction with its mortgage origination business. These are commitments to originate loans whereby the interest rate on the loan is determined prior to funding and the customers have locked into that interest rate. The Company locks the rate in with an investor and commits to deliver the loan if settlement occurs (“best efforts”) or commits to deliver the locked loan in a binding (“mandatory”) delivery program with an investor. Loans under mandatory rate lock commitments are covered under forward sales contracts of mortgage-backed securities (“MBS”). Forward sales contracts of MBS are recorded at fair value with changes in fair value recorded in "Other noninterest expense" in the Condensed Consolidated Statements of Income. The impact to noninterest expense for the three months ended March 31, 2017 totaled $0.1 million.

Interest rate lock commitments and commitments to deliver loans to investors are considered derivatives. The market value of interest rate lock commitments and best efforts contracts are not readily ascertainable with precision because they are not actively traded in stand-alone markets. We determine the fair value of rate lock commitments and delivery contracts by measuring the fair value of the underlying asset, which is impacted by current interest rates and taking into consideration the probability that the rate lock commitments will close or will be funded. At March 31, 2017 the underlying funded mortgage

35

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

loan commitments had a carrying value of $5.8 million and a fair value of $6.0 million, while the underlying unfunded mortgage loan commitments had a notional amount of $15.3 million.

In addition, a small amount of interest income on loans is exposed to changes in foreign exchange rates. Several commercial borrowers have a portion of their operations outside of the United States and borrow funds on a short-term basis to fund those operations. In order to reduce the risk related to the translation of foreign denominated transactions into U.S. dollars, the Company enters into foreign exchange forward contracts. These contracts relate principally to the Euro and the Canadian dollar. The contracts are recorded at fair value with changes in fair value recorded in "Other noninterest expense" in the Condensed Consolidated Statements of Income. The impact on other noninterest expense for the three months ended March 31, 2017 totaled $2 thousand. At March 31, 2017 and December 31, 2016, the underlying loans had a carrying value of $6.8 million and $4.7 million, respectively, and a fair value of $6.8 million and $4.7 million, respectively.

The following table depicts the credit value adjustment recorded related to the notional amount of derivatives outstanding as well as the notional amount of risk participation agreements participated to other banks:

	March 31, 2017			December 31, 2016
	(dollars in thousands)
Derivatives not Designated as Hedging Instruments
Credit value adjustment	$	(316	)	$	(317	)
Notional amount:
Interest rate derivatives	342,898			345,102
Interest rate caps	—			14,762
Risk participation agreements	166,748			174,213
Sold credit protection on risk participation agreements	(40,021		)	(40,281		)
Derivatives Designated as Hedging Instruments
Interest rate swaps:
Fair value adjustment	73			(443		)
Notional amount	200,000			200,000
Interest rate forwards:
Fair value adjustment	(112		)	—
Notional amount	17,000			—
Foreign exchange forwards:
Fair value adjustment	38			(8		)
Notional amount	6,847			4,749

The table below presents the amount representing the change in the fair value of derivative assets and derivative liabilities attributable to credit risk included in "Other income" on the Condensed Consolidated Statements of Income:

		For the Three Months Ended March 31,
		2017		2016
	(dollars in thousands)
Non-hedging interest rate derivatives
Increase (decrease) in other income		$	2	$	(1,014	)
Hedging interest rate derivatives
Increase in interest and fees on loans		249		430
Increase in other expense		78		15
Hedging interest rate forwards
Increase in other expense		112		—
Hedging foreign exchange forwards
Increase in other expense		2		3

The fair value of our derivatives is included in a table in Note 11, “Fair Values of Assets and Liabilities,” in the line items

“Other assets” and “Other liabilities.”

36

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 12 Goodwill

FASB ASC Topic 350-20, “Intangibles – Goodwill and Other” requires an annual valuation of the fair value of a reporting unit that has goodwill and a comparison of the fair value to the book value of equity to determine whether the goodwill has been impaired. Goodwill is also required to be tested on an interim basis if an event or circumstance indicates that it is more likely than not that an impairment loss has been incurred. When triggering events or circumstances indicate that goodwill testing is required, an assessment of qualitative factors can be completed before performing the two step goodwill impairment test. ASU 2011-8 provides that if an assessment of qualitative factors determines it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, then the two step goodwill impairment test is not required.

We consider First Commonwealth to be one reporting unit. The carrying amount of goodwill as of both March 31, 2017 and December 31, 2016 was $186.5 million. No impairment charges on goodwill or other intangible assets were incurred in 2017 or 2016.

We test goodwill for impairment as of November 30th each year and again at any quarter-end if any material events occur during a quarter that may affect goodwill.

As of March 31, 2017, goodwill was not considered impaired; however, changing economic conditions that may adversely affect our performance, the fair value of our assets and liabilities, or our stock price could result in impairment, which could adversely affect earnings in future periods. Management will continue to monitor events that could impact this conclusion in the future.

Note 13 New Accounting Pronouncements

In August 2015, the FASB issued ASU No. 2015-14, “Revenue from Contracts with Customers (Topic 606)”. In May 2014, the

FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)", with an original effective date for

annual reporting periods beginning after December 15, 2016. The core principle of ASU 2014-09 is that an entity should

recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration

to which the entity expects to be entitled in exchange for those goods or services. ASU 2015-14 deferred the effective date of

ASU 2014-09 to annual periods and interim periods within those annual periods beginning after December 15, 2017. We expect that ASU No. 2014-09 will require us to change how we recognize certain recurring revenue streams within trust and investment management fees and insurance commissions and fees; however, we do not expect these changes to have a significant impact on our financial statements. We continue to evaluate the impact of ASU No. 2014-9 on other components of non-interest income and expect additional financial statement disclosures and associated internal controls to be implemented along with the adoption of this ASU.

In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)," in order to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Lessor accounting under the new guidance remains largely unchanged as it is substantially equivalent to existing guidance for sales-type leases, direct financing leases, and operating leases. Leveraged leases have been eliminated, although lessors can continue to account for existing leveraged leases using the current accounting guidance. Other limited changes were made to align lessor accounting with the lessee accounting model and the new revenue recognition standard. All entities will classify leases to determine how to recognize lease-related revenue and expense. Quantitative and qualitative disclosures will be required by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The intention is to require enough information to supplement the amounts recorded in the financial statements so that users can understand more about the nature of an entity’s leasing activities. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. All entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. Entities have the option to use certain relief; full retrospective application is prohibited. We are currently evaluating the potential impact of ASU 2016-02 on our financial statements.

In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments,” which amends the guidance for recognizing credit losses from an “incurred loss” methodology that delays recognition of credit losses until it is probable a loss has been incurred to an expected credit loss methodology. The guidance requires the use of the modified retrospective transition method by means of a cumulative-effect adjustment to equity as of the beginning of the period in which the guidance is adopted. The standard is effective for the

37

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Company as of January 1, 2020. Management is currently evaluating the impact of the amended guidance on First Commonwealth’s financial condition or results of operations.

In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230),” which provides guidance on eight specific cash flow issues: 1. debt prepayment or extinguishment costs; 2. settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates; 3. contingent consideration payments made after a business combination; 4. proceeds from the settlement of insurance claims; 5. proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; 6. distributions received from equity method investees; 7. beneficial interests in securitizations transactions; and 8. separately identifiable cash flows and application of the predominance principle. This ASU provides additional guidance for these eight issues, reducing current and potential diversity in practice. This standard is effective for the Company as of January 1, 2018. The adoption of this ASU is not expected to have a material impact on First Commonwealth’s financial condition or results of operations.

In January 2017, the FASB issued ASU No. 2017-01, "Business Combinations (Topic 805), Clarifying the Definition of a Business" which provides a screen to determine when a set of assets and activities (a "set") is not a business. The screen requires, that when substantially all of the fair value of gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This screen thereby reduces the number of transactions that need to be further evaluated. If the screen is not met, this ASU 1. requires that to be considered a business, a set must include, at a minimum, an input and substantive process that significantly contributes to the ability to create output and 2. removes the evaluation of whether a market participant could replace the missing elements. The amendment provides a framework to assist entities in evaluating whether both an input and substantive process is present. The framework includes two sets of criteria to consider that depend on whether a set has outputs. This ASU also narrows the definition of the term output so that the term is consistent with how outputs are described in Topic 606. This standard is effective for interim and annual periods for fiscal years beginning after December 15, 2017. The adoption of this ASU is not expected to have a material impact on First Commonwealth’s financial condition or results of operations.

In January 2017, the FASB issued ASU No. 2017-04,"Intangibles-Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment" which simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Under this ASU, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. Impairment should be recognized for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to the reporting unit. Income tax effects from any tax deductible goodwill should be taken into consideration of the carrying amount of the reporting unit when measuring for goodwill impairment, if applicable. An entity still has the option to perform the qualitative assessment for the reporting unit to determine if the quantitative impairment test is necessary. This standard is effective for interim and annual periods for fiscal years beginning after December 15, 2019. The adoption of this ASU is not expected to have a material impact on First Commonwealth’s financial condition or results of operations.

In March 2017, the FASB issued ASU No. 2017-07, "Compensation-Retirement Benefits (Topic 715), Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost" which shortens the amortization period for certain callable debt securities held at a premium. Specifically, the ASU requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. This standard is effective for annual periods for fiscal years beginning after December 15, 2019. The adoption of this ASU is not expected to have a material impact on First Commonwealth’s financial condition or results of operations.

Note 14 Subsequent Events

On April 3, 2017, the Company completed its acquisition of DCB Financial Corporation ("DCB") and its banking subsidiary, The Delaware County Bank and Trust Company. DCB has approximately $550 million in assets and operates nine full-service banking offices which will operate under the First Commonwealth name. On March 31, 2017, the Company funded $21.3 million of the purchase price for this acquisition into an escrow account pending the closing on April 3, 2017. As of March 31, 2017, these funds were classified as restricted cash and are included in the "Other assets" line in the Condensed Consolidated Statements of Financial Condition.

38

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

This discussion and the related financial data are presented to assist in the understanding and evaluation of the consolidated financial condition and the results of operations of First Commonwealth Financial Corporation including its subsidiaries (“First Commonwealth”) for the three months endedMarch 31, 2017 and 2016, and should be read in conjunction with the Condensed Consolidated Financial Statements and notes thereto included in this Form 10-Q.

Forward-Looking Statements

Certain statements contained in this report that are not historical facts may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the Securities and Exchange Commission, in press releases, and in oral and written statements made by us or with our approval that are not statements of historical fact and constitute “forward-looking statements” as well. These statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of words such as “may,” “will,” “should,” “could,” “would,” “plan,” “believe,” “expect,” “anticipate,” “intend,” “estimate” or words of similar meaning. These forward-looking statements are subject to significant risks, assumptions and uncertainties, and could be affected by many factors, including, but not limited to: (1) local, regional, national and international economic conditions and the impact they may have on First Commonwealth and its customers; (2) volatility and disruption in national and international financial markets; (3) the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board; (4) inflation, interest rate, commodity price, securities market and monetary fluctuations; (5) the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which First Commonwealth or its customers must comply; (6) the soundness of other financial institutions; (7) political instability; (8) impairment of First Commonwealth’s goodwill or other intangible assets; (9) acts of God or of war or terrorism; (10) the timely development and acceptance of new products and services and perceived overall value of these products and services by users; (11) changes in consumer spending, borrowings and savings habits; (12) changes in the financial performance and/or condition of First Commonwealth’s borrowers; (13) technological changes; (14) acquisitions and integration of acquired businesses; (15) First Commonwealth’s ability to attract and retain qualified employees; (16) changes in the competitive environment in First Commonwealth’s markets and among banking organizations and other financial service providers; (17) the ability to increase market share and control expenses; (18) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters; (19) the reliability of First Commonwealth’s vendors, internal control systems or information systems; (20) the costs and effects of legal and regulatory developments, the resolution of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals; and (21) other risks and uncertainties described in this report and in the other reports that we file with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K.

In light of these risks, uncertainties and assumptions, you should not place undue reliance on any forward-looking statements in this report. We undertake no obligation to publicly update or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Explanation of Use of Non-GAAP Financial Measure

In addition to the results of operations presented in accordance with generally accepted accounting principles (“GAAP”), First Commonwealth management uses, and this quarterly report contains or references, certain non-GAAP financial measures, such as net interest income on a fully taxable equivalent basis. We believe this non-GAAP financial measure provides information useful to investors in understanding our underlying operational performance and our business and performance trends as it facilitates comparison with the performance of others in the financial services industry. Although we believe that this non-GAAP financial measure enhances investors’ understanding of our business and performance, this non-GAAP financial measure should not be considered an alternative to GAAP.

We believe the presentation of net interest income on a fully taxable equivalent basis ensures comparability of net interest income arising from both taxable and tax-exempt sources and is consistent with industry practice. Interest income per the Condensed Consolidated Statements of Income is reconciled to net interest income adjusted to a fully taxable equivalent basis on pages 41 for the three months endedMarch 31, 2017 and 2016, respectively.

39

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

Selected Financial Data

The following selected financial data should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations, which follows, and with the Condensed Consolidated Financial Statements and related notes.

		For the Three Months Ended March 31,
		2017			2016
	(dollars in thousands, except per share data)
Net Income		$	15,888		$	12,473
Per Share Data:
Basic Earnings per Share		$	0.18		$	0.14
Diluted Earnings per Share		0.18			0.14
Cash Dividends Declared per Common Share		0.08			0.07
Average Balance:
Total assets		$	6,708,817		$	6,617,594
Total equity		757,077			730,354
End of Period Balance:
Net loans (1)		$	4,868,873		$	4,749,382
Total assets		6,808,977			6,699,154
Total deposits		4,969,729			4,301,655
Total equity		760,995			733,314
Key Ratios:
Return on average assets		0.96		%	0.76		%
Return on average equity		8.51		%	6.87		%
Dividends payout ratio		44.44		%	50.00		%
Average equity to average assets ratio		11.28		%	11.04		%
Net interest margin		3.50		%	3.29		%
Net loans to deposits ratio		97.97		%	110.41		%

⁽¹⁾ Includes loans held for sale.

Results of Operations

Three Months EndedMarch 31, 2017 Compared to Three Months EndedMarch 31, 2016

Net Income

For the three months endedMarch 31, 2017, First Commonwealth had net income of $15.9 million, or $0.18 diluted earnings per share, compared to net income of $12.5 million, or $0.14 diluted earnings per share, in the three months endedMarch 31, 2016. The increase in net income was primarily the result of an increase in net interest income and noninterest income coupled with a decrease in the provision for credit losses, offset by an increase in noninterest expense.

For the three months endedMarch 31, 2017, the Company’s return on average equity was 8.51% and its return on average assets was 0.96%, compared to 6.87% and 0.76%, respectively, for the three months endedMarch 31, 2016.

Net Interest Income

Net interest income, on a fully taxable equivalent basis, was $52.8 million in the first three months of 2017, compared to $49.7 million for the same period in 2016. This increase was due to both growth in average interest earning assets of $52.3 million and a 19 basis point increase in the yield on interest earning assets. Net interest income comprises a majority of our operating revenue (net interest income before provision expense plus noninterest income), at 75% and 78% for the three months endedMarch 31, 2017 and 2016, respectively.

The net interest margin, on a fully taxable equivalent basis, was 3.50% and 3.29% for the three months endedMarch 31, 2017 and March 31, 2016, respectively. The 21 basis point increase in the net interest margin is attributable to an increase in the overall yield on interest earning assets, primarily loans.

40

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

The taxable equivalent yield on interest-earning assets was 3.78% for the three months endedMarch 31, 2017, an increase of 19 basis points compared to the 3.59% yield for the same period in 2016. This increase is largely due to the loan portfolio yield, which improved by 17 basis points when compared to the three months endedMarch 31, 2016. This change was largely affected by an increase in rates on variable rate loans. In addition, the yield on the investment portfolio increased 14 basis points in comparison to the prior year. This increase can be attributed to investment security runoff being replaced with higher yielding investments. Investment portfolio purchases during the three months endedMarch 31, 2017 have been primarily in mortgage-related assets with approximate durations of 48-60 months and municipal and corporate securities with durations of approximately five years. The mortgage-related investments have monthly principal payments that will provide for reinvestment opportunities if interest rates rise.

The cost of interest-bearing liabilities decreased to 0.38% for the three months endedMarch 31, 2017, from 0.39% for the same period in 2016, primarily due to a decrease in the volume of short-term borrowings. The decrease in the level of short-term borrowings is directly related to lower costing deposits obtained from the acquisition of thirteen FirstMerit branches in December 2016.

For the three months endedMarch 31, 2017, changes in interest rates positively impacted net interest income by $1.4 million when compared with the same period in 2016. The higher yield on interest-earning assets positively impacted net interest income by $2.0 million, while the increase in the cost of interest-bearing liabilities had a negative impact of $0.6 million. We have been able to partially mitigate the impact of low interest rates and the effect on net interest income through improving the mix of deposits and borrowed funds, growing the loan portfolio and increasing our investment yields by re-investing cash flow from runoff of lower-yielding investments.

Changes in the volume of interest-earning assets and interest-bearing liabilities positively impacted net interest income by $1.7 million in the three months endedMarch 31, 2017, as compared to the same period in 2016. Higher levels of interest-earning assets resulted in an increase of $0.9 million in interest income, while changes in the volume of interest-bearing liabilities decreased interest expense by $0.8 million, primarily as the result of decreases in short-term borrowings. Average earning assets for the three months endedMarch 31, 2017 increased $52.3 million, or 1%, compared to the same period in 2016. Average loans for the three months endedMarch 31, 2017 increased $171.5 million, or 4%, compared to the same period in 2016.

Net interest income also benefited from a $100.8 million increase in average net free funds at March 31, 2017 as compared to March 31, 2016. Average net free funds are the excess of noninterest-bearing demand deposits, other noninterest-bearing liabilities and shareholders’ equity over noninterest-earning assets. The largest component of the increase in net free funds was an increase of $134.2 million, or 12.2%, in noninterest-bearing demand deposit average balances. Additionally, higher cost time deposits continue to mature and reprice into lower cost deposits or other funding alternatives. Average time deposits for the three months endedMarch 31, 2017 decreased by $22.2 million compared to the comparable period in 2016.

The following table reconciles interest income in the Condensed Consolidated Statements of Income to net interest income adjusted to a fully taxable equivalent basis for the three months endedMarch 31:

	2017		2016
	(dollars in thousands)
Interest income per Condensed Consolidated Statements of Income	$	56,179	$	53,353
Adjustment to fully taxable equivalent basis	988		942
Interest income adjusted to fully taxable equivalent basis (non-GAAP)	57,167		54,295
Interest expense	4,349		4,546
Net interest income adjusted to fully taxable equivalent basis (non-GAAP)	$	52,818	$	49,749

41

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

The following is an analysis of the average balance sheets and net interest income on a fully taxable equivalent basis for the three months endedMarch 31:

	2017							2016
	Average Balance			Income / Expense (a)		Yield or Rate		Average Balance			Income / Expense (a)		Yield or Rate
	(dollars in thousands)
Assets
Interest-earning assets:
Interest-bearing deposits with banks	$	6,511		$	12	0.75	%	$	4,339		$	6	0.56	%
Tax-free investment securities	65,982			611		3.76		59,987			556		3.73
Taxable investment securities	1,139,532			7,470		2.66		1,266,907			7,952		2.52
Loans, net of unearned income (b)(c)	4,916,759			49,074		4.05		4,745,252			45,781		3.88
Total interest-earning assets	6,128,784			57,167		3.78		6,076,485			54,295		3.59
Noninterest-earning assets:
Cash	82,404							65,120
Allowance for credit losses	(52,550		)					(52,714		)
Other assets	550,179							528,703
Total noninterest-earning assets	580,033							541,109
Total Assets	$	6,708,817						$	6,617,594
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand deposits (d)	$	891,190		$	126	0.06	%	$	701,778		$	85	0.05	%
Savings deposits (d)	2,209,018			815		0.15		1,852,118			590		0.13
Time deposits	572,750			871		0.62		594,929			914		0.62
Short-term borrowings	930,998			1,749		0.76		1,503,013			2,235		0.60
Long-term debt	80,840			788		3.95		81,409			722		3.57
Total interest-bearing liabilities	4,684,796			4,349		0.38		4,733,247			4,546		0.39
Noninterest-bearing liabilities and shareholders’ equity:
Noninterest-bearing demand deposits (d)	1,230,939							1,096,692
Other liabilities	36,005							57,301
Shareholders’ equity	757,077							730,354
Total Noninterest-Bearing Funding Sources	2,024,021							1,884,347
Total Liabilities and Shareholders’ Equity	$	6,708,817						$	6,617,594
Net Interest Income and Net Yield on Interest-Earning Assets				$	52,818	3.50	%				$	49,749	3.29	%

(a) Income on interest-earning assets has been computed on a fully taxable equivalent basis using the 35% federal income tax statutory rate.

(b) Loan balances include held for sale and nonaccrual loans. Income on nonaccrual loans is accounted for on the cash basis.

(c) Loan income includes loan fees earned.

(d) Average balances do not include reallocations from noninterest-bearing demand deposits and interest-bearing demand deposits into savings deposits, which were made for regulatory purposes.

42

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

The following table shows the effect of changes in volumes and rates on interest income and interest expense for the three months endedMarch 31, 2017 compared with March 31, 2016:

	Analysis of Year-to-Year Changes in Net Interest Income
	Total Change			Change Due To Volume			Change Due To Rate (a)
	(dollars in thousands)
Interest-earning assets:
Interest-bearing deposits with banks	$	6		$	3		$	3
Tax-free investment securities	55			56			(1		)
Taxable investment securities	(482		)	(798		)	316
Loans	3,293			1,655			1,638
Total interest income (b)	2,872			916			1,956
Interest-bearing liabilities:
Interest-bearing demand deposits	41			24			17
Savings deposits	225			115			110
Time deposits	(43		)	(34		)	(9		)
Short-term borrowings	(486		)	(853		)	367
Long-term debt	66			(5		)	71
Total interest expense	(197		)	(753		)	556
Net interest income	$	3,069		$	1,669		$	1,400

(a) Changes in interest income or expense not arising solely as a result of volume or rate variances are allocated to rate variances.

(b) Changes in interest income have been computed on a fully taxable equivalent basis using the 35% federal income tax statutory rate.

Provision for Credit Losses

The provision for credit losses is determined based on management’s estimates of the appropriate level of the allowance for credit losses needed for probable losses inherent in the loan portfolio, after giving consideration to charge-offs and recoveries for the period. The provision for credit losses is an amount added to the allowance, against which credit losses are charged.

The table below provides a breakout of the provision for credit losses by loan category for the three months endedMarch 31:

	2017					2016
	Dollars			Percentage		Dollars			Percentage
	(dollars in thousands)
Commercial, financial, agricultural and other	$	2,184		68	%	$	11,944		183	%
Real estate construction	(17		)	(1	)	(209		)	(3	)
Residential real estate	279			9		286			4
Commercial real estate	(123		)	(4	)	(6,932		)	(106	)
Loans to individuals	906			28		1,437			22
Total	$	3,229		100	%	$	6,526		100	%

The provision for credit losses for the three months endedMarch 31, 2017decreased in comparison to the three months endedMarch 31, 2016 by $3.3 million. The level of provision expense in the first three months of 2017 is primarily due to commercial, financial, agricultural and other loans as the result of $3.4 million in charge-offs recognized on two commercial loan relationships. Of this total, $1.9 million was recognized on a commercial loan that was transferred to held for sale and subsequently sold in April 2017.

The majority of the 2016 provision expense is attributable to loans to commercial, financial and agricultural loans resulting from an increase in historical loss factors, an increase in qualitative factors related to certain recovery rates and specific reserves established for one commercial loan relationship. Provision expense for commercial real estate loans was impacted by decreases in historical loss factors. The provision for loans to individuals is primarily due to charge-offs in the indirect automobile portfolio as well as changes in qualitative factors related to the automobile industry.

43

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

The allowance for credit losses was $48.7 million, or 0.99%, of total loans outstanding at March 31, 2017, compared to $50.2 million, or 1.03%, at December 31, 2016 and $55.2 million, or 1.15%, at March 31, 2016. The change compared to December 31, 2016, can be attributed to the aforementioned charge-offs on two commercial loan relationships. Nonperforming loans as a percentage of total loans increased to 1.01% at March 31, 2017 from 0.86% at December 31, 2016 and 1.29% as of March 31, 2016. The allowance to nonperforming loan ratio was 105.20%, 120.02% and 89.33% as of March 31, 2017, December 31, 2016 and March 31, 2016, respectively.

Below is an analysis of the consolidated allowance for credit losses for the three months endedMarch 31, 2017 and 2016 and the year-ended December 31, 2016:

	March 31, 2017		March 31, 2016		December 31, 2016
	(dollars in thousands)
Balance, beginning of period	$	50,185	$	50,812	$	50,812
Loans charged off:
Commercial, financial, agricultural and other	3,825		1,392		19,603
Real estate construction	—		—		—
Residential real estate	473		382		1,189
Commercial real estate	31		265		570
Loans to individuals	1,205		1,469		4,943
Total loans charged off	5,534		3,508		26,305
Recoveries of loans previously charged off:
Commercial, financial, agricultural and other	368		134		4,164
Real estate construction	54		223		562
Residential real estate	128		118		481
Commercial real estate	117		756		1,522
Loans to individuals	129		161		469
Total recoveries	796		1,392		7,198
Net credit losses	4,738		2,116		19,107
Provision charged to expense	3,229		6,526		18,480
Balance, end of period	$	48,676	$	55,222	$	50,185

Noninterest Income

The following table presents the components of noninterest income for the three months endedMarch 31:

	2017			2016			$ Change			% Change
	(dollars in thousands)
Noninterest Income:
Trust income	$	1,417		$	1,255		$	162		13	%
Service charges on deposit accounts	4,319			3,708			611			16
Insurance and retail brokerage commissions	2,082			1,959			123			6
Income from bank owned life insurance	1,292			1,296			(4		)	—
Card-related interchange income	4,251			3,557			694			20
Swap fee (expense) income	(73		)	460			(533		)	(116	)
Other income	1,706			1,616			90			6
Subtotal	14,994			13,851			1,143			8
Net securities gains	652			—			652			N/A
Gain on sale of mortgage loans	977			683			294			43
Gain on sale of other loans and assets	307			195			112			57
Derivatives mark to market	2			(1,014		)	1,016			(100	)
Total noninterest income	$	16,932		$	13,715		$	3,217		23	%

44

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

Noninterest income, excluding net securities gains, gain on sale of loans and other assets and the derivatives mark to market, increased$1.1 million for the first three months of 2017 compared to 2016. Service charges on deposit accounts increased $0.6 million and card-related interchange income increased $0.7 million, of which $0.3 million and $0.5 million, respectively, can be attributed to the acquisition of the FirstMerit branches December 2016. Insurance and retail brokerage commissions and trust income also increased $0.1 million and $0.2 million, respectively, due to higher annuity and mutual fund sales. Offsetting these increases was a decrease in swap fee income compared to 2016 of $0.5 million due to a decrease in the number of interest rate swaps entered into for our commercial loan customers during the first three months of 2017 compared to the same period in the prior year.

Total noninterest income for the three months endedMarch 31, 2017increased$3.2 million in comparison to the three months endedMarch 31, 2016. The most significant change includes a $1.0 million increase related to the mark to market adjustment on interest rate swaps entered into for our commercial loan customers. This adjustment does not reflect a realized gain on the swaps, but rather relates to a change in fair value due to increases in corporate bond spreads and decreases in swap rates. In addition, net securities gains increased $0.7 million due to the early redemption of one of our pooled trust preferred securities.

Noninterest Expense

The following table presents the components of noninterest expense for the three months endedMarch 31:

	2017		2016		$ Change			% Change
	(dollars in thousands)
Noninterest Expense:
Salaries and employee benefits	$	23,466	$	21,677	$	1,789		8	%
Net occupancy expense	3,761		3,481		280			8
Furniture and equipment expense	3,088		2,867		221			8
Data processing expense	2,085		1,759		326			19
Advertising and promotion expense	806		526		280			53
Pennsylvania shares tax expense	816		758		58			8
Intangible amortization	572		137		435			318
Collection and repossession expense	497		569		(72		)	(13	)
Other professional fees and services	959		791		168			21
FDIC insurance	793		1,038		(245		)	(24	)
Other operating expenses	4,980		4,201		779			19
Subtotal	41,823		37,804		4,019			11
Loss on sale or write-down of assets	99		96		3			3
Merger and acquisition related	611		—		611			N/A
Litigation and operational losses	232		244		(12		)	5	%
Total noninterest expense	$	42,765	$	38,144	$	4,621		12	%

Noninterest expense, excluding loss on sale or write-down of assets, litigation and operational losses and merger and acquisition related expenses, increased$4.0 million, or 11%, for the three months endedMarch 31, 2017 compared to the same period in 2016. Contributing to the 2017 increase is a $1.8 million increase in salaries and employee benefits primarily due to an increase in employees resulting from the acquisition of 13 branches from FirstMerit Bank, NA in the fourth quarter of 2016. The increase in net occupancy expense of $0.3 million, furniture and equipment expense of $0.2 million and intangible amortization of $0.4 million is also the result of the acquisition. The $0.8 million increase in other operating expense is primarily due to an increase of $0.2 million in unfunded commitment reserves expense in 2017 as compared to 2016 and an increase of $0.4 million in audit and accounting expense.

Total noninterest expense increased by $4.6 million, or 12%, for the three months endedMarch 31, 2017 compared to the same period in 2016. Contributing to this increase is $0.6 million in merger and acquisition expense related to the April 2017 acquisition of DCB Financial Corporation.

45

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

Income Tax

The provision for income taxes increased$1.5 million for the three months endedMarch 31, 2017, compared to the corresponding period in 2016. The higher provision for income taxes was the result of a $4.9 millionincrease in the level of income before taxes.

We applied the “annual effective tax rate approach” to determine the provision for income taxes, which applies an annual forecast of tax expense as a percentage of expected full year income, for the three months endedMarch 31, 2017 and 2016.

We generate an annual effective tax rate that is less than the statutory rate of 35% due to benefits resulting from tax-exempt interest, income from bank-owned life insurance and tax benefits associated with low income housing tax credits, which are relatively consistent regardless of the level of pretax income. The level of tax benefits that reduced our tax rate below the 35% statutory rate produced an annual effective tax rate of 30.2% and 30.1% for the three months endedMarch 31, 2017 and 2016, respectively.

As of March 31, 2017, our deferred tax assets totaled $30.3 million. Based on our evaluation as of March 31, 2017, we determined that it is more likely than not that all of these assets will be realized. As a result, a valuation allowance against these assets was not needed. In evaluating the need for a valuation allowance, we estimate future taxable income based on management approved forecasts, evaluation of historical earning levels and consideration of potential tax strategies. If future events differ from our current forecasts, we may need to establish a valuation allowance, which could have a material impact on our financial condition and results of operations.

Liquidity

Liquidity refers to our ability to meet the cash flow requirements of depositors and borrowers as well as our operating cash needs with cost-effective funding. We generate funds to meet these needs primarily through the core deposit base of First Commonwealth Bank and the maturity or repayment of loans and other interest-earning assets, including investments. During the first three months of 2017, liquidity used by the net decrease in short-term borrowings totaled $93.7 million, while the sales, maturity and redemption of investment securities provided $44.0 million. This liquidity provided funds needed to originate loans, purchase investment securities and fund depositor withdrawals.  We also have available unused wholesale sources of liquidity, including overnight federal funds and repurchase agreements, advances from the FHLB of Pittsburgh, borrowings through the discount window at the Federal Reserve Bank of Cleveland (“FRB”) and access to certificates of deposit through brokers.

We participate in the Certificate of Deposit Account Registry Services (“CDARS”) program as part of an Asset/Liability Committee (“ALCO”) strategy to increase and diversify funding sources. As of March 31, 2017, our maximum borrowing capacity under this program was $1.0 billion and as of that date there was $0.6 million outstanding with an average weighted rate of 0.84% and an average original term of 305 days. These deposits are part of a reciprocal program which allows our depositors to receive expanded FDIC coverage by placing multiple certificates of deposit at other CDARS member banks.

An additional source of liquidity is the FRB Borrower-in-Custody of Collateral program, which enables us to pledge certain loans that are not being used as collateral at the FHLB as collateral for borrowings at the FRB. At March 31, 2017, the borrowing capacity under this program totaled $769.7 million and there were no amounts outstanding.

As of March 31, 2017, our maximum borrowing capacity at the FHLB of Pittsburgh was $1.5 billion and as of that date amounts used against this capacity included $0.9 billion in outstanding borrowings and $10.2 million in outstanding letters of credit.

We also have available unused federal funds lines with five correspondent banks. These lines have an aggregate commitment of $195.0 million with no outstanding balance as of March 31, 2017.

First Commonwealth Financial Corporation has an unsecured $15.0 million line of credit with another financial institution. As of March 31, 2017, there are no amounts outstanding on this line.

46

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

First Commonwealth’s long-term liquidity source is its core deposit base. Core deposits are the most stable source of liquidity a bank can have due to the long-term relationship with a deposit customer. The level of deposits during any period is influenced by factors outside of management’s control, such as the level of short-term and long-term market interest rates and yields offered on competing investments, such as money market mutual funds. The following table shows a breakdown of the components of First Commonwealth’s deposits:

	March 31, 2017		December 31, 2016
	(dollars in thousands)
Noninterest-bearing demand deposits	$	1,270,136	$	1,268,786
Interest-bearing demand deposits	114,526		114,043
Savings deposits	3,030,156		2,972,747
Time deposits	554,911		591,832
Total	$	4,969,729	$	4,947,408

During the first three months of 2017, total deposits increased$22.3 million due to a $57.9 millionincrease in interest-bearing demand and savings deposits and a $1.4 million increase in noninterest-bearing demand deposits. These increases were offset by a $36.9 milliondecrease in time deposits. The decrease in time deposits is the result of a decline in core certificates.

Market Risk

The following gap analysis compares the difference between the amount of interest-earning assets and interest-bearing liabilities subject to repricing over a period of time. The ratio of rate-sensitive assets to rate-sensitive liabilities repricing within a one-year period was 0.74 and 0.75 at March 31, 2017 and December 31, 2016, respectively. A ratio of less than one indicates a higher level of repricing liabilities over repricing assets over the next twelve months. The level of First Commonwealth's ratio is largely driven by the modeling of interest-bearing non-maturity deposits, which are included in the analysis as repricing within one year.

Gap analysis has limitations due to the static nature of the model that holds volumes and consumer behaviors constant in all economic and interest rate scenarios. A lower level of rate sensitive assets to rate sensitive liabilities repricing in one year could indicate reduced net interest income in a rising interest rate scenario, and conversely, increased net interest income in a declining interest rate scenario. However, the gap analysis incorporates only the level of interest-earning assets and interest-bearing liabilities and not the sensitivity each has to changes in interest rates. The impact of the sensitivity to changes in interest rates is provided in the table below the gap analysis.

The following is the gap analysis as of March 31, 2017 and December 31, 2016:

	March 31, 2017
	0-90 Days			91-180 Days			181-365 Days			Cumulative 0-365 Days			Over 1 Year Through 5 Years			Over 5 Years
	(dollars in thousands)
Loans	$	2,579,871		$	178,796		$	308,650		$	3,067,317		$	1,409,863		$	408,097
Investments	88,905			47,027			90,334			226,266			572,020			445,991
Other interest-earning assets	47,944			—			—			47,944			—			—
Total interest-sensitive assets (ISA)	2,716,720			225,823			398,984			3,341,527			1,981,883			854,088
Certificates of deposit	109,614			74,942			165,163			349,719			201,425			3,767
Other deposits	3,144,682			—			—			3,144,682			—			—
Borrowings	1,033,914			147			299			1,034,360			2,608			5,404
Total interest-sensitive liabilities (ISL)	4,288,210			75,089			165,462			4,528,761			204,033			9,171
Gap	$	(1,571,490	)	$	150,734		$	233,522		$	(1,187,234	)	$	1,777,850		$	844,917
ISA/ISL	0.63			3.01			2.41			0.74			9.71			93.13
Gap/Total assets	23.08		%	2.21		%	3.43		%	17.44		%	26.11		%	12.41		%

47

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

	December 31, 2016
	0-90 Days			91-180 Days			181-365 Days			Cumulative 0-365 Days			Over 1 Year Through 5 Years			Over 5 Years
	(dollars in thousands)
Loans	$	2,510,367		$	184,386		$	315,397		$	3,010,150		$	1,446,035		$	402,282
Investments	85,756			44,417			89,838			220,011			546,056			406,743
Other interest-earning assets	24,644			—			—			24,644			—			—
Total interest-sensitive assets (ISA)	2,620,767			228,803			405,235			3,254,805			1,992,091			809,025
Certificates of deposit	110,584			92,765			115,949			319,298			268,680			3,854
Other deposits	3,086,791			—			—			3,086,791			—			—
Borrowings	940,254			146			296			940,696			2,584			5,579
Total interest-sensitive liabilities (ISL)	4,137,629			92,911			116,245			4,346,785			271,264			9,433
Gap	$	(1,516,862	)	$	135,892		$	288,990		$	(1,091,980	)	$	1,720,827		$	799,592
ISA/ISL	0.63			2.46			3.49			0.75			7.34			85.77
Gap/Total assets	22.69		%	2.03		%	4.32		%	16.34		%	25.75		%	11.96		%

The following table presents an analysis of the potential sensitivity of our annual net interest income to gradual changes in interest rates over a 12 month time frame as compared with net interest income if rates remained unchanged and there are no changes in balance sheet categories.

	Net interest income change (12 months)
	-200			-100			+100			+200
	(dollars in thousands)
March 31, 2017 ($)	$	(12,839	)	$	(5,638	)	$	5,344		$	10,136
March 31, 2017 (%)	(6.01		)%	(2.64		)%	2.50		%	4.74		%
December 31, 2016 ($)	$	(11,180	)	$	(5,495	)	$	4,643		$	9,027
December 31, 2016 (%)	(5.41		)%	(2.66		)%	2.25		%	4.37		%

The following table represents the potential sensitivity of our annual net interest income to immediate changes in interest rates versus if rates remained unchanged and there are no changes in balance sheet categories.

	Net interest income change (12 months)
	-200			-100			+100			+200
	(dollars in thousands)
March 31, 2017 ($)	$	(22,066	)	$	(11,211	)	$	8,842		$	16,586
March 31, 2017 (%)	(10.32		)%	(5.25		)%	4.14		%	7.76		%
December 31, 2016 ($)	$	(17,526	)	$	(9,132	)	$	8,379		$	16,286
December 31, 2016 (%)	(8.48		)%	(4.42		)%	4.06		%	7.88		%

The analysis and model used to quantify the sensitivity of our net interest income becomes less meaningful in a decreasing 200 basis point scenario given the current low interest rate environment. Results of the 100 and 200 basis point interest rate decline scenario are affected by the fact that many of our interest-bearing liabilities are at rates below 1%, with an assumed floor of zero in the model. In the three months endedMarch 31, 2017 and 2016, the cost of our interest-bearing liabilities averaged 0.38% and 0.39%, respectively, and the yield on our average interest-earning assets, on a fully taxable equivalent basis, averaged 3.78% and 3.59%, respectively.

48

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

During the first quarter of 2015, the Company entered into cash flow interest rate swaps, in which we extended the duration of $100.0 million of the $1.3 billion LIBOR based loans in our loan portfolio at that time into fixed interest rates for a period of three or four years. These swaps added approximately two basis points of protection to the net interest margin as a hedge against a prolonged low-rate environment. A similar cash flow interest rate swap, with a notional amount of $100.0 million, was entered into in 2014. Please refer to Note 11, "Derivatives," for additional information on interest rate swaps.

Asset/liability models require that certain assumptions be made, such as prepayment rates on earning assets and the impact of pricing on non-maturity deposits, which may differ from actual experience. These business assumptions are based upon our experience, business plans and published industry experience. While management believes such assumptions to be reasonable, there can be no assurance that modeled results will approximate actual results.

Credit Risk

First Commonwealth maintains an allowance for credit losses at a level deemed sufficient for losses inherent in the loan portfolio at the date of each statement of financial condition. Management reviews the adequacy of the allowance on a quarterly basis to ensure that the provision for credit losses has been charged against earnings in an amount necessary to maintain the allowance at a level that is appropriate based on management’s assessment of probable estimated losses.

First Commonwealth’s methodology for assessing the appropriateness of the allowance for credit losses consists of several key elements. These elements include an assessment of individual impaired loans with a balance greater than $0.1 million, loss experience trends and other relevant factors.

First Commonwealth also maintains a reserve for unfunded loan commitments and letters of credit based upon credit risk and probability of funding. The reserve totaled $3.9 million at March 31, 2017 and is classified in "Other liabilities" on the Condensed Consolidated Statements of Financial Condition.

First Commonwealth defines exposure to the Oil and Gas Industry as any borrower who is involved in exploration and production, and any company in the industry supply chain that generates 40% or more of their sales revenue from exploration and production companies.

As of March 31, 2017, the Company had a total of $116.6 million in commitments to the Oil and Gas Industry, with $54.3 million in outstanding loan balances against those commitments. Of this total, commitments of $29.3 million with outstanding balances of $3.7 million are for exploration and production, while $87.3 million in commitments, with outstanding balances of $50.7 million, are related to ancillary businesses.

One customer accounts for 34.2% of the loans related to exploration and production, and is a pass-rated credit. This credit facility is primarily used to support letters of credit and has little or no usage. One commercial relationship with a commitment of $15.0 million and no outstanding balance is categorized as a non-pass accruing credit. One commercial relationship in this category, with an oustanding balance of $2.2 million, has been on non-performing status since before the oil price decline in the third quarter of 2014.

The ancillary businesses sector consists of well services, transportation, and providing equipment and materials to support the oil and gas industry. Two customers, which account for 35.5% of the ancillary business exposure, are bulk transporters of refined product and are not expected to be negatively impacted from lower oil prices. There are two pass-rated credits, with total commitments of $23.6 million, in the ancillary business sector that will see some impact from reduced drilling activity due to lower oil and gas prices. Three commercial relationships with $4.1 million in outstanding loans for ancillary businesses are on non-performing status.

Nonperforming loans include nonaccrual loans and loans classified as troubled debt restructurings. Nonaccrual loans represent loans on which interest accruals have been discontinued. Troubled debt restructured loans are those loans whose terms have been renegotiated to provide a reduction or deferral of principal or interest as a result of the deteriorating financial position of the borrower, who could not obtain comparable terms from alternative financing sources. In the first three months of 2017, 13 loans totaling $0.8 million were identified as troubled debt restructurings.

The balance of troubled debt restructured loans decreased$0.9 million from December 31, 2016 due primarily to normal loan paydowns. Please refer to Note 8, “Loans and Allowance for Credit Losses,” for additional information on troubled debt restructurings.

We discontinue interest accruals on a loan when, based on current information and events, it is probable that we will be unable to fully collect principal or interest due according to the contractual terms of the loan. A loan is also placed on nonaccrual status

49

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

when, based on regulatory definitions, the loan is maintained on a “cash basis” due to the weakened financial condition of the borrower. Generally, loans 90 days or more past due are placed on nonaccrual status, except for consumer loans which are placed on nonaccrual status at 150 days past due.

Nonperforming loans are closely monitored on an ongoing basis as part of our loan review and work-out process. The probable risk of loss on these loans is evaluated by comparing the loan balance to the fair value of any underlying collateral or the present value of projected future cash flows. Losses or a specifically assigned allowance for loan losses are recognized where appropriate.

Nonperforming loans, including loans held for sale, increased$8.1 million to $49.9 million at March 31, 2017 compared to $41.8 million at December 31, 2016. This increase is primarily due to the addition of a $5.5 million commercial loan relationship, of which $1.9 million was charged-off, to a manufacturer of custom store fixtures which is classified as held for sale, a $3.6 million commercial loan to a company specializing in commercial business services and a $3.3 million commercial loan relationship, of which $1.5 million was charged-off, to a manufacturer of fluid containment tanks. Also included in nonperforming loans is a $7.4 million loan to an aluminum servicing company which was classified as doubtful at March 31, 2017. A charge-off was recognized on this loan in the fourth quarter of 2016 and a restructuring is expected to be completed in the second quarter of 2017. At this time, the restructuring is not expected to result in any additional charge-offs on this loan.

The allowance for credit losses as a percentage of nonperforming loans was 105.20% as of March 31, 2017 compared to 120.02% at December 31, 2016 and 89.33% at March 31, 2016. The amount of specific reserves included in the allowance for nonperforming loans was determined by using fair values obtained from current appraisals and updated discounted cash flow analyses. The allowance for credit losses includes specific reserves of $3.0 million and general reserves of $45.7 million as of March 31, 2017. Specific reserves decreased$0.1 million from December 31, 2016, and $10.4 million from March 31, 2016. The specific reserves in the first three months of 2016 is primarily due to specific reserves related to one new impaired loan. Management believes that the allowance for credit losses is at a level deemed sufficient to absorb losses inherent in the loan portfolio at March 31, 2017.

Criticized loans totaled $130.0 million at March 31, 2017 and represented 2.6% of the loan portfolio. The level of criticized loans decreased as of March 31, 2017 when compared to December 31, 2016, by $4.4 million, or 3.3%. Classified loans totaled $89.4 million at March 31, 2017 compared to $93.2 million at December 31, 2016, a decrease of $3.8 million, or 4.0%. Delinquency on accruing loans for the same period decreased$1.5 million, or 11.0%, the majority of which are commercial, financial, agricultural and other loans and residential real estate loans.

The allowance for credit losses was $48.7 million at March 31, 2017 or 0.99% of total loans outstanding, compared to 1.03% reported at December 31, 2016 and 1.15% at March 31, 2016. General reserves, or the portion of the allowance related to loans that were not specifically evaluated for impairment, as a percentage of non-impaired loans were 0.94% at March 31, 2017 compared to 0.97% at December 31, 2016 and 0.88% at March 31, 2016.

50

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

The following table provides information related to nonperforming assets, the allowance for credit losses and other credit-related measures:

	March 31,								December 31, 2016
	2017				2016
	(dollars in thousands)
Nonperforming Loans:
Loans on nonaccrual basis	$	21,797			$	33,470			$	16,454
Loans held for sale on a nonaccrual basis	3,613				—				—
Troubled debt restructured loans on nonaccrual basis	10,482				13,366				11,569
Troubled debt restructured loans on accrual basis	13,990				14,979				13,790
Total nonperforming loans	$	49,882			$	61,815			$	41,813
Loans past due 30 to 90 days and still accruing	$	9,965			$	8,866			$	10,964
Loans past due in excess of 90 days and still accruing	$	1,582			$	1,330			$	2,097
Other real estate owned	$	6,910			$	8,636			$	6,805
Loans held for sale at end of period	$	9,588			$	5,849			$	7,052
Portfolio loans outstanding at end of period	$	4,907,961			$	4,798,755			$	4,879,347
Average loans outstanding	$	4,916,759		(a)	$	4,745,252		(a)	$	4,818,759		(b)
Nonperforming loans as a percentage of total loans	1.01		%		1.29		%		0.86		%
Provision for credit losses	$	3,229		(a)	$	6,526		(a)	$	18,480		(b)
Allowance for credit losses	$	48,676			$	55,222			$	50,185
Net charge-offs	$	4,738		(a)	$	2,116		(a)	$	19,107		(b)
Net charge-offs as a percentage of average loans outstanding (annualized)	0.39		%		0.18		%		0.40		%
Provision for credit losses as a percentage of net charge-offs	68.15		%	(a)	308.41		%	(a)	96.72		%	(b)
Allowance for credit losses as a percentage of end-of-period loans outstanding (c)	0.99		%		1.15		%		1.03		%
Allowance for credit losses as a percentage of end-of-period originated loans outstanding	1.01		%		1.15		%		1.05		%
Allowance for credit losses as a percentage of nonperforming loans (d)	105.20		%		89.33		%		120.02		%

(a) For the three-month period ended.

(b) For the twelve-month period ended.

(c) Does not include loans held for sale.

(d) Does not include nonperforming loans held for sale.

The following tables show the outstanding balances of our loan portfolio and the breakdown of net charge-offs and nonperforming loans, excluding loans held for sale, by loan type as of and for the periods presented:

	March 31, 2017				December 31, 2016
	Amount		%		Amount		%
	(dollars in thousands)
Commercial, financial, agricultural and other	$	1,148,460	23	%	$	1,139,547	23	%
Real estate construction	240,122		5		219,621		5
Residential real estate	1,217,398		25		1,229,192		25
Commercial real estate	1,761,101		36		1,742,210		36
Loans to individuals	540,880		11		548,777		11
Total loans and leases net of unearned income	$	4,907,961	100	%	$	4,879,347	100	%

During the three months endedMarch 31, 2017, loans increased$28.6 million, or 1%, compared to balances outstanding at December 31, 2016. During the three months ended March 31, 2017, growth in commercial, financial, agricultural and other portfolio and commercial real estate loans can largely be attributed to growth in middle market lending in Pennsylvania and Ohio. The increase in construction loans is primarily the result of several multifamily and hospitality projects in the Columbus, Cleveland and Pittsburgh markets. Declines in the loans to individuals category is primarily due to a decline in indirect auto

51

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

loans. The decrease in residential real estate loans is the result of runoff in our home equity and mortgage portfolios, as many of the loans originated by our mortgage banking area are sold in the secondary market.

Net charge-offs for the three months endedMarch 31, 2017 totaled $4.7 million, compared to $2.1 million for the three months endedMarch 31, 2016. The most significant charge-offs during the three months endedMarch 31, 2017 include a $1.9 million partial charge-off on a loan to a custom display manufacturer and a $1.5 million partial charge-off related to a containment tank manufacturer. During the three months endedMarch 31, 2016, the most significant charge-offs include a $1.1 million partial charge-off of two commercial industrial loans related to a local energy company.

	For the Three Months Ended March 31, 2017							As of March 31, 2017
	Net Charge- offs			% of Total Net Charge-offs		Net Charge- offs as a % of Average Loans (annualized)		Nonperforming Loans		% of Total Nonperforming Loans		Nonperforming Loans as a % of Total Loans
	(dollars in thousands)
Commercial, financial, agricultural and other	$	3,457		72.96	%	0.29	%	$	30,322	60.79	%	0.62	%
Real estate construction	(54		)	(1.14	)	(0.01	)	—		—		—
Residential real estate	345			7.28		0.03		11,904		23.86		0.24
Commercial real estate	(86		)	(1.81	)	(0.01	)	7,291		14.62		0.14
Loans to individuals	1,076			22.71		0.09		365		0.73		0.01
Total loans, net of unearned income	$	4,738		100.00	%	0.39	%	$	49,882	100.00	%	1.01	%

As the above table illustrates, commercial, financial, agricultural and other, residential real estate and commercial real estate loans represented a significant portion of the nonperforming loans as of March 31, 2017. See discussions related to the provision for credit losses and loans for more information.

Capital Resources

At March 31, 2017, shareholders’ equity was $761.0 million, an increase of $11.1 million from December 31, 2016. The increase was primarily the result of a $15.9 million in net income, an increase of $0.9 million in the fair value of available for sale investments and $2.5 million in treasury stock sales. These increases were partially offset by $7.1 million of dividends paid to shareholders and $1.1 million of common stock repurchases. Cash dividends declared per common share were $0.08 and $0.07 for the three months endedMarch 31, 2017 and 2016, respectively.

First Commonwealth and First Commonwealth Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on First Commonwealth’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, First Commonwealth and First Commonwealth Bank must meet specific capital guidelines that involve quantitative measures of First Commonwealth’s assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. First Commonwealth’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weighting and other factors.

First Commonwealth maintains capital to absorb unexpected losses. In order to provide assurance that our capital levels are adequate for our risk exposure, we test our capital position under several stress scenarios on an annual basis. This analysis is subject to Board of Director review and approval. Our most recent capital stress test was completed in September 2016.

Effective January 1, 2015, the Company became subject to the new regulatory risk-based capital rules adopted by the federal banking agencies implementing Basel III. The most significant changes include higher minimum capital requirements, as the minimum Tier I capital ratio increased from 4.0% to 6.0% and a new common equity Tier I capital ratio was established with a minimum level of 4.5%. Additionally, the new rules improve the quality of capital by providing stricter eligibility criteria for regulatory capital instruments and provide for a phase-in, beginning January 1, 2016, of a capital conservation buffer of 2.5% of risk-weighted assets. This buffer provides a requirement to hold common equity Tier 1 capital above the minimum risk-based capital requirements, resulting in an effective common equity Tier I risk-weighted asset minimum ratio of 7% on a fully phased-in basis.

52

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

The Basel III Rules also permit banking organizations with less than $15.0 billion in assets to retain, through a one-time election, the existing treatment for accumulated other comprehensive income, which currently does not affect regulatory capital. The Company elected to retain this treatment, which reduces the volatility of regulatory capital levels.

As of March 31, 2017, First Commonwealth and First Commonwealth Bank met all capital adequacy requirements to which they are subject and was considered well-capitalized under the regulatory rules, all on a fully phased-in basis. To be considered well capitalized, the Company must maintain minimum Total risk-based capital, Tier I risk-based capital, Tier I leverage ratio and Common equity tier I risk-based capital as set forth in the table below:

	Actual				Minimum Capital Required - Basel III Phase-In Schedule				Minimum Capital Required - Basel III Fully Phased-In				Required to be Considered Well Capitalized
	Capital Amount		Ratio		Capital Amount		Ratio		Capital Amount		Ratio		Capital Amount		Ratio
	(dollars in thousands)
Total Capital to Risk Weighted Assets
First Commonwealth Financial Corporation	$	694,012	12.25	%	$	524,007	9.250	%	$	594,818	10.50	%	$	566,494	10.00	%
First Commonwealth Bank	622,025		11.06		520,070		9.250		590,350		10.50		562,238		10.00
Tier I Capital to Risk Weighted Assets
First Commonwealth Financial Corporation	$	641,441	11.32	%	$	410,708	7.250	%	$	481,520	8.50	%	$	453,195	8.00	%
First Commonwealth Bank	569,454		10.13		407,622		7.250		477,902		8.50		449,790		8.00
Tier I Capital to Average Assets
First Commonwealth Financial Corporation	$	641,441	9.85	%	$	260,527	4.000	%	$	260,527	4.00	%	$	325,659	5.00	%
First Commonwealth Bank	569,454		8.79		259,048		4.000		259,048		4.00		323,809		5.00
Common Equity Tier I to Risk Weighted Assets
First Commonwealth Financial Corporation	$	571,441	10.09	%	$	325,734	5.750	%	$	396,546	7.00	%	$	368,221	6.50	%
First Commonwealth Bank	569,454		10.13		323,287		5.750		393,567		7.00		365,455		6.50

On April 25, 2017, First Commonwealth Financial Corporation declared a quarterly dividend of $0.08 per share payable on May 19, 2017 to shareholders of record as of May 5, 2017. The timing and amount of future dividends are at the discretion of First Commonwealth's Board of Directors based upon, among other factors, capital levels, asset quality, liquidity and current and projected earnings.

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ITEM 3. Quantitative and Qualitative Disclosures About Market Risk

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

Information appearing in Item 2 of this report under the caption “Market Risk” is incorporated by reference in response to this item.

ITEM 4. Controls and Procedures

We carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report pursuant to Rule 13a-15 under the Securities Exchange Act of 1934 (the “Exchange Act”). Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective to provide reasonable assurance that the information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in applicable rules and forms of the Securities and Exchange Commission.

In addition, our management, including our Chief Executive Officer and Chief Financial Officer, also conducted an evaluation of our internal controls over financial reporting to determine whether any changes occurred during the current fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting. No such changes were identified in connection with this evaluation.

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PART II – OTHER INFORMATION

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

ITEM 1. LEGAL PROCEEDINGS

The information required by this item is set forth in Part I, Item 1, Note 5, "Commitments and Contingent Liabilities," which is incorporated herein by reference in response to this item.

ITEM 1A. RISK FACTORS

There have been no material changes to the risk factors disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2016.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable

ITEM 5. OTHER INFORMATION

None

55

PART II – OTHER INFORMATION

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

ITEM 6.     EXHIBITS

Exhibit Number	Description	Incorporated by Reference to
10.1	2017 Annual Incentive Plan	Filed herewith
10.2	2017-2019 Long-Term Incentive Plan	Filed herewith
31.1	Chief Executive Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	Filed herewith
31.2	Chief Financial Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	Filed herewith
32.1	Chief Executive Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Filed herewith
32.2	Chief Financial Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Filed herewith
101	The following materials from First Commonwealth Financial Corporation’s Quarterly Report on Form 10-Q, formatted in XBRL (Extensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Income and Comprehensive Income, (iii) the Condensed Consolidated Statements of Changes in Stockholders’ Equity, (iv) the Condensed Consolidated Statements of Cash Flows, and (v) the Notes to Unaudited Condensed Consolidated Financial Statements.	Filed herewith

56

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

FIRST COMMONWEALTH FINANCIAL CORPORATION

(Registrant)

DATED: May 9, 2017	/s/ T. Michael Price
	T. Michael Price President and Chief Executive Officer
DATED: May 9, 2017	/s/ James R. Reske
	James R. Reske Executive Vice President, Chief Financial Officer and Treasurer

57

EX-10.1

EXHIBIT 10.1

First Commonwealth Financial Corporation

2017 ANNUAL INCENTIVE PLAN

1. Purpose; Effective Date.

This 2017 Annual Incentive Plan (the “Plan”) of First Commonwealth Financial Corporation (the “Company”) is designed to enable the Company and its subsidiaries to attract and retain key employees and to align the interests of such key employees with the interests of shareholders by promoting and rewarding the achievement of annual performance goals. This Plan was approved by the Compensation and Human Resources Committee (the “Committee”) on February 23, 2017, for the fiscal 2017 performance period. Each Award granted under this Plan shall be subject to the terms and conditions of the First Commonwealth Financial Corporation Incentive Compensation Plan (as amended and restated effective April 28, 2015) (the “Master Plan”). Each capitalized term which is not otherwise defined in this Plan shall have the meaning given to such term in the Master Plan.

2. Administration.

The Plan shall be administered by the Committee in accordance with Article 3 of the Master Plan.

3. Participants and Performance Goals.

(a)Exhibit A identifies the Employees who have been selected by the Committee to become Participants in the Plan and the Target Award and Performance Goals for each Participant. The Performance Goals will consist of the Corporate Performance Goals identified in paragraph (b) below, and, if applicable, one or more individual Performance Goals which shall be approved by the Committee and specified in the notice of Award delivered to the Participant (collectively, the “Individual Performance Component”). Corporate Performance Goals shall be calculated from the Company’s publicly reported financial statements as of and for the twelve months ending December 31, 2017 (the “Performance Period”), as adjusted for extraordinary and unplanned events determined by the Committee, in its sole discretion, to be outside of intended performance measurement. The achievement of the Individual Performance Component shall be determined by the Committee in its sole discretion.

(b)The Corporate Performance Goals for the Plan shall consist of the following:

(i)Earnings Per Share (EPS) is defined as the sum of disclosed fully diluted earnings per share for each of the four fiscal quarters in the Performance Period excluding one-time acquisition expenses.

(ii)Return on Assets (ROA) is defined as net income divided by the average total assets during the Performance Period excluding one-time acquisition expenses.

(iii)Efficiency Ratio is defined as noninterest expense as a percentage of net interest income (fully taxable equivalent) and noninterest income excluding gains from securities transactions and impairment losses excluding one-time acquisition expenses.

4. Calculation of Actual Awards.

(a)A Participant’s payout for each Performance Goal shall be determined according to the following formula:

Award Percentage X Weight X Base Salary

For purposes of this formula:

“Award Percentage” shall mean the percentage shown for the Participant in the “Award Percentage” column of Table 1 on Exhibit A at the Performance Level which is achieved for the applicable Performance Goal as reflected in the “Performance Level” column of Table 2 on Exhibit A. If the actual performance for a Performance Goal falls between the Threshold and Target Performance Levels or between the Target and Superior Performance Levels, the Award Percentage shall be interpolated between the Award Percentage for the Threshold and Target Performance Levels or between the Target and Superior Performance Levels, as the case may be, as determined by the Committee in its sole discretion. The Award Percentage for the Individual Performance Component will be determined by the Committee in its sole discretion after consideration of the Chief Executive Officer’s assessment of the Participant’s performance of individual scorecard objectives and contribution to the organization as a whole.

“Weight” shall mean the percentage shown for the measure in the “Weight” column of Table 2 on Exhibit A for the applicable Performance Goal.

“Base Salary” shall mean base salary of the Participant on the last day of the Performance Period.

(b)The aggregate amount payable to the Participant shall be the sum total of the payouts for the Participant’s Performance Goals calculated in accordance with Section 4(a) and shall be referred to as the Participant’s “Actual Award.” The Committee, in its sole discretion, may increase or decrease the Award Percentages used to calculate any Participant’s Actual Award by up to 25 percentage points if the Committee finds such an adjustment appropriate to recognize the impact of the Participant’s performance or impact on the organization outside of the range of expected performance and impact. Any such adjustment cannot increase the Participant’s total payout above the “Superior” level of payout assigned to the participant.

5. Payment of Actual Awards.

(a)Actual Awards shall be paid in cash as soon as practicable following the certification by the Committee of results for the Performance Period. However, in any event, all payments shall be made no later than March 15, 2018, such that the payments will be exempt from Section 409A of the Code, under the “short term deferral" exemption specified in Treas. Reg. § 1.409A-1(b)(4). The Actual Award will be paid in cash. All Actual Awards are subject to withholding tax and any other normal deduction consistent with the Company’s practices.

6. Termination of Employment.

Notwithstanding any provision to the contrary in the Master Plan, if the Participant ceases to be a full-time employee of the Company for any reason prior to December 31, 2017, the Participant will cease to be a participant in this Plan and will not be eligible to receive any Actual Award pursuant to this Plan.

7. Miscellaneous Provisions.

(a)Claw-Back Rights. The Committee will have the sole and absolute authority to make retroactive adjustments to any Awards paid to Participants where the payment was predicated upon the achievement of erroneous financial or strategic business results or conduct which the Committee determines, in its sole discretion, created unnecessary or excessive risk to the Company or constituted dishonest or unethical conduct for the purposes of increasing the amount of the Participant’s Award. Where applicable, the Company will seek to recover any amount determined to have been inappropriately received by a Participant under the Plan.

(b)Regulatory Approvals. The Plan and any Award made hereunder shall be subject to all applicable federal and state laws, rules and regulations, and to such approvals by any government or regulatory agency as may be required.

(c)No Effect on Employment or Service. Nothing in the Plan shall interfere with or limit in any way the right of the Company to terminate any Participant’s employment or service at any time, with or without cause.

(d)No Right to Participation. No employee or officer of the Company or any subsidiary shall have the right to be selected to receive an Award under this Plan, or, having been so selected, have the right to receive a future Award.

(e)Nontransferability of Awards. No Award granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will, by the laws of descent and distribution. All rights with respect to an Award granted to a Participant shall be available during his or her lifetime only to the Participant.

(f)Section 409A. The Plan will be administered, interpreted and construed in compliance with Section 409A of the Code and the regulations and other guidance promulgated thereunder ("Section 409A"), including any exemption thereunder. To the maximum extent permitted by Section 409A, all payments under the Plan are intended to be exempt from Section 409A pursuant to the exemption for short-term deferrals as specified in Treas. Reg. § 1.409A-1(b)(4), the exemption for restricted shares under Section 409A and any other exemptions available under Section 409A. Neither the Company, any of its Subsidiaries nor any of their respective predecessors, successors or affiliates (collectively, the "Company Group") shall be liable for, and nothing provided or contained in the Plan shall obligate or cause any member of the Company Group to be liable for, any tax, interest or penalties imposed on the Participant related to or arising with respect to any violation Section 409.

EX-10.2

EXHIBIT 10.2

First Commonwealth Financial Corporation

2017-2019 LONG-TERM INCENTIVE PLAN

1. Purpose; Effective Date.

This 2017-2019 Long-Term Incentive Plan (the “Plan”) of First Commonwealth Financial Corporation (the “Company”) is designed to enable the Company and its subsidiaries to attract and retain key employees and to align the interests of such key employees with the interests of shareholders by promoting share ownership and rewarding the achievement of long-term performance goals. This Plan was approved by the Compensation and Human Resources Committee (the “Committee”) on February 23, 2017, for the January 1, 2017 through December 31, 2019 performance period (the “Performance Period”). Each Award granted under this Plan shall be subject to the terms and conditions of the First Commonwealth Financial Corporation Incentive Compensation Plan (as amended and restated effective April 28, 2015) (the “Master Plan”). Each capitalized term which is not otherwise defined in this Plan shall have the meaning given to such term in the Master Plan.

2. Administration.

The Plan shall be administered by the Committee in accordance with Article 3 of the Master Plan.

3. Plan Awards.

(a)Awards under the Plan shall consist of Time-based Restricted Stock Units and Performance Units. Time-based Restricted Stock Units will be settled in shares of Common Stock on February 23, 2020, subject to continued service by the executive through this date. Performance Units will be settled in shares of Common Stock upon the certification by the Committee of the achievement of the Performance Goals.

(b)Exhibit A identifies the Employees who have been selected by the Committee to become Participants in the Plan, each Participant’s Time-based Restricted Stock Unit Award and Target Performance Unit Award, and the Plan Performance Goals.

(c)The Performance Goals shall be calculated from the Company’s financial statements and shall be defined as follows:

i.Cumulative Earnings Per Share (“Cumulative EPS”) shall mean the sum of the disclosed fully diluted earnings per share (“EPS”) over the Performance Period excluding one-time acquisition expenses.

ii.Total Return to Shareholders (“TRS”) Relative to Peers is defined as the Company’s cumulative TRS relative to the Company’s Peer Group, as reported through SNL Financial or other reporting service. TRS is defined for purposes of this Plan as the total change in the value of a share of Company stock over the Performance Period, plus the value of immediately reinvested dividends over the same period.

(d)The “Peer Group” for purposes of this Plan shall mean the Peer Group approved by the Committee and disclosed in the Company’s proxy statement for the 2017 annual meeting of shareholders. The following adjustments shall be made to the Peer Group during the Performance Period: (a) if the acquisition of a member of the Peer Group by another company is completed during the Performance Period or pending as of the last day of the Performance Period, the acquired Peer Group company will be removed from the Peer Group for the entire Performance Period; (b) if a member of the Peer Group acquires another company, the acquiring Peer Group company will remain in the Peer Group for the Performance Period; (c) if a member of the Peer Group is delisted on all major stock exchanges, such delisted company will be removed from the Peer Group for the entire Performance Period; (d) if the Company and/or any member of the Peer Group split its stock or declare a distribution of shares, such company’s TSR performance will be adjusted for the stock split or share distribution so as not to give an advantage or disadvantage to such company by comparison to the other companies; and (e) members of the Peer Group that file for bankruptcy, liquidation or reorganization during the Performance Period will remain in the Peer Group positioned below the lowest performing non-bankrupt member of the Peer Group in reverse chronological order by bankruptcy date.

4. Determination of Performance Units.

A Participant’s Performance Unit Award shall be determined according to the following formula:

(Target Award X Cumulative EPS Payout) + (Target Award X TRS Payout)

For purposes of this formula:

“Target Award” shall mean the number of shares shown for the Participant in the “Target Performance Unit Award” column of Table 1 on Exhibit A.

“Cumulative EPS Payout” means the percentage shown in the “Cumulative EPS Payout” column of Table 2 on Exhibit A at the performance level for the Cumulative EPS Performance Goal. If the actual performance for Cumulative EPS falls between the Threshold and Target performance levels, or between the Target and Superior performance levels, the EPS Payout shall be interpolated between the percentage shown for the Threshold and Target performance levels, or between the percentage shown for the Target and Superior performance levels, as the case may be, as determined by the Committee in its sole discretion.

“TRS Payout” means the percentage shown in the “TRS Payout” column of Table 2 on Exhibit A at the performance level for the TRS Relative to Peers Performance Goal. If the actual performance for TRS Relative to Peers falls between the Threshold and Target performance levels, or between the Target and Superior performance levels, the TRS Payout shall be interpolated between the percentage shown for the Threshold and Target performance levels, or between the percentage shown for the Target and Superior performance levels, as the case may be, as determined by the Committee in its sole discretion.

2

5. Settlement of Performance Units.

At the end of the Performance Period, the Committee will certify in writing the extent to which the Performance Goals have been achieved. For purposes of this provision, and for so long as the Code permits, the approved minutes of the Committee meeting in which the certification is made may be treated as written certification. Performance Units shall be paid and settled in shares of Common Stock as soon as practicable following the certification by the Committee of results for the Performance Period. However, in any event, all Performance Units shall be paid and settled in shares of Common Stock no later than March 15, 2020, or such earlier date as is provided in the immediately succeeding sentence, such that the payments will be exempt from Section 409A of the Code, under the “short term deferral" exemption specified in Treas. Reg. § 1.409A-1(b)(4). Notwithstanding the foregoing, the Committee, in its sole discretion, may cause all or any portion of a Participant’s Performance Units to be paid and settled in shares of Common Stock prior to March 15, 2020 in the event of (i) the death of the Participant or (ii) a Change of Control, provided that any such earlier payment or settlement shall be made no later than March 15 of the year following the year of such death or Change of Control.

6. Termination of Employment.

Notwithstanding any provision to the contrary in the Master Plan, if the Participant ceases to be a full-time employee of the Company for any reason prior to the end of the Performance Period, the Participant will cease to be a participant in this Plan and will not be eligible to receive any Awards pursuant to this Plan.

7. Miscellaneous Provisions.

(a)Claw-Back Rights. The Committee will have the sole and absolute authority to make retroactive adjustments to any Awards paid to Participants where the payment was predicated upon the achievement of erroneous financial or strategic business results or conduct which the Committee determines, in its sole discretion, created unnecessary or excessive risk to the Company or constituted dishonest or unethical conduct for the purposes of increasing the amount of the Participant’s Award. Where applicable, the Company will seek to recover any amount determined to have been inappropriately received by a Participant under the Plan.

(b)Amendment or Termination. Notwithstanding any provision to the contrary in the Master Plan, the Committee has full power to amend, modify, suspend, or terminate the Plan or the Awards granted under the Plan to the extent the Committee deems necessary or advisable, in its sole discretion, to promote the safety and soundness of the Company or any of its Subsidiaries, to comply with changes to applicable laws, regulations and regulatory guidance or under other extraordinary circumstances arising after the effective date of the Plan.

(c)Regulatory Approvals. The Plan and any Award made hereunder shall be subject to all applicable federal and state laws, rules and regulations, and to such approvals by any government or regulatory agency as may be required.

3

(d)No Effect on Employment or Service. Nothing in the Plan shall interfere with or limit in any way the right of the Company to terminate any Participant’s employment or service at any time, with or without cause.

(e)No Right to Participation. No employee or officer of the Company or any subsidiary shall have the right to be selected to receive an Award under this Plan, or, having been so selected, have the right to receive a future Award.

(f)Nontransferability of Awards. No Award granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will, by the laws of descent and distribution. All rights with respect to an Award granted to a Participant shall be available during his or her lifetime only to the Participant.

(g)Section 409A. The Plan will be administered, interpreted and construed in compliance with Section 409A of the Code and the regulations and other guidance promulgated thereunder ("Section 409A"), including any exemption thereunder. To the maximum extent permitted by Section 409A, all payments under the Plan are intended to be exempt from Section 409A pursuant to the exemption for short-term deferrals as specified in Treas. Reg. § 1.409A-1(b)(4), the exemption for restricted shares under Section 409A and any other exemptions available under Section 409A. Neither the Company, any of its Subsidiaries nor any of their respective predecessors, successors or affiliates (collectively, the "Company Group") shall be liable for, and nothing provided or contained in the Plan shall obligate or cause any member of the Company Group to be liable for, any tax, interest or penalties imposed on the Participant related to or arising with respect to any violation Section 409A.

4

EX-31.1

EXHIBIT 31.1

CHIEF EXECUTIVE OFFICER CERTIFICATION

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, T. Michael Price, certify that:

1. I have reviewed this quarterly report on Form 10-Q of First Commonwealth Financial Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

DATED: May 9, 2017	/s/ T. Michael Price
	T. Michael Price President and Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CHIEF FINANCIAL OFFICER CERTIFICATION

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, James R. Reske, certify that:

1. I have reviewed this quarterly report on Form 10-Q of First Commonwealth Financial Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

DATED: May 9, 2017	/s/ James R. Reske
	James R. Reske
	Executive Vice President, Chief Financial Officer and Treasurer

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

I, T. Michael Price, of First Commonwealth Financial Corporation (“First Commonwealth”), certify that the Quarterly Report of First Commonwealth on Form 10-Q for the period ended March 31, 2017, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in such report fairly presents, in all material respects, the financial condition of First Commonwealth at the end of such period and the results of operations of First Commonwealth for such period.

DATED: May 9, 2017	/s/ T. Michael Price
	T. Michael Price
	President and Chief Executive Officer

EX-32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

I, James R. Reske, of First Commonwealth Financial Corporation (“First Commonwealth”), certify that the Quarterly Report of First Commonwealth on Form 10-Q for the period ended March 31, 2017, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in such report fairly presents, in all material respects, the financial condition of First Commonwealth at the end of such period and the results of operations of First Commonwealth for such period.

DATED: May 9, 2017	/s/ James R. Reske
	James R. Reske
	Executive Vice President, Chief Financial Officer and Treasurer

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Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 08, 2017
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q1
Trading Symbol	FCF
Entity Registrant Name	FIRST COMMONWEALTH FINANCIAL CORP /PA/
Entity Central Index Key	0000712537
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		97,478,605

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Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets
Cash and due from banks	$ 75,160	$ 91,033
Interest-bearing bank deposits	47,944	24,644
Securities available for sale, at fair value	832,754	778,612
Securities held to maturity, at amortized cost (Fair value of $383,735 and $368,618 at March 31, 2017 and December 31, 2016, respectively)	386,954	372,513
Other investments	38,669	36,498
Loans held for sale	9,588	7,052
Loans:
Portfolio loans	4,907,961	4,879,347
Allowance for credit losses	(48,676)	(50,185)
Net loans	4,859,285	4,829,162
Premises and equipment, net	66,329	67,534
Other real estate owned	6,910	6,805
Goodwill	186,483	186,483
Amortizing intangibles, net	11,441	12,013
Bank owned life insurance	188,313	187,021
Other assets	99,147	84,648
Total assets	6,808,977	6,684,018
Deposits (all domestic):
Noninterest-bearing	1,270,136	1,268,786
Interest-bearing	3,699,593	3,678,622
Total deposits	4,969,729	4,947,408
Short-term borrowings	961,601	867,943
Subordinated debentures	72,167	72,167
Other long-term debt	8,604	8,749
Total long-term debt	80,771	80,916
Other liabilities	35,881	37,822
Total liabilities	6,047,982	5,934,089
Shareholders’ Equity
Preferred stock, $1 par value per share, 3,000,000 shares authorized, none issued	0	0
Common stock, $1 par value per share, 200,000,000 shares authorized; 105,563,455 shares issued at March 31, 2017 and December 31, 2016, and 89,113,083 and 89,007,077 shares outstanding at March 31, 2017 and December 31, 2016, respectively	105,563	105,563
Additional paid-in capital	367,607	366,426
Retained earnings	421,533	412,764
Accumulated other comprehensive loss, net	(6,083)	(7,027)
Treasury stock (16,450,372 and 16,556,378 shares at March 31, 2017 and December 31, 2016, respectively)	(127,625)	(127,797)
Total shareholders’ equity	760,995	749,929
Total liabilities and shareholders’ equity	$ 6,808,977	$ 6,684,018

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Condensed Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	3,000,000	3,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	105,563,455	105,563,455
Common stock, shares outstanding (in shares)	89,113,083	88,961,268
Treasury stock, shares (in shares)	16,450,372	16,602,187
Securities held to maturity, fair value	$ 383,735	$ 368,618

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Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Interest Income
Interest and fees on loans	$ 48,300	$ 45,034
Interest and dividends on investments:
Taxable interest	6,994	7,146
Interest exempt from federal income taxes	397	361
Dividends	476	806
Interest on bank deposits	12	6
Total interest income	56,179	53,353
Interest Expense
Interest on deposits	1,812	1,589
Interest on short-term borrowings	1,749	2,235
Interest on subordinated debentures	705	634
Interest on other long-term debt	83	88
Total interest expense	4,349	4,546
Net Interest Income	51,830	48,807
Provision for credit losses	3,229	6,526
Net Interest Income after Provision for Credit Losses	48,601	42,281
Noninterest Income
Net securities gains	652	0
Trust income	1,417	1,255
Service charges on deposit accounts	4,319	3,708
Insurance and retail brokerage commissions	2,082	1,959
Income from bank owned life insurance	1,292	1,296
Gain on sale of mortgage loans	977	683
Gain on sale of other loans and assets	307	195
Card-related interchange income	4,251	3,557
Derivatives mark to market	2	(1,014)
Derivative Fee Income	(73)	460
Other income	1,706	1,616
Total noninterest income	16,932	13,715
Noninterest Expense
Salaries and employee benefits	23,466	21,677
Net occupancy expense	3,761	3,481
Furniture and equipment expense	3,088	2,867
Data processing expense	2,085	1,759
Marketing and Advertising Expense	806	526
Pennsylvania shares tax expense	816	758
Intangible amortization	572	137
Collection and repossession expense	497	569
Other professional fees and services	959	791
FDIC insurance	793	1,038
Loss on sale or write-down of assets	99	96
Litigation and operational losses	232	244
Conversion Related Expenses	611	0
Other operating expenses	4,980	4,201
Total noninterest expense	42,765	38,144
Income Before Income Taxes	22,768	17,852
Income tax provision	6,880	5,379
Net Income	$ 15,888	$ 12,473
Average Shares Outstanding (in shares)	88,929,892	88,840,088
Average Shares Outstanding Assuming Dilution (in shares)	88,987,671	88,845,201
Per Share Data:
Basic Earnings per Share (in dollars per share)	$ 0.18	$ 0.14
Diluted Earnings per Share (in dollars per share)	0.18	0.14
Cash Dividends Declared per Common Share (in dollars per share)	$ 0.08	$ 0.07

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Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net Income	$ 15,888	$ 12,473
Other comprehensive income, before tax expense:
Unrealized holding gains on securities arising during the period	2,543	10,070
Less: reclassification adjustment for gains on securities included in net income	(652)	0
Unrealized holding (losses) gains on derivatives arising during the period	(516)	1,735
Less: reclassification adjustment for losses (gains) on derivatives included in net income	78	(15)
Total other comprehensive income, before tax expense	1,453	11,790
Income tax expense related to items of other comprehensive income	(509)	(4,126)
Total other comprehensive income	944	7,664
Comprehensive Income	$ 16,832	$ 20,137

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Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss), net [Member]	Treasury Stock [Member]
Beginning balance at Dec. 31, 2015	$ 719,546	$ 105,563	$ 365,981	$ 378,081	$ (2,386)	$ (127,693)
Beginning balance, shares at Dec. 31, 2015		88,961,268
Net Income	12,473			12,473
Other comprehensive income (loss)	7,664				7,664
Dividends, declared (USD per share)	(6,224)			(6,224)
Treasury stock acquired	(488)					(488)
Treasury stock acquired, shares		(55,301)
Restricted stock	343	$ 0	109	0		234
Restricted stock, shares		53,348
Ending balance at Mar. 31, 2016	733,314	$ 105,563	366,090	384,330	5,278	(127,947)
Ending balance, shares at Mar. 31, 2016		88,959,315
Beginning balance at Dec. 31, 2016	$ 749,929	$ 105,563	366,426	412,764	(7,027)	(127,797)
Beginning balance, shares at Dec. 31, 2016	88,961,268	89,007,077
Net Income	$ 15,888			15,888
Other comprehensive income (loss)	944				944
Dividends, declared (USD per share)	(7,119)			(7,119)
Treasury stock acquired	(1,102)					(1,102)
Treasury stock acquired, shares		(78,632)
Restricted stock	197	$ 0	137	0		60
Restricted stock, shares		26,000
Ending balance at Mar. 31, 2017	$ 760,995	$ 105,563	367,607	421,533	$ (6,083)	(127,625)
Ending balance, shares at Mar. 31, 2017	89,113,083	89,113,083
Stock Issued During Period, Shares, Treasury Stock Reissued		158,638
Stock Issued During Period, Value, Treasury Stock Reissued	$ 2,258		$ 1,044	$ 0		$ 1,214

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Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Stockholders' Equity [Abstract]
Cash Dividends Declared per Common Share (in dollars per share)	$ 0.08	$ 0.07

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating Activities
Net Income	$ 15,888	$ 12,473
Provision for credit losses	3,229	6,526
Deferred tax expense	2,506	1,200
Depreciation and amortization	2,113	1,740
Net (gains) losses on securities and other assets	(1,718)	218
Net amortization of premiums and discounts on securities	867	1,102
Income from increase in cash surrender value of bank owned life insurance	(1,292)	(1,296)
Increase in interest receivable	(338)	(911)
Mortgage loans originated for sale	(27,580)	(22,269)
Proceeds from sale of mortgage loans	29,829	22,858
Increase (decrease) in interest payable	571	(26)
Increase in income taxes payable	4,354	2,811
Other-net	(991)	(4,834)
Net cash provided by operating activities	27,438	19,592
Investing Activities
Proceeds from sale and maturity of held-to-maturity securities	10,826	6,924
Payments to acquire held-to-maturity securities	(25,140)	(19,695)
Proceeds from Sale of Available-for-sale Securities	0	0
Proceeds from maturities and redemptions of available-for-sale securities	33,125	35,815
Purchases of available-for-sale securities	(85,220)	(29,930)
Purchases of FHLB stock	(12,883)	(10,281)
Proceeds from the redemption of FHLB stock	10,712	12,636
Proceeds from sale of other assets	1,631	2,101
Increase in Restricted Cash	(21,284)	0
Net increase in loans	(37,514)	(118,137)
Payments for Purchase of Other Assets	(410)	0
Purchases of premises and equipment	(1,531)	(2,251)
Net cash used in investing activities	(127,688)	(122,818)
Financing Activities
Net decrease in federal funds purchased	0	(4,000)
Net increase in other short-term borrowings	93,658	11,917
Net increase in deposits	22,385	105,873
Repayments of other long-term debt	(145)	(139)
Dividends paid	(7,119)	(6,224)
Purchase of treasury stock	(1,102)	(488)
Net cash provided by financing activities	107,677	106,939
Net increase in cash and cash equivalents	7,427	3,713
Cash and cash equivalents at January 1	115,677	69,452
Cash and cash equivalents at March 31	$ 123,104	$ 73,165

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Basis of Presentation

3 Months Ended

Mar. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

The accounting and reporting policies of First Commonwealth Financial Corporation and its subsidiaries (“First Commonwealth” or the “Company”) conform with generally accepted accounting principles in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates, assumptions and judgments that affect the amounts reported in the financial statements and accompanying notes. Actual realized amounts could differ from those estimates. In the opinion of management, the unaudited interim condensed consolidated financial statements include all adjustments (consisting of only normal recurring adjustments) necessary for a fair presentation of First Commonwealth’s financial position, results of operations, comprehensive income, cash flows and changes in shareholders’ equity as of and for the periods presented.

The results of operations for the three months endedMarch 31, 2017 are not necessarily indicative of the results that may be expected for the full year of 2017. These interim financial statements should be read in conjunction with First Commonwealth’s 2016 Annual Report on Form 10-K.

For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, federal funds sold and interest-bearing bank deposits. Generally, federal funds are sold for one-day periods.

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Supplemental Comprehensive Income Disclosures

3 Months Ended

Mar. 31, 2017

Supplemental Comprehensive Income Disclosures [Abstract]

Supplemental Comprehensive Income Disclosures

Supplemental Comprehensive Income Disclosures

The following table identifies the related tax effects allocated to each component of other comprehensive income (“OCI”) in the Condensed Consolidated Statements of Comprehensive Income. Reclassification adjustments related to securities available for sale are included in the "Net securities gains" line and reclassification adjustments related to losses on derivatives are included in the "Other operating expenses" line in the Condensed Consolidated Statements of Income.

	For the Three Months Ended March 31,
	2017									2016
	Pretax Amount			Tax (Expense) Benefit			Net of Tax Amount			Pretax Amount			Tax (Expense) Benefit			Net of Tax Amount
	(dollars in thousands)
Unrealized gains on securities:
Unrealized holding gains on securities arising during the period	$	2,543		$	(890	)	$	1,653		$	10,070		$	(3,524	)	$	6,546
Reclassification adjustment for gains on securities included in net income	(652		)	228			(424		)	—			—			—
Total unrealized gains on securities	1,891			(662		)	1,229			10,070			(3,524		)	6,546
Unrealized (losses) gains on derivatives:
Unrealized holding (losses) gains on derivatives arising during the period	(516		)	181			(335		)	1,735			(607		)	1,128
Reclassification adjustment for losses (gains) on derivatives included in net income	78			(28		)	50			(15		)	5			(10		)
Total unrealized (losses) gains on derivatives	(438		)	153			(285		)	1,720			(602		)	1,118
Total other comprehensive income	$	1,453		$	(509	)	$	944		$	11,790		$	(4,126	)	$	7,664

The following table details the change in components of OCI for the three months endedMarch 31:

	2017											2016
	Securities Available for Sale			Post-Retirement Obligation		Derivatives			Accumulated Other Comprehensive Income (Loss)			Securities Available for Sale			Post-Retirement Obligation		Derivatives			Accumulated Other Comprehensive Income (Loss)
	(dollars in thousands)
Balance at December 31	$	(7,455	)	$	225	$	203		$	(7,027	)	$	(2,956	)	$	10	$	560		$	(2,386	)
Other comprehensive income before reclassification adjustment	1,653			—		(335		)	1,318			6,546			—		1,128			7,674
Amounts reclassified from accumulated other comprehensive (loss) income	(424		)	—		50			(374		)	—			—		(10		)	(10		)
Net other comprehensive income during the period	1,229			—		(285		)	944			6,546			—		1,118			7,664
Balance at March 31	$	(6,226	)	$	225	$	(82	)	$	(6,083	)	$	3,590		$	10	$	1,678		$	5,278

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Supplemental Cash Flow Disclosures

3 Months Ended

Mar. 31, 2017

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Disclosures

Supplemental Cash Flow Disclosures

The following table presents information related to cash paid during the period for interest, as well as detail on non-cash investing and financing activities for the three months endedMarch 31:

	2017			2016
	(dollars in thousands)
Cash paid during the period for:
Interest	$	3,832		$	4,674
Income taxes	1,039			1,000
Non-cash investing and financing activities:
Loans transferred to other real estate owned and repossessed assets	958			1,355
Loans transferred from held to maturity to held for sale	3,613			—
Gross increase in market value adjustment to securities available for sale	1,892			10,070
Gross (decrease) increase in market value adjustment to securities derivatives	(438		)	1,720
Investments committed to purchase, not settled	498			600
Noncash treasury stock reissuance	2,258			—

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Earnings per Share

3 Months Ended

Mar. 31, 2017

Earnings Per Share [Abstract]

Earnings per Share

Earnings per Share

The following table summarizes the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computations:

	For the Three Months Ended March 31,
	2017		2016
Weighted average common shares issued	105,563,455		105,563,455
Average treasury stock shares	(16,527,204	)	(16,623,094	)
Average unearned nonvested shares	(106,359	)	(100,273	)
Weighted average common shares and common stock equivalents used to calculate basic earnings per share	88,929,892		88,840,088
Additional common stock equivalents (nonvested stock) used to calculate diluted earnings per share	57,779		5,113
Weighted average common shares and common stock equivalents used to calculate diluted earnings per share	88,987,671		88,845,201

The following table shows the number of shares and the price per share related to common stock equivalents that were not included in the computation of diluted earnings per share for the three months endedMarch 31 because to do so would have been antidilutive.

	2017					2016
		Price Range					Price Range
	Shares	From		To		Shares	From		To
Restricted Stock	13,750	$	13.96	$	13.96	88,508	$	7.21	$	9.84
Restricted Stock Units	24,375	$	15.09	$	15.09	—	$	—	$	—

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Commitments and Contingent Liabilities

3 Months Ended

Mar. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

Commitments and Contingent Liabilities

Commitments and Letters of Credit

Standby letters of credit and commercial letters of credit are conditional commitments issued by First Commonwealth to guarantee the performance of a customer to a third party. The contract or notional amount of these instruments reflects the maximum amount of future payments that First Commonwealth could be required to pay under the guarantees if there were a total default by the guaranteed parties, without consideration of possible recoveries under recourse provisions or from collateral held or pledged. In addition, many of these commitments are expected to expire without being drawn upon; therefore, the total commitment amounts do not necessarily represent future cash requirements.

The following table identifies the notional amount of those instruments at:

	March 31, 2017		December 31, 2016
	(dollars in thousands)
Financial instruments whose contract amounts represent credit risk:
Commitments to extend credit	$	1,687,588	$	1,733,820
Financial standby letters of credit	16,894		18,108
Performance standby letters of credit	27,169		26,630
Commercial letters of credit	1,142		1,301

The notional amounts outstanding as of March 31, 2017 include amounts issued in 2017 of $0.7 million in financial standby letters of credit, $0.1 million in performance standby letters of credit and no commercial letters of credit. A liability of $0.1 million and $0.2 million has been recorded as of March 31, 2017 and December 31, 2016, respectively, which represents the estimated fair value of letters of credit issued. The fair value of letters of credit is estimated based on the unrecognized portion of fees received at the time the commitment was issued.

Unused commitments and letters of credit provide exposure to future credit loss in the event of nonperformance by the borrower or guaranteed parties. Management’s evaluation of the credit risk related to these commitments resulted in the recording of a liability of $3.9 million as of March 31, 2017 and $4.1 million as of December 31, 2016. This liability is reflected in "Other liabilities" in the Condensed Consolidated Statements of Financial Condition. The credit risk evaluation incorporated probability of default, loss given default and estimated utilization for the next twelve months for each loan category and the letters of credit.

Legal Proceedings

First Commonwealth and its subsidiaries are subject in the normal course of business to various pending and threatened legal proceedings in which claims for monetary damages are asserted. As of March 31, 2017, management, after consultation with legal counsel, does not anticipate that the aggregate ultimate liability arising out of litigation pending or threatened against First Commonwealth or its subsidiaries will be material to First Commonwealth’s consolidated financial position. On at least a quarterly basis, First Commonwealth assesses its liabilities and contingencies in connection with such legal proceedings. For those matters where it is probable that First Commonwealth will incur losses and the amounts of the losses can be reasonably estimated, First Commonwealth records an expense and corresponding liability in its consolidated financial statements. To the extent the pending or threatened litigation could result in exposure in excess of that liability, the amount of such excess is not currently estimable. Although not considered probable, the range of reasonably possible losses for such matters in the aggregate, beyond the existing recorded liability (if any), is between $0 and $7 million. Although First Commonwealth does not believe that the outcome of pending litigation will be material to First Commonwealth’s consolidated financial position, it cannot rule out the possibility that such outcomes will be material to the consolidated results of operations and cash flows for a particular reporting period in the future.

First Commonwealth Financial Corporation and First Commonwealth Bank were named defendants in an action commenced August 27, 2015 by eight named plaintiffs that is pending in the Court of Common Pleas of Jefferson County, Pennsylvania.  The plaintiffs allege that the Bank repossessed motor vehicles, sold the vehicles and sought to collect deficiency balances in a manner that did not comply with the notice requirements of the Pennsylvania Uniform Commercial Code (UCC), charged inappropriate costs and fees, including storage costs for dates that a repossessed vehicle was not in storage, and wrongly filed forms with the Department of Motor Vehicles asserting that the Bank had complied with applicable laws relating to the repossession of the vehicles. The plaintiffs seek to pursue the action as a class action on behalf of the named plaintiffs and other similarly situated plaintiffs who had their automobiles repossessed and seek to recover damages under the UCC and the Pennsylvania Fair Credit Extension Uniformity Act. First Commonwealth and the Bank contest the plaintiffs’ allegations and intend to oppose class certification.  The Bank has also asserted counterclaims for breach of contract, set-off and recoupment against the plaintiffs, individually, and as representatives of the putative class.  The Bank and counsel for the plaintiffs reached an agreement-in-principle to settle the litigation during the second quarter of 2016. The parties are negotiating the terms of a definitive settlement agreement which would be subject to court approval and other customary conditions. The estimated cost of the settlement to the Bank was recorded as a liability in the second quarter of 2016. As set forth in the preceding paragraph, all current litigation matters, including this action, are believed to be within the range of reasonably possible losses set forth in the preceding paragraph.

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Investment Securities

3 Months Ended

Mar. 31, 2017

Investment Securities [Abstract]

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

Investment Securities

Securities Available for Sale

Below is an analysis of the amortized cost and estimated fair values of securities available for sale at:

	March 31, 2017									December 31, 2016
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential	$	14,585	$	1,440	$	(7	)	$	16,018	$	15,143	$	1,481	$	(7	)	$	16,617
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential	726,240		4,513		(9,799		)	720,954		683,601		4,557		(11,305		)	676,853
Mortgage-Backed Securities – Commercial	—		—		—			—		1		—		—			1
Other Government-Sponsored Enterprises	16,700		—		(58		)	16,642		16,700		—		(69		)	16,631
Obligations of States and Political Subdivisions	27,077		283		—			27,360		27,075		195		(41		)	27,229
Corporate Securities	15,896		476		(3		)	16,369		5,903		416		—			6,319
Pooled Trust Preferred Collateralized Debt Obligations	40,165		530		(6,954		)	33,741		39,989		427		(7,124		)	33,292
Total Debt Securities	840,663		7,242		(16,821		)	831,084		788,412		7,076		(18,546		)	776,942
Equities	1,670		—		—			1,670		1,670		—		—			1,670
Total Securities Available for Sale	$	842,333	$	7,242	$	(16,821	)	$	832,754	$	790,082	$	7,076	$	(18,546	)	$	778,612

Mortgage-backed securities include mortgage-backed obligations of U.S. Government agencies and obligations of U.S. Government-sponsored enterprises. These obligations have contractual maturities ranging from less than one year to approximately 30 years with lower anticipated lives to maturity due to prepayments. All mortgage-backed securities contain a certain amount of risk related to the uncertainty of prepayments of the underlying mortgages. Interest rate changes have a direct impact upon prepayment speeds; therefore, First Commonwealth uses computer simulation models to test the average life and yield volatility of all mortgage-backed securities under various interest rate scenarios to monitor the potential impact on earnings and interest rate risk positions.

Expected maturities will differ from contractual maturities because issuers may have the right to call or repay obligations with or without call or prepayment penalties. Other fixed income securities within the portfolio also contain prepayment risk.

The amortized cost and estimated fair value of debt securities available for sale at March 31, 2017, by contractual maturity, are shown below.

	Amortized Cost		Estimated Fair Value
	(dollars in thousands)
Due within 1 year	$	3,300	$	3,294
Due after 1 but within 5 years	27,386		27,361
Due after 5 but within 10 years	27,077		27,360
Due after 10 years	42,075		36,097
	99,838		94,112
Mortgage-Backed Securities (a)	740,825		736,972
Total Debt Securities	$	840,663	$	831,084

(a) Mortgage-Backed Securities include an amortized cost of $14.6 million and a fair value of $16.0 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $726.2 million and a fair value of $721.0 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.

Proceeds from sales, gross gains (losses) realized on sales, maturities and other-than-temporary impairment charges related to securities available for sale were as follows for the three months endedMarch 31:

	2017		2016
	(dollars in thousands)
Proceeds from sales	$	—	$	—
Gross gains (losses) realized:
Sales Transactions:
Gross gains	$	—	$	—
Gross losses	—		—
	—		—
Maturities and impairment
Gross gains	652		—
Gross losses	—		—
Other-than-temporary impairment	—		—
	652		—
Net gains and impairment	$	652	$	—

Gross gains of $0.7 million recognized in 2017 were a result of the early redemption of one of our trust preferred securities. Securities available for sale with an estimated fair value of $438.4 million and $445.8 million were pledged as of March 31, 2017 and December 31, 2016, respectively, to secure public deposits and for other purposes required or permitted by law.

Securities Held to Maturity

Below is an analysis of the amortized cost and fair values of debt securities held to maturity at:

	March 31, 2017									December 31, 2016
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential	$	4,266	$	—	$	(19	)	$	4,247	$	4,297	$	—	$	(4	)	$	4,293
Mortgage-Backed Securities- Commercial	34,194		—		(700		)	33,494		34,444		—		(561		)	33,883
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential	294,624		83		(2,224		)	292,483		280,430		5		(2,527		)	277,908
Mortgage-Backed Securities – Commercial	14,536		—		(51		)	14,485		14,675		—		(142		)	14,533
Obligations of States and Political Subdivisions	39,134		137		(443		)	38,828		38,667		55		(721		)	38,001
Debt Securities Issued by Foreign Governments	200		—		(2		)	198		—		—		—			—
Total Securities Held to Maturity	$	386,954	$	220	$	(3,439	)	$	383,735	$	372,513	$	60	$	(3,955	)	$	368,618

The amortized cost and estimated fair value of debt securities held to maturity at March 31, 2017, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or prepayment penalties.

	Amortized Cost		Estimated Fair Value
	(dollars in thousands)
Due within 1 year	$	—	$	—
Due after 1 but within 5 years	2,824		2,831
Due after 5 but within 10 years	32,379		32,173
Due after 10 years	4,131		4,022
	39,334		39,026
Mortgage-Backed Securities (a)	347,620		344,709
Total Debt Securities	$	386,954	$	383,735

(a) Mortgage-Backed Securities include an amortized cost of $38.5 million and a fair value of $37.7 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $309.2 million and a fair value of $307.0 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.

Securities held to maturity with an amortized cost of $217.8 million and $119.2 million were pledged as of March 31, 2017 and December 31, 2016, respectively, to secure public deposits and for other purposes required or permitted by law.

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Impairment of Investment Securities

3 Months Ended

Mar. 31, 2017

Impairment of Investment Securities Disclosure [Abstract]

Impairment of Investment Securities

Impairment of Investment Securities

Securities Available for Sale and Held to Maturity

As required by FASB ASC Topic 320, “Investments – Debt and Equity Securities,” credit-related other-than-temporary impairment on debt securities is recognized in earnings, while non-credit related other-than-temporary impairment on debt securities not expected to be sold is recognized in OCI. During the three months endedMarch 31, 2017 and 2016, no other-than-temporary impairment charges were recognized.

First Commonwealth utilizes the specific identification method to determine the net gain or loss on debt securities and the average cost method to determine the net gain or loss on equity securities.

We review our investment portfolio on a quarterly basis for indications of impairment. This review includes analyzing the length of time and the extent to which the fair value has been lower than the cost, the financial condition and near-term prospects of the issuer, including any specific events which may influence the operations of the issuer and whether we are more likely than not to sell, or be required to sell, the security. We evaluate whether we are more likely than not to sell debt securities based upon our investment strategy for the particular type of security, our cash flow needs, liquidity position, capital adequacy, tax position and interest rate risk position. In addition, the risk of future other-than-temporary impairment may be influenced by additional bank failures, weakness in the U.S. economy, changes in real estate values and additional interest deferrals in our pooled trust preferred collateralized debt obligations. Our pooled trust preferred collateralized debt obligations are beneficial interests in securitized financial assets within the scope of FASB ASC Topic 325, “Investments – Other,” and are therefore evaluated for other-than-temporary impairment using management’s best estimate of future cash flows. If these estimated cash flows indicate that it is probable that an adverse change in cash flows has occurred, then other-than-temporary impairment would be recognized in accordance with FASB ASC Topic 320. There is a risk that First Commonwealth will record other-than-temporary impairment charges in the future. See Note 10, “Fair Values of Assets and Liabilities,” for additional information.

The following table presents the gross unrealized losses and estimated fair values at March 31, 2017 for both available for sale and held to maturity securities by investment category and time frame for which securities have been in a continuous unrealized loss position:

	Less Than 12 Months					12 Months or More					Total
	Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses
	(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential	$	6,014	$	(26	)	$	—	$	—		$	6,014	$	(26	)
Mortgage-Backed Securities – Commercial	33,494		(700		)	—		—			33,494		(700		)
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential	689,399		(10,015		)	66,191		(2,008		)	755,590		(12,023		)
Mortgage-Backed Securities – Commercial	14,485		(51		)	—		—			14,485		(51		)
Other Government-Sponsored Enterprises	16,642		(58		)	—		—			16,642		(58		)
Obligations of States and Political Subdivisions	22,180		(443		)	—		—			22,180		(443		)
Debt securities issued by foreign governments	198		(2		)	—		—			198		(2		)
Corporate Securities	4,986		(3		)	—		—			4,986		(3		)
Pooled Trust Preferred Collateralized Debt Obligations	—		—			29,274		(6,954		)	29,274		(6,954		)
Total Securities	$	787,398	$	(11,298	)	$	95,465	$	(8,962	)	$	882,863	$	(20,260	)

At March 31, 2017, fixed income securities issued by U.S. Government-sponsored enterprises and U.S. Government agencies comprised 60% and 4%, respectively, of total unrealized losses due to changes in market interest rates. Pooled trust preferred collateralized debt obligations accounted for 34% of the unrealized losses primarily due to the illiquid market for this investment type. At March 31, 2017, there are 116 debt securities in an unrealized loss position.

The following table presents the gross unrealized losses and estimated fair values at December 31, 2016 by investment category and time frame for which securities have been in a continuous unrealized loss position:

	Less Than 12 Months					12 Months or More					Total
	Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses
	(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential	$	4,898	$	(11	)	$	—	$	—		$	4,898	$	(11	)
Mortgage-Backed Securities - Commercial	33,883		(561		)	—		—			33,883		(561		)
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential	670,708		(11,630		)	56,200		(2,202		)	726,908		(13,832		)
Mortgage-Backed Securities – Commercial	14,534		(142		)	—		—			14,534		(142		)
Other Government-Sponsored Enterprises	16,632		(69		)	—		—			16,632		(69		)
Obligation of States and Political Subdivisions	33,277		(762		)	—		—			33,277		(762		)
Pooled Trust Preferred Collateralized Debt Obligations	—		—			28,952		(7,124		)	28,952		(7,124		)
Total Securities	$	773,932	$	(13,175	)	$	85,152	$	(9,326	)	$	859,084	$	(22,501	)

As of March 31, 2017, our corporate securities had an amortized cost and an estimated fair value of $15.9 million and $16.4 million, respectively. As of December 31, 2016, our corporate securities had an amortized cost and estimated fair value of $5.9 million and $6.3 million, respectively. Corporate securities are comprised of debt for large regional banks. There were $3 thousand in unrealized losses on corporate securities as of March 31, 2017 and there were no securities in an unrealized loss position as of December 31, 2016. When unrealized losses exist on these investments, management reviews each of the issuer’s asset quality, earnings trends and capital position, to determine whether issues in an unrealized loss position were other-than-temporarily impaired. All interest payments on the corporate securities are being made as contractually required.

As of March 31, 2017, the book value of our pooled trust preferred collateralized debt obligations totaled $40.2 million with an estimated fair value of $33.7 million, which includes securities comprised of 257 banks and other financial institutions. All of our pooled securities are mezzanine tranches, two of which have no senior class remaining in the issue. The credit ratings on all of our issues are below investment grade. At the time of initial issue, the subordinated tranches ranged in size from approximately 7% to 35% of the total principal amount of the respective securities and no more than 5% of any pooled security consisted of a security issued by any one institution. As of March 31, 2017, after taking into account management’s best estimates of future interest deferrals and defaults, two of our securities had no excess subordination in the tranches we own and six of our securities had excess subordination which ranged from 2% to 85% of the current performing collateral.

The following table provides information related to our pooled trust preferred collateralized debt obligations as of March 31, 2017:

Deal	Class	Book Value		Estimated Fair Value		Unrealized Gain (Loss)			Moody’s/ Fitch Ratings	Number of Banks	Deferrals and Defaults as a % of Current Collateral		Excess Subordination as a % of Current Performing Collateral
(dollars in thousands)
Pre TSL IV	Mezzanine	$	1,827	$	1,366	$	(461	)	B1/BB	6	18.05	%	61.36	%
Pre TSL VIII	Mezzanine	1,955		2,142		187			C/C	27	40.34		0.00
Pre TSL IX	Mezzanine	2,421		1,971		(450		)	B1/C	37	27.83		10.19
Pre TSL X	Mezzanine	1,769		2,024		255			Caa1/C	42	30.10		2.11
Pre TSL XII	Mezzanine	5,940		4,903		(1,037		)	B3/C	64	24.09		0.00
Pre TSL XIII	Mezzanine	13,010		11,009		(2,001		)	Ba3/CCC	53	10.01		55.04
Pre TSL XIV	Mezzanine	13,030		10,025		(3,005		)	Ba2/CCC	52	12.87		38.83
MMCap I	Mezzanine	213		301		88			Ca/C	8	58.11		85.00
Total		$	40,165	$	33,741	$	(6,424	)

Lack of liquidity in the market for trust preferred collateralized debt obligations, below investment grade credit ratings and market uncertainties related to the financial industry are factors contributing to the impairment on these securities.

All of the Company's pooled trust preferred securities are included in the non-exclusive list issued by the regulatory agencies and therefore are not considered covered funds under the Volcker Rule.

On a quarterly basis we evaluate our debt securities for other-than-temporary impairment. During the three months endedMarch 31, 2017 and 2016, there were no credit-related other-than-temporary impairment charges recognized on our pooled trust preferred collateralized debt obligations. When evaluating these investments, we determine a credit-related portion and a non-credit related portion of other-than-temporary impairment. The credit-related portion is recognized in earnings and represents the difference between book value and the present value of future cash flows. The non-credit related portion is recognized in OCI and represents the difference between the fair value of the security and the amount of credit-related impairment. A discounted cash flow analysis provides the best estimate of credit-related other-than-temporary impairment for these securities.

Additional information related to the discounted cash flow analysis follows:

Our pooled trust preferred collateralized debt obligations are measured for other-than-temporary impairment within the scope of FASB ASC Topic 325 by determining whether it is probable that an adverse change in estimated cash flows has occurred. Determining whether there has been an adverse change in estimated cash flows from the cash flows previously projected involves comparing the present value of remaining cash flows previously projected against the present value of the cash flows estimated at March 31, 2017. We consider the discounted cash flow analysis to be our primary evidence when determining whether credit related other-than-temporary impairment exists.

Results of a discounted cash flow test are significantly affected by other variables, such as the estimate of future cash flows, credit worthiness of the underlying banks and determination of probability of default of the underlying collateral. The following provides additional information for each of these variables:

• Estimate of Future Cash Flows – Cash flows are constructed in an INTEX cash flow model which includes each deal’s structural features. Projected cash flows include prepayment assumptions, which are dependent on the issuer's asset size and coupon rate. For collateral issued by financial institutions over $15 billion in asset size with a coupon over 7%, a 100% prepayment rate is assumed. Financial institutions over $15 billion with a coupon of 7% or under are assigned a prepayment rate of 40% for two years and 2% thereafter. Financial institutions with assets between $2 billion and $15 billion with coupons over 7% are assigned a 5% prepayment rate. For financial institutions below $2 billion, if the coupon is over 10%, a prepayment rate of 5% is assumed and for all other issuers, there is no prepayment assumption incorporated into the cash flows. The modeled cash flows are then used to estimate if all the scheduled principal and interest payments of our investments will be returned.

• Credit Analysis – A quarterly credit evaluation is performed for each of the 257 banks comprising the collateral across the various pooled trust preferred securities. Our credit evaluation considers all evidence available to us and includes the nature of the issuer’s business, its years of operating history, corporate structure, loan composition, loan concentrations, deposit mix, asset growth rates, geographic footprint and local economic environment. Our analysis focuses on profitability, return on assets, shareholders’ equity, net interest margin, credit quality ratios, operating efficiency, capital adequacy and liquidity.

• Probability of Default – A probability of default is determined for each bank and is used to calculate the expected impact of future deferrals and defaults on our expected cash flows. Each bank in the collateral pool is assigned a probability of default for each year until maturity. Currently, any bank that is in default is assigned a 100% probability of default and a 0% projected recovery rate. All other banks in the pool are assigned a probability of default based on their unique credit characteristics and market indicators with a 10% projected recovery rate. For the majority of banks currently in deferral we assume the bank continues to defer and will eventually default and, therefore, a 100% probability of default is assigned. However, for some deferring collateral there is the possibility that they will become current on interest or principal payments at some point in the future and in those cases a probability that the deferral will ultimately cure is assigned. The probability of default is updated quarterly. As of March 31, 2017, default probabilities for performing collateral ranged from 0.33% to 75%.

Our credit evaluation provides a basis for determining deferral and default probabilities for each underlying piece of collateral. Using the results of the credit evaluation, the next step of the process is to look at pricing of senior debt or credit default swaps for the issuer (or where such information is unavailable, for companies having similar credit profiles as the issuer). The pricing of these market indicators provides the information necessary to determine appropriate default probabilities for each bank.

In addition to the above factors, our evaluation of impairment also includes a stress test analysis which provides an estimate of excess subordination for each tranche. We stress the cash flows of each pool by increasing current default assumptions to the level of defaults that results in an adverse change in estimated cash flows. This stressed breakpoint is then used to calculate excess subordination levels for each pooled trust preferred security. The results of the stress test allow management to identify those pools that are at a greater risk for a future break in cash flows so that we can monitor banks in those pools more closely for potential deterioration of credit quality.

Our cash flow analysis as of March 31, 2017, indicates that no credit-related other-than-temporary impairment has occurred on our pooled trust preferred securities during the three months endedMarch 31, 2017. Based upon the analysis performed by management, it is probable that two of our pooled trust preferred securities will experience principal and interest shortfalls and therefore appropriate other-than-temporary charges were recorded in prior periods. These securities are identified in the previous table with 0.00% “Excess Subordination as a Percentage of Current Performing Collateral.” For the remaining securities listed in that table, our analysis as of March 31, 2017 indicates it is probable that we will collect all contractual principal and interest payments. For five of those securities, PreTSL IX, PreTSL X, PreTSL XIII, PreTSL XIV and MMCap I, other-than-temporary impairment charges were recorded in prior periods; however, due to improvement in the expected cash flows of these securities, it is now probable that all contractual payments will be received.

During 2008, 2009 and 2010, other-than-temporary impairment charges were recognized on all of our pooled trust preferred securities, except for PreTSL IV. Our cash flow analysis as of March 31, 2017, for all of these impaired securities indicates that it is now probable we will collect principal and interest in excess of what was estimated at the time other-than-temporary impairment charges were recorded. This change can be attributed to improvement in the underlying collateral for these securities and has resulted in the present value of estimated future principal and interest payments exceeding the securities' current book value. The excess for each bond of the present value of future cash flows over our current book value ranges from 19% to 115% and will be recognized as an adjustment to yield over the remaining life of these securities. The excess subordination recognized as an adjustment to yield is reflected in the following table as increases in cash flows expected to be collected.

The following table provides a cumulative roll forward of credit losses recognized in earnings for debt securities held and not intended to be sold:

		For the Three Months Ended March 31,
		2017			2016
	(dollars in thousands)
Balance, beginning (a)		$	17,056		$	24,851
Credit losses on debt securities for which other-than-temporary impairment was not previously recognized		—			—
Additional credit losses on debt securities for which other-than-temporary impairment was previously recognized		—			—
Increases in cash flows expected to be collected, recognized over the remaining life of the security (b)		(228		)	(261		)
Reduction for debt securities called during the period		—			—
Balance, ending		$	16,828		$	24,590

(a) The beginning balance represents credit related losses included in other-than-temporary impairment charges recognized on debt securities in prior periods.

(b) Represents the increase in cash flows recognized in interest income during the period.

In the first three months of 2017 and 2016, no other-than-temporary impairment charges were recorded on equity securities. On a quarterly basis, management evaluates equity securities for other-than-temporary impairment by reviewing the severity and duration of decline in estimated fair value, research reports, analysts’ recommendations, credit rating changes, news stories, annual reports, regulatory filings, impact of interest rate changes and other relevant information. As of March 31, 2017 and 2016, there were no equity securities in an unrealized loss position.

Other Investments

As a member of the Federal Home Loan Bank ("FHLB"), First Commonwealth is required to purchase and hold stock in the FHLB to satisfy membership and borrowing requirements. The level of stock required to be held is dependent on the amount of First Commonwealth's mortgage-related assets and outstanding borrowings with the FHLB. This stock is restricted in that it can only be sold to the FHLB or to another member institution, and all sales of FHLB stock must be at par. As a result of these restrictions, FHLB stock is unlike other investment securities insofar as there is no trading market for FHLB stock and the transfer price is determined by FHLB membership rules and not by market participants. As of March 31, 2017 and December 31, 2016, our FHLB stock totaled $38.7 million and $36.5 million, respectively, and is included in “Other investments” on the Condensed Consolidated Statements of Financial Condition.

FHLB stock is held as a long-term investment and its value is determined based on the ultimate recoverability of the par value. First Commonwealth evaluates impairment quarterly and has concluded that the par value of its investment in FHLB stock will be recovered. Accordingly, no impairment charge was recorded on these securities during the three months ended March 31, 2017.

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Loans and Allowance for Credit Losses

3 Months Ended

Mar. 31, 2017

Loans and Leases Receivable Disclosure [Abstract]

Loans and Allowance for Credit Losses

Loans and Allowance for Credit Losses

The following table provides outstanding balances related to each of our loan types:

	March 31, 2017						December 31, 2016
	Originated		Acquired		Total		Originated		Acquired		Total
	(dollars in thousands)
Commercial, financial, agricultural and other	$	1,140,702	$	7,758	$	1,148,460	$	1,131,148	$	8,399	$	1,139,547
Real estate construction	239,983		139		240,122		217,840		1,781		219,621
Residential real estate	1,157,236		60,162		1,217,398		1,165,851		63,341		1,229,192
Commercial real estate	1,736,363		24,738		1,761,101		1,717,043		25,167		1,742,210
Loans to individuals	538,991		1,889		540,880		546,589		2,188		548,777
Total loans	$	4,813,275	$	94,686	$	4,907,961	$	4,778,471	$	100,876	$	4,879,347

Credit Quality Information

As part of the on-going monitoring of credit quality within the loan portfolio, the following credit worthiness categories are used in grading our loans:

Pass Acceptable levels of risk exist in the relationship. Includes all loans not classified as OAEM, substandard or doubtful.

Other Assets Especially Mentioned (OAEM) Potential weaknesses that deserve management’s close attention. The potential weaknesses may result in deterioration of the repayment prospects or weaken the Company’s credit position at some future date. The credit risk may be relatively minor, yet constitute an undesirable risk in light of the circumstances surrounding the specific credit. No loss of principal or interest is expected.

Substandard Well-defined weakness or a weakness that jeopardizes the repayment of the debt. A loan may be classified as substandard as a result of deterioration of the borrower’s financial condition and repayment capacity. Loans for which repayment plans have not been met or collateral equity margins do not protect the Company may also be classified as substandard.

Doubtful Loans with the characteristics of substandard loans with the added characteristic that collection or liquidation in full, on the basis of presently existing facts and conditions, is highly improbable.

The use of creditworthiness categories to grade loans permits management’s use of migration analysis to estimate a portion of credit risk. The Company’s internal creditworthiness grading system provides a measurement of credit risk based primarily on an evaluation of the borrower’s cash flow and collateral. Movement between these rating categories provides a predictive measure of credit losses and therefore assists in determining the appropriate level for the loan loss reserves. Category ratings are reviewed each quarter, at which time management analyzes the results, as well as other external statistics and factors related to loan performance. Loans that migrate towards higher risk rating levels generally have an increased risk of default, whereas loans that migrate toward lower risk ratings generally will result in a lower risk factor being applied to those related loan balances.

The following tables represent our credit risk profile by creditworthiness:

	March 31, 2017
	Commercial, financial, agricultural and other		Real estate construction		Residential real estate		Commercial real estate		Loans to individuals		Total
	(dollars in thousands)
Originated loans
Pass	$	1,049,152	$	239,983	$	1,143,535	$	1,714,061	$	538,765	$	4,685,496
Non-Pass
OAEM	31,026		—		3,373		5,675		—		40,074
Substandard	53,104		—		10,328		16,627		226		80,285
Doubtful	7,420		—		—		—		—		7,420
Total Non-Pass	91,550		—		13,701		22,302		226		127,779
Total	$	1,140,702	$	239,983	$	1,157,236	$	1,736,363	$	538,991	$	4,813,275
Acquired loans
Pass	$	6,972	$	139	$	59,864	$	23,623	$	1,889	$	92,487
Non-Pass
OAEM	477		—		—		—		—		477
Substandard	309		—		298		1,115		—		1,722
Doubtful	—		—		—		—		—		—
Total Non-Pass	786		—		298		1,115		—		2,199
Total	$	7,758	$	139	$	60,162	$	24,738	$	1,889	$	94,686

	December 31, 2016
	Commercial, financial, agricultural and other		Real estate construction		Residential real estate		Commercial real estate		Loans to individuals		Total
	(dollars in thousands)
Originated loans
Pass	$	1,038,844	$	217,565	$	1,152,511	$	1,691,220	$	546,316	$	4,646,456
Non-Pass
OAEM	27,387		275		5,923		7,596		—		41,181
Substandard	64,917		—		7,417		18,227		273		90,834
Doubtful	—		—		—		—		—		—
Total Non-Pass	92,304		275		13,340		25,823		273		132,015
Total	$	1,131,148	$	217,840	$	1,165,851	$	1,717,043	$	546,589	$	4,778,471
Acquired loans
Pass	$	7,591	$	1,781	$	62,919	$	24,043	$	2,185	$	98,519
Non-Pass
OAEM	486		—		—		—		—		486
Substandard	322		—		422		1,124		3		1,871
Doubtful	—		—		—		—		—		—
Total Non-Pass	808		—		422		1,124		3		2,357
Total	$	8,399	$	1,781	$	63,341	$	25,167	$	2,188	$	100,876

Portfolio Risks

The credit quality of our loan portfolio can potentially represent significant risk to our earnings, capital, regulatory agency relationships, investment community reputation and shareholder returns. First Commonwealth devotes a substantial amount of resources managing this risk primarily through our credit administration department that develops and administers policies and procedures for underwriting, maintaining, monitoring and collecting activities. Credit administration is independent of lending departments and oversight is provided by the credit committee of the First Commonwealth Board of Directors.

Criticized loans have been evaluated when determining the appropriateness of the allowance for credit losses, which we believe is adequate to absorb losses inherent to the portfolio as of March 31, 2017. However, changes in economic conditions, interest rates, borrower financial condition, delinquency trends or previously established fair values of collateral factors could significantly change those judgmental estimates.

Age Analysis of Past Due Loans by Segment

The following tables delineate the aging analysis of the recorded investments in past due loans as of March 31, 2017 and December 31, 2016. Also included in these tables are loans that are 90 days or more past due and still accruing because they are well-secured and in the process of collection.

	March 31, 2017
	30 - 59 days past due		60 - 89 days past due		90 days and greater and still accruing		Nonaccrual		Total past due and nonaccrual		Current		Total
	(dollars in thousands)
Originated loans
Commercial, financial, agricultural and other	$	2,973	$	603	$	139	$	21,710	$	25,425	$	1,115,277	$	1,140,702
Real estate construction	—		—		—		—		—		239,983		239,983
Residential real estate	2,979		1,187		617		5,984		10,767		1,146,469		1,157,236
Commercial real estate	665		—		87		3,899		4,651		1,731,712		1,736,363
Loans to individuals	1,073		485		739		226		2,523		536,468		538,991
Total	$	7,690	$	2,275	$	1,582	$	31,819	$	43,366	$	4,769,909	$	4,813,275
Acquired loans
Commercial, financial, agricultural and other	$	—	$	—	$	477	$	—	$	477	$	7,281	$	7,758
Real estate construction	—		—		—		—		—		139		139
Residential real estate	73		103		51		298		525		59,637		60,162
Commercial real estate	—		—		—		162		162		24,576		24,738
Loans to individuals	6		2		1		—		9		1,880		1,889
Total	$	79	$	105	$	529	$	460	$	1,173	$	93,513	$	94,686

	December 31, 2016
	30 - 59 days past due		60 - 89 days past due		90 days and greater and still accruing		Nonaccrual		Total past due and nonaccrual		Current		Total
	(dollars in thousands)
Originated loans
Commercial, financial, agricultural and other	$	2,380	$	171	$	75	$	17,928	$	20,554	$	1,110,594	$	1,131,148
Real estate construction	183		—		—		—		183		217,657		217,840
Residential real estate	4,133		1,089		995		5,792		12,009		1,153,842		1,165,851
Commercial real estate	265		327		57		3,443		4,092		1,712,951		1,717,043
Loans to individuals	1,640		776		970		273		3,659		542,930		546,589
Total	$	8,601	$	2,363	$	2,097	$	27,436	$	40,497	$	4,737,974	$	4,778,471
Acquired loans
Commercial, financial, agricultural and other	$	486	$	—	$	—	$	—	$	486	$	7,913	$	8,399
Real estate construction	—		—		—		—		—		1,781		1,781
Residential real estate	148		39		34		422		643		62,698		63,341
Commercial real estate	—		—		—		162		162		25,005		25,167
Loans to individuals	1		7		—		3		11		2,177		2,188
Total	$	635	$	46	$	34	$	587	$	1,302	$	99,574	$	100,876

Nonaccrual Loans

The previous tables summarize nonaccrual loans by loan segment. The Company generally places loans on nonaccrual status when the full and timely collection of interest or principal becomes uncertain, when part of the principal balance has been charged off and no restructuring has occurred, or the loans reach a certain number of days past due. Generally, loans 90 days or more past due are placed on nonaccrual status, except for consumer loans, which are placed on nonaccrual status at 150 days past due.

When a loan is placed on nonaccrual, the accrued unpaid interest receivable is reversed against interest income and all future payments received are applied as a reduction to the loan principal. Generally, the loan is returned to accrual status when (a) all delinquent interest and principal becomes current under the terms of the loan agreement or (b) the loan is both well-secured and in the process of collection and collectability is no longer in doubt.

Impaired Loans

Management considers loans to be impaired when, based on current information and events, it is determined that the Company will not be able to collect all amounts due according to the loan contract, including scheduled interest payments. Determination of impairment is treated the same across all loan categories. When management identifies a loan as impaired, the impairment is measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, except when the sole source for repayment of the loan is the operation or liquidation of collateral. When the loan is collateral dependent, the appraised value less estimated cost to sell is utilized. If management determines the value of the impaired loan is less than the recorded investment in the loan, impairment is recognized through an allowance estimate or a charge-off to the allowance. Troubled debt restructured loans on accrual status are also considered to be impaired loans.

When the ultimate collectability of the total principal of an impaired loan is in doubt and the loan is on nonaccrual status, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the total principal of an impaired loan is not in doubt and the loan is on nonaccrual status, contractual interest is credited to interest income when received under the cash basis method.

At March 31, 2017, nonaccrual loans held for sale totaled $3.6 million and included loans to one commercial manufacturing borrower. There were no nonaccrual loans held for sale as of December 31, 2016. In addition, no gains or losses were recognized in income related to these loans for the periods ended March 31, 2017 and 2016.

Significant nonaccrual loans as of March 31, 2017, include the following:

• A $7.4 million relationship of commercial industrial loans to a steel and aluminum servicing company. These loans were originated in 2011 and were placed in nonaccrual status during the first quarter of 2016. The collateral valuation completed in the third quarter of 2016 incorporated certain estimates obtained in the first quarter of 2016.

• A $3.6 million relationship of a commercial industrial loan to a company specializing in commercial business services. This loan was originated 2014 and was placed in nonaccrual status during the first quarter of 2017. A collateral valuation was completed during the first quarter of 2017.

• A $3.2 million relationship of commercial industrial loans to a local energy company involved in the drilling and production of natural gas wells. These loans were originated from 2008 to 2011 and were placed in nonaccrual status during the third quarter of 2013. Two of these loans were modified resulting in TDR classification: one loan totaling $1.0 million was modified in 2012, and the other loan totaling $2.2 million was modified in 2014. A valuation of the collateral was updated during the first quarter of 2017.

• A $3.0 million relationship of commercial industrial loans to a gear manufacturer. These loans were originated in 2013 and were placed in nonaccrual status during the third quarter of 2015. A valuation of the collateral was completed during the first quarter of 2017.

The following tables include the recorded investment and unpaid principal balance for impaired loans with the associated allowance amount, if applicable, as of March 31, 2017 and December 31, 2016. Also presented are the average recorded investment in impaired loans and the related amount of interest recognized while the loan was considered impaired. Average balances are calculated using month-end balances of the loans for the period reported and are included in the table below based on their period-end allowance position.

	March 31, 2017						December 31, 2016
	Recorded investment		Unpaid principal balance		Related allowance		Recorded investment		Unpaid principal balance		Related allowance
	(dollars in thousands)
Originated loans:
With no related allowance recorded:
Commercial, financial, agricultural and other	$	12,780	$	20,043			$	9,549	$	15,369
Real estate construction	—		—				—		—
Residential real estate	11,227		13,237				10,873		13,004
Commercial real estate	6,028		7,037				5,765		6,905
Loans to individuals	365		429				382		507
Subtotal	30,400		40,746				26,569		35,785
With an allowance recorded:
Commercial, financial, agricultural and other	13,929		20,124		$	2,466	13,423		19,226		$	2,530
Real estate construction	—		—		—		—		—		—
Residential real estate	366		418		146		424		475		164
Commercial real estate	1,101		1,101		376		810		810		434
Loans to individuals	—		—		—		—		—		—
Subtotal	15,396		21,643		2,988		14,657		20,511		3,128
Total	$	45,796	$	62,389	$	2,988	$	41,226	$	56,296	$	3,128

	March 31, 2017						December 31, 2016
	Recorded investment		Unpaid principal balance		Related allowance		Recorded investment		Unpaid principal balance		Related allowance
	(dollars in thousands)
Acquired loans
With no related allowance recorded:
Commercial, financial, agricultural and other	$	—	$	—			$	—	$	—
Real estate construction	—		—				—		—
Residential real estate	246		321				406		480
Commercial real estate	162		162				162		162
Loans to individuals	—		—				3		3
Subtotal	408		483				571		645
With an allowance recorded:
Commercial, financial, agricultural and other	—		—		$	—	—		—		$	—
Real estate construction	—		—		—		—		—		—
Residential real estate	65		65		29		16		16		16
Commercial real estate	—		—		—		—		—		—
Loans to individuals	—		—		—		—		—		—
Subtotal	65		65		29		16		16		16
Total	$	473	$	548	$	29	$	587	$	661	$	16

	For the Three Months Ended March 31,
	2017								2016
	Originated Loans				Acquired Loans				Originated Loans
	Average recorded investment		Interest income recognized		Average recorded investment		Interest income recognized		Average recorded investment		Interest income recognized
	(dollars in thousands)
With no related allowance recorded:
Commercial, financial, agricultural and other	$	12,034	$	38	$	—	$	—	$	17,298	$	152
Real estate construction	—		—		—		—		17		44
Residential real estate	11,422		74		241		—		10,724		47
Commercial real estate	5,949		54		162		—		7,658		38
Loans to individuals	338		2		—		—		480		1
Subtotal	29,743		168		403		—		36,177		282
With an allowance recorded:
Commercial, financial, agricultural and other	12,787		26		—		—		17,027		28
Real estate construction	—		—		—		—		—		—
Residential real estate	334		1		65		—		497		—
Commercial real estate	1,111		7		—		—		529		5
Loans to individuals	—		—		—		—		—		—
Subtotal	14,232		34		65		—		18,053		33
Total	$	43,975	$	202	$	468	$	—	$	54,230	$	315

Unfunded commitments related to nonperforming loans were $0.2 million at March 31, 2017 and $1.8 million at December 31, 2016. After consideration of the requirements to draw and available collateral related to these commitments, a reserve of $0.1 million and $12 thousand was established for these off balance sheet exposures at March 31, 2017 and December 31, 2016, respectively.

Troubled debt restructured loans are those loans whose terms have been renegotiated to provide a reduction or deferral of principal or interest as a result of the financial difficulties experienced by the borrower, who could not obtain comparable terms from alternate financing sources.

The following table provides detail as to the total troubled debt restructured loans and total commitments outstanding on troubled debt restructured loans:

	March 31, 2017		December 31, 2016
	(dollars in thousands)
Troubled debt restructured loans
Accrual status	$	13,990	$	13,790
Nonaccrual status	10,482		11,569
Total	$	24,472	$	25,359
Commitments
Letters of credit	$	60	$	—
Unused lines of credit	160		358
Total	$	220	$	358

The following tables provide detail, including specific reserves and reasons for modification, related to loans identified as troubled debt restructurings:

	For the Three Months Ended March 31, 2017
		Type of Modification
	Number of Contracts	Extend Maturity		Modify Rate		Modify Payments		Total Pre-Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment		Specific Reserve
	(dollars in thousands)
Commercial, financial, agricultural and other	1	$	—	$	42	$	—	$	42	$	38	$	—
Residential real estate	7	129		101		306		536		504		—
Commercial real estate	2	179		—		16		195		193		—
Loans to individuals	3	—		14		30		44		43		—
Total	13	$	308	$	157	$	352	$	817	$	778	$	—

	For the Three Months Ended March 31, 2016
		Type of Modification
	Number of Contracts	Extend Maturity		Modify Rate		Modify Payments		Total Pre-Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment		Specific Reserve
	(dollars in thousands)
Commercial, financial, agricultural and other	2	$	—	$	3,769	$	—	$	3,769	$	3,749	$	—
Residential real estate	8	—		114		874		988		910		—
Commercial real estate	3	65		—		133		198		169		—
Loans to individuals	3	—		18		5		23		16		—
Total	16	$	65	$	3,901	$	1,012	$	4,978	$	4,844	$	—

The troubled debt restructurings included in the above tables are also included in the impaired loan tables provided earlier in this note. Loans defined as modified due to a change in rate may include loans that were modified for a change in rate as well as a re-amortization of the principal and an extension of the maturity. For the three months endedMarch 31, 2017 and 2016, $0.2 million and $3.9 million, respectively, of total rate modifications represent loans with modifications to the rate as well as payment as a result of re-amortization. For both 2017 and 2016 the changes in loan balances between the pre-modification balance and the post-modification balance are due to customer payments.

A troubled debt restructuring is considered to be in default when a restructured loan is 90 days or more past due. The following table provides information related to restructured loans that were considered to be in default during the three months endedMarch 31:

	2017			2016
	Number of Contracts	Recorded Investment		Number of Contracts	Recorded Investment
	(dollars in thousands)
Residential real estate	—	$	—	2	$	70
Total	—	$	—	2	$	70

The following tables provide detail related to the allowance for credit losses:

	For the Three Months Ended March 31, 2017
	Commercial, financial, agricultural and other				Real estate construction			Residential real estate			Commercial real estate			Loans to individuals			Total
	(dollars in thousands)
Allowance for credit losses:
Originated loans:
Beginning balance	$	35,974			$	577		$	2,492		$	6,619		$	4,504		$	50,166
Charge-offs	(3,825		)		—			(465		)	(31		)	(1,198		)	(5,519		)
Recoveries	368				54			122			117			128			789
Provision (credit)	2,184				(17		)	265			(123		)	900			3,209
Ending balance	34,701				614			2,414			6,582			4,334			48,645
Acquired loans:
Beginning balance	—				—			19			—			—			19
Charge-offs	—				—			(8		)	—			(7		)	(15		)
Recoveries	—			—	—			6			—			1			7
Provision (credit)	—				—			14			—			6			20
Ending balance	—				—			31			—			—			31
Total ending balance	$	34,701			$	614		$	2,445		$	6,582		$	4,334		$	48,676
Ending balance: individually evaluated for impairment	$	2,466			$	—		$	175		$	376		$	—		$	3,017
Ending balance: collectively evaluated for impairment	32,235				614			2,270			6,206			4,334			45,659
Loans:
Ending balance	1,148,460				240,122			1,217,398			1,761,101			540,880			4,907,961
Ending balance: individually evaluated for impairment	26,260				—			6,287			5,819			—			38,366
Ending balance: collectively evaluated for impairment	1,122,200				240,122			1,211,111			1,755,282			540,880			4,869,595

	For the Three Months Ended March 31, 2016
	Commercial, financial, agricultural and other			Real estate construction			Residential real estate			Commercial real estate			Loans to individuals			Total
	(dollars in thousands)
Allowance for credit losses:
Beginning balance	$	31,035		$	887		$	2,606		$	11,924		$	4,360		$	50,812
Charge-offs	(1,392		)	—			(382		)	(265		)	(1,469		)	(3,508		)
Recoveries	134			223			118			756			161			1,392
Provision (credit)	11,944			(209		)	286			(6,932		)	1,437			6,526
Ending balance	$	41,721		$	901		$	2,628		$	5,483		$	4,489		$	55,222
Ending balance: individually evaluated for impairment	$	12,900		$	—		$	75		$	420		$	—		$	13,395
Ending balance: collectively evaluated for impairment	28,821			901			2,553			5,063			4,489			41,827
Loans:
Ending balance	1,190,384			256,856			1,212,962			1,552,904			585,649			4,798,755
Ending balance: individually evaluated for impairment	42,016			—			6,246			5,934			—			54,196
Ending balance: collectively evaluated for impairment	1,148,368			256,856			1,206,716			1,546,970			585,649			4,744,559

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Income Taxes

3 Months Ended

Mar. 31, 2017

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

At March 31, 2017 and December 31, 2016, First Commonwealth had no material unrecognized tax benefits or accrued interest and penalties. If applicable, First Commonwealth will record interest and penalties as a component of noninterest expense. Federal and state returns for tax years 2013 and forward remain open for examination as of March 31, 2017.

During the first quarter of 2017, First Commonwealth adopted ASU No. 2016-09, "Compensation-Stock Compensation (Topic 718)." Adoption of this ASU resulted in a $117 thousand tax benefit.

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Fair Values of Assets and Liabilities

3 Months Ended

Mar. 31, 2017

Fair Value Disclosures [Abstract]

Fair Values of Assets and Liabilities

Fair Values of Assets and Liabilities

FASB ASC Topic 820, “Fair Value Measurements and Disclosures,” requires disclosures for non-financial assets and non-financial liabilities, except for items that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). All non-financial assets are included either as a separate line item on the Condensed Consolidated Statements of Financial Condition or in the “Other assets” category of the Condensed Consolidated Statements of Financial Condition. Currently, First Commonwealth does not have any non-financial liabilities to disclose.

FASB ASC Topic 825, “Financial Instruments”, permits entities to irrevocably elect to measure select financial instruments and certain other items at fair value. The unrealized gains and losses are required to be included in earnings each reporting period for the items that fair value measurement is elected. First Commonwealth has elected not to measure any existing financial instruments at fair value under FASB ASC Topic 825; however, in the future we may elect to adopt this guidance for select financial instruments.

In accordance with FASB ASC Topic 820, First Commonwealth groups financial assets and financial liabilities measured at fair value in three levels based on the principal markets in which the assets and liabilities are transacted and the observability of the data points used to determine fair value. These levels are:

• Level 1 – Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange (“NYSE”). Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.

• Level 2 – Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained for identical or comparable assets or liabilities from alternative pricing sources with reasonable levels of price transparency. Level 2 includes Obligations of U.S. Government securities issued by Agencies and Sponsored Enterprises, Obligations of States and Political Subdivisions, corporate securities, FHLB stock, loans held for sale, interest rate derivatives (including interest rate caps, interest rate swaps and risk participation agreements), certain other real estate owned and certain impaired loans.

Level 2 investment securities are valued by a recognized third party pricing service using observable inputs. The model used by the pricing service varies by asset class and incorporates available market, trade and bid information as well as cash flow information when applicable. Because many fixed-income investment securities do not trade on a daily basis, the model uses available information such as benchmark yield curves, benchmarking of like investment securities, sector groupings and matrix pricing. The model will also use processes such as an option adjusted spread to assess the impact of interest rates and to develop prepayment estimates. Market inputs normally used in the pricing model include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including market research publications.

Management validates the market values provided by the third party service by having another recognized pricing service price 100% of the securities on an annual basis and a random sample of securities each quarter, monthly monitoring of variances from prior period pricing and, on a monthly basis, evaluating pricing changes compared to expectations based on changes in the financial markets.

Other investments recorded in the Condensed Consolidated Statements of Financial Condition are comprised of FHLB stock whose estimated fair value is based on its par value. Additional information on FHLB stock is provided in Note 7, “Impairment of Investment Securities.”

Loans held for sale include residential mortgage loans originated for sale in the secondary mortgage market. The estimated fair value for these loans was determined on the basis of rates obtained in the respective secondary market. Also included in loans held for sale are nonaccrual loans related to one commercial relationship. The fair value of these loans is based on a letter of intent with the potential buyer.

Interest rate derivatives are reported at an estimated fair value utilizing Level 2 inputs and are included in other assets and other liabilities, and consist of interest rate swaps where there is no significant deterioration in the counterparties' (loan customers') credit risk since origination of the interest rate swap as well as interest rate caps and risk participation agreements. First Commonwealth values its interest rate swap and cap positions using a yield curve by taking market prices/rates for an appropriate set of instruments. The set of instruments currently used to determine the U.S. Dollar yield curve includes cash LIBOR rates from overnight to one year, Eurodollar futures contracts and swap rates from one year to thirty years. These yield curves determine the valuations of interest rate swaps. Interest rate derivatives are further described in Note 11, “Derivatives.”

For purposes of potential valuation adjustments to our derivative positions, First Commonwealth evaluates the credit risk of its counterparties as well as our own credit risk. Accordingly, we have considered factors such as the likelihood of default, expected loss given default, net exposures and remaining contractual life, among other things, in determining if any fair value adjustments related to credit risk are required. We review our counterparty exposure quarterly, and when necessary, appropriate adjustments are made to reflect the exposure.

We also utilize this approach to estimate our own credit risk on derivative liability positions. In 2017, we have not realized any losses due to a counterparty's inability to pay any uncollateralized positions.

Interest rate derivatives also include interest rate forwards entered into to hedge residential mortgage loans held for sale and the related interest-rate lock commitments. This includes forward commitments to sell mortgage loans. The fair value of these derivative financial instruments are based on derivative market data inputs as of the valuation date and the underlying value of mortgage loans for rate lock commitments.

In addition, the Company hedges foreign currency risk through the use of foreign exchange forward contracts. The fair value of foreign exchange forward contracts is based on the differential between the contract price and the market-based forward rate.

The estimated fair value for other real estate owned included in Level 2 is determined by either an independent market-based appraisal less estimated costs to sell or an executed sales agreement.

• Level 3 – Valuations for assets and liabilities that are derived from other valuation methodologies, including option pricing models, discounted cash flow models and similar techniques, and not based on market exchange, dealer or broker traded transactions. If the inputs used to provide the valuation are unobservable and/or there is very little, if any, market activity for the security or similar securities, the securities would be considered Level 3 securities. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities. The assets included in Level 3 are pooled trust preferred collateralized debt obligations, non-marketable equity investments, certain interest rate derivatives, certain other real estate owned and certain impaired loans.

Our pooled trust preferred collateralized debt obligations are collateralized by the trust preferred securities of individual banks, thrifts and bank holding companies in the United States. There has been little or no active trading in these securities since 2009; therefore, it is more appropriate to determine estimated fair value using a discounted cash flow analysis. Detail on our process for determining the appropriate cash flows for this analysis is provided in Note 7, “Impairment of Investment Securities.” The discount rate applied to the cash flows is determined by evaluating the current market yields for comparable corporate and structured credit products along with an evaluation of the risks associated with the cash flows of the comparable security. Due to the fact that there is no active market for the pooled trust preferred collateralized debt obligations, one key reference point is the market yield for the single issue trust preferred securities issued by banks and thrifts for which there is more activity than for the pooled securities. Adjustments are then made to reflect the credit and structural differences between these two security types.

Management validates the fair value of the pooled trust preferred collateralized debt obligations by monitoring the performance of the underlying collateral, discussing the discount rate, cash flow assumptions and general market trends with a specialized third party and confirming changes in the underlying collateral to the trustee reports. Management’s monitoring of the underlying collateral includes deferrals of interest payments, payment defaults, cures of previously deferred interest payments, any regulatory filings or actions and general news related to the underlying collateral. Management also evaluates fair value changes compared to expectations based on changes in the interest rates used in determining the discount rate and general financial markets.

The estimated fair value of the non-marketable equity investments included in Level 3 is based on par value.

The estimated fair value of limited partnership investments included in Level 3 is based on par value.

For interest rate derivatives included in Level 3, the fair value incorporates credit risk by considering such factors as likelihood of default and expected loss given default based on the credit quality of the underlying counterparties (loan customers).

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)
Pooled Trust Preferred Securities	$	33,741		Discounted Cash Flow	Probability of default	0% - 100% (10.19%)
					Prepayment rates	0% - 72.53% (4.15%)
					Discount rates	5.25% - 12.00% (a)
Equities	1,670			Par Value	N/A	N/A
Impaired Loans	2,237		(b)	Reserve study	Discount rate	10.00%
					Gas per MCF	$2.07 - $2.79 (c)
					Oil per BBL/d	$56.05 - $57.65 (c)
	10,845		(b)	Discounted Cash Flow	Discount Rate	1.90% - 7.00%
Limited Partnership Investments	1,340			Par Value	N/A	N/A

(a) Incorporates spread over risk free rate related primarily to credit quality and illiquidity of securities.

(b) The remainder of impaired loans valued using Level 3 inputs are not included in this disclosure as the values of those loans are based on bankruptcy agreement documentation.

(c) Unobservable inputs are defined as follows: MCF - million cubic feet; BBL/d - barrels per day.

The significant unobservable inputs used in the fair value measurement of pooled trust preferred securities are the probability of default, discount rates and prepayment rates. Significant increases in the probability of default or discount rate used would result in a decrease in the estimated fair value of these securities, while decreases in these variables would result in higher fair value measurements. In general, a change in the assumption of probability of default is accompanied by a directionally similar change in the discount rate. In most cases, increases in the prepayment rate assumptions would result in a higher estimated fair value for these securities while decreases would provide for a lower value. The direction of this change is somewhat dependent on the structure of the investment and the amount of the investment tranches senior to our position.

The discount rate is the significant unobservable input used in the fair value measurement of impaired loans. Significant increases in this rate would result in a decrease in the estimated fair value of the loans, while a decrease in this rate would result in a higher fair value measurement. Other unobservable inputs in the fair value measurement of impaired loans relate to gas, oil and natural gas prices. Increases in these prices would result in an increase in the estimated fair value of the loans, while a decrease in these prices would result in a lower fair value measurement.

The tables below present the balances of assets and liabilities measured at fair value on a recurring basis:

	March 31, 2017
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities - Residential	$	—	$	16,018	$	—	$	16,018
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities - Residential	—		720,954		—		720,954
Mortgage-Backed Securities - Commercial	—		—		—		—
Other Government-Sponsored Enterprises	—		16,642		—		16,642
Obligations of States and Political Subdivisions	—		27,360		—		27,360
Corporate Securities	—		16,369		—		16,369
Pooled Trust Preferred Collateralized Debt Obligations	—		—		33,741		33,741
Total Debt Securities	—		797,343		33,741		831,084
Equities	—		—		1,670		1,670
Total Securities Available for Sale	—		797,343		35,411		832,754
Other Investments	—		38,669		—		38,669
Loans Held for Sale	—		9,588		—		9,588
Other Assets(a)	—		4,576		1,340		5,916
Total Assets	$	—	$	850,176	$	36,751	$	886,927
Other Liabilities(a)	$	—	$	5,039	$	—	$	5,039
Total Liabilities	$	—	$	5,039	$	—	$	5,039

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

	December 31, 2016
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities - Residential	$	—	$	16,617	$	—	$	16,617
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities - Residential	—		676,853		—		676,853
Mortgage-Backed Securities - Commercial	—		1		—		1
Other Government-Sponsored Enterprises	—		16,631		—		16,631
Obligations of States and Political Subdivisions	—		27,229		—		27,229
Corporate Securities	—		6,319		—		6,319
Pooled Trust Preferred Collateralized Debt Obligations	—		—		33,292		33,292
Total Debt Securities	—		743,650		33,292		776,942
Equities	—		—		1,670		1,670
Total Securities Available for Sale	—		743,650		34,962		778,612
Other Investments	—		36,498		—		36,498
Loans Held for Sale	—		7,052		—		7,052
Other Assets(a)	—		6,089		930		7,019
Total Assets	$	—	$	793,289	$	35,892	$	829,181
Other Liabilities(a)	$	—	$	5,972	$	—	$	5,972
Total Liabilities	$	—	$	5,972	$	—	$	5,972

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

For the three months endedMarch 31, changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows:

	2017
	Pooled Trust Preferred Collateralized Debt Obligations			Equities		Other Assets		Total
	(dollars in thousands)
Balance, beginning of period	$	33,292		$	1,670	$	930	$	35,892
Total gains or losses
Included in earnings	—			—		—		—
Included in other comprehensive income	497			—		—		497
Purchases, issuances, sales and settlements
Purchases	—			—		410		410
Issuances	—			—		—		—
Sales	—			—		—		—
Settlements	(48		)	—		—		(48		)
Transfers from Level 3	—			—		—		—
Transfers into Level 3	—			—		—		—
Balance, end of period	$	33,741		$	1,670	$	1,340	$	36,751

	2016
	Pooled Trust Preferred Collateralized Debt Obligations			Equities		Total
	(dollars in thousands)
Balance, beginning of period	$	35,658		$	2,170	$	37,828
Total gains or losses
Included in earnings	—			—		—
Included in other comprehensive income	(2,385		)	—		(2,385		)
Purchases, issuances, sales and settlements
Purchases	—			36		36
Issuances	—			—		—
Sales	—			—		—
Settlements	—			—		—
Transfers into Level 3	—			—		—
Balance, end of period	$	33,273		$	2,206	$	35,479

During the three months endedMarch 31, 2017 and 2016, there were no transfers between fair value Levels 1, 2 or 3. There were no gains or losses included in earnings for the periods presented that are attributable to the change in realized gains (losses) relating to assets held at March 31, 2017 and 2016. For the three months ended March 31, 2016, there were no Level 3 Other Assets measured at fair value on a recurring basis.

The tables below present the balances of assets measured at fair value on a nonrecurring basis at:

	March 31, 2017
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Impaired loans	$	—	$	22,010	$	21,242	$	43,252
Other real estate owned	—		7,427		—		7,427
Total Assets	$	—	$	29,437	$	21,242	$	50,679

	December 31, 2016
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Impaired loans	$	—	$	18,679	$	19,990	$	38,669
Other real estate owned	—		7,566		—		7,566
Total Assets	$	—	$	26,245	$	19,990	$	46,235

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

		For the Three Months Ended March 31,
		2017			2016
	(dollars in thousands)
Impaired loans		$	(1,460	)	$	(7,702	)
Other real estate owned		(31		)	(13		)
Total losses		$	(1,491	)	$	(7,715	)

Impaired loans over $100 thousand are individually reviewed to determine the amount of each loan considered to be at risk of non-collection. The fair value for impaired loans that are collateral based is determined by reviewing real property appraisals, equipment valuations, accounts receivable listings and other financial information. A discounted cash flow analysis is performed to determine fair value for impaired loans when an observable market price or a current appraisal is not available. For real estate secured loans, First Commonwealth’s loan policy requires updated appraisals be obtained at least every twelve months on all impaired loans with balances of $250 thousand and over. For real estate secured loans with balances under $250 thousand, we rely on broker price opinions. For non-real estate secured assets, the Company normally relies on third party valuations specific to the collateral type.

The fair value for other real estate owned, determined by either an independent market-based appraisal less estimated costs to sell or an executed sales agreement, is classified as Level 2. The fair value for other real estate owned determined using an internal valuation is classified as Level 3. Other real estate owned has a current carrying value of $6.9 million as of March 31, 2017 and consists primarily of commercial real estate properties in Pennsylvania. We review whether events and circumstances subsequent to a transfer to other real estate owned have occurred that indicate the balance of those assets may not be recoverable. If events and circumstances indicate further impairment we will record a charge to the extent that the carrying value of the assets exceed their fair values, less estimated cost to sell, as determined by valuation techniques appropriate in the circumstances.

Certain other assets and liabilities, including goodwill and core deposit intangibles, are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances. Additional information related to goodwill is provided in Note 12, “Goodwill.” There were no other assets or liabilities measured at fair value on a nonrecurring basis during the three months endedMarch 31, 2017.

FASB ASC 825-10, “Transition Related to FSP FAS 107-1” and APB 28-1, “Interim Disclosures about Fair Value of Financial Instruments,” requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis. The methodologies for estimating the fair value of financial assets and financial liabilities that are measured at fair value on a recurring or nonrecurring basis are as discussed above. The methodologies for other financial assets and financial liabilities are discussed below.

Cash and due from banks and interest-bearing bank deposits: The carrying amounts for cash and due from banks and interest-bearing bank deposits approximate the estimated fair values of such assets.

Securities: Fair values for securities available for sale and held to maturity are based on quoted market prices, if available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments. Pooled trust preferred collateralized debt obligations values are derived from other valuation methodologies, including option pricing models, discounted cash flow models and similar techniques, and not based on market exchange, dealer or broker traded transactions. These valuations incorporate certain assumptions and projections in determining the fair value assigned to each instrument. The carrying value of other investments, which includes FHLB stock, is considered a reasonable estimate of fair value.

Loans: The fair values of all loans are estimated by discounting the estimated future cash flows using interest rates currently offered for loans with similar terms to borrowers of similar credit quality adjusted for past due and nonperforming loans, which is not an exit price under FASB ASC Topic 820, “Fair Value Measurements and Disclosures.”

Loans held for sale: The estimated fair value of loans held for sale is based on market bids obtained from potential buyers.

Off-balance sheet instruments: Many of First Commonwealth’s off-balance sheet instruments, primarily loan commitments and standby letters of credit, are expected to expire without being drawn upon; therefore, the commitment amounts do not necessarily represent future cash requirements. FASB ASC Topic 460, “Guarantees” clarified that a guarantor is required to recognize, at the inception of a guarantee, a liability for the fair value of the obligation undertaken in issuing the guarantee. The carrying amount and fair value for standby letters of credit was $0.1 million and $0.2 million at March 31, 2017 and December 31, 2016, respectively. See Note 5, “Commitments and Contingent Liabilities,” for additional information.

Deposit liabilities: The estimated fair value of demand deposits, savings accounts and money market deposits is the amount payable on demand at the reporting date because of the customers’ ability to withdraw funds immediately. The carrying value of variable rate time deposit accounts and certificates of deposit approximate their fair values at the report date. Also, fair values of fixed rate time deposits for both periods are estimated by discounting the future cash flows using interest rates currently being offered and a schedule of aggregated expected maturities.

Short-term borrowings: The fair values of borrowings from the FHLB were estimated based on the estimated incremental borrowing rate for similar types of borrowings. The carrying amounts of other short-term borrowings such as federal funds purchased and securities sold under agreement to repurchase were used to approximate fair value due to the short-term nature of the borrowings.

Long-term debt and subordinated debt: The fair value of long-term debt and subordinated debt is estimated by discounting the future cash flows using First Commonwealth’s estimate of the current market rate for similar types of borrowing arrangements or an announced redemption price.

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

	March 31, 2017
			Fair Value Measurements Using:
	Carrying Amount		Total		Level 1		Level 2		Level 3
	(dollars in thousands)
Financial assets
Cash and due from banks	$	75,160	$	75,160	$	75,160	$	—	$	—
Interest-bearing deposits	47,944		47,944		47,944		—		—
Securities available for sale	832,754		832,754		—		797,343		35,411
Securities held to maturity	386,954		383,735		—		383,735		—
Other investments	38,669		38,669		—		38,669		—
Loans held for sale	9,588		9,588		—		9,588		—
Loans	4,907,961		4,890,426		—		22,010		4,868,416
Financial liabilities
Deposits	4,969,729		4,971,049		—		4,971,049		—
Short-term borrowings	961,601		961,449		—		961,449		—
Subordinated debt	72,167		63,964		—		—		63,964
Long-term debt	8,604		9,038		—		9,038		—

	December 31, 2016
			Fair Value Measurements Using:
	Carrying Amount		Total		Level 1		Level 2		Level 3
	(dollars in thousands)
Financial assets
Cash and due from banks	$	91,033	$	91,033	$	91,033	$	—	$	—
Interest-bearing deposits	24,644		24,644		24,644		—		—
Securities available for sale	778,612		778,612		—		743,650		34,962
Securities held to maturity	372,513		368,618		—		368,618		—
Other investments	36,498		36,498		—		36,498		—
Loans held for sale	7,052		7,052		—		7,052		—
Loans	4,879,347		4,878,254		—		18,679		4,859,575
Financial liabilities
Deposits	4,947,408		4,949,714		—		4,949,714		—
Short-term borrowings	867,943		867,667		—		867,667		—
Subordinated debt	72,167		65,656		—		—		65,656
Long-term debt	8,749		9,169		—		9,169		—

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Derivatives

3 Months Ended

Mar. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

Derivatives

Derivatives Not Designated as Hedging Instruments

First Commonwealth is a party to interest rate derivatives that are not designated as hedging instruments. These derivatives relate to interest rate swaps that First Commonwealth enters into with customers to allow customers to convert variable rate loans to a fixed rate. First Commonwealth pays interest to the customer at a floating rate on the notional amount and receives interest from the customer at a fixed rate for the same notional amount. At the same time the interest rate swap is entered into with the customer, an offsetting interest rate swap is entered into with another financial institution. First Commonwealth pays the other financial institution interest at the same fixed rate on the same notional amount as the swap entered into with the customer, and receives interest from the financial institution for the same floating rate on the same notional amount.

The changes in the fair value of the swaps offset each other, except for the credit risk of the counterparties, which is determined by taking into consideration the risk rating, probability of default and loss given default for all counterparties.

We have 25 risk participation agreements with financial institution counterparties for interest rate swaps related to loans in which we are a participant. The risk participation agreements provide credit protection to the financial institution should the borrower fail to perform on its interest rate derivative contract with the financial institution. We have eight risk participation agreements with financial institution counterparties for interest rate swaps related to loans in which we are the lead bank. The risk participation agreement provides credit protection to us should the borrower fail to perform on its interest rate derivative contract with us.

First Commonwealth is also party to interest rate caps that are not designated as hedging instruments. These derivatives relate to contracts that First Commonwealth enters into with loan customers that provide a maximum interest rate on their variable rate loan. At the same time the interest rate cap is entered into with the customer, First Commonwealth enters into an offsetting interest rate cap with another financial institution. The notional amount and maximum interest rate on both interest cap contracts are identical.

The fee received, less the estimate of the loss for the credit exposure, was recognized in earnings at the time of the transaction.

Derivatives Designated as Hedging Instruments

The Company has entered into four interest rate swap contracts that were designated as cash flow hedges. The interest rate swaps have a total notional amount of $200.0 million, $85.0 million with an original maturity of three years and $115.0 million with and original maturity of four years. The Company's risk management objective for these hedges is to reduce its exposure to variability in expected future cash flows related to interest payments on commercial loans benchmarked to the 1-month LIBOR rate. Therefore, the interest rate swaps convert the interest payments on the first $200.0 million of 1-month LIBOR based commercial loans into fixed rate payments.

The periodic net settlement of interest rate swaps is recorded as an adjustment to "Interest and fees on loans" in the Condensed Consolidated Statements of Income. For the three months endedMarch 31, 2017, there was a $0.2 million impact on interest income as a result of these interest rate swaps, respectively. Changes in the fair value of the effective portion of cash flow hedges are reported in OCI. When the cash flows associated with the hedged item are realized, the gain or loss included in OCI is recognized in "Interest and fees on loans," the same line item in the Condensed Consolidated Statements of Income as the income on the hedged items. The cash flow hedges were highly effective at March 31, 2017 and December 31, 2016, and changes in the fair value attributed to hedge ineffectiveness were not material.

The Company also enters into interest rate lock commitments in conjunction with its mortgage origination business. These are commitments to originate loans whereby the interest rate on the loan is determined prior to funding and the customers have locked into that interest rate. The Company locks the rate in with an investor and commits to deliver the loan if settlement occurs (“best efforts”) or commits to deliver the locked loan in a binding (“mandatory”) delivery program with an investor. Loans under mandatory rate lock commitments are covered under forward sales contracts of mortgage-backed securities (“MBS”). Forward sales contracts of MBS are recorded at fair value with changes in fair value recorded in "Other noninterest expense" in the Condensed Consolidated Statements of Income. The impact to noninterest expense for the three months ended March 31, 2017 totaled $0.1 million.

Interest rate lock commitments and commitments to deliver loans to investors are considered derivatives. The market value of interest rate lock commitments and best efforts contracts are not readily ascertainable with precision because they are not actively traded in stand-alone markets. We determine the fair value of rate lock commitments and delivery contracts by measuring the fair value of the underlying asset, which is impacted by current interest rates and taking into consideration the probability that the rate lock commitments will close or will be funded. At March 31, 2017 the underlying funded mortgageloan commitments had a carrying value of $5.8 million and a fair value of $6.0 million, while the underlying unfunded mortgage loan commitments had a notional amount of $15.3 million.

In addition, a small amount of interest income on loans is exposed to changes in foreign exchange rates. Several commercial borrowers have a portion of their operations outside of the United States and borrow funds on a short-term basis to fund those operations. In order to reduce the risk related to the translation of foreign denominated transactions into U.S. dollars, the Company enters into foreign exchange forward contracts. These contracts relate principally to the Euro and the Canadian dollar. The contracts are recorded at fair value with changes in fair value recorded in "Other noninterest expense" in the Condensed Consolidated Statements of Income. The impact on other noninterest expense for the three months ended March 31, 2017 totaled $2 thousand. At March 31, 2017 and December 31, 2016, the underlying loans had a carrying value of $6.8 million and $4.7 million, respectively, and a fair value of $6.8 million and $4.7 million, respectively.

The following table depicts the credit value adjustment recorded related to the notional amount of derivatives outstanding as well as the notional amount of risk participation agreements participated to other banks:

	March 31, 2017			December 31, 2016
	(dollars in thousands)
Derivatives not Designated as Hedging Instruments
Credit value adjustment	$	(316	)	$	(317	)
Notional amount:
Interest rate derivatives	342,898			345,102
Interest rate caps	—			14,762
Risk participation agreements	166,748			174,213
Sold credit protection on risk participation agreements	(40,021		)	(40,281		)
Derivatives Designated as Hedging Instruments
Interest rate swaps:
Fair value adjustment	73			(443		)
Notional amount	200,000			200,000
Interest rate forwards:
Fair value adjustment	(112		)	—
Notional amount	17,000			—
Foreign exchange forwards:
Fair value adjustment	38			(8		)
Notional amount	6,847			4,749

The table below presents the amount representing the change in the fair value of derivative assets and derivative liabilities attributable to credit risk included in "Other income" on the Condensed Consolidated Statements of Income:

		For the Three Months Ended March 31,
		2017		2016
	(dollars in thousands)
Non-hedging interest rate derivatives
Increase (decrease) in other income		$	2	$	(1,014	)
Hedging interest rate derivatives
Increase in interest and fees on loans		249		430
Increase in other expense		78		15
Hedging interest rate forwards
Increase in other expense		112		—
Hedging foreign exchange forwards
Increase in other expense		2		3

The fair value of our derivatives is included in a table in Note 11, “Fair Values of Assets and Liabilities,” in the line items

“Other assets” and “Other liabilities.”

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Goodwill

3 Months Ended

Mar. 31, 2017

Goodwill Disclosure [Abstract]

Goodwill

Goodwill

FASB ASC Topic 350-20, “Intangibles – Goodwill and Other” requires an annual valuation of the fair value of a reporting unit that has goodwill and a comparison of the fair value to the book value of equity to determine whether the goodwill has been impaired. Goodwill is also required to be tested on an interim basis if an event or circumstance indicates that it is more likely than not that an impairment loss has been incurred. When triggering events or circumstances indicate that goodwill testing is required, an assessment of qualitative factors can be completed before performing the two step goodwill impairment test. ASU 2011-8 provides that if an assessment of qualitative factors determines it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, then the two step goodwill impairment test is not required.

We consider First Commonwealth to be one reporting unit. The carrying amount of goodwill as of both March 31, 2017 and December 31, 2016 was $186.5 million. No impairment charges on goodwill or other intangible assets were incurred in 2017 or 2016.

We test goodwill for impairment as of November 30th each year and again at any quarter-end if any material events occur during a quarter that may affect goodwill.

As of March 31, 2017, goodwill was not considered impaired; however, changing economic conditions that may adversely affect our performance, the fair value of our assets and liabilities, or our stock price could result in impairment, which could adversely affect earnings in future periods. Management will continue to monitor events that could impact this conclusion in the future.

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New Accounting Pronouncements (Notes)

3 Months Ended

Mar. 31, 2017

Accounting Changes and Error Corrections [Abstract]

New Accounting Pronouncements

New Accounting Pronouncements

In August 2015, the FASB issued ASU No. 2015-14, “Revenue from Contracts with Customers (Topic 606)”. In May 2014, the

FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)", with an original effective date for

annual reporting periods beginning after December 15, 2016. The core principle of ASU 2014-09 is that an entity should

recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration

to which the entity expects to be entitled in exchange for those goods or services. ASU 2015-14 deferred the effective date of

ASU 2014-09 to annual periods and interim periods within those annual periods beginning after December 15, 2017. We expect that ASU No. 2014-09 will require us to change how we recognize certain recurring revenue streams within trust and investment management fees and insurance commissions and fees; however, we do not expect these changes to have a significant impact on our financial statements. We continue to evaluate the impact of ASU No. 2014-9 on other components of non-interest income and expect additional financial statement disclosures and associated internal controls to be implemented along with the adoption of this ASU.

In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)," in order to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Lessor accounting under the new guidance remains largely unchanged as it is substantially equivalent to existing guidance for sales-type leases, direct financing leases, and operating leases. Leveraged leases have been eliminated, although lessors can continue to account for existing leveraged leases using the current accounting guidance. Other limited changes were made to align lessor accounting with the lessee accounting model and the new revenue recognition standard. All entities will classify leases to determine how to recognize lease-related revenue and expense. Quantitative and qualitative disclosures will be required by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The intention is to require enough information to supplement the amounts recorded in the financial statements so that users can understand more about the nature of an entity’s leasing activities. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. All entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. Entities have the option to use certain relief; full retrospective application is prohibited. We are currently evaluating the potential impact of ASU 2016-02 on our financial statements.

In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments,” which amends the guidance for recognizing credit losses from an “incurred loss” methodology that delays recognition of credit losses until it is probable a loss has been incurred to an expected credit loss methodology. The guidance requires the use of the modified retrospective transition method by means of a cumulative-effect adjustment to equity as of the beginning of the period in which the guidance is adopted. The standard is effective for the Company as of January 1, 2020. Management is currently evaluating the impact of the amended guidance on First Commonwealth’s financial condition or results of operations.

In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230),” which provides guidance on eight specific cash flow issues: 1. debt prepayment or extinguishment costs; 2. settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates; 3. contingent consideration payments made after a business combination; 4. proceeds from the settlement of insurance claims; 5. proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; 6. distributions received from equity method investees; 7. beneficial interests in securitizations transactions; and 8. separately identifiable cash flows and application of the predominance principle. This ASU provides additional guidance for these eight issues, reducing current and potential diversity in practice. This standard is effective for the Company as of January 1, 2018. The adoption of this ASU is not expected to have a material impact on First Commonwealth’s financial condition or results of operations.

In January 2017, the FASB issued ASU No. 2017-01, "Business Combinations (Topic 805), Clarifying the Definition of a Business" which provides a screen to determine when a set of assets and activities (a "set") is not a business. The screen requires, that when substantially all of the fair value of gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This screen thereby reduces the number of transactions that need to be further evaluated. If the screen is not met, this ASU 1. requires that to be considered a business, a set must include, at a minimum, an input and substantive process that significantly contributes to the ability to create output and 2. removes the evaluation of whether a market participant could replace the missing elements. The amendment provides a framework to assist entities in evaluating whether both an input and substantive process is present. The framework includes two sets of criteria to consider that depend on whether a set has outputs. This ASU also narrows the definition of the term output so that the term is consistent with how outputs are described in Topic 606. This standard is effective for interim and annual periods for fiscal years beginning after December 15, 2017. The adoption of this ASU is not expected to have a material impact on First Commonwealth’s financial condition or results of operations.

In January 2017, the FASB issued ASU No. 2017-04,"Intangibles-Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment" which simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Under this ASU, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. Impairment should be recognized for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to the reporting unit. Income tax effects from any tax deductible goodwill should be taken into consideration of the carrying amount of the reporting unit when measuring for goodwill impairment, if applicable. An entity still has the option to perform the qualitative assessment for the reporting unit to determine if the quantitative impairment test is necessary. This standard is effective for interim and annual periods for fiscal years beginning after December 15, 2019. The adoption of this ASU is not expected to have a material impact on First Commonwealth’s financial condition or results of operations.

In March 2017, the FASB issued ASU No. 2017-07, "Compensation-Retirement Benefits (Topic 715), Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost" which shortens the amortization period for certain callable debt securities held at a premium. Specifically, the ASU requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. This standard is effective for annual periods for fiscal years beginning after December 15, 2019. The adoption of this ASU is not expected to have a material impact on First Commonwealth’s financial condition or results of operations.

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Subsequent Event (Notes)

3 Months Ended

Mar. 31, 2017

Subsequent Event [Line Items]

Subsequent Events [Text Block]

Subsequent Events

On April 3, 2017, the Company completed its acquisition of DCB Financial Corporation ("DCB") and its banking subsidiary, The Delaware County Bank and Trust Company. DCB has approximately $550 million in assets and operates nine full-service banking offices which will operate under the First Commonwealth name. On March 31, 2017, the Company funded $21.3 million of the purchase price for this acquisition into an escrow account pending the closing on April 3, 2017. As of March 31, 2017, these funds were classified as restricted cash and are included in the "Other assets" line in the Condensed Consolidated Statements of Financial Condition.

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Supplemental Comprehensive Income Disclosures (Tables)

3 Months Ended

Mar. 31, 2017

Supplemental Comprehensive Income Disclosures [Abstract]

Supplemental Comprehensive Income Disclosures

The following table identifies the related tax effects allocated to each component of other comprehensive income (“OCI”) in the Condensed Consolidated Statements of Comprehensive Income. Reclassification adjustments related to securities available for sale are included in the "Net securities gains" line and reclassification adjustments related to losses on derivatives are included in the "Other operating expenses" line in the Condensed Consolidated Statements of Income.

	For the Three Months Ended March 31,
	2017									2016
	Pretax Amount			Tax (Expense) Benefit			Net of Tax Amount			Pretax Amount			Tax (Expense) Benefit			Net of Tax Amount
	(dollars in thousands)
Unrealized gains on securities:
Unrealized holding gains on securities arising during the period	$	2,543		$	(890	)	$	1,653		$	10,070		$	(3,524	)	$	6,546
Reclassification adjustment for gains on securities included in net income	(652		)	228			(424		)	—			—			—
Total unrealized gains on securities	1,891			(662		)	1,229			10,070			(3,524		)	6,546
Unrealized (losses) gains on derivatives:
Unrealized holding (losses) gains on derivatives arising during the period	(516		)	181			(335		)	1,735			(607		)	1,128
Reclassification adjustment for losses (gains) on derivatives included in net income	78			(28		)	50			(15		)	5			(10		)
Total unrealized (losses) gains on derivatives	(438		)	153			(285		)	1,720			(602		)	1,118
Total other comprehensive income	$	1,453		$	(509	)	$	944		$	11,790		$	(4,126	)	$	7,664

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table details the change in components of OCI for the three months endedMarch 31:

	2017											2016
	Securities Available for Sale			Post-Retirement Obligation		Derivatives			Accumulated Other Comprehensive Income (Loss)			Securities Available for Sale			Post-Retirement Obligation		Derivatives			Accumulated Other Comprehensive Income (Loss)
	(dollars in thousands)
Balance at December 31	$	(7,455	)	$	225	$	203		$	(7,027	)	$	(2,956	)	$	10	$	560		$	(2,386	)
Other comprehensive income before reclassification adjustment	1,653			—		(335		)	1,318			6,546			—		1,128			7,674
Amounts reclassified from accumulated other comprehensive (loss) income	(424		)	—		50			(374		)	—			—		(10		)	(10		)
Net other comprehensive income during the period	1,229			—		(285		)	944			6,546			—		1,118			7,664
Balance at March 31	$	(6,226	)	$	225	$	(82	)	$	(6,083	)	$	3,590		$	10	$	1,678		$	5,278

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Supplemental Cash Flow Disclosures (Tables)

3 Months Ended

Mar. 31, 2017

Supplemental Cash Flow Information [Abstract]

Schedule of Supplemental Cash Flow Disclosures

The following table presents information related to cash paid during the period for interest, as well as detail on non-cash investing and financing activities for the three months endedMarch 31:

	2017			2016
	(dollars in thousands)
Cash paid during the period for:
Interest	$	3,832		$	4,674
Income taxes	1,039			1,000
Non-cash investing and financing activities:
Loans transferred to other real estate owned and repossessed assets	958			1,355
Loans transferred from held to maturity to held for sale	3,613			—
Gross increase in market value adjustment to securities available for sale	1,892			10,070
Gross (decrease) increase in market value adjustment to securities derivatives	(438		)	1,720
Investments committed to purchase, not settled	498			600
Noncash treasury stock reissuance	2,258			—

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Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2017

Earnings Per Share [Abstract]

Composition of Weighted-Average Common Shares (Denominator) Used in Basic and Diluted Earnings Per Share

The following table summarizes the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computations:

	For the Three Months Ended March 31,
	2017		2016
Weighted average common shares issued	105,563,455		105,563,455
Average treasury stock shares	(16,527,204	)	(16,623,094	)
Average unearned nonvested shares	(106,359	)	(100,273	)
Weighted average common shares and common stock equivalents used to calculate basic earnings per share	88,929,892		88,840,088
Additional common stock equivalents (nonvested stock) used to calculate diluted earnings per share	57,779		5,113
Weighted average common shares and common stock equivalents used to calculate diluted earnings per share	88,987,671		88,845,201

Common Stock Equivalents Not Included in Computation of Diluted Earnings Per Share

The following table shows the number of shares and the price per share related to common stock equivalents that were not included in the computation of diluted earnings per share for the three months endedMarch 31 because to do so would have been antidilutive.

	2017					2016
		Price Range					Price Range
	Shares	From		To		Shares	From		To
Restricted Stock	13,750	$	13.96	$	13.96	88,508	$	7.21	$	9.84
Restricted Stock Units	24,375	$	15.09	$	15.09	—	$	—	$	—

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Commitments and Contingent Liabilities (Tables)

3 Months Ended

Mar. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Notional Amount of Outstanding Commitments

The following table identifies the notional amount of those instruments at:

	March 31, 2017		December 31, 2016
	(dollars in thousands)
Financial instruments whose contract amounts represent credit risk:
Commitments to extend credit	$	1,687,588	$	1,733,820
Financial standby letters of credit	16,894		18,108
Performance standby letters of credit	27,169		26,630
Commercial letters of credit	1,142		1,301

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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2017

Schedule of Held-to-maturity Securities [Line Items]

Analysis of Amortized Cost and Estimated Fair Value of Securities Available for Sale

Below is an analysis of the amortized cost and estimated fair values of securities available for sale at:

	March 31, 2017									December 31, 2016
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential	$	14,585	$	1,440	$	(7	)	$	16,018	$	15,143	$	1,481	$	(7	)	$	16,617
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential	726,240		4,513		(9,799		)	720,954		683,601		4,557		(11,305		)	676,853
Mortgage-Backed Securities – Commercial	—		—		—			—		1		—		—			1
Other Government-Sponsored Enterprises	16,700		—		(58		)	16,642		16,700		—		(69		)	16,631
Obligations of States and Political Subdivisions	27,077		283		—			27,360		27,075		195		(41		)	27,229
Corporate Securities	15,896		476		(3		)	16,369		5,903		416		—			6,319
Pooled Trust Preferred Collateralized Debt Obligations	40,165		530		(6,954		)	33,741		39,989		427		(7,124		)	33,292
Total Debt Securities	840,663		7,242		(16,821		)	831,084		788,412		7,076		(18,546		)	776,942
Equities	1,670		—		—			1,670		1,670		—		—			1,670
Total Securities Available for Sale	$	842,333	$	7,242	$	(16,821	)	$	832,754	$	790,082	$	7,076	$	(18,546	)	$	778,612

Amortized Cost and Estimated Fair Value of Debt Securities Available for Sale

The amortized cost and estimated fair value of debt securities available for sale at March 31, 2017, by contractual maturity, are shown below.

	Amortized Cost		Estimated Fair Value
	(dollars in thousands)
Due within 1 year	$	3,300	$	3,294
Due after 1 but within 5 years	27,386		27,361
Due after 5 but within 10 years	27,077		27,360
Due after 10 years	42,075		36,097
	99,838		94,112
Mortgage-Backed Securities (a)	740,825		736,972
Total Debt Securities	$	840,663	$	831,084

(a) Mortgage-Backed Securities include an amortized cost of $14.6 million and a fair value of $16.0 million for Obligations of U.S.

Proceeds from Sale, Gross Gains (Losses) Realized on Sales, Maturities and Other-Than-Temporary Impairment Charges Related to Securities Available for Sale

Proceeds from sales, gross gains (losses) realized on sales, maturities and other-than-temporary impairment charges related to securities available for sale were as follows for the three months endedMarch 31:

	2017		2016
	(dollars in thousands)
Proceeds from sales	$	—	$	—
Gross gains (losses) realized:
Sales Transactions:
Gross gains	$	—	$	—
Gross losses	—		—
	—		—
Maturities and impairment
Gross gains	652		—
Gross losses	—		—
Other-than-temporary impairment	—		—
	652		—
Net gains and impairment	$	652	$	—

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Investment Securities Maturity of Held-to-Maturity Securities (Tables)

3 Months Ended

Mar. 31, 2017

Schedule of Held-to-maturity Securities [Line Items]

Held-to-maturity Securities [Table Text Block]

Below is an analysis of the amortized cost and fair values of debt securities held to maturity at:

	March 31, 2017									December 31, 2016
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential	$	4,266	$	—	$	(19	)	$	4,247	$	4,297	$	—	$	(4	)	$	4,293
Mortgage-Backed Securities- Commercial	34,194		—		(700		)	33,494		34,444		—		(561		)	33,883
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential	294,624		83		(2,224		)	292,483		280,430		5		(2,527		)	277,908
Mortgage-Backed Securities – Commercial	14,536		—		(51		)	14,485		14,675		—		(142		)	14,533
Obligations of States and Political Subdivisions	39,134		137		(443		)	38,828		38,667		55		(721		)	38,001
Debt Securities Issued by Foreign Governments	200		—		(2		)	198		—		—		—			—
Total Securities Held to Maturity	$	386,954	$	220	$	(3,439	)	$	383,735	$	372,513	$	60	$	(3,955	)	$	368,618

Schedule of Held-to-Maturity Securities by Maturity [Table Text Block]

The amortized cost and estimated fair value of debt securities held to maturity at March 31, 2017, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or prepayment penalties.

	Amortized Cost		Estimated Fair Value
	(dollars in thousands)
Due within 1 year	$	—	$	—
Due after 1 but within 5 years	2,824		2,831
Due after 5 but within 10 years	32,379		32,173
Due after 10 years	4,131		4,022
	39,334		39,026
Mortgage-Backed Securities (a)	347,620		344,709
Total Debt Securities	$	386,954	$	383,735

(a) Mortgage-Backed Securities include an amortized cost of $38.5 million and a fair value of $37.7 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $309.2 million and a fair value of $307.0 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.

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Impairment of Investment Securities (Tables)

3 Months Ended

Mar. 31, 2017

Impairment of Investment Securities Disclosure [Abstract]

Schedule of Unrealized Losses and Estimated Fair Values

The following table presents the gross unrealized losses and estimated fair values at March 31, 2017 for both available for sale and held to maturity securities by investment category and time frame for which securities have been in a continuous unrealized loss position:

	Less Than 12 Months					12 Months or More					Total
	Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses
	(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential	$	6,014	$	(26	)	$	—	$	—		$	6,014	$	(26	)
Mortgage-Backed Securities – Commercial	33,494		(700		)	—		—			33,494		(700		)
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential	689,399		(10,015		)	66,191		(2,008		)	755,590		(12,023		)
Mortgage-Backed Securities – Commercial	14,485		(51		)	—		—			14,485		(51		)
Other Government-Sponsored Enterprises	16,642		(58		)	—		—			16,642		(58		)
Obligations of States and Political Subdivisions	22,180		(443		)	—		—			22,180		(443		)
Debt securities issued by foreign governments	198		(2		)	—		—			198		(2		)
Corporate Securities	4,986		(3		)	—		—			4,986		(3		)
Pooled Trust Preferred Collateralized Debt Obligations	—		—			29,274		(6,954		)	29,274		(6,954		)
Total Securities	$	787,398	$	(11,298	)	$	95,465	$	(8,962	)	$	882,863	$	(20,260	)

The following table presents the gross unrealized losses and estimated fair values at December 31, 2016 by investment category and time frame for which securities have been in a continuous unrealized loss position:

	Less Than 12 Months					12 Months or More					Total
	Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses
	(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential	$	4,898	$	(11	)	$	—	$	—		$	4,898	$	(11	)
Mortgage-Backed Securities - Commercial	33,883		(561		)	—		—			33,883		(561		)
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential	670,708		(11,630		)	56,200		(2,202		)	726,908		(13,832		)
Mortgage-Backed Securities – Commercial	14,534		(142		)	—		—			14,534		(142		)
Other Government-Sponsored Enterprises	16,632		(69		)	—		—			16,632		(69		)
Obligation of States and Political Subdivisions	33,277		(762		)	—		—			33,277		(762		)
Pooled Trust Preferred Collateralized Debt Obligations	—		—			28,952		(7,124		)	28,952		(7,124		)
Total Securities	$	773,932	$	(13,175	)	$	85,152	$	(9,326	)	$	859,084	$	(22,501	)

Pooled Trust Preferred Collateralized Debt Obligations

The following table provides information related to our pooled trust preferred collateralized debt obligations as of March 31, 2017:

Deal	Class	Book Value		Estimated Fair Value		Unrealized Gain (Loss)			Moody’s/ Fitch Ratings	Number of Banks	Deferrals and Defaults as a % of Current Collateral		Excess Subordination as a % of Current Performing Collateral
(dollars in thousands)
Pre TSL IV	Mezzanine	$	1,827	$	1,366	$	(461	)	B1/BB	6	18.05	%	61.36	%
Pre TSL VIII	Mezzanine	1,955		2,142		187			C/C	27	40.34		0.00
Pre TSL IX	Mezzanine	2,421		1,971		(450		)	B1/C	37	27.83		10.19
Pre TSL X	Mezzanine	1,769		2,024		255			Caa1/C	42	30.10		2.11
Pre TSL XII	Mezzanine	5,940		4,903		(1,037		)	B3/C	64	24.09		0.00
Pre TSL XIII	Mezzanine	13,010		11,009		(2,001		)	Ba3/CCC	53	10.01		55.04
Pre TSL XIV	Mezzanine	13,030		10,025		(3,005		)	Ba2/CCC	52	12.87		38.83
MMCap I	Mezzanine	213		301		88			Ca/C	8	58.11		85.00
Total		$	40,165	$	33,741	$	(6,424	)

Cumulative Roll Forward of Credit Losses Recognized in Earnings for Debt Securities held and not Intended to be Sold

The following table provides a cumulative roll forward of credit losses recognized in earnings for debt securities held and not intended to be sold:

		For the Three Months Ended March 31,
		2017			2016
	(dollars in thousands)
Balance, beginning (a)		$	17,056		$	24,851
Credit losses on debt securities for which other-than-temporary impairment was not previously recognized		—			—
Additional credit losses on debt securities for which other-than-temporary impairment was previously recognized		—			—
Increases in cash flows expected to be collected, recognized over the remaining life of the security (b)		(228		)	(261		)
Reduction for debt securities called during the period		—			—
Balance, ending		$	16,828		$	24,590

(a) The beginning balance represents credit related losses included in other-than-temporary impairment charges recognized on debt securities in prior periods.

(b) Represents the increase in cash flows recognized in interest income during the period.

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Loans and Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2017

Loans and Leases Receivable Disclosure [Abstract]

Outstanding Balances of Loan

The following table provides outstanding balances related to each of our loan types:

	March 31, 2017						December 31, 2016
	Originated		Acquired		Total		Originated		Acquired		Total
	(dollars in thousands)
Commercial, financial, agricultural and other	$	1,140,702	$	7,758	$	1,148,460	$	1,131,148	$	8,399	$	1,139,547
Real estate construction	239,983		139		240,122		217,840		1,781		219,621
Residential real estate	1,157,236		60,162		1,217,398		1,165,851		63,341		1,229,192
Commercial real estate	1,736,363		24,738		1,761,101		1,717,043		25,167		1,742,210
Loans to individuals	538,991		1,889		540,880		546,589		2,188		548,777
Total loans	$	4,813,275	$	94,686	$	4,907,961	$	4,778,471	$	100,876	$	4,879,347

Credit Risk Profile by Creditworthiness

The following tables represent our credit risk profile by creditworthiness:

	March 31, 2017
	Commercial, financial, agricultural and other		Real estate construction		Residential real estate		Commercial real estate		Loans to individuals		Total
	(dollars in thousands)
Originated loans
Pass	$	1,049,152	$	239,983	$	1,143,535	$	1,714,061	$	538,765	$	4,685,496
Non-Pass
OAEM	31,026		—		3,373		5,675		—		40,074
Substandard	53,104		—		10,328		16,627		226		80,285
Doubtful	7,420		—		—		—		—		7,420
Total Non-Pass	91,550		—		13,701		22,302		226		127,779
Total	$	1,140,702	$	239,983	$	1,157,236	$	1,736,363	$	538,991	$	4,813,275
Acquired loans
Pass	$	6,972	$	139	$	59,864	$	23,623	$	1,889	$	92,487
Non-Pass
OAEM	477		—		—		—		—		477
Substandard	309		—		298		1,115		—		1,722
Doubtful	—		—		—		—		—		—
Total Non-Pass	786		—		298		1,115		—		2,199
Total	$	7,758	$	139	$	60,162	$	24,738	$	1,889	$	94,686

	December 31, 2016
	Commercial, financial, agricultural and other		Real estate construction		Residential real estate		Commercial real estate		Loans to individuals		Total
	(dollars in thousands)
Originated loans
Pass	$	1,038,844	$	217,565	$	1,152,511	$	1,691,220	$	546,316	$	4,646,456
Non-Pass
OAEM	27,387		275		5,923		7,596		—		41,181
Substandard	64,917		—		7,417		18,227		273		90,834
Doubtful	—		—		—		—		—		—
Total Non-Pass	92,304		275		13,340		25,823		273		132,015
Total	$	1,131,148	$	217,840	$	1,165,851	$	1,717,043	$	546,589	$	4,778,471
Acquired loans
Pass	$	7,591	$	1,781	$	62,919	$	24,043	$	2,185	$	98,519
Non-Pass
OAEM	486		—		—		—		—		486
Substandard	322		—		422		1,124		3		1,871
Doubtful	—		—		—		—		—		—
Total Non-Pass	808		—		422		1,124		3		2,357
Total	$	8,399	$	1,781	$	63,341	$	25,167	$	2,188	$	100,876

Age Analysis of Past Due Loans by Segment

The following tables delineate the aging analysis of the recorded investments in past due loans as of March 31, 2017 and December 31, 2016. Also included in these tables are loans that are 90 days or more past due and still accruing because they are well-secured and in the process of collection.

	March 31, 2017
	30 - 59 days past due		60 - 89 days past due		90 days and greater and still accruing		Nonaccrual		Total past due and nonaccrual		Current		Total
	(dollars in thousands)
Originated loans
Commercial, financial, agricultural and other	$	2,973	$	603	$	139	$	21,710	$	25,425	$	1,115,277	$	1,140,702
Real estate construction	—		—		—		—		—		239,983		239,983
Residential real estate	2,979		1,187		617		5,984		10,767		1,146,469		1,157,236
Commercial real estate	665		—		87		3,899		4,651		1,731,712		1,736,363
Loans to individuals	1,073		485		739		226		2,523		536,468		538,991
Total	$	7,690	$	2,275	$	1,582	$	31,819	$	43,366	$	4,769,909	$	4,813,275
Acquired loans
Commercial, financial, agricultural and other	$	—	$	—	$	477	$	—	$	477	$	7,281	$	7,758
Real estate construction	—		—		—		—		—		139		139
Residential real estate	73		103		51		298		525		59,637		60,162
Commercial real estate	—		—		—		162		162		24,576		24,738
Loans to individuals	6		2		1		—		9		1,880		1,889
Total	$	79	$	105	$	529	$	460	$	1,173	$	93,513	$	94,686

	December 31, 2016
	30 - 59 days past due		60 - 89 days past due		90 days and greater and still accruing		Nonaccrual		Total past due and nonaccrual		Current		Total
	(dollars in thousands)
Originated loans
Commercial, financial, agricultural and other	$	2,380	$	171	$	75	$	17,928	$	20,554	$	1,110,594	$	1,131,148
Real estate construction	183		—		—		—		183		217,657		217,840
Residential real estate	4,133		1,089		995		5,792		12,009		1,153,842		1,165,851
Commercial real estate	265		327		57		3,443		4,092		1,712,951		1,717,043
Loans to individuals	1,640		776		970		273		3,659		542,930		546,589
Total	$	8,601	$	2,363	$	2,097	$	27,436	$	40,497	$	4,737,974	$	4,778,471
Acquired loans
Commercial, financial, agricultural and other	$	486	$	—	$	—	$	—	$	486	$	7,913	$	8,399
Real estate construction	—		—		—		—		—		1,781		1,781
Residential real estate	148		39		34		422		643		62,698		63,341
Commercial real estate	—		—		—		162		162		25,005		25,167
Loans to individuals	1		7		—		3		11		2,177		2,188
Total	$	635	$	46	$	34	$	587	$	1,302	$	99,574	$	100,876

Recorded Investment and Unpaid Principal Balance for Impaired Loans with Associated Allowance

The following tables include the recorded investment and unpaid principal balance for impaired loans with the associated allowance amount, if applicable, as of March 31, 2017 and December 31, 2016. Also presented are the average recorded investment in impaired loans and the related amount of interest recognized while the loan was considered impaired. Average balances are calculated using month-end balances of the loans for the period reported and are included in the table below based on their period-end allowance position.

	March 31, 2017						December 31, 2016
	Recorded investment		Unpaid principal balance		Related allowance		Recorded investment		Unpaid principal balance		Related allowance
	(dollars in thousands)
Originated loans:
With no related allowance recorded:
Commercial, financial, agricultural and other	$	12,780	$	20,043			$	9,549	$	15,369
Real estate construction	—		—				—		—
Residential real estate	11,227		13,237				10,873		13,004
Commercial real estate	6,028		7,037				5,765		6,905
Loans to individuals	365		429				382		507
Subtotal	30,400		40,746				26,569		35,785
With an allowance recorded:
Commercial, financial, agricultural and other	13,929		20,124		$	2,466	13,423		19,226		$	2,530
Real estate construction	—		—		—		—		—		—
Residential real estate	366		418		146		424		475		164
Commercial real estate	1,101		1,101		376		810		810		434
Loans to individuals	—		—		—		—		—		—
Subtotal	15,396		21,643		2,988		14,657		20,511		3,128
Total	$	45,796	$	62,389	$	2,988	$	41,226	$	56,296	$	3,128

	March 31, 2017						December 31, 2016
	Recorded investment		Unpaid principal balance		Related allowance		Recorded investment		Unpaid principal balance		Related allowance
	(dollars in thousands)
Acquired loans
With no related allowance recorded:
Commercial, financial, agricultural and other	$	—	$	—			$	—	$	—
Real estate construction	—		—				—		—
Residential real estate	246		321				406		480
Commercial real estate	162		162				162		162
Loans to individuals	—		—				3		3
Subtotal	408		483				571		645
With an allowance recorded:
Commercial, financial, agricultural and other	—		—		$	—	—		—		$	—
Real estate construction	—		—		—		—		—		—
Residential real estate	65		65		29		16		16		16
Commercial real estate	—		—		—		—		—		—
Loans to individuals	—		—		—		—		—		—
Subtotal	65		65		29		16		16		16
Total	$	473	$	548	$	29	$	587	$	661	$	16

	For the Three Months Ended March 31,
	2017								2016
	Originated Loans				Acquired Loans				Originated Loans
	Average recorded investment		Interest income recognized		Average recorded investment		Interest income recognized		Average recorded investment		Interest income recognized
	(dollars in thousands)
With no related allowance recorded:
Commercial, financial, agricultural and other	$	12,034	$	38	$	—	$	—	$	17,298	$	152
Real estate construction	—		—		—		—		17		44
Residential real estate	11,422		74		241		—		10,724		47
Commercial real estate	5,949		54		162		—		7,658		38
Loans to individuals	338		2		—		—		480		1
Subtotal	29,743		168		403		—		36,177		282
With an allowance recorded:
Commercial, financial, agricultural and other	12,787		26		—		—		17,027		28
Real estate construction	—		—		—		—		—		—
Residential real estate	334		1		65		—		497		—
Commercial real estate	1,111		7		—		—		529		5
Loans to individuals	—		—		—		—		—		—
Subtotal	14,232		34		65		—		18,053		33
Total	$	43,975	$	202	$	468	$	—	$	54,230	$	315

Troubled Debt Restructured Loans and Commitments

The following table provides detail as to the total troubled debt restructured loans and total commitments outstanding on troubled debt restructured loans:

	March 31, 2017		December 31, 2016
	(dollars in thousands)
Troubled debt restructured loans
Accrual status	$	13,990	$	13,790
Nonaccrual status	10,482		11,569
Total	$	24,472	$	25,359
Commitments
Letters of credit	$	60	$	—
Unused lines of credit	160		358
Total	$	220	$	358

The following tables provide detail, including specific reserves and reasons for modification, related to loans identified as troubled debt restructurings:

	For the Three Months Ended March 31, 2017
		Type of Modification
	Number of Contracts	Extend Maturity		Modify Rate		Modify Payments		Total Pre-Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment		Specific Reserve
	(dollars in thousands)
Commercial, financial, agricultural and other	1	$	—	$	42	$	—	$	42	$	38	$	—
Residential real estate	7	129		101		306		536		504		—
Commercial real estate	2	179		—		16		195		193		—
Loans to individuals	3	—		14		30		44		43		—
Total	13	$	308	$	157	$	352	$	817	$	778	$	—

	For the Three Months Ended March 31, 2016
		Type of Modification
	Number of Contracts	Extend Maturity		Modify Rate		Modify Payments		Total Pre-Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment		Specific Reserve
	(dollars in thousands)
Commercial, financial, agricultural and other	2	$	—	$	3,769	$	—	$	3,769	$	3,749	$	—
Residential real estate	8	—		114		874		988		910		—
Commercial real estate	3	65		—		133		198		169		—
Loans to individuals	3	—		18		5		23		16		—
Total	16	$	65	$	3,901	$	1,012	$	4,978	$	4,844	$	—

Troubled Debt Restructuring Subsequent Default [Table Text Block]

A troubled debt restructuring is considered to be in default when a restructured loan is 90 days or more past due. The following table provides information related to restructured loans that were considered to be in default during the three months endedMarch 31:

	2017			2016
	Number of Contracts	Recorded Investment		Number of Contracts	Recorded Investment
	(dollars in thousands)
Residential real estate	—	$	—	2	$	70
Total	—	$	—	2	$	70

Allowance for Credit Losses

he following tables provide detail related to the allowance for credit losses:

	For the Three Months Ended March 31, 2017
	Commercial, financial, agricultural and other				Real estate construction			Residential real estate			Commercial real estate			Loans to individuals			Total
	(dollars in thousands)
Allowance for credit losses:
Originated loans:
Beginning balance	$	35,974			$	577		$	2,492		$	6,619		$	4,504		$	50,166
Charge-offs	(3,825		)		—			(465		)	(31		)	(1,198		)	(5,519		)
Recoveries	368				54			122			117			128			789
Provision (credit)	2,184				(17		)	265			(123		)	900			3,209
Ending balance	34,701				614			2,414			6,582			4,334			48,645
Acquired loans:
Beginning balance	—				—			19			—			—			19
Charge-offs	—				—			(8		)	—			(7		)	(15		)
Recoveries	—			—	—			6			—			1			7
Provision (credit)	—				—			14			—			6			20
Ending balance	—				—			31			—			—			31
Total ending balance	$	34,701			$	614		$	2,445		$	6,582		$	4,334		$	48,676
Ending balance: individually evaluated for impairment	$	2,466			$	—		$	175		$	376		$	—		$	3,017
Ending balance: collectively evaluated for impairment	32,235				614			2,270			6,206			4,334			45,659
Loans:
Ending balance	1,148,460				240,122			1,217,398			1,761,101			540,880			4,907,961
Ending balance: individually evaluated for impairment	26,260				—			6,287			5,819			—			38,366
Ending balance: collectively evaluated for impairment	1,122,200				240,122			1,211,111			1,755,282			540,880			4,869,595

	For the Three Months Ended March 31, 2016
	Commercial, financial, agricultural and other			Real estate construction			Residential real estate			Commercial real estate			Loans to individuals			Total
	(dollars in thousands)
Allowance for credit losses:
Beginning balance	$	31,035		$	887		$	2,606		$	11,924		$	4,360		$	50,812
Charge-offs	(1,392		)	—			(382		)	(265		)	(1,469		)	(3,508		)
Recoveries	134			223			118			756			161			1,392
Provision (credit)	11,944			(209		)	286			(6,932		)	1,437			6,526
Ending balance	$	41,721		$	901		$	2,628		$	5,483		$	4,489		$	55,222
Ending balance: individually evaluated for impairment	$	12,900		$	—		$	75		$	420		$	—		$	13,395
Ending balance: collectively evaluated for impairment	28,821			901			2,553			5,063			4,489			41,827
Loans:
Ending balance	1,190,384			256,856			1,212,962			1,552,904			585,649			4,798,755
Ending balance: individually evaluated for impairment	42,016			—			6,246			5,934			—			54,196
Ending balance: collectively evaluated for impairment	1,148,368			256,856			1,206,716			1,546,970			585,649			4,744,559

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Fair Values of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2017

Fair Value Disclosures [Abstract]

Fair Value Inputs, Assets, Quantitative Information

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)
Pooled Trust Preferred Securities	$	33,741		Discounted Cash Flow	Probability of default	0% - 100% (10.19%)
					Prepayment rates	0% - 72.53% (4.15%)
					Discount rates	5.25% - 12.00% (a)
Equities	1,670			Par Value	N/A	N/A
Impaired Loans	2,237		(b)	Reserve study	Discount rate	10.00%
					Gas per MCF	$2.07 - $2.79 (c)
					Oil per BBL/d	$56.05 - $57.65 (c)
	10,845		(b)	Discounted Cash Flow	Discount Rate	1.90% - 7.00%
Limited Partnership Investments	1,340			Par Value	N/A	N/A

(a) Incorporates spread over risk free rate related primarily to credit quality and illiquidity of securities.

(b) The remainder of impaired loans valued using Level 3 inputs are not included in this disclosure as the values of those loans are based on bankruptcy agreement documentation.

(c) Unobservable inputs are defined as follows: MCF - million cubic feet; 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:

	March 31, 2017
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities - Residential	$	—	$	16,018	$	—	$	16,018
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities - Residential	—		720,954		—		720,954
Mortgage-Backed Securities - Commercial	—		—		—		—
Other Government-Sponsored Enterprises	—		16,642		—		16,642
Obligations of States and Political Subdivisions	—		27,360		—		27,360
Corporate Securities	—		16,369		—		16,369
Pooled Trust Preferred Collateralized Debt Obligations	—		—		33,741		33,741
Total Debt Securities	—		797,343		33,741		831,084
Equities	—		—		1,670		1,670
Total Securities Available for Sale	—		797,343		35,411		832,754
Other Investments	—		38,669		—		38,669
Loans Held for Sale	—		9,588		—		9,588
Other Assets(a)	—		4,576		1,340		5,916
Total Assets	$	—	$	850,176	$	36,751	$	886,927
Other Liabilities(a)	$	—	$	5,039	$	—	$	5,039
Total Liabilities	$	—	$	5,039	$	—	$	5,039

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

	December 31, 2016
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities - Residential	$	—	$	16,617	$	—	$	16,617
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities - Residential	—		676,853		—		676,853
Mortgage-Backed Securities - Commercial	—		1		—		1
Other Government-Sponsored Enterprises	—		16,631		—		16,631
Obligations of States and Political Subdivisions	—		27,229		—		27,229
Corporate Securities	—		6,319		—		6,319
Pooled Trust Preferred Collateralized Debt Obligations	—		—		33,292		33,292
Total Debt Securities	—		743,650		33,292		776,942
Equities	—		—		1,670		1,670
Total Securities Available for Sale	—		743,650		34,962		778,612
Other Investments	—		36,498		—		36,498
Loans Held for Sale	—		7,052		—		7,052
Other Assets(a)	—		6,089		930		7,019
Total Assets	$	—	$	793,289	$	35,892	$	829,181
Other Liabilities(a)	$	—	$	5,972	$	—	$	5,972
Total Liabilities	$	—	$	5,972	$	—	$	5,972

(a) Hedging and non-hedging interest rate derivatives

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

For the three months endedMarch 31, changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows:

	2017
	Pooled Trust Preferred Collateralized Debt Obligations			Equities		Other Assets		Total
	(dollars in thousands)
Balance, beginning of period	$	33,292		$	1,670	$	930	$	35,892
Total gains or losses
Included in earnings	—			—		—		—
Included in other comprehensive income	497			—		—		497
Purchases, issuances, sales and settlements
Purchases	—			—		410		410
Issuances	—			—		—		—
Sales	—			—		—		—
Settlements	(48		)	—		—		(48		)
Transfers from Level 3	—			—		—		—
Transfers into Level 3	—			—		—		—
Balance, end of period	$	33,741		$	1,670	$	1,340	$	36,751

	2016
	Pooled Trust Preferred Collateralized Debt Obligations			Equities		Total
	(dollars in thousands)
Balance, beginning of period	$	35,658		$	2,170	$	37,828
Total gains or losses
Included in earnings	—			—		—
Included in other comprehensive income	(2,385		)	—		(2,385		)
Purchases, issuances, sales and settlements
Purchases	—			36		36
Issuances	—			—		—
Sales	—			—		—
Settlements	—			—		—
Transfers into Level 3	—			—		—
Balance, end of period	$	33,273		$	2,206	$	35,479

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:

	March 31, 2017
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Impaired loans	$	—	$	22,010	$	21,242	$	43,252
Other real estate owned	—		7,427		—		7,427
Total Assets	$	—	$	29,437	$	21,242	$	50,679

	December 31, 2016
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Impaired loans	$	—	$	18,679	$	19,990	$	38,669
Other real estate owned	—		7,566		—		7,566
Total Assets	$	—	$	26,245	$	19,990	$	46,235

Losses Realized on Assets Measured on Non-Recurring Basis

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

		For the Three Months Ended March 31,
		2017			2016
	(dollars in thousands)
Impaired loans		$	(1,460	)	$	(7,702	)
Other real estate owned		(31		)	(13		)
Total losses		$	(1,491	)	$	(7,715	)

Carrying Amounts and Fair Values of Financial Instruments

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

	March 31, 2017
			Fair Value Measurements Using:
	Carrying Amount		Total		Level 1		Level 2		Level 3
	(dollars in thousands)
Financial assets
Cash and due from banks	$	75,160	$	75,160	$	75,160	$	—	$	—
Interest-bearing deposits	47,944		47,944		47,944		—		—
Securities available for sale	832,754		832,754		—		797,343		35,411
Securities held to maturity	386,954		383,735		—		383,735		—
Other investments	38,669		38,669		—		38,669		—
Loans held for sale	9,588		9,588		—		9,588		—
Loans	4,907,961		4,890,426		—		22,010		4,868,416
Financial liabilities
Deposits	4,969,729		4,971,049		—		4,971,049		—
Short-term borrowings	961,601		961,449		—		961,449		—
Subordinated debt	72,167		63,964		—		—		63,964
Long-term debt	8,604		9,038		—		9,038		—

	December 31, 2016
			Fair Value Measurements Using:
	Carrying Amount		Total		Level 1		Level 2		Level 3
	(dollars in thousands)
Financial assets
Cash and due from banks	$	91,033	$	91,033	$	91,033	$	—	$	—
Interest-bearing deposits	24,644		24,644		24,644		—		—
Securities available for sale	778,612		778,612		—		743,650		34,962
Securities held to maturity	372,513		368,618		—		368,618		—
Other investments	36,498		36,498		—		36,498		—
Loans held for sale	7,052		7,052		—		7,052		—
Loans	4,879,347		4,878,254		—		18,679		4,859,575
Financial liabilities
Deposits	4,947,408		4,949,714		—		4,949,714		—
Short-term borrowings	867,943		867,667		—		867,667		—
Subordinated debt	72,167		65,656		—		—		65,656
Long-term debt	8,749		9,169		—		9,169		—

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Derivatives (Tables)

3 Months Ended

Mar. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Credit Value Adjustment Recorded Related to Notional Amount Of Derivatives Outstanding

The following table depicts the credit value adjustment recorded related to the notional amount of derivatives outstanding as well as the notional amount of risk participation agreements participated to other banks:

	March 31, 2017			December 31, 2016
	(dollars in thousands)
Derivatives not Designated as Hedging Instruments
Credit value adjustment	$	(316	)	$	(317	)
Notional amount:
Interest rate derivatives	342,898			345,102
Interest rate caps	—			14,762
Risk participation agreements	166,748			174,213
Sold credit protection on risk participation agreements	(40,021		)	(40,281		)
Derivatives Designated as Hedging Instruments
Interest rate swaps:
Fair value adjustment	73			(443		)
Notional amount	200,000			200,000
Interest rate forwards:
Fair value adjustment	(112		)	—
Notional amount	17,000			—
Foreign exchange forwards:
Fair value adjustment	38			(8		)
Notional amount	6,847			4,749

Schedule of Changes in Fair Value of Derivative Assets and Liabilities

The table below presents the amount representing the change in the fair value of derivative assets and derivative liabilities attributable to credit risk included in "Other income" on the Condensed Consolidated Statements of Income:

		For the Three Months Ended March 31,
		2017		2016
	(dollars in thousands)
Non-hedging interest rate derivatives
Increase (decrease) in other income		$	2	$	(1,014	)
Hedging interest rate derivatives
Increase in interest and fees on loans		249		430
Increase in other expense		78		15
Hedging interest rate forwards
Increase in other expense		112		—
Hedging foreign exchange forwards
Increase in other expense		2		3

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Supplemental Comprehensive Income Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Supplemental Comprehensive Income Disclosures [Abstract]
Unrealized holding gains on securities arising during the period	$ 2,543	$ 10,070
Reclassification adjustment for gains on securities included in net income	(652)	0
Total unrealized gains on securities	1,891	10,070
Unrealized holding (losses) gains on derivatives arising during the period	(516)	1,735
Unrealized holding gains on securities arising during the period	(890)	(3,524)
Reclassification adjustment for gains on derivatives included in net income, before Tax	78	(15)
Total unrealized gain on derivatives	(438)	1,720
Reclassification adjustment for gains on securities included in net income	228	0
Total other comprehensive (loss) income	1,453	11,790
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax	(662)	(3,524)
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax	181	(607)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax	(28)	5
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax, Total	153	(602)
Other Comprehensive Income (Loss), Tax	(509)	(4,126)
Other comprehensive income (loss) before reclassification adjustment	1,653	6,546
Total unrealized (losses) gains on securities	1,229	6,546
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax	(335)	1,128
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax	(50)	10
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Total	(285)	1,118
Total other comprehensive (loss) income	944	7,664
Reclassification adjustment for gains on securities included in net income	$ 424	$ 0

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Supplemental Comprehensive Income Disclosures (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Beginning Balance	$ (7,027)	$ (2,386)
Other comprehensive income (loss) before reclassification adjustment	1,653	6,546
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax	(335)	1,128
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	1,318	7,674
Amounts reclassified from accumulated other comprehensive income (loss)	(374)	(10)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax	(50)	10
Total other comprehensive (loss) income	944	7,664
Accumulated Other Comprehensive Income (Loss), Ending Balance	(6,083)	5,278
Accumulated Net Unrealized Investment Gain (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Beginning Balance	(7,455)	(2,956)
Other comprehensive income (loss) before reclassification adjustment	1,653	6,546
Amounts reclassified from accumulated other comprehensive income (loss)	(424)	0
Total other comprehensive (loss) income	1,229	6,546
Accumulated Other Comprehensive Income (Loss), Ending Balance	(6,226)	3,590
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Beginning Balance	225	10
Other comprehensive income (loss) before reclassification adjustment	0	0
Amounts reclassified from accumulated other comprehensive income (loss)	0	0
Total other comprehensive (loss) income	0	0
Accumulated Other Comprehensive Income (Loss), Ending Balance	225	10
Derivative [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Beginning Balance	203	560
Total other comprehensive (loss) income	(285)	1,118
Accumulated Other Comprehensive Income (Loss), Ending Balance	(82)	1,678
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive (loss) income	$ 944	$ 7,664

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Supplemental Cash Flow Disclosures - Non-cash Investing and Financing Activities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash paid during the period for:
Interest	$ 3,832	$ 4,674
Income Taxes Paid, Net	1,039	1,000
Non-cash investing and financing activities:
Loans Transferred to Other Real Estate Owned and Repossessions	958	1,355
Fair value of loans transferred from held to maturity to held for sale	3,613	0
Gross increase in market value adjustment to securities available for sale	1,892	10,070
Gross (decrease) increase in market value adjustment to securities derivatives	(438)	1,720
Investments committed to purchase not settled	498	600
Stock Issued	$ 2,258	$ 0

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Earnings per Share - Composition of Weighted-Average Common Shares (Denominator) Used in Basic and Diluted Earnings Per Share (Detail) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Weighted Average Number of Shares Issued, Basic	105,563,455	105,563,455
Average treasury shares (in shares)	(16,527,204)	(16,623,094)
Average unearned nonvested shares	(106,359)	(100,273)
Weighted average common shares and common stock equivalents used to calculate basic earnings per share (in shares)	88,929,892	88,840,088
Additional common stock equivalents (nonvested stock) used to calculate diluted earnings per share	57,779	5,113
Weighted average common shares and common stock equivalents used to calculate diluted earnings per share (in shares)	88,987,671	88,845,201

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Earnings per Share - Common Stock Equivalents Not Included in Computation of Diluted Earnings Per Share (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	13,750	88,508
Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	24,375	0
Minimum [Member] | Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Net Income, Per Outstanding Unit, Amount	$ 13.96	$ 7.21
Minimum [Member] | Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Net Income, Per Outstanding Unit, Amount	15.09	0.00
Maximum [Member] | Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Net Income, Per Outstanding Unit, Amount	13.96	9.84
Maximum [Member] | Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Net Income, Per Outstanding Unit, Amount	$ 15.09	$ 0.00

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Commitments and Contingent Liabilities - Notional Amount of Outstanding Commitments (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Commitments to extend credit [Member]
Loss Contingencies [Line Items]
Financial instrument of credit risk	$ 1,687,588	$ 1,733,820
Financial standby letters of credit [Member]
Loss Contingencies [Line Items]
Financial instrument of credit risk	16,894	18,108
Performance standby letters of credit [Member]
Loss Contingencies [Line Items]
Financial instrument of credit risk	27,169	26,630
Commercial letters of credit [Member]
Loss Contingencies [Line Items]
Financial instrument of credit risk	$ 1,142	$ 1,301

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Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Loss Contingencies [Line Items]
Notional Amount Of Performance Standby Letters Of Credit	$ 100,000
Notional Amount Of Commercial Letters Of Credit	0
Notional Amount Of Financial Standby Letters Of Credit	700,000
Financial instrument of credit risk	100,000	$ 200,000
Unfunded commitment liability	3,900,000	$ 4,100,000
Minimum [Member]
Loss Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss	0
Maximum [Member]
Loss Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss	$ 7,000,000

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Investment Securities - Analysis of Amortized Cost and Estimated Fair Values of Securities Available for Sale (Detail) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016
Investment Securities [Line Items]
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis		$ 3,300
Amortized Cost		842,333	$ 790,082
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax		7,242	7,076
Gross Unrealized Losses		(16,821)	(18,546)
Securities available for sale, at fair value		832,754	778,612
Due within one year, Estimated Fair Value		3,294
Due after one but within five years, Amortized Cost		27,386
Due after one but within five years, Estimated Fair Value		27,361
Due after five but within ten years, Amortized Cost		27,077
Due after five but within ten years, Estimated Fair Value		27,360
Due after ten years, Amortized Cost		42,075
Due after ten years, Estimated Fair Value		36,097
Due within one year, Amortized Cost		99,838
Available-for-sale Securities, Debt Maturities, Single Maturity Date		94,112
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost Basis	[1]	740,825
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value	[1]	736,972
US Government Agencies Residential Mortgage-backed Securities [Member]
Investment Securities [Line Items]
Amortized Cost		14,600
Securities available for sale, at fair value		16,018	16,617
Residential Mortgage Backed Securities [Member]
Investment Securities [Line Items]
Securities available for sale, at fair value		720,954	676,853
Obligations of U.S. Government-Sponsored Enterprises - Mortgage-Backed Securities - Commercial [Member]
Investment Securities [Line Items]
Securities available for sale, at fair value		0	1
Obligations of U.S. Government-Sponsored Enterprises - Other Government-Sponsored Enterprises [Member]
Investment Securities [Line Items]
Securities available for sale, at fair value		16,642	16,631
Obligations of States and Political Subdivisions [Member]
Investment Securities [Line Items]
Securities available for sale, at fair value		27,360	27,229
Corporate Debt Securities [Member]
Investment Securities [Line Items]
Securities available for sale, at fair value		16,369	6,319
Pooled Trust Preferred Collateralized Debt Obligations [Member]
Investment Securities [Line Items]
Securities available for sale, at fair value		33,741	33,292
Debt Securities [Member]
Investment Securities [Line Items]
Amortized Cost		840,663
Securities available for sale, at fair value		831,084
Equity Securities [Member]
Investment Securities [Line Items]
Amortized Cost		1,670	1,670
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax		0	0
Gross Unrealized Losses		0	0
Securities available for sale, at fair value		1,670	1,670
Debt Securities [Member]
Investment Securities [Line Items]
Amortized Cost		840,663	788,412
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax		7,242	7,076
Gross Unrealized Losses		(16,821)	(18,546)
Securities available for sale, at fair value		831,084	776,942
Pooled Trust Preferred Collateralized Debt Obligations [Member]
Investment Securities [Line Items]
Amortized Cost		40,165	39,989
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax		530	427
Gross Unrealized Losses		(6,954)	(7,124)
Securities available for sale, at fair value		33,741	33,292
Corporate Debt Securities [Member]
Investment Securities [Line Items]
Amortized Cost		15,896	5,903
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax		476	416
Gross Unrealized Losses		(3)	0
Securities available for sale, at fair value		16,369	6,319
Obligations of States and Political Subdivisions [Member]
Investment Securities [Line Items]
Amortized Cost		27,077	27,075
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax		283	195
Gross Unrealized Losses		0	(41)
Securities available for sale, at fair value		27,360	27,229
Obligations of U.S. Government-Sponsored Enterprises - Other Government-Sponsored Enterprises [Member]
Investment Securities [Line Items]
Amortized Cost		16,700	16,700
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax		0	0
Gross Unrealized Losses		(58)	(69)
Securities available for sale, at fair value		16,642	16,631
Obligations of U.S. Government-Sponsored Enterprises - Mortgage-Backed Securities - Commercial [Member]
Investment Securities [Line Items]
Amortized Cost		0	1
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax		0	0
Gross Unrealized Losses		0	0
Securities available for sale, at fair value		0	1
Residential Mortgage Backed Securities [Member]
Investment Securities [Line Items]
Amortized Cost		726,240	683,601
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax		4,513	4,557
Gross Unrealized Losses		(9,799)	(11,305)
Securities available for sale, at fair value		720,954	676,853
US Government Agencies Residential Mortgage-backed Securities [Member]
Investment Securities [Line Items]
Amortized Cost		14,585	15,143
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax		1,440	1,481
Gross Unrealized Losses		(7)	(7)
Securities available for sale, at fair value		$ 16,018	$ 16,617

[1] Mortgage-Backed Securities include an amortized cost of $14.6 million and a fair value of $16.0 million for Obligations of U.S.

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Investment Securities - Amortized Cost and Estimated Fair Value of Debt Securities Available for Sale (Detail) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016
Net Investment Income [Line Items]
Available-for-sale Securities, Debt Maturities, Single Maturity Date		$ 94,112
Due after five but within ten years, Amortized Cost		27,077
Due after one but within five years, Amortized Cost		27,386
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost Basis	[1]	740,825
Due within one year, Amortized Cost		99,838
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis		3,300
Due after ten years, Amortized Cost		42,075
Corporate/Mortgage-Backed Securities, Amortized cost	[1]	736,972
Amortized Cost		842,333	$ 790,082
Due within one year, Estimated Fair Value		3,294
Due after one but within five years, Estimated Fair Value		27,361
Due after five but within ten years, Estimated Fair Value		27,360
Due after ten years, Estimated Fair Value		36,097
Total Debt Securities, Estimated Fair Value		832,754	778,612
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax		7,242	7,076
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax		16,821	18,546
US Government Agencies Debt Securities [Member]
Net Investment Income [Line Items]
Amortized Cost		14,585	15,143
Total Debt Securities, Estimated Fair Value		16,018	16,617
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax		1,440	1,481
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax		7	7
Debt Securities [Member]
Net Investment Income [Line Items]
Amortized Cost		840,663	788,412
Total Debt Securities, Estimated Fair Value		831,084	776,942
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax		7,242	7,076
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax		16,821	18,546
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]
Net Investment Income [Line Items]
Amortized Cost		726,200
Total Debt Securities, Estimated Fair Value		721,000
Debt Securities [Member]
Net Investment Income [Line Items]
Amortized Cost		840,663
Total Debt Securities, Estimated Fair Value		831,084
Pooled Trust Preferred Collateralized Debt Obligations [Member]
Net Investment Income [Line Items]
Total Debt Securities, Estimated Fair Value		33,741	33,292
Corporate Debt Securities [Member]
Net Investment Income [Line Items]
Total Debt Securities, Estimated Fair Value		16,369	6,319
Obligations of States and Political Subdivisions [Member]
Net Investment Income [Line Items]
Total Debt Securities, Estimated Fair Value		27,360	27,229
Obligations of U.S. Government-Sponsored Enterprises - Other Government-Sponsored Enterprises [Member]
Net Investment Income [Line Items]
Total Debt Securities, Estimated Fair Value		16,642	16,631
Obligations of U.S. Government-Sponsored Enterprises - Mortgage-Backed Securities - Commercial [Member]
Net Investment Income [Line Items]
Total Debt Securities, Estimated Fair Value		0	1
Residential Mortgage Backed Securities [Member]
Net Investment Income [Line Items]
Total Debt Securities, Estimated Fair Value		720,954	676,853
US Government Agencies Debt Securities [Member]
Net Investment Income [Line Items]
Amortized Cost		14,600
Total Debt Securities, Estimated Fair Value		$ 16,018	$ 16,617

[1] Mortgage-Backed Securities include an amortized cost of $14.6 million and a fair value of $16.0 million for Obligations of U.S.

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Investment Securities - Amortized Cost and Estimated Fair Value of Debt Securities Available for Sale (Detail) (1) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Investment Securities [Line Items]
Amortized Cost	$ 842,333	$ 790,082
Securities available for sale, at fair value	832,754	778,612
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax	7,242	7,076
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax	16,821	18,546
Obligations of U.S. Government-Sponsored Enterprises - Other Government-Sponsored Enterprises [Member]
Investment Securities [Line Items]
Amortized Cost	16,700	16,700
Securities available for sale, at fair value	16,642	16,631
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax	0	0
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax	58	69
US Government Agencies Residential Mortgage-backed Securities [Member]
Investment Securities [Line Items]
Amortized Cost	14,600
Securities available for sale, at fair value	16,018	$ 16,617
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]
Investment Securities [Line Items]
Amortized Cost	726,200
Securities available for sale, at fair value	721,000
Debt Securities [Member]
Investment Securities [Line Items]
Amortized Cost	840,663
Securities available for sale, at fair value	$ 831,084

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Investment Securities - Proceeds from Sale, Gross Gains (Losses) Realized on Sales, Maturities and Other-Than-Temporary Impairment Charges Related to Securities Available for Sale (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Proceeds from Sale of Available-for-sale Securities	$ 0	$ 0
Sales Transactions:
Gross gains	0	0
Gross losses	0	0
Available-for-sale Securities, Gross Realized Gain (Loss), Excluding Other than Temporary Impairments	0	0
Maturities and impairment
Gross Gains	652	0
Gross Losses	0	0
Other Than Temporary Impairment	0	0
Gain Losses Maturities And Impairment	652	0
Net gains and impairment	$ 652	$ 0

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Investment Securities - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Held-to-maturity Securities Pledged as Collateral	$ 217,800		$ 119,200
Proceeds from Sale of Available-for-sale Securities	0	$ 0
Available-for-sale securities pledged as collateral	$ 438,400		$ 445,800

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Investment Securities Schedule of Held-to-Maturity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Schedule of Held-to-maturity Securities [Line Items]
Due within 1 year	$ 0
Held-to-maturity Securities, Debt Maturities, Next Twelve Months, Fair Value	0
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain	220	$ 60
Held-to-maturity Securities	386,954	372,513
Securities held to maturity, fair value	383,735	$ 368,618
Due after 1 but within 5 years	2,824
Due after 5 but within 10 years	32,379
Held-to-maturity Securities, Debt Maturities, Year Six Through Ten, Fair Value	32,173
Held-to-maturity Securities, Debt Maturities, Year Two Through Five, Fair Value	2,831
Due after 10 years	4,131
Held-to-maturity Securities, Debt Maturities, after Ten Years, Fair Value	4,022
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis	39,334
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Fair Value	39,026
Held-to-maturity Securities, Debt Maturities, without Single Maturity Date, Net Carrying Amount	347,620
Held-to-maturity Securities, Debt Maturities, without Single Maturity Date, Fair Value	344,709
US Government Agencies Residential Mortgage-backed Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity Securities	38,500
Securities held to maturity, fair value	37,700
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity Securities	309,200
Securities held to maturity, fair value	$ 307,000

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Investment Securities Held to Maturity Securities by Type (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity Securities	$ 386,954	$ 372,513
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain	220	60
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss	(3,439)	(3,955)
Securities held to maturity, fair value	383,735	368,618
US Government Agencies Residential Mortgage-backed Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity Securities	4,266	4,297
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain	0	0
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss	(19)	(4)
Securities held to maturity, fair value	4,247	4,293
US Government Agency Debt Securities Commercial [Domain]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity Securities	34,194	34,444
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain	0	0
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss	(700)	(561)
Securities held to maturity, fair value	33,494	33,883
Residential Mortgage Backed Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity Securities	294,624	280,430
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain	83	5
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss	(2,224)	(2,527)
Securities held to maturity, fair value	292,483	277,908
Obligations of U.S. Government-Sponsored Enterprises - Mortgage-Backed Securities - Commercial [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity Securities	14,536	14,675
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain	0	0
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss	(51)	(142)
Securities held to maturity, fair value	14,485	14,533
Obligations of States and Political Subdivisions [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity Securities	39,134	38,667
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain	137	55
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss	(443)	(721)
Securities held to maturity, fair value	38,828	38,001
Foreign Government Debt Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity Securities	200	0
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain	0	0
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss	(2)	0
Securities held to maturity, fair value	$ 198	$ 0

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Other Investments - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Other Investments Disclosure [Abstract]
Other investments	$ 38,669	$ 36,498

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Impairment of Investment Securities - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017 USD ($) Security Bank	Mar. 31, 2016 USD ($)	Dec. 31, 2016 USD ($)
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other than temporary impairment charges recognized	$ 0	$ 0
Amortized Cost	842,333,000		$ 790,082,000
Securities available for sale, at fair value	$ 832,754,000		778,612,000
Number of banks and other financial institutions comprising the security | Bank	257
Number Of Pooled Securities with No Senior Class | Security	2
Number of securities with no excess subordination | Security	2
Number of Securities with Excess Subordination | Security	6
Coupon rate	7.00%
Probability of default	100.00%
Projected recovery rate	0.00%
Probability percentage assigned to default bank subject to market indicators	10.00%
Probability percentage assigned to default bank	100.00%
Federal Home Loan Bank Stock	$ 38,669,000		36,498,000
Investment Securities in Unrealized Loss Position, Qualitative Disclosure, Number of Positions, Total	116
Minimum [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Subordinated tranches range	7.00%
Total principal amount of the respective securities	5.00%
Excess subordination as a percentage of current performing collateral	2.00%
Probabilities for performing collateral range	0.33%
Excess present value of future cash flows over our current book value	19.00%
Maximum [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Subordinated tranches range	35.00%
Excess subordination as a percentage of current performing collateral	85.00%
Probabilities for performing collateral range	75.00%
Excess present value of future cash flows over our current book value	115.00%
Pooled Trust Preferred Collateralized Debt Obligations [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Percent of Unrealized Losses	34.00%
Securities available for sale, at fair value	$ 33,741,000		33,292,000
Trust preferred collateralized debt obligations [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other than temporary impairment charges recognized	$ 0	0
Percentage of Current Performing Collateral	0.00%
Corporate Debt Securities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Securities available for sale, at fair value	$ 16,369,000		6,319,000
Pooled Trust Preferred Securities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other than temporary impairment charges recognized	0	0
Equity Securities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other than temporary impairment charges recognized	0	$ 0
Continuous Unrealized Loss Position, Fair Value	0		0
Asset Size and Coupon Rate 1 [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Collateral issued by financial institutions	$ 15,000,000,000
Coupon rate	7.00%
Prepayment rate	100.00%
Asset Size and Coupon Rate 2 [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Coupon rate	7.00%
Fair Value Inputs , Prepayment Rate Year One and Two	40.00%
Fair Value Inputs , Prepayment Rate After Year Two	2.00%
Asset Size and Coupon Rate 3 [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Prepayment rate	5.00%
Asset Size and Coupon Rate 3 [Member] | Minimum [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Collateral issued by financial institutions	$ 2,000,000,000
Asset Size and Coupon Rate 3 [Member] | Maximum [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Collateral issued by financial institutions	15,000,000,000
Asset Size and Coupon Rate 4 [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Collateral issued by financial institutions	$ 2,000,000,000
Coupon rate	10.00%
Prepayment rate	5.00%
Asset Size and Coupon Rate 5 [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Prepayment rate	0.00%
Obligations of U.S. Government-Sponsored Enterprises - Other Government-Sponsored Enterprises [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Percent of Unrealized Losses	60.00%
Reported Value Measurement [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Securities available for sale, at fair value	$ 832,754,000		$ 778,612,000
Federal Home Loan Bank Stock	$ 38,669,000

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Impairment of Investment Securities - Schedule of Unrealized Losses and Estimated Fair Values (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Schedule of Trading Securities and Other Trading Assets [Line Items]
Investment Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	$ 787,398	$ 773,932
Investment Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(11,298)	(13,175)
Investment Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	95,465	85,152
Investment Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(8,962)	(9,326)
Investment Securities, Continuous Unrealized Loss Position, Fair Value, Total	882,863	859,084
Investment Securities, Continuous Unrealized Loss Position, Accumulated Loss	(20,260)	(22,501)
US Government Agencies Residential Mortgage-backed Securities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Investment Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	6,014	4,898
Investment Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(26)	(11)
Investment Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	0	0
Investment Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0	0
Investment Securities, Continuous Unrealized Loss Position, Fair Value, Total	6,014	4,898
Investment Securities, Continuous Unrealized Loss Position, Accumulated Loss	(26)	(11)
US Government Agency Debt Securities Commercial [Domain]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Investment Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	33,494	33,883
Investment Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(700)	(561)
Investment Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	0	0
Investment Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0	0
Investment Securities, Continuous Unrealized Loss Position, Fair Value, Total	33,494	33,883
Investment Securities, Continuous Unrealized Loss Position, Accumulated Loss	(700)	(561)
Residential Mortgage Backed Securities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Investment Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	689,399	670,708
Investment Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(10,015)	(11,630)
Investment Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	66,191	56,200
Investment Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(2,008)	(2,202)
Investment Securities, Continuous Unrealized Loss Position, Fair Value, Total	755,590	726,908
Investment Securities, Continuous Unrealized Loss Position, Accumulated Loss	(12,023)	(13,832)
Obligations of U.S. Government-Sponsored Enterprises - Mortgage-Backed Securities - Commercial [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Investment Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	14,485	14,534
Investment Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(51)	142
Investment Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	0	0
Investment Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0	0
Investment Securities, Continuous Unrealized Loss Position, Fair Value, Total	14,485	14,534
Investment Securities, Continuous Unrealized Loss Position, Accumulated Loss	(51)	142
Obligations of U.S. Government-Sponsored Enterprises - Other Government-Sponsored Enterprises [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Investment Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	16,642	16,632
Investment Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(58)	(69)
Investment Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	0	0
Investment Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0	0
Investment Securities, Continuous Unrealized Loss Position, Fair Value, Total	16,642	16,632
Investment Securities, Continuous Unrealized Loss Position, Accumulated Loss	(58)	(69)
Obligations of States and Political Subdivisions [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Investment Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	22,180	33,277
Investment Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(443)	(762)
Investment Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	0	0
Investment Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0	0
Investment Securities, Continuous Unrealized Loss Position, Fair Value, Total	22,180	33,277
Investment Securities, Continuous Unrealized Loss Position, Accumulated Loss	(443)	(762)
Foreign Government Debt Securities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Investment Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	198
Investment Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(2)
Investment Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	0
Investment Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0
Investment Securities, Continuous Unrealized Loss Position, Fair Value, Total	198
Investment Securities, Continuous Unrealized Loss Position, Accumulated Loss	(2)
Corporate Securities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Investment Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	4,986
Investment Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(3)
Investment Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	0
Investment Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0
Investment Securities, Continuous Unrealized Loss Position, Fair Value, Total	4,986
Investment Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ (3)
Pooled Trust Preferred Collateralized Debt Obligations [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Percent of Unrealized Losses	34.00%
Investment Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	$ 0	0
Investment Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	0	0
Investment Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	29,274	28,952
Investment Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(6,954)	(7,124)
Investment Securities, Continuous Unrealized Loss Position, Fair Value, Total	29,274	28,952
Investment Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ (6,954)	$ (7,124)

XML

Impairment of Investment Securities - Pooled Trust Preferred Collateralized Debt Obligations (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2017 USD ($) Bank	Dec. 31, 2016 USD ($)
Impairment Of Investment Securities [Line Items]
Securities available for sale, at fair value	$ 832,754	$ 778,612
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax	7,242	7,076
Unrealized Gain (Loss)	16,821	$ 18,546
Pooled Trust Preferred Collateralized Debt Obligations [Member]
Impairment Of Investment Securities [Line Items]
Book Value	40,165
Securities available for sale, at fair value	33,741
Unrealized Gain (Loss)	6,424
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Mezzanine [Member] | Pre TSL IV [Member]
Impairment Of Investment Securities [Line Items]
Book Value	1,827
Securities available for sale, at fair value	1,366
Unrealized Gain (Loss)	$ 461
Debt Instrument, Credit Rating	B1/BB
Number of Banks (in banks) | Bank	6
Deferrals and Defaults as a % of Current Collateral	18.05%
Excess Subordination as a % of Current Performing Collateral	61.36%
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Mezzanine [Member] | Pre TSL VIII [Member]
Impairment Of Investment Securities [Line Items]
Book Value	$ 1,955
Securities available for sale, at fair value	2,142
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax	$ 187
Debt Instrument, Credit Rating	C/C
Number of Banks (in banks) | Bank	27
Deferrals and Defaults as a % of Current Collateral	40.34%
Excess Subordination as a % of Current Performing Collateral	0.00%
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Mezzanine [Member] | Pre TSL IX [Member]
Impairment Of Investment Securities [Line Items]
Book Value	$ 2,421
Securities available for sale, at fair value	1,971
Unrealized Gain (Loss)	$ 450
Debt Instrument, Credit Rating	B1/C
Number of Banks (in banks) | Bank	37
Deferrals and Defaults as a % of Current Collateral	27.83%
Excess Subordination as a % of Current Performing Collateral	10.19%
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Mezzanine [Member] | Pre TSL X [Member]
Impairment Of Investment Securities [Line Items]
Book Value	$ 1,769
Securities available for sale, at fair value	2,024
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax	$ 255
Debt Instrument, Credit Rating	Caa1/C
Number of Banks (in banks) | Bank	42
Deferrals and Defaults as a % of Current Collateral	30.10%
Excess Subordination as a % of Current Performing Collateral	2.11%
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Mezzanine [Member] | Pre TSL XII [Member]
Impairment Of Investment Securities [Line Items]
Book Value	$ 5,940
Securities available for sale, at fair value	4,903
Unrealized Gain (Loss)	$ 1,037
Debt Instrument, Credit Rating	B3/C
Number of Banks (in banks) | Bank	64
Deferrals and Defaults as a % of Current Collateral	24.09%
Excess Subordination as a % of Current Performing Collateral	0.00%
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Mezzanine [Member] | Pre TSL XIII [Member]
Impairment Of Investment Securities [Line Items]
Book Value	$ 13,010
Securities available for sale, at fair value	11,009
Unrealized Gain (Loss)	$ 2,001
Debt Instrument, Credit Rating	Ba3/CCC
Number of Banks (in banks) | Bank	53
Deferrals and Defaults as a % of Current Collateral	10.01%
Excess Subordination as a % of Current Performing Collateral	55.04%
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Mezzanine [Member] | Pre TSL XIV [Member]
Impairment Of Investment Securities [Line Items]
Book Value	$ 13,030
Securities available for sale, at fair value	10,025
Unrealized Gain (Loss)	$ 3,005
Debt Instrument, Credit Rating	Ba2/CCC
Number of Banks (in banks) | Bank	52
Deferrals and Defaults as a % of Current Collateral	12.87%
Excess Subordination as a % of Current Performing Collateral	38.83%
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Mezzanine [Member] | MMCap I [Member]
Impairment Of Investment Securities [Line Items]
Book Value	$ 213
Securities available for sale, at fair value	301
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax	$ 88
Debt Instrument, Credit Rating	Ca/C
Number of Banks (in banks) | Bank	8
Deferrals and Defaults as a % of Current Collateral	58.11%
Excess Subordination as a % of Current Performing Collateral	85.00%

XML

Impairment of Investment Securities - Cumulative Roll Forward of Credit Losses Recognized in Earnings for Debt Securities Held and Not Intended to be Sold (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Impairment of Investment Securities Disclosure [Abstract]
Balance, beginning (a)	[1]	$ 17,056	$ 24,851
Credit losses on debt securities for which other-than-temporary impairment was not previously recognized		0	0
Additional credit losses on debt securities for which other-than-temporary impairment was previously recognized		0	0
Balance, ending		16,828	24,590
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Cash Flows		0	0
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Period Increase (Decrease)		$ 228	$ 261

[1] The beginning balance represents credit related losses included in other-than-temporary impairment charges recognized on debt securities in prior periods.

XML

Loans and Allowance for Credit Losses - Outstanding Balances of Loan (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income	$ 4,907,961	$ 4,879,347	$ 4,798,755
Commercial, financial, agricultural and other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income		1,139,547
Real estate construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income		219,621
Residential real estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income		1,229,192
Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income		1,742,210
Loans to individuals [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income		548,777
Originated Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income	4,813,275	4,778,471
Originated Loans [Member] | Commercial, financial, agricultural and other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income	1,140,702	1,131,148
Originated Loans [Member] | Real estate construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income	239,983	217,840
Originated Loans [Member] | Residential real estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income	1,157,236	1,165,851
Originated Loans [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income	1,736,363	1,717,043
Originated Loans [Member] | Loans to individuals [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income	538,991	546,589
Acquired Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income	94,686	100,876
Acquired Loans [Member] | Commercial, financial, agricultural and other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income	7,758	8,399
Acquired Loans [Member] | Real estate construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income	139	1,781
Acquired Loans [Member] | Residential real estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income	60,162	63,341
Acquired Loans [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income	24,738	25,167
Acquired Loans [Member] | Loans to individuals [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income	$ 1,889	$ 2,188

XML

Loans and Allowance for Credit Losses - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non Accrual Status Of Loans After Number Of Days Past Due	90 days
Default Status Of TDRs After Number Of Days Past Due	90 days
Charge-offs		$ 3,508,000
Unfunded commitments related to nonperforming loans	$ 200,000		$ 1,800,000
Off balance sheet reserve to nonperforming loans	100,000		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales	0	0
Total gains or losses included in earnings	$ 0	0
Loans to individuals [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non Accrual Status Of Loans After Number Of Days Past Due	150 days
Impaired Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans with modifications to rate and payment due to reamortization	$ 200,000	3,900,000
Nonaccrual Commercial Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Held for sale, Amount	3,600,000		$ 0
Loans and Leases Receivable, Gain (Loss) on Sales, Net		$ 0
Non Accrual Loans [Member] | Steel and Aluminum Servicing Company [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual	7,400,000
Non Accrual Loans [Member] | Coal Industry Manufacturer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual	3,600,000
Non Accrual Loans [Member] | Industrial Manufacturer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual	3,000,000
Non Accrual Loans [Member] | Local Energy Company [Member] [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual	3,200,000
2012 Troubled Debt Restructuring [Member] | Non Accrual Loans [Member] | Local Energy Company [Member] [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual	1,000,000
2014 Troubled Debt Restructuring [Member] | Non Accrual Loans [Member] | Local Energy Company [Member] [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual	$ 2,200,000

XML

Loans and Allowance for Credit Losses - Credit Risk Profile by Creditworthiness (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Originated Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	$ 4,813,275	$ 4,778,471
Originated Loans [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	4,685,496	4,646,456
Originated Loans [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	40,074	41,181
Originated Loans [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	80,285	90,834
Originated Loans [Member] | Doubtful [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	7,420	0
Originated Loans [Member] | Criticized [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	127,779	132,015
Originated Loans [Member] | Commercial, financial, agricultural and other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	1,140,702	1,131,148
Originated Loans [Member] | Commercial, financial, agricultural and other [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	1,049,152	1,038,844
Originated Loans [Member] | Commercial, financial, agricultural and other [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	31,026	27,387
Originated Loans [Member] | Commercial, financial, agricultural and other [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	53,104	64,917
Originated Loans [Member] | Commercial, financial, agricultural and other [Member] | Doubtful [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	7,420	0
Originated Loans [Member] | Commercial, financial, agricultural and other [Member] | Criticized [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	91,550	92,304
Originated Loans [Member] | Real estate construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	239,983	217,840
Originated Loans [Member] | Real estate construction [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	239,983	217,565
Originated Loans [Member] | Real estate construction [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	0	275
Originated Loans [Member] | Real estate construction [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	0	0
Originated Loans [Member] | Real estate construction [Member] | Doubtful [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	0	0
Originated Loans [Member] | Real estate construction [Member] | Criticized [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	0	275
Originated Loans [Member] | Residential real estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	1,157,236	1,165,851
Originated Loans [Member] | Residential real estate [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	1,143,535	1,152,511
Originated Loans [Member] | Residential real estate [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	3,373	5,923
Originated Loans [Member] | Residential real estate [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	10,328	7,417
Originated Loans [Member] | Residential real estate [Member] | Doubtful [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	0	0
Originated Loans [Member] | Residential real estate [Member] | Criticized [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	13,701	13,340
Originated Loans [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	1,736,363	1,717,043
Originated Loans [Member] | Commercial Real Estate [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	1,714,061	1,691,220
Originated Loans [Member] | Commercial Real Estate [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	5,675	7,596
Originated Loans [Member] | Commercial Real Estate [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	16,627	18,227
Originated Loans [Member] | Commercial Real Estate [Member] | Doubtful [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	0	0
Originated Loans [Member] | Commercial Real Estate [Member] | Criticized [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	22,302	25,823
Originated Loans [Member] | Loans to individuals [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	538,991	546,589
Originated Loans [Member] | Loans to individuals [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	538,765	546,316
Originated Loans [Member] | Loans to individuals [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	0	0
Originated Loans [Member] | Loans to individuals [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	226	273
Originated Loans [Member] | Loans to individuals [Member] | Doubtful [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	0	0
Originated Loans [Member] | Loans to individuals [Member] | Criticized [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	226	273
Acquired Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	94,686	100,876
Acquired Loans [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	92,487	98,519
Acquired Loans [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	477	486
Acquired Loans [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	1,722	1,871
Acquired Loans [Member] | Doubtful [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	0	0
Acquired Loans [Member] | Criticized [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	2,199	2,357
Acquired Loans [Member] | Commercial, financial, agricultural and other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	7,758	8,399
Acquired Loans [Member] | Commercial, financial, agricultural and other [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	6,972	7,591
Acquired Loans [Member] | Commercial, financial, agricultural and other [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	477	486
Acquired Loans [Member] | Commercial, financial, agricultural and other [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	309	322
Acquired Loans [Member] | Commercial, financial, agricultural and other [Member] | Doubtful [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	0	0
Acquired Loans [Member] | Commercial, financial, agricultural and other [Member] | Criticized [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	786	808
Acquired Loans [Member] | Real estate construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	139	1,781
Acquired Loans [Member] | Real estate construction [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	139	1,781
Acquired Loans [Member] | Real estate construction [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	0	0
Acquired Loans [Member] | Real estate construction [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	0	0
Acquired Loans [Member] | Real estate construction [Member] | Doubtful [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	0	0
Acquired Loans [Member] | Real estate construction [Member] | Criticized [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	0	0
Acquired Loans [Member] | Residential real estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	60,162	63,341
Acquired Loans [Member] | Residential real estate [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	59,864	62,919
Acquired Loans [Member] | Residential real estate [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	0	0
Acquired Loans [Member] | Residential real estate [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	298	422
Acquired Loans [Member] | Residential real estate [Member] | Doubtful [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	0	0
Acquired Loans [Member] | Residential real estate [Member] | Criticized [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	298	422
Acquired Loans [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	24,738	25,167
Acquired Loans [Member] | Commercial Real Estate [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	23,623	24,043
Acquired Loans [Member] | Commercial Real Estate [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	0	0
Acquired Loans [Member] | Commercial Real Estate [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	1,115	1,124
Acquired Loans [Member] | Commercial Real Estate [Member] | Doubtful [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	0	0
Acquired Loans [Member] | Commercial Real Estate [Member] | Criticized [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	1,115	1,124
Acquired Loans [Member] | Loans to individuals [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	1,889	2,188
Acquired Loans [Member] | Loans to individuals [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	1,889	2,185
Acquired Loans [Member] | Loans to individuals [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	0	0
Acquired Loans [Member] | Loans to individuals [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	0	3
Acquired Loans [Member] | Loans to individuals [Member] | Doubtful [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	0	0
Acquired Loans [Member] | Loans to individuals [Member] | Criticized [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	$ 0	$ 3

XML

Loans and Allowance for Credit Losses - Age Analysis of Past Due Loans by Segment (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 4,907,961	$ 4,879,347	$ 4,798,755
Commercial, financial, agricultural and other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	1,148,460		1,190,384
Real estate construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	240,122		256,856
Residential real estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	1,217,398		1,212,962
Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	1,761,101		1,552,904
Loans to individuals [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	540,880		$ 585,649
Acquired Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable Recorded Investment Equal To Or Greater Than Thirty Days Past Due	1,173	1,302
Financing Receivable, Recorded Investment, Current	93,513	99,574
Total	94,686	100,876
Acquired Loans [Member] | Commercial, financial, agricultural and other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable Recorded Investment Equal To Or Greater Than Thirty Days Past Due	477	486
Financing Receivable, Recorded Investment, Current	7,281	7,913
Total	7,758	8,399
Acquired Loans [Member] | Real estate construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable Recorded Investment Equal To Or Greater Than Thirty Days Past Due	0	0
Financing Receivable, Recorded Investment, Current	139	1,781
Total	139	1,781
Acquired Loans [Member] | Residential real estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable Recorded Investment Equal To Or Greater Than Thirty Days Past Due	525	643
Financing Receivable, Recorded Investment, Current	59,637	62,698
Total	60,162	63,341
Acquired Loans [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable Recorded Investment Equal To Or Greater Than Thirty Days Past Due	162	162
Financing Receivable, Recorded Investment, Current	24,576	25,005
Total	24,738	25,167
Acquired Loans [Member] | Loans to individuals [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable Recorded Investment Equal To Or Greater Than Thirty Days Past Due	9	11
Financing Receivable, Recorded Investment, Current	1,880	2,177
Total	1,889	2,188
Acquired Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	79	635
Acquired Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial, financial, agricultural and other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	0	486
Acquired Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Real estate construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	0	0
Acquired Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Residential real estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	73	148
Acquired Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	0	0
Acquired Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Loans to individuals [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	6	1
Acquired Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	105	46
Acquired Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial, financial, agricultural and other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	0	0
Acquired Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Real estate construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	0	0
Acquired Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Residential real estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	103	39
Acquired Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	0	0
Acquired Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Loans to individuals [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	2	7
Acquired Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	529	34
Acquired Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial, financial, agricultural and other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	477	0
Acquired Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Real estate construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	0	0
Acquired Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential real estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	51	34
Acquired Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	0	0
Acquired Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Loans to individuals [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	1	0
Acquired Loans [Member] | Nonaccrual Commercial Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	460	587
Acquired Loans [Member] | Nonaccrual Commercial Loans [Member] | Commercial, financial, agricultural and other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	0	0
Acquired Loans [Member] | Nonaccrual Commercial Loans [Member] | Real estate construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	0	0
Acquired Loans [Member] | Nonaccrual Commercial Loans [Member] | Residential real estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	298	422
Acquired Loans [Member] | Nonaccrual Commercial Loans [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	162	162
Acquired Loans [Member] | Nonaccrual Commercial Loans [Member] | Loans to individuals [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	0	3
Originated Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable Recorded Investment Equal To Or Greater Than Thirty Days Past Due	43,366	40,497
Financing Receivable, Recorded Investment, Current	4,769,909	4,737,974
Total	4,813,275	4,778,471
Originated Loans [Member] | Commercial, financial, agricultural and other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable Recorded Investment Equal To Or Greater Than Thirty Days Past Due	25,425	20,554
Financing Receivable, Recorded Investment, Current	1,115,277	1,110,594
Total	1,140,702	1,131,148
Originated Loans [Member] | Real estate construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable Recorded Investment Equal To Or Greater Than Thirty Days Past Due	0	183
Financing Receivable, Recorded Investment, Current	239,983	217,657
Total	239,983	217,840
Originated Loans [Member] | Residential real estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable Recorded Investment Equal To Or Greater Than Thirty Days Past Due	10,767	12,009
Financing Receivable, Recorded Investment, Current	1,146,469	1,153,842
Total	1,157,236	1,165,851
Originated Loans [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable Recorded Investment Equal To Or Greater Than Thirty Days Past Due	4,651	4,092
Financing Receivable, Recorded Investment, Current	1,731,712	1,712,951
Total	1,736,363	1,717,043
Originated Loans [Member] | Loans to individuals [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable Recorded Investment Equal To Or Greater Than Thirty Days Past Due	2,523	3,659
Financing Receivable, Recorded Investment, Current	536,468	542,930
Total	538,991	546,589
Originated Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	7,690	8,601
Originated Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial, financial, agricultural and other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	2,973	2,380
Originated Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Real estate construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	0	183
Originated Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Residential real estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	2,979	4,133
Originated Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	665	265
Originated Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Loans to individuals [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	1,073	1,640
Originated Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	2,275	2,363
Originated Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial, financial, agricultural and other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	603	171
Originated Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Real estate construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	0	0
Originated Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Residential real estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	1,187	1,089
Originated Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	0	327
Originated Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Loans to individuals [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	485	776
Originated Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	1,582	2,097
Originated Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial, financial, agricultural and other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	139	75
Originated Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Real estate construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	0	0
Originated Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential real estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	617	995
Originated Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	87	57
Originated Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Loans to individuals [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	739	970
Originated Loans [Member] | Nonaccrual Commercial Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	31,819	27,436
Originated Loans [Member] | Nonaccrual Commercial Loans [Member] | Commercial, financial, agricultural and other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	21,710	17,928
Originated Loans [Member] | Nonaccrual Commercial Loans [Member] | Real estate construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	0	0
Originated Loans [Member] | Nonaccrual Commercial Loans [Member] | Residential real estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	5,984	5,792
Originated Loans [Member] | Nonaccrual Commercial Loans [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	3,899	3,443
Originated Loans [Member] | Nonaccrual Commercial Loans [Member] | Loans to individuals [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due and nonaccrual	$ 226	$ 273

XML

Loans and Allowance for Credit Losses - Recorded Investment and Unpaid Principal Balance for Impaired Loans with Associated Allowance (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Commercial Financial Agricultural And Other With No Related Allowance [Member]
Financing Receivable, Impaired [Line Items]
Related allowance
Real Estate Construction With No Related Allowance [Member]
Financing Receivable, Impaired [Line Items]
Related allowance
Residential Real Estate With No Related Allowance [Member]
Financing Receivable, Impaired [Line Items]
Related allowance
Commercial Real Estate With No Related Allowance [Member]
Financing Receivable, Impaired [Line Items]
Related allowance
Loans To Individuals With No Related Allowance [Member]
Financing Receivable, Impaired [Line Items]
Related allowance
With No Related Allowance [Member]
Financing Receivable, Impaired [Line Items]
Related allowance
Acquired Loans [Member]
Financing Receivable, Impaired [Line Items]
Impaired Financing Receivable, Average Recorded Investment	468
Impaired Financing Receivable, Interest Income, Accrual Method	0
Related allowance	29		16
Recorded investment	473		587
Unpaid principal balance	548		661
Acquired Loans [Member] | Commercial Financial Agricultural And Other With No Related Allowance [Member]
Financing Receivable, Impaired [Line Items]
Impaired Financing Receivable, Average Recorded Investment	0
Impaired Financing Receivable, Interest Income, Accrual Method	0
Recorded investment	0		0
Unpaid principal balance	0		0
Acquired Loans [Member] | Real Estate Construction With No Related Allowance [Member]
Financing Receivable, Impaired [Line Items]
Impaired Financing Receivable, Average Recorded Investment	0
Impaired Financing Receivable, Interest Income, Accrual Method	0
Recorded investment	0		0
Unpaid principal balance	0		0
Acquired Loans [Member] | Residential Real Estate With No Related Allowance [Member]
Financing Receivable, Impaired [Line Items]
Impaired Financing Receivable, Average Recorded Investment	241
Impaired Financing Receivable, Interest Income, Accrual Method	0
Recorded investment	246		406
Unpaid principal balance	321		480
Acquired Loans [Member] | Commercial Real Estate With No Related Allowance [Member]
Financing Receivable, Impaired [Line Items]
Impaired Financing Receivable, Average Recorded Investment	162
Impaired Financing Receivable, Interest Income, Accrual Method	0
Recorded investment	162		162
Unpaid principal balance	162		162
Acquired Loans [Member] | Loans To Individuals With No Related Allowance [Member]
Financing Receivable, Impaired [Line Items]
Impaired Financing Receivable, Average Recorded Investment	0
Impaired Financing Receivable, Interest Income, Accrual Method	0
Recorded investment	0		3
Unpaid principal balance	0		3
Acquired Loans [Member] | With No Related Allowance [Member]
Financing Receivable, Impaired [Line Items]
Impaired Financing Receivable, Average Recorded Investment	403
Impaired Financing Receivable, Interest Income, Accrual Method	0
Recorded investment	408		571
Unpaid principal balance	483		645
Acquired Loans [Member] | Commercial Financial Agricultural And Other With Related Allowance [Member]
Financing Receivable, Impaired [Line Items]
Impaired Financing Receivable, Average Recorded Investment	0
Impaired Financing Receivable, Interest Income, Accrual Method	0
Related allowance	0		0
Recorded investment	0		0
Unpaid principal balance	0		0
Acquired Loans [Member] | Real Estate Construction With Related Allowance [Member]
Financing Receivable, Impaired [Line Items]
Impaired Financing Receivable, Average Recorded Investment	0
Impaired Financing Receivable, Interest Income, Accrual Method	0
Related allowance	0		0
Recorded investment	0		0
Unpaid principal balance	0		0
Acquired Loans [Member] | Residential Real Estate With Related Allowance [Member]
Financing Receivable, Impaired [Line Items]
Impaired Financing Receivable, Average Recorded Investment	65
Impaired Financing Receivable, Interest Income, Accrual Method	0
Related allowance	29		16
Recorded investment	65		16
Unpaid principal balance	65		16
Acquired Loans [Member] | Commercial Real Estate With Related Allowance [Member]
Financing Receivable, Impaired [Line Items]
Impaired Financing Receivable, Average Recorded Investment	0
Impaired Financing Receivable, Interest Income, Accrual Method	0
Related allowance	0		0
Recorded investment	0		0
Unpaid principal balance	0		0
Acquired Loans [Member] | Loans To Individuals With Related Allowance [Member]
Financing Receivable, Impaired [Line Items]
Impaired Financing Receivable, Average Recorded Investment	0
Impaired Financing Receivable, Interest Income, Accrual Method	0
Related allowance	0		0
Recorded investment	0		0
Unpaid principal balance	0		0
Acquired Loans [Member] | With Related Allowance [Member]
Financing Receivable, Impaired [Line Items]
Impaired Financing Receivable, Average Recorded Investment	65
Impaired Financing Receivable, Interest Income, Accrual Method	0
Related allowance	29		16
Recorded investment	65		16
Unpaid principal balance	65		16
Originated Loans [Member]
Financing Receivable, Impaired [Line Items]
Impaired Financing Receivable, Average Recorded Investment	43,975	$ 54,230
Impaired Financing Receivable, Interest Income, Accrual Method	202	315
Related allowance	2,988		3,128
Recorded investment	45,796		41,226
Unpaid principal balance	62,389		56,296
Originated Loans [Member] | Commercial Financial Agricultural And Other With No Related Allowance [Member]
Financing Receivable, Impaired [Line Items]
Impaired Financing Receivable, Average Recorded Investment	12,034	17,298
Impaired Financing Receivable, Interest Income, Accrual Method	38	152
Recorded investment	12,780		9,549
Unpaid principal balance	20,043		15,369
Originated Loans [Member] | Real Estate Construction With No Related Allowance [Member]
Financing Receivable, Impaired [Line Items]
Impaired Financing Receivable, Average Recorded Investment	0	17
Impaired Financing Receivable, Interest Income, Accrual Method	0	44
Recorded investment	0		0
Unpaid principal balance	0		0
Originated Loans [Member] | Residential Real Estate With No Related Allowance [Member]
Financing Receivable, Impaired [Line Items]
Impaired Financing Receivable, Average Recorded Investment	11,422	10,724
Impaired Financing Receivable, Interest Income, Accrual Method	74	47
Recorded investment	11,227		10,873
Unpaid principal balance	13,237		13,004
Originated Loans [Member] | Commercial Real Estate With No Related Allowance [Member]
Financing Receivable, Impaired [Line Items]
Impaired Financing Receivable, Average Recorded Investment	5,949	7,658
Impaired Financing Receivable, Interest Income, Accrual Method	54	38
Recorded investment	6,028		5,765
Unpaid principal balance	7,037		6,905
Originated Loans [Member] | Loans To Individuals With No Related Allowance [Member]
Financing Receivable, Impaired [Line Items]
Impaired Financing Receivable, Average Recorded Investment	338	480
Impaired Financing Receivable, Interest Income, Accrual Method	2	1
Recorded investment	365		382
Unpaid principal balance	429		507
Originated Loans [Member] | With No Related Allowance [Member]
Financing Receivable, Impaired [Line Items]
Impaired Financing Receivable, Average Recorded Investment	29,743	36,177
Impaired Financing Receivable, Interest Income, Accrual Method	168	282
Recorded investment	30,400		26,569
Unpaid principal balance	40,746		35,785
Originated Loans [Member] | Commercial Financial Agricultural And Other With Related Allowance [Member]
Financing Receivable, Impaired [Line Items]
Impaired Financing Receivable, Average Recorded Investment	12,787	17,027
Impaired Financing Receivable, Interest Income, Accrual Method	26	28
Related allowance	2,466		2,530
Recorded investment	13,929		13,423
Unpaid principal balance	20,124		19,226
Originated Loans [Member] | Real Estate Construction With Related Allowance [Member]
Financing Receivable, Impaired [Line Items]
Impaired Financing Receivable, Average Recorded Investment	0	0
Impaired Financing Receivable, Interest Income, Accrual Method	0	0
Related allowance	0		0
Recorded investment	0		0
Unpaid principal balance	0		0
Originated Loans [Member] | Residential Real Estate With Related Allowance [Member]
Financing Receivable, Impaired [Line Items]
Impaired Financing Receivable, Average Recorded Investment	334	497
Impaired Financing Receivable, Interest Income, Accrual Method	1	0
Related allowance	146		164
Recorded investment	366		424
Unpaid principal balance	418		475
Originated Loans [Member] | Commercial Real Estate With Related Allowance [Member]
Financing Receivable, Impaired [Line Items]
Impaired Financing Receivable, Average Recorded Investment	1,111	529
Impaired Financing Receivable, Interest Income, Accrual Method	7	5
Related allowance	376		434
Recorded investment	1,101		810
Unpaid principal balance	1,101		810
Originated Loans [Member] | Loans To Individuals With Related Allowance [Member]
Financing Receivable, Impaired [Line Items]
Impaired Financing Receivable, Average Recorded Investment	0	0
Impaired Financing Receivable, Interest Income, Accrual Method	0	0
Related allowance	0		0
Recorded investment	0		0
Unpaid principal balance	0		0
Originated Loans [Member] | With Related Allowance [Member]
Financing Receivable, Impaired [Line Items]
Impaired Financing Receivable, Average Recorded Investment	14,232	18,053
Impaired Financing Receivable, Interest Income, Accrual Method	34	$ 33
Related allowance	2,988		3,128
Recorded investment	15,396		14,657
Unpaid principal balance	$ 21,643		$ 20,511

XML

Loans and Allowance for Credit Losses - Troubled Debt Restructured Loans and Commitments (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Financing Receivable, Troubled Debt Restructurings [Line Items]
Financing Receivable, Modifications, Recorded Investment	$ 24,472	$ 25,359
Loans and Leases Receivable, Impaired, Commitment to Lend	220	358
Letter of Credit [Member]
Financing Receivable, Troubled Debt Restructurings [Line Items]
Loans and Leases Receivable, Impaired, Commitment to Lend	60	0
Unused lines of Credit [Member]
Financing Receivable, Troubled Debt Restructurings [Line Items]
Loans and Leases Receivable, Impaired, Commitment to Lend	160	358
Accrual Loans [Member] [Member]
Financing Receivable, Troubled Debt Restructurings [Line Items]
Financing Receivable, Modifications, Recorded Investment	13,990	13,790
Non Accrual Loans [Member]
Financing Receivable, Troubled Debt Restructurings [Line Items]
Financing Receivable, Modifications, Recorded Investment	$ 10,482	$ 11,569

XML

Loans and Allowance for Credit Losses - Troubled Debt Restructurings Identified During Period (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2017 USD ($) Contract	Mar. 31, 2016 USD ($) Contract
Financing Receivable, Modifications [Line Items]
Number of Contracts | Contract	13	16
Total Pre-Modification Outstanding Recorded Investment	$ 817	$ 4,978
Post- Modification Outstanding Recorded Investment	$ 778	$ 4,844
Financing Receivable, Modifications, Determination of Allowance for Credit Losses	0	0
Commercial, financial, agricultural and other [Member]
Financing Receivable, Modifications [Line Items]
Number of Contracts | Contract	1	2
Total Pre-Modification Outstanding Recorded Investment	$ 42	$ 3,769
Post- Modification Outstanding Recorded Investment	$ 38	$ 3,749
Financing Receivable, Modifications, Determination of Allowance for Credit Losses	0	0
Residential real estate [Member]
Financing Receivable, Modifications [Line Items]
Number of Contracts | Contract	7	8
Total Pre-Modification Outstanding Recorded Investment	$ 536	$ 988
Post- Modification Outstanding Recorded Investment	$ 504	$ 910
Financing Receivable, Modifications, Determination of Allowance for Credit Losses	0	0
Commercial Real Estate [Member]
Financing Receivable, Modifications [Line Items]
Number of Contracts | Contract	2	3
Total Pre-Modification Outstanding Recorded Investment	$ 195	$ 198
Post- Modification Outstanding Recorded Investment	$ 193	$ 169
Financing Receivable, Modifications, Determination of Allowance for Credit Losses	0	0
Loans to individuals [Member]
Financing Receivable, Modifications [Line Items]
Number of Contracts | Contract	3	3
Total Pre-Modification Outstanding Recorded Investment	$ 44	$ 23
Post- Modification Outstanding Recorded Investment	$ 43	$ 16
Financing Receivable, Modifications, Determination of Allowance for Credit Losses	0	0
Extended Maturity [Member]
Financing Receivable, Modifications [Line Items]
Total Pre-Modification Outstanding Recorded Investment	$ 308	$ 65
Extended Maturity [Member] | Commercial, financial, agricultural and other [Member]
Financing Receivable, Modifications [Line Items]
Total Pre-Modification Outstanding Recorded Investment	0	0
Extended Maturity [Member] | Residential real estate [Member]
Financing Receivable, Modifications [Line Items]
Total Pre-Modification Outstanding Recorded Investment	129	0
Extended Maturity [Member] | Commercial Real Estate [Member]
Financing Receivable, Modifications [Line Items]
Total Pre-Modification Outstanding Recorded Investment	179	65
Extended Maturity [Member] | Loans to individuals [Member]
Financing Receivable, Modifications [Line Items]
Total Pre-Modification Outstanding Recorded Investment	0	0
Contractual Interest Rate Reduction [Member]
Financing Receivable, Modifications [Line Items]
Total Pre-Modification Outstanding Recorded Investment	157	3,901
Contractual Interest Rate Reduction [Member] | Commercial, financial, agricultural and other [Member]
Financing Receivable, Modifications [Line Items]
Total Pre-Modification Outstanding Recorded Investment	42	3,769
Contractual Interest Rate Reduction [Member] | Residential real estate [Member]
Financing Receivable, Modifications [Line Items]
Total Pre-Modification Outstanding Recorded Investment	101	114
Contractual Interest Rate Reduction [Member] | Commercial Real Estate [Member]
Financing Receivable, Modifications [Line Items]
Total Pre-Modification Outstanding Recorded Investment	0	0
Contractual Interest Rate Reduction [Member] | Loans to individuals [Member]
Financing Receivable, Modifications [Line Items]
Total Pre-Modification Outstanding Recorded Investment	14	18
Contractual Payment Modification [Member]
Financing Receivable, Modifications [Line Items]
Total Pre-Modification Outstanding Recorded Investment	352	1,012
Contractual Payment Modification [Member] | Commercial, financial, agricultural and other [Member]
Financing Receivable, Modifications [Line Items]
Total Pre-Modification Outstanding Recorded Investment	0	0
Contractual Payment Modification [Member] | Residential real estate [Member]
Financing Receivable, Modifications [Line Items]
Total Pre-Modification Outstanding Recorded Investment	306	874
Contractual Payment Modification [Member] | Commercial Real Estate [Member]
Financing Receivable, Modifications [Line Items]
Total Pre-Modification Outstanding Recorded Investment	16	133
Contractual Payment Modification [Member] | Loans to individuals [Member]
Financing Receivable, Modifications [Line Items]
Total Pre-Modification Outstanding Recorded Investment	$ 30	$ 5

XML

Loans and Allowance for Credit Losses - Troubled Debt Restructuring is 90 Days or More Past Due (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2017 USD ($) Contract	Mar. 31, 2016 USD ($) Contract
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | Contract	0	2
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $	$ 0	$ 70
Residential real estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | Contract	0	2
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $	$ 0	$ 70

XML

Loans and Allowance for Credit Losses - Allowance for Credit Losses (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Allowance for Doubtful Accounts Receivable [Roll Forward]
Beginning Balance		$ 50,812
Charge-offs		(3,508)
Recoveries		1,392
Provision for credit losses	$ 3,229	6,526
Ending Balance		50,812	$ 48,676		$ 55,222
Ending balance: individually evaluated for impaired			3,017		13,395
Ending balance: collectively evaluated for impaired			45,659		41,827
Total			4,907,961	$ 4,879,347	4,798,755
Ending balance: individually evaluated for impaired			38,366		54,196
Ending balance: collectively evaluated for impaired			4,869,595		4,744,559
Residential real estate [Member]
Allowance for Doubtful Accounts Receivable [Roll Forward]
Beginning Balance		2,606
Charge-offs		(382)
Recoveries		118
Provision for credit losses		286
Ending Balance		2,606	2,445		2,628
Ending balance: individually evaluated for impaired					75
Ending balance: collectively evaluated for impaired					2,553
Total			1,217,398		1,212,962
Ending balance: individually evaluated for impaired					6,246
Ending balance: collectively evaluated for impaired					1,206,716
Commercial Real Estate [Member]
Allowance for Doubtful Accounts Receivable [Roll Forward]
Beginning Balance		11,924
Charge-offs		(265)
Recoveries		756
Provision for credit losses		(6,932)
Ending Balance		11,924	6,582		5,483
Ending balance: individually evaluated for impaired			376		420
Ending balance: collectively evaluated for impaired			6,206		5,063
Total			1,761,101		1,552,904
Ending balance: individually evaluated for impaired			5,819		5,934
Ending balance: collectively evaluated for impaired			1,755,282		1,546,970
Commercial, financial, agricultural and other [Member]
Allowance for Doubtful Accounts Receivable [Roll Forward]
Beginning Balance		31,035
Charge-offs		(1,392)
Recoveries		134
Provision for credit losses		11,944
Ending Balance		31,035	34,701		41,721
Ending balance: individually evaluated for impaired			2,466		12,900
Ending balance: collectively evaluated for impaired			32,235		28,821
Total			1,148,460		1,190,384
Ending balance: individually evaluated for impaired			26,260		42,016
Ending balance: collectively evaluated for impaired			1,122,200		1,148,368
Real estate construction [Member]
Allowance for Doubtful Accounts Receivable [Roll Forward]
Beginning Balance		887
Charge-offs		0
Recoveries		223
Provision for credit losses		(209)
Ending Balance		887	614		901
Ending balance: individually evaluated for impaired			0		0
Ending balance: collectively evaluated for impaired			614		901
Total			240,122		256,856
Ending balance: individually evaluated for impaired			0		0
Ending balance: collectively evaluated for impaired			240,122		256,856
Residential real estate [Member]
Allowance for Doubtful Accounts Receivable [Roll Forward]
Ending balance: individually evaluated for impaired			175
Ending balance: collectively evaluated for impaired			2,270
Ending balance: individually evaluated for impaired			6,287
Ending balance: collectively evaluated for impaired			1,211,111
Loans to individuals [Member]
Allowance for Doubtful Accounts Receivable [Roll Forward]
Beginning Balance		4,360
Charge-offs		(1,469)
Recoveries		161
Provision for credit losses		1,437
Ending Balance		$ 4,360	4,334		4,489
Ending balance: individually evaluated for impaired			0		0
Ending balance: collectively evaluated for impaired			4,334		4,489
Total			540,880		585,649
Ending balance: individually evaluated for impaired			0		0
Ending balance: collectively evaluated for impaired			540,880		$ 585,649
Acquired Loans [Member]
Allowance for Doubtful Accounts Receivable [Roll Forward]
Beginning Balance	19
Charge-offs	(15)
Recoveries	7
Provision for credit losses	20
Ending Balance	19		31	19
Total			94,686	100,876
Acquired Loans [Member] | Residential real estate [Member]
Allowance for Doubtful Accounts Receivable [Roll Forward]
Beginning Balance	19
Charge-offs	(8)
Recoveries	6
Provision for credit losses	14
Ending Balance	19		31	19
Total			60,162	63,341
Acquired Loans [Member] | Commercial Real Estate [Member]
Allowance for Doubtful Accounts Receivable [Roll Forward]
Beginning Balance	0
Charge-offs	0
Recoveries	0
Provision for credit losses	0
Ending Balance	0		0	0
Total			24,738	25,167
Acquired Loans [Member] | Commercial, financial, agricultural and other [Member]
Allowance for Doubtful Accounts Receivable [Roll Forward]
Beginning Balance	0
Charge-offs	0
Recoveries	0
Provision for credit losses	0
Ending Balance	0		0	0
Total			7,758	8,399
Acquired Loans [Member] | Real estate construction [Member]
Allowance for Doubtful Accounts Receivable [Roll Forward]
Beginning Balance	0
Charge-offs	0
Recoveries	0
Provision for credit losses	0
Ending Balance	0		0	0
Total			139	1,781
Acquired Loans [Member] | Loans to individuals [Member]
Allowance for Doubtful Accounts Receivable [Roll Forward]
Beginning Balance	0
Charge-offs	(7)
Recoveries	1
Provision for credit losses	6
Ending Balance	0		0	0
Total			1,889	2,188
Originated Loans [Member]
Allowance for Doubtful Accounts Receivable [Roll Forward]
Beginning Balance	50,166
Charge-offs	(5,519)
Recoveries	789
Provision for credit losses	3,209
Ending Balance	50,166		48,645	50,166
Total			4,813,275	4,778,471
Originated Loans [Member] | Residential real estate [Member]
Allowance for Doubtful Accounts Receivable [Roll Forward]
Beginning Balance	2,492
Charge-offs	(465)
Recoveries	122
Provision for credit losses	265
Ending Balance	2,492		2,414	2,492
Total			1,157,236	1,165,851
Originated Loans [Member] | Commercial Real Estate [Member]
Allowance for Doubtful Accounts Receivable [Roll Forward]
Beginning Balance	6,619
Charge-offs	(31)
Recoveries	117
Provision for credit losses	(123)
Ending Balance	6,619		6,582	6,619
Total			1,736,363	1,717,043
Originated Loans [Member] | Commercial, financial, agricultural and other [Member]
Allowance for Doubtful Accounts Receivable [Roll Forward]
Beginning Balance	35,974
Charge-offs	(3,825)
Recoveries	368
Provision for credit losses	2,184
Ending Balance	35,974		34,701	35,974
Total			1,140,702	1,131,148
Originated Loans [Member] | Real estate construction [Member]
Allowance for Doubtful Accounts Receivable [Roll Forward]
Beginning Balance	577
Charge-offs	0
Recoveries	54
Provision for credit losses	(17)
Ending Balance	577		614	577
Total			239,983	217,840
Originated Loans [Member] | Loans to individuals [Member]
Allowance for Doubtful Accounts Receivable [Roll Forward]
Beginning Balance	4,504
Charge-offs	(1,198)
Recoveries	128
Provision for credit losses	900
Ending Balance	$ 4,504		4,334	4,504
Total			$ 538,991	$ 546,589

XML

Income Taxes Income Taxes (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017 USD ($)
Income Tax Disclosure [Abstract]
Restricted Stock Expense, Tax Benefit	$ 117

XML

Fair Values of Assets and Liabilities - Quantitative Inputs and Assumptions Used in Level 3 Fair Value Measurements (Detail) - USD ($)		3 Months Ended
		Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value		$ 832,754,000	$ 778,612,000
Assets		$ 886,927,000	829,181,000
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Minimum [Member] | Discount rates [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average rate	[1]	5.25%
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Maximum [Member] | Discount rates [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average rate	[1]	12.00%
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Discounted Cash Flow [Member] | Minimum [Member] | Probability of default [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average rate		0.00%
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Discounted Cash Flow [Member] | Minimum [Member] | Prepayment rates [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average rate		0.00%
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Discounted Cash Flow [Member] | Maximum [Member] | Probability of default [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average rate		100.00%
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Discounted Cash Flow [Member] | Maximum [Member] | Prepayment rates [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average rate		72.53%
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Discounted Cash Flow [Member] | Weighted average [Member] | Probability of default [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average rate		10.19%
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Discounted Cash Flow [Member] | Weighted average [Member] | Prepayment rates [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average rate		4.15%
Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value		$ 1,670,000	1,670,000
Impaired Loans [Member] | Discounted Cash Flow [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		10,845,000
Impaired Loans [Member] | Discounted Cash Flow [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		0
Impaired Loans [Member] | Discounted Cash Flow [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		$ 0
Impaired Loans [Member] | Discounted Cash Flow [Member] | Weighted average [Member] | Discount rates [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average rate
Impaired Loans [Member] | Reserve Study [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		$ 2,237,000
Impaired Loans [Member] | Reserve Study [Member] | NGL per gallon [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs Monetary	[2]
Impaired Loans [Member] | Reserve Study [Member] | Minimum [Member] | Gas per MCF [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs Monetary	[2]	2.07
Impaired Loans [Member] | Reserve Study [Member] | Minimum [Member] | Oil per BBL/d [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs Monetary	[2]	56.05
Impaired Loans [Member] | Reserve Study [Member] | Maximum [Member] | Gas per MCF [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs Monetary	[2]	2.79
Impaired Loans [Member] | Reserve Study [Member] | Maximum [Member] | Oil per BBL/d [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs Monetary	[2]	$ 57.65
Impaired Loans [Member] | Reserve Study [Member] | Weighted average [Member] | Discount rates [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average rate		10.00%
Limited Partnership Investment [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		$ 1,340,000
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value		35,411,000	34,962,000
Assets		36,751,000	35,892,000
Level 3 [Member] | Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value		1,670,000	1,670,000
Pooled Trust Preferred Collateralized Debt Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value		33,741,000	33,292,000
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value			33,292,000
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Level 3 [Member] | Pooled Trust Preferred Collateralized Debt Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value		33,741,000
Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Real Estate Owned Assets Fair Value		7,427,000	7,566,000
Assets		50,679,000	46,235,000
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Real Estate Owned Assets Fair Value		0	0
Assets		21,242,000	$ 19,990,000
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Other Real Estate Owned [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Real Estate Owned Assets Fair Value		$ 0

[1] ncorporates spread over risk free rate related primarily to credit quality and illiquidity of securities.

[2] The remainder of impaired loans valued using Level 3 inputs are not included in this disclosure as the values of those loans are based on bankruptcy agreement documentation.

XML

Fair Values of Assets and Liabilities - Schedule of Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 35,892	$ 37,828
Total gains or losses included in earnings	0	0
Total gains or losses included in other comprehensive income	497	(2,385)
Purchases	410	36
Issuances	0	0
Sales	0	0
Settlements	(48)	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	0
Balance, end of period	36,751	35,479
Pooled Trust Preferred Collateralized Debt Obligations [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	33,292	35,658
Total gains or losses included in earnings	0	0
Total gains or losses included in other comprehensive income	497	(2,385)
Purchases	0	0
Issuances	0	0
Sales	0	0
Settlements	(48)	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	0
Balance, end of period	33,741	33,273
Equity Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	1,670	2,170
Total gains or losses included in earnings	0	0
Total gains or losses included in other comprehensive income	0	0
Purchases	0	36
Issuances	0	0
Sales	0	0
Settlements	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	0
Balance, end of period	1,670	$ 2,206
Other Assets [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	930
Total gains or losses included in earnings	0
Total gains or losses included in other comprehensive income	0
Purchases	410
Issuances	0
Sales	0
Settlements	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0
Balance, end of period	$ 1,340

XML

Fair Values of Assets and Liabilities - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2017		Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value	$ 832,754		$ 778,612
Other investments	38,669		36,498
Loans Held for Sale	9,588		7,052
Other Assets	5,916	[1]	7,019	[2]
Total Assets	886,927		829,181
Other Liabilities	5,039	[1]	5,972	[2]
Total Liabilities	5,039		5,972
Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value	831,084		776,942
Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value	1,670		1,670
US Government Agencies Residential Mortgage-backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value	16,018		16,617
Residential Mortgage Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value	720,954		676,853
Obligations of U.S. Government-Sponsored Enterprises - Mortgage-Backed Securities - Commercial [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value	0		1
Obligations of U.S. Government-Sponsored Enterprises - Other Government-Sponsored Enterprises [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value	16,642		16,631
Obligations of States and Political Subdivisions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value	27,360		27,229
Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value	16,369		6,319
Pooled Trust Preferred Collateralized Debt Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value	33,741		33,292
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value	0		0
Other investments	0		0
Loans Held for Sale	0		0
Other Assets	0	[1]	0	[2]
Total Assets	0		0
Other Liabilities	0	[1]	0	[2]
Total Liabilities	0		0
Level 1 [Member] | Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value	0		0
Level 1 [Member] | Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value	0		0
Level 1 [Member] | US Government Agencies Residential Mortgage-backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value	0		0
Level 1 [Member] | Residential Mortgage Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value	0		0
Level 1 [Member] | Obligations of U.S. Government-Sponsored Enterprises - Mortgage-Backed Securities - Commercial [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value	0		0
Level 1 [Member] | Obligations of U.S. Government-Sponsored Enterprises - Other Government-Sponsored Enterprises [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value	0		0
Level 1 [Member] | Obligations of States and Political Subdivisions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value	0		0
Level 1 [Member] | Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value	0		0
Level 1 [Member] | Pooled Trust Preferred Collateralized Debt Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value	0		0
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value	797,343		743,650
Other investments	38,669		36,498
Loans Held for Sale	9,588		7,052
Other Assets	4,576	[1]	6,089	[2]
Total Assets	850,176		793,289
Other Liabilities	5,039	[1]	5,972	[2]
Total Liabilities	5,039		5,972
Level 2 [Member] | Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value	797,343		743,650
Level 2 [Member] | Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value	0		0
Level 2 [Member] | US Government Agencies Residential Mortgage-backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value	16,018		16,617
Level 2 [Member] | Residential Mortgage Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value	720,954		676,853
Level 2 [Member] | Obligations of U.S. Government-Sponsored Enterprises - Mortgage-Backed Securities - Commercial [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value	0		1
Level 2 [Member] | Obligations of U.S. Government-Sponsored Enterprises - Other Government-Sponsored Enterprises [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value	16,642		16,631
Level 2 [Member] | Obligations of States and Political Subdivisions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value	27,360		27,229
Level 2 [Member] | Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value	16,369		6,319
Level 2 [Member] | Pooled Trust Preferred Collateralized Debt Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value	0		0
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value	35,411		34,962
Other investments	0		0
Loans Held for Sale	0		0
Other Assets	1,340	[1]	930	[2]
Total Assets	36,751		35,892
Other Liabilities	0	[1]	0	[2]
Total Liabilities	0		0
Level 3 [Member] | Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value	33,741		33,292
Level 3 [Member] | Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value	1,670		1,670
Level 3 [Member] | US Government Agencies Residential Mortgage-backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value	0		0
Level 3 [Member] | Residential Mortgage Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value	0		0
Level 3 [Member] | Obligations of U.S. Government-Sponsored Enterprises - Mortgage-Backed Securities - Commercial [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value	0		0
Level 3 [Member] | Obligations of U.S. Government-Sponsored Enterprises - Other Government-Sponsored Enterprises [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value	0		0
Level 3 [Member] | Obligations of States and Political Subdivisions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value	0		0
Level 3 [Member] | Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value	$ 0		0
Level 3 [Member] | Pooled Trust Preferred Collateralized Debt Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, at fair value			$ 33,292

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

[2] on-hedging interest rate derivatives

XML

Fair Values of Assets and Liabilities - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Assets, Level 1 to Level 2 Transfers, Description	$ 0		$ 0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	$ 0
Impaired loans considered to be credit risk of non-collection	100,000
Updated appraisal requirement floor	250,000
Other real estate owned	6,910,000		6,805,000
Financial instrument of credit risk	100,000		$ 200,000
Fair Value, Assets Measured on Recurring Basis, Gain (Loss) Included in Other Income, Assets and Liabilities Continue to be held	0	$ 0
Other Assets [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	$ 0
Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Swap Rates Term Used to Determine Yield Curve	3 years
Maximum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Swap Rates Term Used to Determine Yield Curve	30 years

XML

Fair Values of Assets and Liabilities - Schedule of Assets Measured on Non-Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets	$ 886,927	$ 829,181
Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	43,252	38,669
Other real estate owned	7,427	7,566
Total Assets	50,679	46,235
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets	0	0
Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	0	0
Other real estate owned	0	0
Total Assets	0	0
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets	850,176	793,289
Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	22,010	18,679
Other real estate owned	7,427	7,566
Total Assets	29,437	26,245
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets	36,751	35,892
Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	21,242	19,990
Other real estate owned	0	0
Total Assets	$ 21,242	$ 19,990

XML

Fair Values of Assets and Liabilities - Losses Realized on Assets Measured on Non-Recurring Basis (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Impaired loans	$ (1,460)	$ (7,702)
Other real estate owned	(31)	(13)
Total losses	$ (1,491)	$ (7,715)

XML

Fair Values of Assets and Liabilities - Carrying Amounts and Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Carrying Amount [Member]
Fair Value Measurements Of Financial Instruments [Line Items]
Cash and due from banks	$ 75,160	$ 91,033
Interest-bearing deposits	47,944	24,644
Securities available for sale, at fair value	832,754	778,612
Held-to-maturity Securities	386,954	372,513
Other investments	38,669
Loans Held for sale, Amount	9,588	7,052
Loans and Leases Receivable, Net of Deferred Income	4,907,961	4,879,347
Deposits	4,969,729	4,947,408
Short-term borrowings	961,601	867,943
Subordinated debt	72,167	72,167
Long-term debt	8,604	8,749
Estimate of Fair Value Measurement [Member]
Fair Value Measurements Of Financial Instruments [Line Items]
Cash and due from banks	75,160	91,033
Interest-bearing deposits	47,944	24,644
Securities available for sale, at fair value	832,754	778,612
Held-to-maturity Securities	383,735	368,618
Other investments	38,669	36,498
Loans Held for sale, Amount	9,588	7,052
Loans and Leases Receivable, Net of Deferred Income	4,890,426	4,878,254
Deposits	4,971,049	4,949,714
Short-term borrowings	961,449	867,667
Subordinated debt	63,964	65,656
Long-term debt	9,038	9,169
Estimate of Fair Value Measurement [Member] | Level 1 [Member]
Fair Value Measurements Of Financial Instruments [Line Items]
Cash and due from banks	75,160	91,033
Interest-bearing deposits	47,944	24,644
Securities available for sale, at fair value	0	0
Held-to-maturity Securities	0	0
Other investments	0	0
Loans Held for sale, Amount	0	0
Loans and Leases Receivable, Net of Deferred Income	0	0
Deposits	0	0
Short-term borrowings	0	0
Subordinated debt	0	0
Long-term debt	0	0
Estimate of Fair Value Measurement [Member] | Level 2 [Member]
Fair Value Measurements Of Financial Instruments [Line Items]
Cash and due from banks	0	0
Interest-bearing deposits	0	0
Securities available for sale, at fair value	797,343	743,650
Held-to-maturity Securities	383,735	368,618
Other investments	38,669	36,498
Loans Held for sale, Amount	9,588	7,052
Loans and Leases Receivable, Net of Deferred Income	22,010	18,679
Deposits	4,971,049	4,949,714
Short-term borrowings	961,449	867,667
Subordinated debt	0	0
Long-term debt	9,038	9,169
Estimate of Fair Value Measurement [Member] | Level 3 [Member]
Fair Value Measurements Of Financial Instruments [Line Items]
Cash and due from banks	0	0
Interest-bearing deposits	0	0
Securities available for sale, at fair value	35,411	34,962
Held-to-maturity Securities	0	0
Other investments	0	0
Loans Held for sale, Amount	0	0
Loans and Leases Receivable, Net of Deferred Income	4,868,416	4,859,575
Deposits	0	0
Short-term borrowings	0	0
Subordinated debt	63,964	65,656
Long-term debt	$ 0	$ 0

XML

Derivatives - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2017 USD ($) Derivatives	Mar. 31, 2016 USD ($)	Dec. 31, 2016 USD ($)
Risk participation Agreements [Line Items]
HedgedItemsOfCashFlowHedge	$ 200,000
Risk Participation Agreements Purchased [Domain]
Risk participation Agreements [Line Items]
Number of interest rate swaps | Derivatives	25
Risk Participation Agreements Sold [Domain]
Risk participation Agreements [Line Items]
Number of interest rate swaps | Derivatives	8
Forward Contracts [Member]
Risk participation Agreements [Line Items]
Derivative, Net Hedge Ineffectiveness Gain (Loss)	$ 112	$ 0
Derivative Liability, Cost Basis, Gross Asset	5,800
Derivative Liability, Fair Value, Gross Asset	6,000
Derivative Liability, Notional Amount, Gross Asset	15,300
Forward Contracts [Member] | Designated as Hedging Instrument [Member]
Risk participation Agreements [Line Items]
Derivative, Fair Value, Net	112		$ 0
Derivative, Notional Amount	17,000		0
Foreign Exchange [Member]
Risk participation Agreements [Line Items]
Derivative, Net Hedge Ineffectiveness Gain (Loss)	2	$ 3
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member]
Risk participation Agreements [Line Items]
Derivative, Fair Value, Net	(38)		8
Derivative, Notional Amount	6,847		4,749
Derivative Liability, Cost Basis, Gross Asset	6,800		4,700
Derivative Liability, Fair Value, Gross Asset	6,800		$ 4,700
Three Year Maturity [Member] | Designated as Hedging Instrument [Member]
Risk participation Agreements [Line Items]
Derivative, Notional Amount	85,000
Four Year Maturity [Member] | Designated as Hedging Instrument [Member]
Risk participation Agreements [Line Items]
Derivative, Notional Amount	$ 115,000

XML

Derivatives - Credit Value Adjustment Recorded Related to Notional Amount of Derivatives Outstanding (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	$ (316)	$ (317)
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Notional Amount	(342,898)	(345,102)
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	73	(443)
Derivative, Notional Amount	(200,000)	(200,000)
Interest Rate Cap [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Notional Amount	0	(14,762)
Credit Default Swap [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Notional Amount	(166,748)	(174,213)
Forward Contracts [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	(112)	0
Derivative, Notional Amount	(17,000)	0
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	38	(8)
Derivative, Notional Amount	(6,847)	(4,749)
Short [Member] | Credit Default Swap, Selling Protection [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ (40,021)	$ (40,281)

XML

Derivatives - Schedule of Changes in Fair Value of Derivative Assets and Liabilities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 2	$ (1,014)
Interest Rate Swap [Member]
Derivative [Line Items]
Derivative Instruments Designated As Hedging Instruments Interest Income	249	430
Derivative, Net Hedge Ineffectiveness Gain (Loss)	78	15
Forward Contracts [Member]
Derivative [Line Items]
Derivative, Net Hedge Ineffectiveness Gain (Loss)	112	0
Foreign Exchange [Member]
Derivative [Line Items]
Derivative, Net Hedge Ineffectiveness Gain (Loss)	$ 2	$ 3

XML

Goodwill - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Goodwill Disclosure [Abstract]
Goodwill	$ 186,483,000		$ 186,483,000
Impairment charges on goodwill	$ 0	$ 0

XML

Subsequent Event (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017 USD ($) branch
Subsequent Events [Abstract]
Business Acquisition, Total Assets	$ 550.0
Branch Acquisition, Number of Branches | branch	9
Business Acquisition, Escrow Funded	$ 21.3