Fair Values of Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Inputs, Assets, Quantitative Information

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

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

	June 30, 2025
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities - Residential	$	—	$	2,692	$	—	$	2,692
Mortgage-Backed Securities - Commercial	—		713,010		—		713,010
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities - Residential	—		325,313		—		325,313
Other Government-Sponsored Enterprises	—		968		—		968
Obligations of States and Political Subdivisions	—		7,261		—		7,261
Corporate Securities	—		62,465		—		62,465
Total Securities Available for Sale	—		1,111,709		—		1,111,709
Loans Held for Sale	—		42,116		—		42,116
Other Assets(a)	—		14,586		—		14,586
Total Assets	$	—	$	1,168,411	$	—	$	1,168,411
Other Liabilities(a)	$	—	$	19,227	$	—	$	19,227
Total Liabilities	$	—	$	19,227	$	—	$	19,227

(a)Hedging and non-hedging interest rate derivatives

	December 31, 2024
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities - Residential	$	—	$	2,898	$	—	$	2,898
Mortgage-Backed Securities - Commercial	—		724,175		—		724,175
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities - Residential	—		350,584		—		350,584
Other Government-Sponsored Enterprises	—		946		—		946
Obligations of States and Political Subdivisions	—		7,527		—		7,527
Corporate Securities	—		61,493		—		61,493
Total Securities Available for Sale	—		1,147,623		—		1,147,623
Loans Held for Sale	—		51,991		—		51,991
Other Assets(a)	—		41,569		—		41,569
Total Assets	$	—	$	1,241,183	$	—	$	1,241,183
Other Liabilities(a)	$	—	$	51,983	$	—	$	51,983
Total Liabilities	$	—	$	51,983	$	—	$	51,983

(a)Hedging and non-hedging interest rate derivatives

^[1],[2]

Schedule of Assets Measured on Non-Recurring Basis

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

	June 30, 2025
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Nonperforming loans	$	—	$	70,774	$	14,645	$	85,419
Other real estate owned	—		1,048		—		1,048
Total Assets	$	—	$	71,822	$	14,645	$	86,467

	December 31, 2024
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Nonperforming loans	$	—	$	39,407	$	14,084	$	53,491
Other real estate owned	—		1,215		—		1,215
Total Assets	$	—	$	40,622	$	14,084	$	54,706

Losses Realized on Assets Measured on Non-Recurring Basis

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

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
	(dollars in thousands)
Nonperforming loans	$	(5,284)	$	(6,750)	$	(12,734)	$	(8,554)
Other real estate owned	(32)		(4)		(32)		(38)
Total losses	$	(5,316)	$	(6,754)	$	(12,766)	$	(8,592)

Carrying Amounts and Fair Values of Financial Instruments

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

	June 30, 2025
			Fair Value Measurements Using:
	Carrying Amount		Total		Level 1		Level 2		Level 3
	(dollars in thousands)
Financial assets
Cash and due from banks	$	121,052	$	121,052	$	121,052	$	—	$	—
Interest-bearing deposits	39,114		39,114		39,114		—		—
Securities available for sale	1,111,709		1,111,709		—		1,111,709		—
Securities held to maturity	498,043		442,520		—		442,520		—
Other investments	41,614		41,614		—		35,882		5,732
Loans held for sale	42,993		43,096		—		43,096		—
Loans and leases	9,570,815		9,690,069		—		70,774		9,619,295
Financial liabilities
Deposits	10,104,582		10,100,566		—		10,100,566		—
Short-term borrowings	225,874		224,934		—		224,934		—
Subordinated debt	128,385		117,872		—		—		117,872
Long-term debt	129,957		130,502		—		130,502		—
Capital lease obligation	4,027		4,027		—		4,027		—

	December 31, 2024
			Fair Value Measurements Using:
	Carrying Amount		Total		Level 1		Level 2		Level 3
	(dollars in thousands)
Financial assets
Cash and due from banks	$	105,051	$	105,051	$	105,051	$	—	$	—
Interest-bearing deposits	28,358		28,358		28,358		—		—
Securities available for sale	1,147,623		1,147,623		—		1,147,623		—
Securities held to maturity	405,639		336,719		—		336,719		—
Other investments	30,954		30,954		—		25,222		5,732
Loans held for sale	51,991		52,219		—		52,219		—
Loans and leases	8,983,754		8,999,020		—		39,407		8,959,613
Financial liabilities
Deposits	9,678,019		9,672,358		—		9,672,358		—
Short-term borrowings	80,139		79,151		—		79,151		—
Subordinated debt	128,305		115,747		—		—		115,747
Long-term debt	130,353		129,880		—		129,880		—
Capital lease obligation	4,327		4,327		—		4,327		—

[1] Hedging and non-hedging interest rate derivatives

[2] Hedging and non-hedging interest rate derivatives