Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 28, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | FCF | ||
Entity Registrant Name | FIRST COMMONWEALTH FINANCIAL CORP /PA/ | ||
Entity Central Index Key | 712,537 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 97,523,651 | ||
Entity Public Float | $ 1,235,796,411 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks | $ 98,624,000 | $ 91,033,000 |
Interest-bearing bank deposits | 8,668,000 | 24,644,000 |
Securities available for sale, at fair value | (731,358,000) | (778,612,000) |
Securities held to maturity, at amortized cost, (Fair value $418,249 at December 31, 2017 and $368,618 at December 31, 2016) | 422,096,000 | 372,513,000 |
Other investments | 29,837,000 | 36,498,000 |
Loans held for sale | 14,850,000 | 7,052,000 |
Loans: | ||
Portfolio loans | 5,407,376,000 | 4,879,347,000 |
Allowance for credit losses | (48,298,000) | (50,185,000) |
Net loans | 5,359,078,000 | 4,829,162,000 |
Premises and equipment, net | 81,339,000 | 67,534,000 |
Other real estate owned | 2,765,000 | 6,805,000 |
Goodwill | 255,353,000 | 186,500,000 |
Amortizing intangibles, net | 15,007,000 | 12,013,000 |
Bank owned life insurance | 212,099,000 | 187,021,000 |
Other assets | 77,465,000 | 84,648,000 |
Total assets | 7,308,539,000 | 6,684,018,000 |
Deposits (all domestic): | ||
Noninterest-bearing | 1,416,771,000 | 1,268,786,000 |
Interest-bearing | 4,163,934,000 | 3,678,622,000 |
Total deposits | 5,580,705,000 | 4,947,408,000 |
Short-term borrowings | 707,466,000 | 867,943,000 |
Subordinated debentures | 72,167,000 | 72,167,000 |
Other long-term debt | 8,161,000 | 8,749,000 |
Capital Lease Obligations, Current | 7,590,000 | 0 |
Total long-term debt | 87,918,000 | 80,916,000 |
Other liabilities | 44,323,000 | 37,822,000 |
Total liabilities | 6,420,412,000 | 5,934,089,000 |
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; 113,914,902 and 105,563,455 shares issued as of December 31, 2017 and 2016, respectively; and 97,456,478 and 89,007,077 shares outstanding at December 31, 2017 and 2016, respectively | 113,915,000 | 105,563,000 |
Additional paid-in capital | 470,123,000 | 366,426,000 |
Retained earnings | 437,416,000 | 412,764,000 |
Accumulated other comprehensive (loss) income, net | (6,173,000) | (7,027,000) |
Treasury stock (16,458,424 and 16,556,378 shares at December 31, 2017 and 2016, respectively) | (127,154,000) | (127,797,000) |
Total shareholders’ equity | 888,127,000 | 749,929,000 |
Total liabilities and shareholders’ equity | $ 7,308,539,000 | $ 6,684,018,000 |
CONSOLIDATED STATEMENTS OF FIN3
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Securities held to maturity, fair value | $ 418,249 | $ 368,618 |
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) | 113,914,902 | 105,563,455 |
Common stock, shares outstanding (in shares) | 97,456,478 | 89,007,077 |
Treasury stock, shares (in shares) | 16,458,424 | 16,556,378 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest Income | |||
Interest and fees on loans | $ 218,530 | $ 185,344 | $ 172,819 |
Interest and dividends on investments: | |||
Taxable interest | 28,608 | 27,919 | 26,807 |
Interest exempt from federal income taxes | 1,622 | 1,498 | 997 |
Dividends | 1,669 | 2,826 | 3,434 |
Interest on bank deposits | 121 | 27 | 14 |
Total interest income | 250,550 | 217,614 | 204,071 |
Interest Expense | |||
Interest on deposits | 9,415 | 7,523 | 7,474 |
Interest on short-term borrowings | 8,799 | 8,076 | 5,018 |
Interest on subordinated debentures | 3,000 | 2,635 | 2,329 |
Interest on other long-term debt | 323 | 345 | 774 |
Interest Expense, Lessee, Assets under Capital Lease | 233 | 0 | 0 |
Total interest expense | 21,770 | 18,579 | 15,595 |
Net Interest Income | 228,780 | 199,035 | 188,476 |
Provision for credit losses | 5,087 | 18,480 | 14,948 |
Net Interest Income after Provision for Credit Losses | 223,693 | 180,555 | 173,528 |
Noninterest Income | |||
Net securities gains (losses) | 5,040 | 617 | (153) |
Trust income | 7,098 | 5,366 | 5,834 |
Service charges on deposit accounts | 18,579 | 15,869 | 15,319 |
Insurance and retail brokerage commissions | 8,807 | 7,964 | 8,522 |
Income from bank owned life insurance | 5,699 | 5,381 | 5,412 |
Gain on sale of mortgage loans | 5,366 | 4,086 | 2,421 |
Card related interchange income | 18,780 | 14,955 | 14,501 |
Derivative, Gain (Loss) on Derivative, Net | (473) | 219 | (274) |
Swap Fee Income | 2,005 | 2,359 | 847 |
Other income | 7,677 | 6,372 | 7,041 |
Total noninterest income | 80,331 | 64,599 | 61,325 |
Noninterest Expense | |||
Salaries and employee benefits | 103,714 | 87,125 | 89,161 |
Net occupancy | 15,648 | 13,150 | 13,712 |
Furniture and equipment | 13,508 | 11,624 | 10,737 |
Data processing | 9,090 | 7,429 | 6,123 |
Advertising and promotion | 3,786 | 2,601 | 2,638 |
Pennsylvania shares tax | 4,209 | 3,825 | 4,693 |
Intangible amortization | 3,081 | 547 | 605 |
Collection and repossession | 1,905 | 2,250 | 2,826 |
Other professional fees and services | 4,761 | 3,915 | 4,034 |
FDIC insurance | 3,210 | 3,903 | 4,014 |
Gain (Loss) on Sale of Assets and Asset Impairment Charges | 1,834 | 1,155 | 3,112 |
Loss on sale or write-down of assets | (1,753) | (1,411) | (1,855) |
Litigation and operational losses | 2,050 | 1,420 | 2,119 |
Merger and acquisition related | 10,213 | 3,173 | 922 |
Other operating expenses | 23,289 | 17,808 | 19,178 |
Total noninterest expense | 200,298 | 159,925 | 163,874 |
Income before income taxes | 103,726 | 85,229 | 70,979 |
Income tax provision | 48,561 | 25,639 | 20,836 |
Net Income | $ 55,165 | $ 59,590 | $ 50,143 |
Average Shares Outstanding (in shares) | 95,220,056 | 88,851,573 | 89,356,767 |
Average Shares Outstanding Assuming Dilution (in shares) | 95,331,037 | 88,851,573 | 89,356,767 |
Per Share Data: | |||
Basic Earnings Per Share (in dollars per share) | $ 0.58 | $ 0.67 | $ 0.56 |
Diluted Earnings Per Share (in dollars per share) | 0.58 | $ 0.67 | 0.56 |
Cash Dividends Declared per Common Share (in dollars per share) | $ 0.32 | $ 0.28 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 55,165 | $ 59,590 | $ 50,143 |
Other comprehensive income (loss), before tax expense (benefit): | |||
Unrealized holding gains (losses) on securities arising during the period | 7,023 | (6,304) | 2,798 |
Less: reclassification adjustment for (gains) losses on securities included in net income | (5,040) | (617) | 153 |
Unrealized holding (losses) gains on derivatives arising during the period | (901) | (479) | 450 |
Reclassification adjustment for losses on derivatives included in net income | 119 | (70) | (49) |
Unrealized gains (losses) for postretirement obligation: | |||
Net gain (loss) | 94 | 331 | (102) |
Total other comprehensive income (loss), before income tax expense (benefit) | 1,295 | (7,139) | 3,250 |
Income tax expense (benefit) related to items of other comprehensive income (loss) | 441 | (2,498) | 1,137 |
Comprehensive Income | $ 56,019 | $ 54,949 | $ 52,256 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - 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, 2014 | $ 716,145 | $ 105,563 | $ 365,615 | $ 353,027 | $ (4,499) | $ (103,561) |
Beginning balance, Shares Outstanding at Dec. 31, 2014 | 91,723,028 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 50,143 | 50,143 | ||||
Total other comprehensive (loss) Income | 2,113 | 2,113 | ||||
Cash dividends declared | (25,089) | (25,089) | ||||
Treasury stock acquired | (25,383) | (25,383) | ||||
Treasury stock acquired, Shares Outstanding | (2,918,066) | |||||
Treasury stock reissued | 192 | 32 | 0 | 160 | ||
Treasury stock reissued, Shares Outstanding | 20,936 | |||||
Restricted stock, Shares Outstanding | 135,370 | |||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 1,425 | $ 0 | 334 | 0 | 1,091 | |
Ending balance at Dec. 31, 2015 | 719,546 | $ 105,563 | 365,981 | 378,081 | (2,386) | (127,693) |
Ending balance, Shares Outstanding at Dec. 31, 2015 | 88,961,268 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 59,590 | 59,590 | ||||
Total other comprehensive (loss) Income | (4,641) | (4,641) | ||||
Cash dividends declared | (24,907) | (24,907) | ||||
Treasury stock acquired | (864) | (864) | ||||
Treasury stock acquired, Shares Outstanding | (98,687) | |||||
Treasury stock reissued | 216 | 39 | 0 | 177 | ||
Treasury stock reissued, Shares Outstanding | 23,148 | |||||
Restricted stock, Shares Outstanding | 121,348 | |||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 989 | $ 0 | 406 | 0 | 583 | |
Ending balance at Dec. 31, 2016 | $ 749,929 | $ 105,563 | 366,426 | 412,764 | (7,027) | (127,797) |
Ending balance, Shares Outstanding at Dec. 31, 2016 | 89,007,077 | 89,007,077 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | $ 55,165 | 55,165 | ||||
Total other comprehensive (loss) Income | 854 | 854 | ||||
Cash dividends declared | (30,513) | (30,513) | ||||
Treasury stock acquired | (1,458) | (1,458) | ||||
Treasury stock acquired, Shares Outstanding | (104,257) | |||||
Treasury stock reissued | 2,557 | 1,170 | 0 | 1,387 | ||
Treasury stock reissued, Shares Outstanding | 181,211 | |||||
Restricted stock, Shares Outstanding | 21,000 | |||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 852 | $ 0 | 138 | 0 | 714 | |
Stock Issued During Period, Shares, New Issues | 8,351,447 | |||||
Stock Issued During Period, Value, New Issues | 110,741 | $ 8,352 | 102,389 | |||
Ending balance at Dec. 31, 2017 | $ 888,127 | $ 113,915 | $ 470,123 | $ 437,416 | $ (6,173) | $ (127,154) |
Ending balance, Shares Outstanding at Dec. 31, 2017 | 97,456,478 | 97,456,478 |
CONSOLIDATED STATEMENTS OF CHA7
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2015 | |
Cash Dividends Declared per Common Share (in dollars per share) | $ 0.32 | $ 0.28 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Cash Flows [Abstract] | |||
Repayments of Long-term Capital Lease Obligations | $ 260 | $ 0 | $ 0 |
Operating Activities | |||
Net Income | 55,165 | 59,590 | 50,143 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 5,087 | 18,480 | 14,948 |
Deferred Income Taxes and Tax Credits | 20,825 | 5,713 | 12,653 |
Depreciation and amortization | 8,997 | 7,116 | 7,640 |
Net gains on securities and other assets | (9,942) | (5,257) | (729) |
Net amortization of premiums and discounts on securities | 3,532 | 4,524 | 2,793 |
Income from increase in cash surrender value of bank owned life insurance | (5,699) | (5,325) | (5,412) |
Payments for Origination of Mortgage Loans Held-for-sale | (164,212) | (133,278) | (86,576) |
Proceeds from Sale of Mortgage Loans Held-for-sale | 163,125 | 136,037 | 85,718 |
Increase in interest receivable | (1,314) | (577) | (41) |
Increase (decrease) in interest payable | 426 | (272) | (103) |
Decrease (increase) in income taxes payable | 1,318 | (589) | (354) |
Other—net | 10,997 | 3,111 | (7,929) |
Net cash provided by operating activities | 88,305 | 89,273 | 72,751 |
Transactions with securities held to maturity: | |||
Proceeds from maturities and redemptions | 51,239 | 54,057 | 9,358 |
Purchases | (102,420) | (45,188) | (380,877) |
Transactions with securities available for sale: | |||
Proceeds from sales | 143,660 | 55,744 | 88,054 |
Proceeds from maturities and redemptions | 148,561 | 168,237 | 373,228 |
Purchases | (150,892) | (128,916) | (24,150) |
Purchases of FHLB stock | (45,301) | (37,326) | (65,605) |
Proceeds from the redemption of FHLB stock | 55,212 | 63,780 | 48,029 |
Proceeds from bank owned life insurance | 898 | 467 | 378 |
Proceeds from the sale of loans | 14,807 | 18,612 | 3,018 |
Proceeds from sales of other assets | 5,568 | 7,765 | 6,407 |
Acquisition, net of cash acquired | 3,188 | 479,469 | (3,533) |
Net increase in loans | (165,726) | (135,436) | (191,853) |
Payments for Purchase of Other Assets | (1,213) | (430) | 0 |
Purchases of premises and equipment | (10,378) | (7,061) | (4,887) |
Net cash (used in) provided by investing activities | (52,797) | 493,774 | (142,433) |
Financing Activities | |||
Net decrease in federal funds purchased | 0 | (4,000) | (5,000) |
Net (decrease) increase in other short-term borrowings | (160,477) | (638,882) | 409,949 |
Net increase (decrease) in deposits | 149,175 | 132,180 | (209,928) |
Repayments of other long-term debt | (588) | (565) | (80,145) |
Dividends paid | (30,513) | (24,907) | (25,089) |
Proceeds from reissuance of treasury stock | 228 | 216 | 192 |
Purchase of treasury stock | (1,458) | (864) | (25,383) |
Net cash (used in) provided by financing activities | (43,893) | (536,822) | 64,596 |
Net (decrease) increase in cash and cash equivalents | (8,385) | 46,225 | (5,086) |
Cash and cash equivalents at January 1 | 115,677 | 69,452 | 74,538 |
Cash and cash equivalents at December 31 | $ 107,292 | $ 115,677 | $ 69,452 |
Statement of Accounting Policie
Statement of Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Statement of Accounting Policies | Statement of Accounting Policies General The following summary of accounting and reporting policies is presented to aid the reader in obtaining a better understanding of the consolidated financial statements of First Commonwealth Financial Corporation and its subsidiaries (“First Commonwealth”) contained in this report. The financial information is presented in accordance with generally accepted accounting principles and general practice for financial institutions in the United States of America. In preparing financial statements, management is required to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. In addition, these estimates and assumptions affect revenues and expenses in the financial statements and as such, actual results could differ from those estimates. Through its subsidiaries, which include a commercial bank and an insurance agency, First Commonwealth provides a full range of loan, deposit, trust, insurance and personal financial planning services primarily to individuals and small to middle market businesses in fifteen counties in central and western Pennsylvania as well as in central and northern Ohio. First Commonwealth has determined that it has one business segment. First Commonwealth is subject to regulations of certain state and federal agencies. These regulatory agencies periodically examine First Commonwealth for adherence to laws and regulations. Basis of Presentation The accompanying Consolidated Financial Statements include the accounts of First Commonwealth previously defined above. All material intercompany transactions have been eliminated in consolidation. Equity investments of less than a majority but at least 20% ownership are accounted for by the equity method and classified as “Other assets.” Earnings on these investments are reflected in “Other income” on the Consolidated Statements of Income, as appropriate, in the period earned. Securities Debt securities that First Commonwealth has the positive intent and ability to hold to maturity are classified as securities held to maturity and are reported at amortized cost adjusted for amortization of premium and accretion of discount on a level yield basis. Debt and equity securities that are bought and held principally for the purpose of selling them in the near term are to be classified as trading securities and reported at fair value, with unrealized gains and losses included in earnings. Debt and equity securities not classified as either held-to-maturity securities or trading securities are classified as securities available for sale and are reported at fair value, with unrealized gains and losses that are not related to impairment excluded from earnings and reported as a component of other comprehensive income, which is included in shareholders’ equity, net of deferred taxes. First Commonwealth has securities classified as held to maturity and available for sale and does not engage in trading activities. 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 the equity securities. First Commonwealth conducts a comprehensive review of the investment portfolio on a quarterly basis to determine whether other-than-temporary impairment has occurred. Issuer-specific securities whose market values have fallen below their book values are initially selected for more in-depth analysis based on the percentage decline in value and duration of the decline. Issuer-specific securities include obligations of U.S. Government agencies and sponsored enterprises, single issue trust preferred securities, corporate debentures and obligations of states and political subdivisions. Further analysis of these securities includes a review of research reports, analysts’ recommendations, credit rating changes, news stories, annual reports, impact of interest rate changes and any other relevant information pertaining to the affected security. Pooled trust preferred collateralized debt obligations are measured by evaluating all relevant credit and structural aspects, determining appropriate performance assumptions and performing a discounted cash flow analysis. This evaluation includes detailed credit, performance and structural evaluations for each piece of collateral. Other factors in the pooled trust preferred collateralized debt obligations valuation include terms of the structure, the cash flow waterfall (for both interest and principal), the over collateralization and interest coverage tests and events of default/liquidation. Based on this review, a determination is made on a case by case basis as to a potential impairment. Declines in the fair value of individual securities below their cost that are not expected to be recovered will result in write-downs of the individual securities to their fair value. The related write-downs are included in earnings as impairment losses. Mortgage Loans Held for Sale Certain residential mortgage loans are originated for sale in the secondary mortgage loan market with the majority sold with servicing rights released. These loans are classified as loans held for sale and are carried at the lower of cost or estimated market value on an aggregate basis. Market value is determined on the basis of rates obtained in the respective secondary market for the type of loan held for sale. Loans are generally sold at a premium or discount from the carrying amount of the loan. Such premium or discount is recognized at the date of sale. Gain or loss on the sale of loans is recorded in non-interest income at the time consideration is received and all other criteria for sales treatment have been met. Loans Loans are carried at the principal amount outstanding. Interest is accrued as earned. Loans held for sale are carried at the lower of cost or fair value determined on an individual basis. First Commonwealth considers a loan to be past due and still accruing interest when payment of interest or principal is contractually past due but the loan is both well secured and in the process of collection. For installment, mortgage, term and other loans with amortizing payments that are scheduled monthly, 90 days past due is reached when four monthly payments are due and unpaid. For demand, time and other multi-payment obligations with payments scheduled other than monthly, delinquency status is calculated using number of days instead of number of payments. Revolving credit loans, including personal credit lines and home equity lines, are considered to be 90 days past due when the borrower has not made the minimum payment for four monthly cycles. A loan is placed in nonaccrual status when, based on current information and events, it is probable that First Commonwealth will be unable to fully collect principal or interest due according to the contractual terms of the loan. A loan is also placed in nonaccrual status when, based on regulatory definitions, the loan is maintained on a “cash basis” due to the weakened financial condition of the borrower. When a determination is made to place a loan in nonaccrual status, all accrued and unpaid interest is reversed. Nonaccrual loans are restored to accrual status when, based on a sustained period of repayment by the borrower in accordance with the contractual terms of the loan, First Commonwealth expects repayment of the remaining contractual principal and interest or when the loan otherwise becomes well-secured and in the process of collection. First Commonwealth considers a loan to be a troubled debt restructured loan when the loan 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. A loan is considered to be impaired when, based on current information and events, it is probable that First Commonwealth will be unable to collect principal or interest that is due in accordance with contractual terms of the loan. Impaired loans include nonaccrual loans and troubled debt restructured loans. Loan impairment is measured based on the present value of expected cash flows discounted at the loan’s effective interest rate or, as a practical expedient, at the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. For loans other than those that First Commonwealth expects repayment through liquidation of the collateral, when the remaining recorded investment in the impaired loan is less than or equal to the present value of the expected cash flows, income is applied as a reduction to loan principal rather than interest income. Loans deemed uncollectible are charged off through the allowance for credit losses. Factors considered in assessing ultimate collectability include past due status, financial condition of the borrower, collateral values and debt covenants including secondary sources of repayment by guarantors. Payments received on previously charged off loans are recorded as recoveries in the allowance for credit losses. Acquired loans are recorded at estimated fair value on the date of acquisition with no carryover of the related allowance for credit losses. The fair value of acquired loans is determined by estimating the principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. The estimated fair value considers factors such as loan term, internal risk rating, delinquency status, prepayment rates, estimated value of the underlying collateral and the current interest rate environment. Loan Fees Loan origination and commitment fees, net of associated direct costs, are deferred and the net amount is amortized as an adjustment to the related loan yield on the interest method, generally over the contractual life of the related loans or commitments. Other Real Estate Owned Real estate, other than bank premises, is recorded at fair value less estimated selling costs at the time of acquisition. After that time, other real estate is carried at the lower of cost or fair value less estimated costs to sell. Fair value is determined based on an independent appraisal. Expenses related to holding the property and rental income earned on the property are generally reflected in earnings in the current period. Depreciation is not recorded on the other real estate owned properties. Allowance for Credit Losses First Commonwealth maintains an allowance for credit losses at a level deemed sufficient to absorb losses that are inherent in the loan portfolio. First Commonwealth’s management determines and reviews with the Board of Directors 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 problem loans, delinquency and loss experience trends and other relevant factors, all of which may be susceptible to significant changes. The major loan classifications used in the allowance for credit losses calculation include pass, other assets especially mentioned (“OAEM”), substandard and doubtful. Additional information related to these credit quality categories is provided in Note 11, "Loans and Allowance for Credit Losses." First Commonwealth consistently applies the following comprehensive methodology and procedure for determining the allowance for credit losses. All impaired credits in excess of $100 thousand are individually reviewed quarterly. A specific reserve is established for impaired loans in an amount equal to the total amount of probable unconfirmed losses for the impaired loans that are reviewed. Based on this reserve as a percentage of reviewed loan balances, a reserve is also established for the impaired loan balances that are not individually reviewed. The allowance calculation uses net historical charge-off trends to estimate probable unconfirmed losses for each loan category. A multiplier known as the emergence factor is applied to the historical loss rates for non-criticized loans. The emergence factor is calculated by loan category and represents the average time period from when a loss is incurred until the bank experiences a charge-off against the loan. Before applying the adjusted historical loss experience percentages, loan balances are reduced by the portion of the loan balances which are subject to guarantee by a government agency. An additional component of the allowance is determined by management based on a qualitative analysis of certain factors related to portfolio risks and economic conditions. Factors considered by management include employment trends, macroeconomic trends, commercial real estate trends, lending practices, ability and experience of the credit staff, the overall lending environment and external factors such as the regulatory environment and competition. Portfolio risks include unusual changes or recent trends in specific portfolios such as unexpected changes in the trends or levels of delinquency. No matter how detailed an analysis of potential credit losses is performed, these estimates are inherently imprecise. Management must make estimates using assumptions and information that is often subjective and changes rapidly. Loans acquired with evidence of credit deterioration were evaluated and not considered to be significant. The premium or discount estimated through the loan fair value calculation is recognized into interest income on a level yield or straight-line basis over the remaining contractual life of the loans. Additional credit deterioration on acquired loans, in excess of the original credit discount embedded in the fair value determination on the date of acquisition, will be recognized in the allowance for credit losses through the provision for loan losses. Allowance for Off-Balance Sheet Credit Exposures First Commonwealth maintains an allowance for off-balance sheet credit exposure at a level deemed sufficient to absorb losses that are inherent to off-balance sheet credit risk. Management determines the adequacy of the allowance on a quarterly basis, charging the provision 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. The Company’s methodology for assessing the appropriateness of the allowance for off-balance sheet credit exposure consists of analysis of historical usage trends as well as loss history and probability of default rates related to the off-balance sheet category. The calculation begins with historical usage trends related to lines of credit as well as letters of credit and then utilizes those figures to determine the probable usage of available lines. These values are then adjusted by a determined probability of default as well as a loss given default. This amount is adjusted quarterly and reported as part of other operating expenses on the Consolidated Statements of Income. Bank Owned Life Insurance First Commonwealth and the banks that First Commonwealth has acquired have purchased insurance on the lives of certain groups of employees. The policies accumulate asset values to meet future liabilities, including the payment of employee benefits such as health care. Increases in the cash surrender value are recorded as non-interest income in the Consolidated Statements of Income. Under some of these policies, the beneficiaries receive a portion of the death benefit. The net present value of the future death benefits scheduled to be paid to the beneficiaries was $3.9 million and $3.3 million as of December 31, 2017 and 2016 , respectively, and is reflected in "Other Liabilities" on the Consolidated Statements of Financial Condition. Premises and Equipment Premises and equipment are carried at cost less accumulated depreciation on First Commonwealth’s Consolidated Statements of Financial Condition. Depreciation is computed on the straight-line and accelerated methods over the estimated useful life of the asset. A straight-line depreciation method was used for substantially all furniture and equipment. The straight-line depreciation method was used for buildings and improvements. Charges for maintenance and repairs are expensed as incurred. Leasehold improvements are expensed over the term of the lease or the estimated useful life of the improvement, whichever is shorter. Software costs are amortized on a straight-line basis over a period not to exceed seven years. Business Combinations Business combinations are accounted for by using the acquisition method of accounting. Under the acquisition method, identifiable assets acquired and liabilities assumed at the acquisition date are measured at their fair values as of that date, and are recognized separately from goodwill. The difference between the purchase price and the fair value of the net assets acquired is recorded as goodwill. Results of operations of the acquired entities are included in the consolidated statement of income from the date of acquisition. Acquisition costs are expensed when incurred. Goodwill Intangible assets resulting from acquisitions under the purchase method of accounting consist of goodwill and other intangible assets (see “Other Intangible Assets” section below). Goodwill is not amortized and is subject to at least annual assessments for impairment by applying a fair value based test. First Commonwealth reviews goodwill annually and again at any quarter-end if a material event occurs during the quarter that may affect goodwill. If goodwill testing is required, an assessment of qualitative factors can be completed before performing the two step goodwill impairment test. 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. Goodwill is evaluated for potential impairment by determining if our fair value has fallen below carrying value. Other Intangible Assets Other intangible assets consist of core deposits and customer lists obtained through acquisitions. Core deposit intangibles are amortized over their estimated lives using the present value of the benefit of the core deposits and straight-line methods of amortization. Customer list intangibles are amortized over the expected lives using expected cash flows based on retention of the customer base. These intangibles are evaluated for impairment on an annual basis and when events or changes in circumstances indicate that the carrying amount may not be recoverable. Accounting for the Impairment of Long-Lived Assets First Commonwealth reviews long-lived assets, such as premises and equipment and intangibles, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. These changes in circumstances may include a significant decrease in the market value of an asset or the extent or manner in which an asset is used. If there is an indication that the carrying amount of an asset may not be recoverable, future undiscounted cash flows expected to result from the use of the asset are estimated. If the sum of the expected cash flows is less than the carrying value of the asset, a loss is recognized for the difference between the carrying value and fair value of the asset. Long-lived assets classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. Depreciation or amortization is discontinued on long-lived assets classified as held for sale. Income Taxes First Commonwealth records taxes in accordance with the asset and liability method of FASB ASC Topic 740, “Income Taxes,” whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amount of existing assets and liabilities and their respective tax bases given the provisions of the enacted tax laws. Deferred tax assets are reduced, if necessary, by the amount of such benefits that are more likely than not expected to be realized based upon available evidence. In accordance with FASB ASC Topic 740, interest or penalties incurred for taxes will be recorded as a component of noninterest expense. Comprehensive Income Disclosures “Other Comprehensive Income” (comprehensive income, excluding net income) includes the after-tax effect of changes in unrealized holding gains and losses on available-for-sale securities, changes in the funded status of defined benefit postretirement plans and changes in the fair value of the effective portion of cash flow hedges. Comprehensive income is reported in the accompanying Consolidated Statements of Comprehensive Income, net of tax. Cash and Cash Equivalents 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. Derivatives and Hedging Activities First Commonwealth accounts for derivative instruments and hedging activities in accordance with FASB ASC Topic 815, “Derivatives and Hedging.” All derivatives are evaluated at inception as to whether or not they are hedging or non-hedging activities, and appropriate documentation is maintained to support the final determination. First Commonwealth recognizes all derivatives as either assets or liabilities on the Consolidated Statements of Financial Condition and measures those instruments at fair value. For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. Any hedge ineffectiveness would be recognized in the income statement line item pertaining to the hedged item. For derivatives designated as cash flow hedges, changes in fair value of the effective portion of the 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 the Consolidated Statement of Income. When First Commonwealth purchases a portion of a commercial loan that has an existing interest rate swap, it enters a Risk Participation Agreement with the counterparty and assumes the credit risk of the loan customer related to the swap. Any fee paid to First Commonwealth as a result of the risk participation agreement is offset by credit risk of the counterparties and is recognized in the income statement. Credit risk on the risk participation agreements is determined after considering the risk rating, probability of default and loss given default of the counterparties. Management periodically reviews contracts from various functional areas of First Commonwealth to identify potential derivatives embedded within selected contracts. As of December 31, 2017 , First Commonwealth has interest derivative positions that are not designated as hedging instruments. See Note 8, “Derivatives,” for a description of these instruments. Earnings Per Common Share Basic earnings per share excludes dilution and is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. For all periods presented, the dilutive effect on average shares outstanding is the result of compensatory stock options outstanding and unvested restricted stock grants. Fair Value Measurements In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures,” First Commonwealth groups financial assets and financial liabilities measured at fair value into three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions 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. 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 securities include U.S. Government securities issued by Agencies and Sponsored Enterprises, Obligations of States and Political Subdivisions, certain corporate securities, FHLB stock, loans held for sale, interest rate derivatives that include interest rate swaps, risk participation agreements and foreign currency contracts, certain other real estate owned and certain impaired loans. • 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 evaluation 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, nonmarketable equity investments, certain other real estate owned and certain impaired loans. In general, fair values of financial instruments are based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon pricing models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and our creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. See Note 19 “Fair Values of Assets and Liabilities” for additional information. |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [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. The Company adopted this ASU on January 1, 2018 using the modified retrospective method. A significant component of the Company’s revenues, net interest income on financial assets and liabilities, is excluded from the scope of the amended guidance. The Company has completed its overall assessment of additional revenue streams, including trust and asset management fees, brokerage and annuity sales, deposit related fees, interchange fees, and merchant income and has concluded that the Company’s revenue recognition for these revenue streams will not change significantly. Management’s evaluation of the impact of the new standard on revenue generated from insurance commissions and fees, as well as all related processes and procedures, will be completed before the end of the first quarter of 2018. Until the evaluation of the insurance commissions and fees is completed, the Company cannot conclude whether the new standard has a material impact on the insurance commission revenue stream or the Company’s financial statements. 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. The Company has formed a cross-functional implementation team to evaluate the provisions of the amendment, data requirements and determination of necessary modifications to its existing methodologies, systems and processes. The Company continues to evaluate 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, but may impact future business combinations. 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 August 2017, the FASB issued ASU No. 2017-12, "Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities" with the objective of improving the financial reporting of hedging relationships to better portray the economic results of risk management activities in its financial statements. The main provisions of this ASU update the hedge accounting model to expand the ability to hedge risk, reduce complexity, and ease certain documentation and assessment requirements. It also eliminates the requirement to separately measure and report hedge ineffectiveness, and generally requires the change in fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The adoption of this ASU is not expected to have a material impact on First Commonwealth’s financial condition or results of operations. In February 2018, the FASB issued ASU 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” ASU 2018-02 was issued to address the income tax accounting treatment of the stranded tax effects within other comprehensive income due to the prohibition of backward tracing due to an income tax rate change that was initially recorded in other comprehensive income. This issue came about from the enactment of the Tax Cuts and Jobs Act on December 22, 2017 that changed the corporate income tax rate from 35% to 21%. The ASU changed current accounting whereby an entity may elect to reclassify the stranded tax effect from accumulated other comprehensive income to retained earnings. The ASU is effective for periods beginning after December 15, 2018 although early adoption is permitted. The Company will early adopt ASU 2018-02 in the first quarter of 2018. This ASU is not expected to have a material impact on First Commonwealth's financial condition or results of operations. |
Acquisition
Acquisition | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisition | Acquisition 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, for consideration of $21.2 million in cash and 8.4 million shares of the Company's common stock. Through the acquisition, the Company obtained nine full-service banking offices and four limited service locations which are operating under the First Commonwealth name. This acquisition expands the Company's presence in the central Ohio market and added $383.1 million in loans and $484.4 million in deposits to the Company's balance sheet. The table below summarizes the net assets acquired (at fair value) and consideration transferred in connection with the DCB Financial acquisition (dollars in thousands): Consideration Paid Cash paid to shareholders $ 21,232 Shares issued to shareholders (8,356,882 shares) $ 110,812 Total consideration paid $ 132,044 Fair Value of Assets Acquired Cash and cash equivalents 24,420 Investment Securities 88,986 FHLB Stock 3,250 Loans 383,083 Premises and other equipment 12,113 Core deposit intangible 5,998 Other real estate 68 Bank owned life insurance 20,522 Other assets 16,450 Total assets acquired 554,890 Fair Value of Liabilities Assumed Deposits 484,366 Capital lease obligation 7,851 Other Liabilities 1,182 Total liabilities assumed 493,399 Total Fair Value of Identifiable Net Assets 61,491 Goodwill $ 70,553 The goodwill of $70.6 million arising from the acquisition represents the value of synergies and economies of scale expected from combining the operations of the Company with DCB Financial Corporation. The Company determined that this acquisition constitutes a business combination as defined in FASB ASC Topic 805, “Business Combinations.” Accordingly, as of the date of the acquisition, the Company recorded the assets acquired and liabilities assumed at fair value. The Company determined fair values in accordance with the guidance provided in FASB ASC Topic 820, “Fair Value Measurements and Disclosures.” Acquired loans were recorded at fair value with no carryover of the related allowance for loan losses. Fair value is established by discounting the expected future cash flows with a market discount rate for like maturities and risk instruments. At the date of acquisition, none of the loans were accounted for under the guidance of ASC Topic 310-30, “Receivables-Loans and Debt Securities Acquired with Deteriorated Credit Quality.” We acquired $390.8 million in total loans and recognized a net combined yield and credit market adjustment of $7.7 million . The fair value of the 8,356,882 common shares issued was determined based on the market price of the Company's common shares on the acquisition date. Costs related to the acquisition totaled $10.2 million . These amounts were expensed as incurred and are recorded as a merger and acquisition related expense in the Consolidated Statements of Income. As a result of the full integration of the operations of DCB, it is not practicable to determine revenue or net income included in the Company's operating results relating to DCB since the date of acquisition as DCB’s results cannot be separately identified. On December 2, 2016, the Company completed the acquisition of 13 branches from FirstMerit Bank, NA receiving $476.6 million in cash. This acquisition further expands the Company's market into northern Ohio and included the purchase of $105.6 million in loans and $619.7 million in deposits. The table below summarizes the net assets acquired (at fair value) and consideration transferred in connection with the FirstMerit Bank, NA acquisition (dollars in thousands): Consideration Received Cash received $ (476,555 ) Total consideration received $ (476,555 ) Fair Value of Assets Acquired Cash and cash equivalents 2,914 Loans 102,097 Premises and other equipment 6,072 Core deposit intangible 11,330 Other assets 353 Total assets acquired 122,766 Fair Value of Liabilities Assumed Deposits 619,729 Other Liabilities 70 Total liabilities assumed 619,799 Total Fair Value of Identifiable Net Assets (497,033 ) Goodwill $ 20,478 The goodwill of $20.5 million arising from the acquisition consists largely of the synergies and economies of scale expected from combining the operations of the Company with the branches acquired from FirstMerit Bank, NA. The goodwill for this transaction is expected to be deducted over a 15 year period for income tax purposes. We acquired $105.6 million in total loans and recognized a net combined yield and credit market adjustment of $3.5 million . Costs related to the acquisition totaled $3.2 million . These amounts were expensed as incurred and are recorded as a merger and acquisition related expense in the Consolidated Statements of Income. The Company determined this acquisition constitutes a business combination as defined in FASB ASC Topic 805, “Business Combinations.” Accordingly, as of the date of the acquisition, assets acquired and liabilities assumed were recorded at fair value. Fair values were determined in accordance with the guidance provided in FASB ASC Topic 820, “Fair Value Measurements and Disclosures.” Acquired loans were recorded at fair value with no carryover of the related allowance for loan losses. Fair value is established by discounting the expected future cash flows with a market discount rate for like maturities and risk instruments. At the date of acquisition, none of the loans were accounted for under the guidance of ASC Topic 310-30, “Receivables-Loans and Debt Securities Acquired with Deteriorated Credit Quality.” |
Supplemental Comprehensive Inco
Supplemental Comprehensive Income Disclosures | 12 Months Ended |
Dec. 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 in the Consolidated Statements of Comprehensive Income as of December 31 . Reclassification adjustments related to securities available for sale are included in the “ Net securities gains (losses) ” line in the Consolidated Statements of Income and reclassification adjustments related to losses on derivatives are included in the "Other operating expenses" line in the Consolidated Statements of Income. 2017 2016 2015 Pretax Amount Tax (Expense) Benefit Net of Tax Amount Pretax Amount Tax (Expense) Benefit Net of Tax Amount Pretax Amount Tax (Expense) Benefit Net of Tax Amount (dollars in thousands) Unrealized gains (losses) on securities: Unrealized holding gains (losses) on securities arising during the period $ 7,023 $ (2,458 ) $ 4,565 $ (6,304 ) $ 2,206 $ (4,098 ) $ 2,798 $ (978 ) $ 1,820 Reclassification adjustment for (gains) losses on securities included in net income (5,040 ) 1,764 (3,276 ) (617 ) 216 (401 ) 153 (54 ) 99 Total unrealized gains (losses) on securities 1,983 (694 ) 1,289 (6,921 ) 2,422 (4,499 ) 2,951 (1,032 ) 1,919 Unrealized gains (losses) on derivatives: Unrealized holding (losses) gains on derivatives arising during the period (901 ) 315 (586 ) (479 ) 168 (311 ) 450 (158 ) 292 Reclassification adjustment for losses (gains) on derivatives included in net income 119 (42 ) 77 (70 ) 24 (46 ) (49 ) 17 (32 ) Total unrealized (losses) gains on derivatives (782 ) 273 (509 ) (549 ) 192 (357 ) 401 (141 ) 260 Unrealized gains (losses) for postretirement obligations: Net gain (loss) 94 (20 ) 74 331 (116 ) 215 (102 ) 36 (66 ) Total unrealized gains (losses) for postretirement obligations 94 (20 ) 74 331 (116 ) 215 (102 ) 36 (66 ) Total other comprehensive income (loss) $ 1,295 $ (441 ) $ 854 $ (7,139 ) $ 2,498 $ (4,641 ) $ 3,250 $ (1,137 ) $ 2,113 The following table details the change in components of OCI for the year-ended December 31: 2017 Securities Available for Sale Derivatives Post-Retirement Obligation Accumulated Other Comprehensive Income (dollars in thousands) Balance at January 1 $ (7,455 ) $ 203 $ 225 $ (7,027 ) Other comprehensive income before reclassification adjustment 4,565 (586 ) 3,979 Amounts reclassified from accumulated other comprehensive income (loss) (3,276 ) 77 (3,199 ) Net gain 74 74 Net other comprehensive income during the period 1,289 (509 ) 74 854 Balance at December 31 $ (6,166 ) $ (306 ) $ 299 $ (6,173 ) 2016 Securities Available for Sale Derivatives Post-Retirement Obligation Accumulated Other Comprehensive Income (dollars in thousands) Balance at January 1 $ (2,956 ) $ 560 $ 10 $ (2,386 ) Other comprehensive income before reclassification adjustment (4,098 ) (311 ) (4,409 ) Amounts reclassified from accumulated other comprehensive income (loss) (401 ) (46 ) (447 ) Net gain 215 215 Net other comprehensive income during the period (4,499 ) (357 ) 215 (4,641 ) Balance at December 31 $ (7,455 ) $ 203 $ 225 $ (7,027 ) 2015 Securities Available for Sale Derivatives Post-Retirement Obligation Accumulated Other Comprehensive Income (dollars in thousands) Balance at January 1 $ (4,875 ) $ 300 $ 76 $ (4,499 ) Other comprehensive income before reclassification adjustment 1,820 292 2,112 Amounts reclassified from accumulated other comprehensive income (loss) 99 (32 ) 67 Net gain (66 ) (66 ) Net other comprehensive income during the period 1,919 260 (66 ) 2,113 Balance at December 31 $ (2,956 ) $ 560 $ 10 $ (2,386 ) |
Supplemental Cash Flow Disclosu
Supplemental Cash Flow Disclosures | 12 Months Ended |
Dec. 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 year for interest and income taxes as well as detail on non-cash investing and financing activities for the years ended December 31 : 2017 2016 2015 (dollars in thousands) Cash paid during the period for: Interest $ 21,552 $ 19,208 $ 15,818 Income taxes 27,902 19,950 8,331 Non-cash investing and financing activities: Loans transferred to other real estate owned and repossessed assets 3,067 4,824 8,257 Other real estate sales transferred to loans 1,891 — — Fair value of loans transferred from held to maturity to available for sale 15,102 18,758 3,196 Gross increase (decrease) in market value adjustment to securities available for sale 1,983 (6,919 ) 2,949 Gross (decrease) increase in market value adjustment to derivatives (783 ) (549 ) 401 Investments redeemed, not settled — 3,769 — Investments committed to purchase, not settled — — 694 Net assets (liabilities) acquired through acquisition 37,070 (501,516 ) 463 Proceeds from death benefit on bank-owned life insurance not received 245 437 — Treasury shares issued 2,258 — — |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 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 computation for the years ending December 31 : 2017 2016 2015 Weighted average common shares issued 111,809,880 105,563,455 105,563,455 Average treasury shares (16,463,079 ) (16,605,461 ) (16,045,900 ) Average deferred compensation shares (37,411 ) — — Average unearned nonvested shares (89,334 ) (106,421 ) (160,788 ) Weighted average common shares and common stock equivalents used to calculate basic earnings per share 95,220,056 88,851,573 89,356,767 Additional common stock equivalents (nonvested stock) used to calculate diluted earnings per share 73,570 — — Additional common stock equivalents (deferred compensation) used to calculated diluted earnings per share 37,411 — — Weighted average common shares and common stock equivalents used to calculate diluted earnings per share 95,331,037 88,851,573 89,356,767 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 years ended December 31 , because to do so would have been anti-dilutive. 12/31/2017 12/31/2016 12/31/2015 Price Range Price Range Price Range Shares From To Shares From To Shares From To Restricted Stock 18,173 $ 8.55 $ 13.96 67,920 $ 8.38 $ 13.96 92,002 $ 6.82 $ 9.84 |
Cash and Due from Banks
Cash and Due from Banks | 12 Months Ended |
Dec. 31, 2017 | |
Cash and Due from Banks [Abstract] | |
Cash and Due from Banks | Cash and Due from Banks Regulations of the Board of Governors of the Federal Reserve System impose uniform reserve requirements on all depository institutions with transaction accounts, such as checking accounts and NOW accounts. Reserves are maintained in the form of vault cash or balances held with the Federal Reserve Bank. First Commonwealth Bank maintained average balances of $10.3 million during 2017 and $5.1 million during 2016 with the Federal Reserve Bank. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 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 36 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 nine 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 providing 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 three interest rate swap contracts which were designated as cash flow hedges. The interest rate swaps have a total notional amount of $150.0 million , $35.0 million with an original maturity of three years and $115.0 million with an 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 $150.0 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 Consolidated Statement of Income. For the years ended December 31, 2017 , 2016 and 2015 , interest income was increased by $0.5 million , $1.6 million and $2.0 million , respectively, as a result of these interest rate swaps. 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 Consolidated Statement of Income as the income on the hedged items. The cash flow hedges were highly effective at December 31, 2017 , 2016 and 2015 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 Consolidated Statements of Income. The impact to noninterest expense for the years ended December 31, 2017 was a decrease of $19 thousand . There were no interest rate lock commitments in 2016 or 2015. 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 December 31, 2017 , the underlying funded mortgage loan commitments had a carrying value of $14.3 million and a fair value of $14.7 million , while the underlying unfunded mortgage loan commitments had a notional amount of $13.8 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 Consolidated Statements of Income. The impact on other noninterest expense for the year ended December 31, 2017 totaled $4 thousand . At December 31, 2017 and December 31, 2016 , the underlying loans had a carrying value of $10.0 million and $4.7 million , respectively, and a fair value of $10.1 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 at December 31 : 2017 2016 (dollars in thousands) Derivatives not Designated as Hedging Instruments Credit value adjustment $ (791 ) $ (317 ) Notional Amount: Interest rate derivatives 401,304 345,102 Interest rate caps 46,444 14,762 Risk participation agreements 197,660 174,213 Sold credit protection on risk participation agreements (46,170 ) (40,281 ) Derivatives Designated as Hedging Instruments Interest rate swaps: Fair value adjustment 459 (443 ) Notional Amount 150,000 200,000 Interest rate forwards: Fair value adjustment 19 — Notional Amount 17,000 — Foreign exchange forwards: Fair value adjustment (70 ) (8 ) Notional Amount 10,077 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 Consolidated Statements of Income for the years ended December 31 : 2017 2016 2015 (dollars in thousands) Non-hedging interest rate derivatives: (Decrease) increase in other income $ (473 ) $ 219 $ (274 ) Hedging interest rate derivatives: Increase in interest income 452 1,627 2,049 Increase in other income 119 70 64 Hedging interest rate forwards: Decrease in other expense (19 ) — — Hedging interest rate derivatives: Increase (decrease) in other expense 4 (5 ) — The fair value of our derivatives is included in a table in Note 19, “Fair Values of Assets and Liabilities,” in the line items “Other assets” and “Other liabilities.” |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities Securities Available for Sale Below is an analysis of the amortized cost and fair values of securities available for sale at December 31 : 2017 2016 Amortized Gross Gross Estimated Amortized Gross Gross Estimated (dollars in thousands) Obligations of U.S. Government Agencies: Mortgage-Backed Securities – Residential $ 10,556 $ 789 $ (7 ) $ 11,338 $ 15,143 $ 1,481 $ (7 ) $ 16,617 Mortgage-Backed Securities – Commercial 24,611 — (462 ) 24,149 — — — — Obligations of U.S. Government-Sponsored Enterprises: Mortgage-Backed Securities – Residential 632,422 2,622 (9,489 ) 625,555 683,601 4,557 (11,305 ) 676,853 Mortgage-Backed Securities – Commercial — — — — 1 — — 1 Other Government-Sponsored Enterprises 1,098 — (1 ) 1,097 16,700 — (69 ) 16,631 Obligations of States and Political Subdivisions 27,083 327 — 27,410 27,075 195 (41 ) 27,229 Corporate Securities 15,907 590 (4 ) 16,493 5,903 416 — 6,319 Pooled Trust Preferred Collateralized Debt Obligations 27,499 526 (4,379 ) 23,646 39,989 427 (7,124 ) 33,292 Total Debt Securities 739,176 4,854 (14,342 ) 729,688 788,412 7,076 (18,546 ) 776,942 Equities 1,670 — — 1,670 1,670 — — 1,670 Total Securities Available for Sale $ 740,846 $ 4,854 $ (14,342 ) $ 731,358 $ 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 December 31, 2017 , by contractual maturity, are shown below: Amortized Estimated (dollars in thousands) Due within 1 year $ 1,098 $ 1,097 Due after 1 but within 5 years 13,989 14,020 Due after 5 but within 10 years 27,083 27,410 Due after 10 years 29,417 26,119 71,587 68,646 Mortgage-Backed Securities (a) 667,589 661,042 Total Debt Securities $ 739,176 $ 729,688 (a) Mortgage Backed Securities include an amortized cost of $35.2 million and a fair value of $35.5 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $632.4 million and a fair value of $625.6 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 years ended December 31 : 2017 2016 2015 (dollars in thousands) Proceeds from sales $ 143,660 $ 55,744 $ 88,054 Gross (losses) gains realized: Sales Transactions: Gross gains $ 359 $ 305 $ — Gross losses (316 ) (277 ) (284 ) 43 28 (284 ) Maturities and impairment Gross gains 5,057 589 131 Gross losses (60 ) — — Other-than-temporary impairment — — — 4,997 589 131 Net gains and impairment $ 5,040 $ 617 $ (153 ) Proceeds from the sales of investments for the year ended December 31, 2017 includes the liquidation of the DCB investment portfolio and the sale of small positions in CMO and MBS investments. During 2017 , gross gains from maturities and impairment resulted from the early redemption of two pooled trust preferred securities. The successful auction call of PreSTL XIII provided a gain of $4.3 million and the liquidation of PreSTL VII by senior note holders resulted in a gain of $0.7 million . Proceeds from the sales of investments in 2016 were related to sales of small positions in CMO's and MBS's. During 2016 , a gain of $0.6 million was recognized as a result of the early redemption of a pooled trust preferred security with a book value of $3.1 million . This security was redeemed due to an election by the senior note holders to liquidate the trust. In 2015 , a $0.3 million loss was recognized on the sale of approximately $75.0 million of low-yielding U.S. government agency securities. Proceeds from the sale of these securities were reinvested into higher yielding mortgage-backed securities. Securities available for sale with an approximate fair value of $569.0 million and $445.8 million were pledged as of December 31, 2017 and 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 December 31:. 2017 2016 Amortized Gross Gross Estimated Amortized Gross Gross Estimated (dollars in thousands) Obligations of U.S. Government Agencies: Mortgage-Backed Securities – Residential $ 3,925 $ — $ (14 ) $ 3,911 $ 4,297 $ — $ (4 ) $ 4,293 Mortgage-Backed Securities – Commercial 58,249 — (1,394 ) 56,855 34,444 — (561 ) 33,883 Obligations of U.S. Government-Sponsored Enterprises: Mortgage-Backed Securities – Residential 305,126 10 (2,552 ) 302,584 280,430 5 (2,527 ) 277,908 Mortgage-Backed Securities – Commercial 14,056 — (71 ) 13,985 14,675 — (142 ) 14,533 Obligations of States and Political Subdivisions 40,540 335 (161 ) 40,714 38,667 55 (721 ) 38,001 Debt Securities Issued by Foreign Governments 200 — — 200 — — — — Total Securities Held to Maturity $ 422,096 $ 345 $ (4,192 ) $ 418,249 $ 372,513 $ 60 $ (3,955 ) $ 368,618 The amortized cost and estimated fair value of debt securities held to maturity at December 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 Estimated (dollars in thousands) Due within 1 year $ 87 $ 87 Due after 1 but within 5 years 3,663 3,660 Due after 5 but within 10 years 35,361 35,534 Due after 10 years 1,629 1,633 40,740 40,914 Mortgage-Backed Securities (a) 381,356 377,335 Total Debt Securities $ 422,096 $ 418,249 (a) Mortgage Backed Securities include an amortized cost of $62.2 million and a fair value of $60.8 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $319.2 million and a fair value of $316.6 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 $338.3 million and $119.2 million were pledged as of December 31, 2017 and 2016 , respectively, to secure public deposits for other purposes required or permitted by law. |
Impairment of Investment Securi
Impairment of Investment Securities | 12 Months Ended |
Dec. 31, 2017 | |
Impairment of Investment Securities Disclosure [Abstract] | |
Impairment of Investment Securities | Impairment of Investment Securities Securities Available for Sale 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 other comprehensive income (“OCI”). During the years ended December 31, 2017 , 2016 and 2015 , 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 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 and 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 determine 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 19, “Fair Values of Assets and Liabilities,” for additional information. The following table presents the gross unrealized losses and estimated fair values at December 31, 2017 for both available for sale and held to maturity securities by investment category and time frame for which the 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 $ 5,584 $ (21 ) $ — $ — $ 5,584 $ (21 ) Mortgage-Backed Securities – Commercial 48,322 (962 ) 32,683 (894 ) 81,005 (1,856 ) Obligations of U.S. Government-Sponsored Enterprises: Mortgage-Backed Securities – Residential 351,222 (2,295 ) 400,984 (9,746 ) 752,206 (12,041 ) Mortgage-Backed Securities – Commercial 13,985 (71 ) — — 13,985 (71 ) Other Government-Sponsored Enterprises 997 (1 ) 99 — 1,096 (1 ) Obligations of States and Political Subdivisions 7,144 (32 ) 3,653 (129 ) 10,797 (161 ) Corporate Securities 3,993 (4 ) — — 3,993 (4 ) Pooled Trust Preferred Collateralized Debt Obligations — — 19,120 (4,379 ) 19,120 (4,379 ) Total Securities $ 431,247 $ (3,386 ) $ 456,539 $ (15,148 ) $ 887,786 $ (18,534 ) At December 31, 2017 , pooled trust preferred collateralized debt obligations accounted for 24% of unrealized losses due to changes in interest rates and the illiquid market for this type of investment. Fixed income securities issued by U.S. Government-sponsored enterprises comprised 65% of total unrealized losses due to changes in market interest rates. Government agencies and obligations of state and political subdivisions each account for 10% of total unrealized losses as a result of changes in market interest rates. At December 31, 2017 , there were 98 debt securities in an unrealized loss position, 30 of which related to residential mortgage-backed securities with an unrealized loss of 12 months or more. There were no equity securities in an unrealized loss position at December 31, 2017 . The following table presents the gross unrealized losses and estimated fair value at December 31, 2016 for both available for sale and held to maturity securities by investment category and time frame for which the securities had 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 ) Obligations 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 December 31, 2017 , our corporate securities had an amortized cost and estimated fair value of $15.9 million and $16.5 million , respectively, and were comprised of debt for large regional banks. At December 31, 2016 , these securities had an amortized cost of $5.9 million and estimated fair value of $6.3 million . There was one corporate security in an unrealized loss position as of December 31, 2017 and no corporate securities in a loss position as of December 31, 2016 . When unrealized losses exist, management reviews each of the issuer’s asset quality, earnings trend 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 December 31, 2017 , the book value of our pooled trust preferred collateralized debt obligations totaled $27.5 million with an estimated fair value of $23.6 million , which includes securities comprised of 206 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 the 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 December 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 five of our securities had excess subordination which ranged from 2% to 72% of the current performing collateral. The following table provides additional information related to our pooled trust preferred collateralized debt obligations as of December 31, 2017 : Deal Class Book Estimated Fair Unrealized Moody’s/ Number Deferrals Excess (dollars in thousands) PreTSL IV Mezzanine $ 1,817 $ 1,405 $ (412 ) Ba1/BB 6 18.05 % 72.13 % PreTSL VIII Mezzanine 2,043 2,228 185 C/C 26 38.52 0.00 PreTSL IX Mezzanine 2,448 2,052 (396 ) B1/C 37 27.83 19.46 PreTSL X Mezzanine 1,863 2,125 262 Caa1/C 41 27.93 1.62 PreTSL XII Mezzanine 6,097 5,209 (888 ) B3/C 63 23.35 0.00 PreTSL XIV Mezzanine 13,136 10,453 (2,683 ) Ba2/CCC 49 12.95 39.26 MMCap I Mezzanine 95 174 79 Ca/C 7 69.35 69.99 Total $ 27,499 $ 23,646 $ (3,853 ) Lack of liquidity in the market for trust preferred collateralized debt obligations, below investment grade credit rating and market uncertainties related to the financial industry are factors contributing to the impairment on these securities. In the fourth quarter of 2017 , an auction call was successfully completed on PreTSL XIII. This resulted in the security being called at par providing a gain of $4.3 million . The book value of PreTSL XIII before redemption was $13.2 million . In October 2016 , the Senior note holders of PreTSL VII elected to liquidate all assets of the trust. The sale of the assets occurred in the fourth quarter of 2016 and the redemption was completed in the first quarter of 2017 . Our book value before redemption of PreTSL VII was $3.1 million and, at the time of redemption, a gain of $0.6 million was recognized in 2016 and an additional gain of $0.7 million was recorded in the first quarter of 2017 . 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. For the years ended December 31, 2017 , 2016 and 2015 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 December 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 206 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 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 December 31, 2017 , default probabilities for performing collateral ranged from 0.33% to 50% . 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 which 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 allows 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 December 31, 2017 , indicates that no credit related other-than-temporary impairment has occurred on our pooled trust preferred securities during the year ended December 31, 2017 . Based upon the analysis performed by management, it is probable that two of our pooled trust preferred securities are expected to experience contractual principal and interest shortfalls and therefore appropriate other-than-temporary impairment charges were recorded in prior periods. These securities are identified in the previous table with 0% “Excess Subordination as a % of Current Performing Collateral.” For the remaining securities in the table, our analysis as of December 31, 2017 indicates that it is probable that we will collect all contractual principal and interest payments. For four of those securities, PreTSL IX, PreTSL X, 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 December 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 18% to 104% 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 table below provides a cumulative roll forward of credit losses recognized in earnings for debt securities held and not intended to be sold for the years ended December 31: 2017 2016 2015 (dollars in thousands) Balance, beginning (a) $ 17,056 $ 24,851 $ 26,246 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) (890 ) (1,124 ) (1,177 ) Reduction for debt securities called during the period (3,958 ) (6,671 ) (218 ) Balance, ending $ 12,208 $ 17,056 $ 24,851 (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 either as principal payments or interest income during the period. For the years ended December 31, 2017 , 2016 and 2015 , there was no impairment recognized on equity securities. On a quarterly basis, management evaluates equity securities for other-than-temporary impairment. As part of this evaluation we review 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. There were no equity securities in an unrealized loss position as of December 31, 2017 and 2016 . In the table above, the $4.0 million reduction in cumulative credit losses in 2017 and the $6.7 million reduction in 2016 related to the early redemption of PreTSL XIII and PreTSL VII, respectively. Other Investments As a member of the 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 December 31, 2017 and 2016 , our FHLB stock totaled $29.8 million and $36.5 million , respectively and is included in “Other investments” on the 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 for the year ended December 31, 2017 . |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 12 Months Ended |
Dec. 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 as of December 31 : 2017 2016 Originated Loans Acquired Loans Total Loans Originated Loans Acquired Loans Total Loans (dollars in thousands) Commercial, financial, agricultural and other $ 1,122,741 $ 40,642 $ 1,163,383 $ 1,131,148 $ 8,399 $ 1,139,547 Real estate construction 242,905 5,963 248,868 217,840 1,781 219,621 Residential real estate 1,206,119 220,251 1,426,370 1,165,851 63,341 1,229,192 Commercial real estate 1,892,185 126,911 2,019,096 1,717,043 25,167 1,742,210 Loans to individuals 543,411 6,248 549,659 546,589 2,188 548,777 Total loans $ 5,007,361 $ 400,015 $ 5,407,376 $ 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 Bank’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. Movements between these rating categories provide a predictive measure of credit losses and therefore assist 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 category for the years ended December 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 $ 1,061,147 $ 242,905 $ 1,194,352 $ 1,855,253 $ 543,175 $ 4,896,832 Non-Pass OAEM 26,757 — 1,435 13,326 — 41,518 Substandard 30,431 — 10,332 23,606 236 64,605 Doubtful 4,406 — — — — 4,406 Total Non-Pass 61,594 — 11,767 36,932 236 110,529 Total $ 1,122,741 $ 242,905 $ 1,206,119 $ 1,892,185 $ 543,411 $ 5,007,361 Acquired Loans Pass $ 34,573 $ 5,963 $ 217,824 $ 121,536 $ 6,231 $ 386,127 Non-Pass OAEM 5,567 — 798 3,517 — 9,882 Substandard 502 — 1,629 1,858 17 4,006 Doubtful — — — — — — Total Non-Pass 6,069 — 2,427 5,375 17 13,888 Total $ 40,642 $ 5,963 $ 220,251 $ 126,911 $ 6,248 $ 400,015 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 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. Total gross charge-offs for the years ended December 31, 2017 and 2016 were $12.5 million and $26.3 million , respectively. 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 December 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 December 31 . 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. 2017 30 - 59 60 - 89 90 days Nonaccrual Total past Current Total (dollars in thousands) Originated Loans Commercial, financial, agricultural and other $ 378 $ 61 $ 40 $ 18,741 $ 19,220 $ 1,103,521 $ 1,122,741 Real estate construction 199 — — — 199 242,706 242,905 Residential real estate 4,618 1,025 1,076 6,225 12,944 1,193,175 1,206,119 Commercial real estate 2,198 28 6 3,240 5,472 1,886,713 1,892,185 Loans to individuals 1,899 769 623 236 3,527 539,884 543,411 Total $ 9,292 $ 1,883 $ 1,745 $ 28,442 $ 41,362 $ 4,965,999 $ 5,007,361 Acquired Loans Commercial, financial, agricultural and other $ 6 $ 7 $ — $ 436 $ 449 $ 40,193 $ 40,642 Real estate construction — — — — — 5,963 5,963 Residential real estate 148 9 83 705 945 219,306 220,251 Commercial real estate — — — 1,077 1,077 125,834 126,911 Loans to individuals 36 20 26 17 99 6,149 6,248 Total $ 190 $ 36 $ 109 $ 2,235 $ 2,570 $ 397,445 $ 400,015 2016 30 - 59 60 - 89 90 days Nonaccrual Total past 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 in 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 become 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 or repayment for 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 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. There were no impaired loans held for sale at December 31, 2017 and December 31, 2016 . Total gains of $21 thousand were recognized on sales of impaired loans during the year ended December 31, 2017 . No gains were recognized on sales of impaired loans during the year ended December 31, 2016 . The following tables include the recorded investment and unpaid principal balance for impaired loans with the associated allowance amount, if applicable, as of December 31, 2017 and 2016 . Also presented are the average recorded investment in impaired loans and the related amount of interest recognized while the loan was considered impaired for the years ended December 31, 2017 , 2016 and 2015 . Average balances are calculated based on month-end balances of the loans for the period reported and are included in the table below based on its period end allowance position. 2017 Recorded Unpaid Related Average Interest (dollars in thousands) Originated Loans: With no related allowance recorded: Commercial, financial, agricultural and other $ 5,548 $ 12,153 $ 10,282 $ 394 Real estate construction — — — — Residential real estate 10,625 12,470 11,366 355 Commercial real estate 5,155 5,489 6,469 583 Loans to individuals 347 383 353 19 Subtotal 21,675 30,495 28,470 1,351 With an allowance recorded: Commercial, financial, agricultural and other 16,866 21,094 $ 3,478 9,391 96 Real estate construction — — — — — Residential real estate 456 478 107 167 — Commercial real estate 954 954 128 143 4 Loans to individuals — — — — — Subtotal 18,276 22,526 3,713 9,701 100 Total $ 39,951 $ 53,021 $ 3,713 $ 38,171 $ 1,451 Acquired Loans: With no related allowance recorded: Commercial, financial, agricultural and other $ 436 $ 449 $ 476 $ — Real estate construction — — 25 — Residential real estate 666 965 535 — Commercial real estate 940 1,842 2,135 — Loans to individuals 17 17 6 — Subtotal 2,059 3,273 3,177 — With an allowance recorded: Commercial, financial, agricultural and other — — $ — — — Real estate construction — — — — — Residential real estate 93 122 4 74 — Commercial real estate 137 150 29 155 — Loans to individuals — — — — — Subtotal 230 272 33 229 — Total $ 2,289 $ 3,545 $ 33 $ 3,406 $ — 2016 Recorded Unpaid Related Average Interest (dollars in thousands) Originated Loans: With no related allowance recorded: Commercial, financial, agricultural and other $ 9,549 $ 15,369 $ 23,146 $ 576 Real estate construction — — 4 44 Residential real estate 10,873 13,004 10,957 312 Commercial real estate 5,765 6,905 6,718 170 Loans to individuals 382 507 409 15 Subtotal 26,569 35,785 41,234 1,117 With an allowance recorded: Commercial, financial, agricultural and other 13,423 19,226 $ 2,530 13,885 99 Real estate construction — — — — — Residential real estate 424 475 164 241 4 Commercial real estate 810 810 434 555 25 Loans to individuals — — — — — Subtotal 14,657 20,511 3,128 14,681 128 Total $ 41,226 $ 56,296 $ 3,128 $ 55,915 $ 1,245 Acquired Loans: With no related allowance recorded: Commercial, financial, agricultural and other $ — $ — $ — $ — Real estate construction — — — — Residential real estate 406 480 406 — Commercial real estate 162 162 162 — Loans to individuals 3 3 3 — Subtotal 571 645 571 — With an allowance recorded: Commercial, financial, agricultural and other — — $ — — — Real estate construction — — — — — Residential real estate 16 16 16 16 — Commercial real estate — — — — — Loans to individuals — — — — — Subtotal 16 16 16 16 — Total $ 587 $ 661 $ 16 $ 587 $ — 2015 Average Interest (dollars in thousands) With no related allowance recorded: Commercial, financial, agricultural and other $ 17,692 $ 216 Real estate construction 95 — Residential real estate 10,635 172 Commercial real estate 7,890 90 Loans to individuals 338 4 Subtotal 36,650 482 With an allowance recorded: Commercial, financial, agricultural and other 7,731 129 Real estate construction — — Residential real estate 403 — Commercial real estate 674 4 Loans to individuals — — Subtotal 8,808 133 Total $ 45,458 $ 615 Unfunded commitments related to nonperforming loans were $2.4 million and $1.8 million at December 31, 2017 and 2016 , respectively. After considering the collateral related to these commitments, a reserve of $178 thousand and $12 thousand was established for these off balance sheet exposures at December 31, 2017 and 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 as of December 31 : 2017 2016 2015 (dollars in thousands) Troubled debt restructured loans Accrual status $ 11,563 $ 13,790 $ 14,139 Nonaccrual status 11,222 11,569 12,360 Total $ 22,785 $ 25,359 $ 26,499 Commitments Letters of credit $ 60 $ — $ — Unused lines of credit $ 54 $ 358 $ 3,252 Total $ 114 $ 358 $ 3,252 The following tables provide detail, including specific reserve and reasons for modification, related to loans identified as troubled debt restructurings during the years ending December 31 : 2017 Type of Modification Number Extend Modify Modify Total Post- Specific (dollars in thousands) Commercial, financial, agricultural and other 6 $ 6,768 $ 1,806 $ 987 $ 9,561 $ 6,946 $ 566 Residential real estate 20 134 261 573 968 851 1 Commercial real estate 5 179 — 269 448 412 29 Loans to individuals 10 — 28 49 77 65 — Total 41 $ 7,081 $ 2,095 $ 1,878 $ 11,054 $ 8,274 $ 596 2016 Type of Modification Number Extend Modify Modify Total Post- Specific (dollars in thousands) Commercial, financial, agricultural and other 5 $ 23 $ 6,318 $ 3,854 $ 10,195 $ 6,210 $ 317 Residential real estate 39 107 214 2,619 2,940 2,698 124 Commercial real estate 8 1,368 — 25 1,393 1,271 59 Loans to individuals 13 23 82 25 130 96 — Total 65 $ 1,521 $ 6,614 $ 6,523 $ 14,658 $ 10,275 $ 500 2015 Type of Modification Number Extend Modify Modify Total Post- Specific (dollars in thousands) Commercial, financial, agricultural and other 12 $ 1,751 $ 3,195 $ 4,527 $ 9,473 $ 8,823 $ 1,330 Residential real estate 32 — 296 1,414 1,710 1,575 2 Commercial real estate 1 — — 464 464 389 — Loans to individuals 16 3 167 35 205 169 — Total 61 $ 1,754 $ 3,658 $ 6,440 $ 11,852 $ 10,956 $ 1,332 The troubled debt restructurings included in the above tables are also included in the impaired loan tables provided earlier in this footnote. Loans defined as modified due to a change in rate include loans that were modified for a change in rate as well as a reamortization of the principal and an extension of the maturity. For the years ended December 31, 2017 , 2016 and 2015 , $0.3 million , $6.6 million and $3.7 million , respectively, of total rate modifications represent loans with modifications to the rate as well as payment due to reamortization. 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 year ending December 31 : 2017 2016 2015 Number of Recorded Number of Recorded Number of Recorded (dollars in thousands) Residential real estate — $ — 4 $ 313 3 $ 97 Loans to individuals 1 2 — — — — Total 1 $ 2 4 $ 313 3 $ 97 The following tables provide detail related to the allowance for credit losses for the years ended December 31 . 2017 Commercial, Real estate Residential Commercial Loans to 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 (6,176 ) — (1,261 ) (340 ) (4,220 ) (11,997 ) Recoveries 3,900 465 304 274 460 5,403 Provision (credit) (10,280 ) 307 1,218 10,775 2,660 4,680 Ending balance 23,418 1,349 2,753 17,328 3,404 48,252 Acquired Loans: Beginning balance $ — $ — $ 19 $ — $ — $ 19 Charge-offs (458 ) — (26 ) — (28 ) (512 ) Recoveries 1 5 67 4 55 132 Provision (credit) 468 (5 ) (54 ) 25 (27 ) 407 Ending balance 11 — 6 29 — 46 Total ending balance $ 23,429 $ 1,349 $ 2,759 $ 17,357 $ 3,404 $ 48,298 Ending balance: individually evaluated for impairment $ 3,478 $ — $ 111 $ 157 $ — $ 3,746 Ending balance: collectively evaluated for impairment 19,951 1,349 2,648 17,200 3,404 44,552 Loans: Ending balance 1,163,383 248,868 1,426,370 2,019,096 549,659 5,407,376 Ending balance: individually evaluated for impairment 22,450 — 6,698 6,003 — 35,151 Ending balance: collectively evaluated for impairment 1,140,933 248,868 1,419,672 2,013,093 549,659 5,372,225 2016 Commercial, Real estate Residential Commercial Loans to Total (dollars in thousands) Allowance for credit losses: Beginning balance $ 31,035 $ 887 $ 2,606 $ 11,924 $ 4,360 $ 50,812 Charge-offs (19,603 ) — (1,189 ) (570 ) (4,943 ) (26,305 ) Recoveries 4,164 562 481 1,522 469 7,198 Provision (credit) 20,378 (872 ) 594 (6,257 ) 4,618 18,461 Ending balance on originated loans 35,974 577 2,492 6,619 4,504 50,166 Ending balance on acquired loans (1) — — 19 — — 19 Total ending balance $ 35,974 $ 577 $ 2,511 $ 6,619 $ 4,504 $ 50,185 Ending balance: individually evaluated for impairment $ 2,530 $ — $ 180 $ 434 $ — $ 3,144 Ending balance: collectively evaluated for impairment 33,444 577 2,331 6,185 4,504 47,041 Loans: Ending balance 1,139,547 219,621 1,229,192 1,742,210 548,777 4,879,347 Ending balance: individually evaluated for impairment 22,325 — 5,875 5,468 — 33,668 Ending balance: collectively evaluated for impairment 1,117,222 219,621 1,223,317 1,736,742 548,777 4,845,679 (1) Amount reflects provision expense and ending allowance balance for loans acquired in 2016 as part of the purchase of FirstMerit branches. 2015 Commercial, Real estate Residential Commercial Loans to Total (dollars in thousands) Allowance for credit losses: Beginning balance $ 29,627 $ 2,063 $ 3,664 $ 11,881 $ 4,816 $ 52,051 Charge-offs (11,429 ) (8 ) (1,539 ) (1,538 ) (4,354 ) (18,868 ) Recoveries 1,097 84 587 229 684 2,681 Provision (credit) 11,740 (1,252 ) (106 ) 1,352 3,214 14,948 Ending balance $ 31,035 $ 887 $ 2,606 $ 11,924 $ 4,360 $ 50,812 Ending balance: individually evaluated for impairment $ 6,952 $ — $ 51 $ 42 $ — $ 7,045 Ending balance: collectively evaluated for impairment 24,083 887 2,555 11,882 4,360 43,767 Loans: Ending balance 1,150,906 220,736 1,224,465 1,479,000 608,643 4,683,750 Ending balance: individually evaluated for impairment 30,767 — 6,099 7,143 — 44,009 Ending balance: collectively evaluated for impairment 1,120,139 220,736 1,218,366 1,471,857 608,643 4,639,741 |
Commitments and Letters of Cred
Commitments and Letters of Credit | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Letters of Credit | Commitments and Letters of Credit First Commonwealth is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of its customers. These financial instruments include commitments to extend credit, standby letters of credit and commercial letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the Consolidated Statements of Financial Condition. First Commonwealth’s exposure to credit loss in the event of nonperformance by the other party of the financial instrument for commitments to extend credit, standby letters of credit and commercial letters of credit is represented by the contract or notional amount of those instruments. First Commonwealth uses the same credit policies for underwriting all loans, including these commitments and conditional obligations. As of December 31, 2017 and 2016 , First Commonwealth did not own or trade other financial instruments with significant off-balance sheet risk including derivatives such as futures, forwards, option contracts and the like, although such instruments may be appropriate to use in the future to manage interest rate risk. See Note 8, “Derivatives,” for a description of interest rate derivatives entered into by First Commonwealth. 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 for 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 December 31 : 2017 2016 (dollars in thousands) Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 1,840,180 $ 1,733,820 Financial standby letters of credit 17,946 18,108 Performance standby letters of credit 20,472 26,630 Commercial letters of credit 1,149 1,301 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. First Commonwealth evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by First Commonwealth upon extension of credit, is based on management’s credit evaluation of the counterparty. Collateral that is held varies but may include accounts receivable, inventory, property, plant and equipment, and residential and income-producing commercial properties. The notional amounts outstanding at December 31, 2017 include amounts issued in 2017 of $1.5 million in financial standby letters of credit and $5.1 million in performance standby letters of credit. There were $0.3 million commercial letters of credit issued during 2017 . A liability of $0.2 million has been recorded as of both December 31, 2017 and 2016 , 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 in these commitments resulted in the recording of a liability of $5.2 million and $4.1 million as of December 31, 2017 and 2016 , respectively. This liability is reflected in “ Other liabilities ” in the 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. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and Equipment Premises and equipment are described as follows: Estimated Useful Life 2017 2016 (dollars in thousands) Land Indefinite $ 15,389 $ 13,679 Buildings and improvements 10-50 years 88,386 80,364 Leasehold improvements 5-40 years 17,812 15,871 Furniture and equipment 3-7 years 64,609 61,324 Software 3-7 years 37,434 36,077 Subtotal 223,630 207,315 Less accumulated depreciation and amortization 142,291 139,781 Total premises and equipment $ 81,339 $ 67,534 Depreciation related to premises and equipment included in noninterest expense for the years ended December 31, 2017 , 2016 and 2015 amounted to $9.0 million , $7.5 million and $7.2 million , respectively. First Commonwealth leases various premises and assorted equipment under non-cancellable agreements. Total future minimal rental commitments at December 31, 2017 , were as follows: Premises Equipment (dollars in thousands) 2018 $ 4,459 $ 136 2019 4,106 78 2020 3,348 15 2021 2,929 5 2022 2,646 — Thereafter 12,851 — Total $ 30,339 $ 234 Included in the lease commitments above is $141 thousand in lease payments to be paid under a sale-leaseback arrangement. The sale-leaseback transaction occurred in 2005 and resulted in a gain of $297 thousand on the sale of a branch that is being recognized over the 15 year lease term through 2020. Increases in utilities and taxes that may be passed on to the lessee under the terms of various lease agreements are not reflected in the above table. However, certain lease agreements provide for increases in rental payments based upon historical increases in the consumer price index or the lessor’s cost of operating the facility, and are included in the minimum lease commitments. Additionally, the table above includes rent expense that is recognized for rent holidays and during construction periods. Total lease expense amounted to $2.7 million , $3.7 million and $2.9 million in 2017 , 2016 and 2015 , respectively. |
Goodwill and Other Amortizing I
Goodwill and Other Amortizing Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill Disclosure [Abstract] | |
Goodwill and Other Amortizing Intangible Assets | Goodwill and Other Amortizing Intangible Assets 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 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 December 31, 2017 and 2016 was $255.4 million and $186.5 million , respectively. The $68.9 million increase in goodwill during the year ended December 31, 2017 is a result of $70.6 million recognized as a result of the acquisition of DCB Financial in 2017 offset by a $1.6 million decrease related to adjustments to the fair value of assets acquired as part of the branch acquisition in 2016. No impairment charges on goodwill or other intangible assets were incurred in 2017 , 2016 or 2015 . 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. An assessment of qualitative factors was completed as of November 30, 2017 and December 31, 2017 and indicated that it is more likely than not that the fair value of First Commonwealth's goodwill exceeds its carrying amount; therefore, the two step goodwill impairment test was not considered necessary. The assessment of qualitative factors considered historical and projected financial performance, macroeconomic factors such as the Company's access to capital, the general business climate and changes in the banking industry as well as market considerations such as geographic expansion, new product offerings and the regulatory environment. As of December 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. FASB ASC Topic 350, “Intangibles—Other,” also requires that an acquired intangible asset be separately recognized if the benefit of the intangible asset is obtained through contractual or other legal rights, or if the asset can be sold, transferred, licensed, rented or exchanged, regardless of the acquirer’s intent to do so. The following table summarizes other intangible assets: Gross Intangible Assets Accumulated Amortization Net Intangible Assets (dollars in thousands) December 31, 2017 Customer deposit intangibles $ 19,471 $ (6,071 ) $ 13,400 Customer list intangible $ 2,283 $ (751 ) $ 1,532 Total other intangible assets $ 21,754 $ (6,822 ) $ 14,932 December 31, 2016 Customer deposit intangibles $ 30,471 $ (18,998 ) $ 11,473 Customer list intangible $ 984 $ (444 ) $ 540 Total other intangible assets $ 31,455 $ (19,442 ) $ 12,013 Core deposits are amortized over their expected lives using the present value of the benefit of the core deposits and straight-line methods of amortization. The core deposits have a remaining amortization period of 9.3 years and a weighted average amortization period of approximately 8.9 years. The customer list intangible represents the estimated value of the customer base for an insurance agency acquired in 2014 and the wealth management business acquired as part of the DCB acquisition in 2017. These amounts are amortized over their expected lives using expected cash flows based on retention of the customer base. The customer list intangible has a remaining amortization period of 11.7 years and a weighted average amortization period of 9.9 years. In the table above, the change in the gross customer deposit intangible and customer list intangibles from December 31, 2016 to December 31, 2017 is due to the acquisition of DCB Financial resulting in $4.7 million of core deposit intangibles and $1.3 million of customer list intangibles. In addition, $15.7 million of customer deposit intangibles resulting from an acquisition in 2006 were completely amortized in 2016 . In addition to customer deposit intangibles and customer list intangibles, First Commonwealth has $75 thousand in mortgage servicing rights related to the sale of 1-4 family residential mortgages for which we retain servicing. First Commonwealth recognized amortization expense on other intangible assets of $3.1 million , $0.5 million , and $0.6 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. The following presents the estimated amortization expense of core deposit and customer list intangibles: Core Deposit Intangibles Customer List Intangible Total (dollars in thousands) 2018 $ 2,714 $ 318 $ 3,032 2019 2,414 271 2,685 2020 2,062 230 2,292 2021 1,768 193 1,961 2022 1,473 159 1,632 Thereafter 2,969 361 3,330 Total $ 13,400 $ 1,532 $ 14,932 |
Interest-Bearing Deposits
Interest-Bearing Deposits | 12 Months Ended |
Dec. 31, 2017 | |
Deposits [Abstract] | |
Interest-Bearing Deposits | Interest-Bearing Deposits Components of interest-bearing deposits at December 31 were as follows: 2017 2016 (dollars in thousands) Interest-bearing demand deposits $ 187,281 $ 114,043 Savings deposits 3,361,840 2,972,747 Time deposits 614,813 591,832 Total interest-bearing deposits $ 4,163,934 $ 3,678,622 Interest-bearing deposits at December 31, 2017 and 2016 , include allocations from interest-bearing demand deposit accounts of $919.1 million and $779.2 million , respectively, into savings, which includes money market accounts. These reallocations are based on a formula and have been made to reduce First Commonwealth’s reserve requirement in compliance with regulatory guidelines. Included in time deposits at December 31, 2017 and 2016 , were certificates of deposit in denominations of $100 thousand or more of $210.4 million and $145.4 million , respectively. Interest expense related to certificates of deposit in denominations of $100 thousand or greater amounted to $1.5 million in 2017 , $1.2 million in 2016 and $1.8 million in 2015 . Included in time deposits at December 31, 2017 , were certificates of deposit with the following scheduled maturities (dollars in thousands): 2018 $ 376,181 2019 144,091 2020 43,463 2021 35,530 2022 and thereafter 15,548 Total $ 614,813 |
Short-term Borrowings
Short-term Borrowings | 12 Months Ended |
Dec. 31, 2017 | |
Short-term Debt [Abstract] | |
Short-term Borrowings | Short-term Borrowings Short-term borrowings at December 31 were as follows: 2017 2016 2015 Ending Average Average Ending Average Average Ending Average Average (dollars in thousands) Federal funds purchased $ — $ 6,225 1.24 % $ — $ 6,887 0.60 % $ 4,000 $ 14,832 0.36 % Borrowings from FHLB 567,500 710,932 1.18 748,000 1,265,932 0.61 1,400,000 1,117,522 0.42 Securities sold under agreements to repurchase 139,966 150,234 0.24 119,943 114,918 0.23 106,825 120,177 0.23 Total $ 707,466 $ 867,391 1.01 $ 867,943 $ 1,387,737 0.58 $ 1,510,825 $ 1,252,531 0.40 Maximum total at any month-end $ 967,259 $ 1,530,678 $ 1,510,825 Weighted average rate at year-end 1.27 % 0.63 % 0.53 % Interest expense on short-term borrowings for the years ended December 31 is detailed below: 2017 2016 2015 (dollars in thousands) Federal funds purchased $ 77 $ 41 $ 54 Borrowings from FHLB 8,360 7,765 4,684 Securities sold under agreements to repurchase 362 270 280 Total interest on short-term borrowings $ 8,799 $ 8,076 $ 5,018 |
Subordinated Debentures
Subordinated Debentures | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Subordinated Debentures [Abstract] | |
Subordinated Debentures | Subordinated Debentures Subordinated Debentures outstanding at December 31 are as follows: 2017 2016 Due Amount Rate Amount Rate (dollars in thousands) Owed to: First Commonwealth Capital Trust II 2034 $ 30,929 LIBOR + 2.85 $ 30,929 LIBOR + 2.85 First Commonwealth Capital Trust III 2034 41,238 LIBOR + 2.85 41,238 LIBOR + 2.85 Total $ 72,167 $ 72,167 First Commonwealth currently has two trusts, First Commonwealth Capital Trust II and First Commonwealth Capital Trust III, of which 100% of the common equity is owned by First Commonwealth. The trusts were formed for the purpose of issuing company obligated mandatorily redeemable capital securities to third-party investors and investing the proceeds from the sale of the capital securities solely in junior subordinated debt securities (“subordinated debentures”) of First Commonwealth. The subordinated debentures held by each trust are the sole assets of the trust. Interest on the debentures issued to First Commonwealth Capital Trust III is paid quarterly at a floating rate of LIBOR + 2.85% which is reset quarterly. Subject to regulatory approval, First Commonwealth may redeem the debentures, in whole or in part, at its option on any interest payment date at a redemption price equal to 100% of the principal amount of the debentures, plus accrued and unpaid interest to the date of the redemption. Deferred issuance costs of $630 thousand are being amortized on a straight-line basis over the term of the securities. Interest on the debentures issued to First Commonwealth Capital Trust II is paid quarterly at a floating rate of LIBOR + 2.85% , which is reset quarterly. Subject to regulatory approval, First Commonwealth may redeem the debentures, in whole or in part, at its option at a redemption price equal to 100% of the principal amount of the debentures, plus accrued and unpaid interest to the date of the redemption. Deferred issuance costs of $471 thousand are being amortized on a straight-line basis over the term of the securities. |
Other Long-term Debt
Other Long-term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Other Long-term Debt | Other Long-term Debt Other long-term debt at December 31 follows: 2017 2016 Amount Weighted Amount Weighted (dollars in thousands) Borrowings from FHLB due: 2017 $ 586 3.83 % 2018 $ 607 3.83 % 609 3.83 2019 631 3.83 633 3.84 2020 656 3.84 658 3.84 2021 681 3.84 684 3.84 2022 708 3.85 Thereafter 4,878 3.80 5,579 3.81 Total $ 8,161 $ 8,749 The weighted average contractual rate reflects the rate due to creditors. There are no purchase accounting adjustments related to long-term debt in 2017 or 2016 . Therefore, the weighted average effective rate of long-term debt is equal to the weighted average contractual rate of long-term debt. All of First Commonwealth’s Federal Home Loan Bank stock, along with an interest in mortgage loans and residential mortgage backed securities, has been pledged as collateral with the Federal Home Loan Bank of Pittsburgh. Capital securities included in total long-term debt on the Consolidated Statements of Financial Condition are excluded from the above, but are described in Note 17, “Subordinated Debentures.” |
Fair Values of Assets and Liabi
Fair Values of Assets and Liabilities | 12 Months Ended |
Dec. 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 Consolidated Statements of Financial Condition or in the “Other assets” category of the 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, certain corporate securities, FHLB stock, loans held for sale, interest rate derivatives (including interest rate swaps, interest rate caps 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 are comprised of FHLB stock whose estimated fair value is based on its par value. Additional information on FHLB stock is provided in Note 10, “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. This category also includes the Small Business Administration guaranteed portion of small business loans. The estimated fair value of these loans is based on the contract with the third party investor. Interest rate derivatives are reported at estimated fair value utilizing Level 2 inputs and are included in Other assets and Other liabilities in the Consolidated Statements of Financial Condition. These 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 8, “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 estimated 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 and 2016 , we have not realized any losses due to a counterparty's inability to pay any net uncollateralized position. 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 impaired loans and certain other real estate. 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 was more appropriate to determine estimated fair value using a discounted cash flow analysis. Detail on the process for determining the appropriate cash flows for this analysis is provided in Note 10 “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 estimated 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 the 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 Valuation Technique Unobservable Inputs Range / (weighted Pooled Trust Preferred Securities $ 23,646 Discounted Cash Flow Probability of default 0.00% - 100% (8.98%) Prepayment rates 0.00% - 72.02% (4.46%) Discount rates 5.00% - 11.50% (a) Equities 1,670 Par Value N/A N/A Impaired Loans 1,336 (b) Gas Reserve study Discount rate 10.00% Gas per MMBTU $2.87 - $3.61 (c) Oil per BBL/d $56.05 - $57.65 (c) 6,820 (b) Discounted Cash Flow Discount Rate 1.90% - 4.68% Limited Partnership Investments 2,143 Par Value N/A N/A (a) incorporates spread over the 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: MMBTU—one million British thermal units; 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 at December 31: 2017 Level 1 Level 2 Level 3 Total (dollars in thousands) Obligations of U.S. Government Agencies: Mortgage-Backed Securities—Residential $ — $ 11,338 $ — $ 11,338 Mortgage-Backed Securities—Commercial — 24,149 — 24,149 Obligations of U.S. Government-Sponsored Enterprises: Mortgage-Backed Securities—Residential — 625,555 — 625,555 Mortgage-Backed Securities—Commercial — — — — Other Government-Sponsored Enterprises — 1,097 — 1,097 Obligations of States and Political Subdivisions — 27,410 — 27,410 Corporate Securities — 16,493 — 16,493 Pooled Trust Preferred Collateralized Debt Obligations — — 23,646 23,646 Total Debt Securities — 706,042 23,646 729,688 Equities — — 1,670 1,670 Total Securities Available for Sale — 706,042 25,316 731,358 Other Investments — 29,837 — 29,837 Loans Held for Sale — 14,850 — 14,850 Other Assets (a) — 1,778 2,143 3,921 Total Assets $ — $ 752,507 $ 27,459 $ 779,966 Other Liabilities (a) $ — $ 3,079 $ — $ 3,079 Total Liabilities $ — $ 3,079 $ — $ 3,079 (a) Hedging and non-hedging interest rate derivatives and limited partnership investments 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 The changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows for the year ended December 31, 2017 : Pooled Trust Equities Other Total (dollars in thousands) Balance, beginning of year $ 33,292 $ 1,670 $ 930 $ 35,892 Total gains or losses Included in earnings 4,329 — — 4,329 Included in other comprehensive income 3,725 — — 3,725 Purchases, issuances, sales, and settlements Purchases — — 1,213 1,213 Issuances — — — — Sales — — — — Settlements (17,700 ) — — (17,700 ) Transfers from Level 3 — — — — Transfers into Level 3 — — — — Balance, end of year $ 23,646 $ 1,670 $ 2,143 $ 27,459 There are no gains or losses included in earnings for the period that are attributable to the change in realized gains (losses) relating to assets held at December 31, 2017 . During the year ended December 31, 2017 , there were no transfers between fair value Levels 1, 2 or 3. The changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows for the year ended December 31, 2016 : Pooled Trust Equities Other Total (dollars in thousands) Balance, beginning of year $ 35,658 $ 2,170 $ — $ 37,828 Total gains or losses Included in earnings 589 — — 589 Included in other comprehensive income 850 — — 850 Purchases, issuances, sales, and settlements Purchases — 36 394 430 Issuances — — — — Sales — — — — Settlements (3,805 ) — — (3,805 ) Transfers from Level 3 — (536 ) — (536 ) Transfers into Level 3 — — 536 536 Balance, end of year $ 33,292 $ 1,670 $ 930 $ 35,892 There are no gains or losses included in earnings for the period that are attributable to the change in realized gains (losses) relating to assets held at December 31, 2016 . During the year ended December 31, 2016 , $0.5 million in investments in limited partnerships were moved from other equity securities to other assets constituting the transfers into and out of Level 3. There were no transfers between fair value Levels 1 and 2. The tables below present the balances of assets measured at fair value on a nonrecurring basis at December 31 and total gains and losses realized on these assets during the year ended December 31: 2017 Level 1 Level 2 Level 3 Total Total (dollars in thousands) Impaired loans $ — $ 23,249 $ 15,245 $ 38,494 $ (1,548 ) Other real estate owned — 3,264 — 3,264 (1,099 ) Total Assets $ — $ 26,513 $ 15,245 $ 41,758 $ (2,647 ) 2016 Level 1 Level 2 Level 3 Total Total (dollars in thousands) Impaired loans $ — $ 18,679 $ 19,990 $ 38,669 $ (9,032 ) Other real estate owned — 7,566 — 7,566 (703 ) Total Assets $ — $ 26,245 $ 19,990 $ 46,235 $ (9,735 ) Impaired loans over $100 thousand are individually reviewed to determine the amount of each loan considered to be at risk of noncollection. 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 $2.8 million as of December 31, 2017 and consisted 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 costs to sell, as determined by valuation techniques appropriate in the circumstances. Certain other assets and liabilities, including goodwill, core deposit intangibles and customer list 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 this measurement is provided in Note 14 “Goodwill and Other Amortizing Intangible Assets.” There were no other assets or liabilities measured at fair value on a nonrecurring basis during 2017 . FASB ASC Topic 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 available for sale and held to maturity securities 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 obligation values are derived from other valuation methodologies, including option pricing models, discounted cash flow models and similar techniques, and are 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 held for sale : The estimated fair value of loans held for sale is based on market bids obtained from potential buyers. 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.” 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 estimated fair value for standby letters of credit was $0.2 million at both December 31, 2017 and 2016 , respectively. See Note 12, “Commitments and Letters of Credit,” 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 the fair value 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. Subordinated debt, long-term debt and capital lease obligation : 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. The following table presents carrying amounts and estimated fair values of First Commonwealth’s financial instruments at December 31: 2017 Fair Value Measurements Using: Carrying Total Level 1 Level 2 Level 3 (dollars in thousands) Financial assets Cash and due from banks $ 98,624 $ 98,624 $ 98,624 $ — $ — Interest-bearing deposits 8,668 8,668 8,668 — — Securities available for sale 731,358 731,358 — 706,042 25,316 Securities held to maturity 422,096 418,249 — 418,249 — Other investments 29,837 29,837 — 29,837 — Loans held for sale 14,850 14,850 — 14,850 — Loans 5,407,376 5,443,434 — 23,249 5,420,185 Financial liabilities Deposits 5,580,705 5,580,812 — 5,580,812 — Short-term borrowings 707,466 707,263 — 707,263 — Long-term debt 8,161 8,548 — 8,548 — Subordinated debt 72,167 65,785 — — 65,785 Capital lease obligation 7,590 7,590 — 7,590 — 2016 Fair Value Measurements Using: Carrying 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 — Long-term debt 8,749 9,169 — 9,169 — Subordinated debt 72,167 65,656 — — 65,656 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The income tax provision for the years ended December 31 is as follows: 2017 2016 2015 (dollars in thousands) Current tax provision Federal $ 29,071 $ 19,879 $ 8,610 State 274 154 68 Total current tax provision 29,345 20,033 8,678 Deferred tax provision (benefit): Federal 19,237 5,846 12,158 State (21 ) (240 ) — Total deferred tax provision 19,216 5,606 12,158 Total tax provision $ 48,561 $ 25,639 $ 20,836 The statutory to effective tax rate reconciliation for the years ended December 31 is as follows: 2017 2016 2015 Amount % of Amount % of Amount % of (dollars in thousands) Tax at statutory rate $ 36,304 35 % $ 29,830 35 % $ 24,843 35 % Increase (decrease) resulting from: State income tax, net of federal benefit 164 — (56 ) — 44 — Income from bank owned life insurance (1,995 ) (2 ) (1,883 ) (2 ) (1,894 ) (3 ) Tax-exempt interest income, net (2,709 ) (3 ) (2,434 ) (3 ) (2,232 ) (3 ) Tax credits (11 ) — — — (61 ) — Enactment of federal tax reform 16,709 17 — — — — Other 99 — 182 — 136 — Total tax provision $ 48,561 47 % $ 25,639 30 % $ 20,836 29 % The total tax provision for financial reporting differs from the amount computed by applying the statutory federal income tax rate to income before taxes. First Commonwealth ordinarily generates 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. The consistent level of tax benefits that reduce First Commonwealth’s tax rate below the 35% statutory rate produced an annual effective tax rate of 30% and 29% for the years ended December 31, 2016 and 2015 , respectively. The annual effective tax rate is 47% for the year ended December 31, 2017 , which is greater than the 35% statutory rate due to the enactment of federal tax reform. On December 22, 2017, H.R.1, commonly known as the Tax Cuts and Jobs Act (the “Act”) was signed into law. The Act reduces the corporate federal tax rate from 35% to 21% effective January 1, 2018. As a result we are required to re-measure, through income tax expense, our deferred tax assets and liabilities using the enacted rate at which we expect them to be recovered or settled. The re-measurement of our net deferred tax asset resulted in additional income tax expense of $16.7 million . Also on December 22, 2017, the U.S. Securities and Exchange Commission (“SEC”) released Staff Accounting Bulletin No. 118 (“SAB 118”) to address any uncertainty or diversity of views in practice in accounting for the income tax effects of the Act in situations where a registrant does not have the necessary information available, prepared, or analyzed in reasonable detail to complete this accounting in the reporting period that includes the enactment date. SAB 118 allows for a measurement period not to extend beyond one year from the Act’s enactment date to complete the necessary accounting. We recorded provisional amounts of deferred income taxes using reasonable estimates in three areas where information necessary to complete the accounting was not available, prepared, or analyzed: 1) Our deferred tax liability for temporary differences between the tax and financial reporting bases of fixed assets principally due to the accelerated depreciation under the Act which allows for full expensing of qualified property purchased and placed in service after September 27, 2017. 2) Our deferred tax asset for temporary differences associated with accrued compensation will be finalized with payments made on or before March 15, 2018 and deducted on the 2017 income tax returns. 3) Our deferred tax assets and liabilities acquired from DCB Financial are awaiting completion of the final short period tax return from outside preparers, which is necessary to confirm the final acquired temporary differences. In a fourth area, we made no adjustments to deferred tax assets representing future deductions for accrued compensation that may be subject to new limitations under Internal Revenue Code 162(m) which, generally, limits the annual deduction for certain compensation paid to employees to $1 million. There is uncertainty in applying the newly-enacted rules to existing contracts, and we are seeking further clarifications before completing our analysis. The tax effects of temporary differences between the financial statement carrying amounts and the tax bases of assets and liabilities that represent significant portions of the deferred tax assets and liabilities at December 31 are presented below: 2017 2016 (dollars in thousands) Deferred tax assets: Allowance for credit losses $ 10,223 $ 17,616 Postretirement benefits other than pensions 345 611 Alternative minimum tax credit carryforward 201 — Unrealized loss on securities available for sale 2,091 3,905 Net operating loss carryforward 6,145 — Writedown of other real estate owned 878 1,266 Deferred compensation 1,514 1,966 Accrued interest on nonaccrual loans 1,017 1,701 Accrued incentives 1,277 2,627 Unfunded loan commitments & other reserves 1,098 1,452 Deferred rent 801 1,285 Other 1,224 1,966 Total deferred tax assets 26,814 34,395 Deferred tax liabilities: Income from unconsolidated subsidiary (380 ) (623 ) Depreciation of assets (587 ) (28 ) Other (338 ) (429 ) Total deferred tax liabilities (1,305 ) (1,080 ) Net deferred tax asset $ 25,509 $ 33,315 The Company has approximately $29.0 million of federal net operating losses and $0.2 million of AMT carryforwards which are subject to an annual limitation under IRC Section 382. The net operating losses expire in 2030 and the Company expects to utilize the losses prior to expiration. Management assesses all available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. Based on our evaluation, as of December 31, 2017 , management has determined that no valuation allowance is necessary for the deferred tax assets because it is more likely than not that these assets will be realized through future reversals of existing temporary differences and future taxable income. In accordance with FASB ASC Topic 740-10, “Accounting for Uncertainty in Income Taxes”, the Company has no material unrecognized tax benefits or accrued interest and penalties as of December 31, 2017 . We do not expect the total amount of unrecognized tax benefits to significantly increase in the next twelve months. The Company records interest and penalties on unrecognized tax benefits as a component of noninterest expense. First Commonwealth is subject to routine audits of our tax returns by the Internal Revenue Service (“IRS”) as well as all states in which we conduct business. During 2015, the IRS completed an examination of our 2013 federal tax return. The examination was closed with no adjustments. Generally, tax years prior to the year ended December 31, 2014 are no longer open to examination by federal and state taxing authorities. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Retirement Plans | Retirement Plans First Commonwealth has a savings plan pursuant to the provisions of section 401(k) of the Internal Revenue code. Effective January 1, 2013, a participating employee can receive a maximum matching contribution of 6% of their compensation. In addition, each participating employee may contribute up to 80% of their eligible compensation to the plan. The 401(k) plan expense was $2.8 million in 2017 , $2.5 million in 2016 , and $2.7 million in 2015 . First Commonwealth maintains a Non-Qualified Deferred Compensation Plan ( “ NQDC Plan ” ) to provide deferred compensation for those employees whose total annual or annualized Plan compensation for a calendar year is at least $110,000 . The NQDC Plan provides participants whose maximum retirement contribution is limited by IRS rules to defer additional compensation. Participants in the NQDC Plan are eligible to defer (on a pre-tax basis) from 1% to 25% of their eligible Plan compensation. There was no NQDC Plan expense in 2017 , 2016 and 2015 . Select employees from former acquisitions were covered by postretirement benefit plans which provide medical and life insurance coverage. The measurement date for these plans was December 31. Postretirement Benefits Other than Pensions from Prior Acquisitions Net periodic benefit cost of these plans for the years ended December 31, was as follows: 2017 2016 2015 (dollars in thousands) Service cost $ — $ — $ — Interest cost on projected benefit obligation 49 67 62 Amortization of transition obligation — — — Gain amortization (21 ) (7 ) (4 ) Net periodic benefit cost $ 28 $ 60 $ 58 The following table sets forth the change in the benefit obligation and plan assets as of December 31: 2017 2016 (dollars in thousands) Change in Benefit Obligation Benefit obligation at beginning of year $ 1,394 $ 1,815 Service cost — — Interest cost 49 67 Amendments — — Actuarial gain (116 ) (337 ) Net benefits paid (133 ) (151 ) Benefit obligation at end of year 1,194 1,394 Change in Plan Assets Fair value of plan assets at beginning of year — — Actual return on plan assets — — Employer contributions 133 151 Net benefits paid (133 ) (151 ) Fair value of plan assets at end of year — — Funded Status at End of Year 1,194 1,394 Unrecognized transition obligation — — Unrecognized net gain 440 345 Amounts recognized in retained earnings $ 1,634 $ 1,739 As of December 31, the funded status of the plan is: 2017 2016 (dollars in thousands) Amounts Recognized in the Statement of Financial Condition as Other liabilities $ 1,194 $ 1,394 The following table sets forth the amounts recognized in accumulated other comprehensive income that have not yet been recognized as components of net periodic benefit costs as of December 31: 2017 2016 2015 (dollars in thousands) Amounts recognized in accumulated other comprehensive income, net of tax: Net (gain) loss $ (347 ) $ (225 ) $ (10 ) Transition obligation — — — Total $ (347 ) $ (225 ) $ (10 ) Weighted-average assumptions used to determine the benefit obligation as of December 31 are as follows: 2017 2016 2015 Weighted-average Assumptions Discount rate 3.37 % 3.74 % 3.88 % Health care cost trend: Initial 6.00 % 6.00 % 6.25 % Health care cost trend: Ultimate 4.75 % 4.75 % 4.75 % Year ultimate reached 2023 2022 2022 Weighted-average assumptions used to determine the net benefit costs as of December 31 are as follows: 2017 2016 2015 Weighted Average Assumptions for Net Periodic Cost Discount rate 3.74 % 3.88 % 3.61 % Health care cost trend: Initial 6.00 % 6.25 % 6.50 % Health care cost trend: Ultimate 4.75 % 4.75 % 4.75 % Year ultimate reached 2022 2022 2022 Corridor 10.00 % 10.00 % 10.00 % Recognition period for gains and losses 11.0 11.0 11.0 The Medicare Prescription Drug, Improvement and Modernization Act of 2003 (the “Act”) introduced a prescription drug benefit under Medicare Part D and a federal subsidy to sponsors of retiree health care benefit plans that provide a prescription drug benefit that is at least actuarially equivalent to Medicare Part D. The postretirement plans of First Commonwealth are provided through insurance coverage; therefore, First Commonwealth will not receive a direct federal subsidy. The preceding measures of the accumulated postretirement benefit cost assume that First Commonwealth will not receive the subsidy due to the relatively small number of retirees. The health care cost trend rate assumption can have a significant impact on the amounts reported for this plan. A one-percentage-point change in assumed health care cost trend rates would have the following effects: One-Percentage- One-Percentage- (dollars in thousands) Effect on postretirement benefit obligation $ 29 $ (27 ) Effect on total of service and interest cost components 2 (2 ) As of December 31, 2017 , the projected benefit payments for the next ten years are as follows: Projected Benefit (dollars in thousands) 2018 $ 152 2019 128 2020 122 2021 115 2022 107 2023 - 2027 422 The projected payments were calculated using the same assumptions as those used to calculate the benefit obligations included in this note. The estimated costs that will be amortized from accumulated other comprehensive income into net periodic cost for 2018 are as follows (dollars in thousands): Postretirement (dollars in thousands) Net gain $ (35 ) Transition obligation — Total $ (35 ) |
Incentive Compensation Plan
Incentive Compensation Plan | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Incentive Compensation Plan | Incentive Compensation Plan On January 20, 2009, the Board of Directors of the Company adopted, with shareholder approval, the First Commonwealth Financial Corporation Incentive Compensation Plan. This plan allows for shares of common stock to be issued to employees, directors, and consultants of the Company and its subsidiaries as an incentive to aid in the financial success of the Company. The shares can be issued as options, stock appreciation rights, performance share or unit awards, dividend or dividend equivalent rights, stock awards, restricted stock awards, or other annual incentive awards. Up to 5,000,000 shares of stock can be awarded under this plan, of which 3,365,572 shares were still eligible for awards as of December 31, 2017 . Restricted Stock The following provides detail on the restricted stock awards which were issued and outstanding in 2017 , 2016 and 2015 in order to retain and attract key employees. The grant date fair value of the restricted stock awards is equal to the price of First Commonwealth’s common stock on grant date. Grant Date Shares issued Grant Price Vesting Date Number of Equal Vesting Periods March 24, 2017 5,000 $ 12.99 March 24, 2020 1 March 24, 2017 7,000 12.99 August 31, 2017 1 March 24, 2017 7,000 12.99 March 24, 2020 1 March 24, 2017 7,000 12.99 August 31, 2017 1 December 19, 2016 15,000 13.96 December 19, 2019 3 September 30, 2016 10,000 10.09 September 30, 2019 1 September 19, 2016 33,000 10.02 September 19, 2019 3 June 7, 2016 10,000 9.34 June 7, 2019 1 March 1, 2016 10,000 8.84 March 1, 2019 1 March 1, 2016 5,000 8.84 March 1, 2019 1 March 1, 2016 20,000 8.84 August 31, 2017 1 February 18, 2016 18,348 8.43 December 31, 2016 1 June 26, 2015 1,000 9.84 June 26, 2018 1 February 20, 2015 10,000 8.45 August 31, 2017 1 February 20, 2015 34,200 8.45 December 31, 2015 1 February 5, 2015 50,000 8.55 February 5, 2018 1 January 29, 2015 20,170 7.93 December 31, 2015 1 January 15, 2015 20,000 8.38 January 15, 2017 1 November 17, 2014 3,500 9.26 November 17, 2017 1 April 8, 2014 27,500 8.89 April 8, 2017 3 March 24, 2014 46,000 9.18 March 24, 2017 1 March 4, 2014 5,000 8.75 March 4, 2017 1 January 1, 2014 12,626 8.82 December 31, 2014 1 August 16, 2013 3,000 7.57 August 16, 2016 1 May 31, 2013 45,000 7.21 May 31, 2016 3 March 1, 2013 10,000 7.35 March 1, 2016 1 February 24, 2012 34,000 5.96 December 31, 2014 1 February 24, 2012 90,000 5.96 February 24, 2015 1 January 1, 2012 100,000 5.26 January 1, 2016 4 November 21, 2011 10,000 4.41 November 21, 2014 1 April 1, 2011 25,000 6.82 April 1, 2016 1 Compensation expense related to restricted stock was $3.8 million , $3.2 million and $1.4 million in 2017 , 2016 and 2015 , respectively. As of December 31, 2017 , there was $3.0 million of unrecognized compensation cost related to unvested restricted stock awards granted. A summary of the status of First Commonwealth’s unvested service-based restricted stock awards as of December 31 and changes for the years ended on those dates is presented below: 2017 2016 2015 Shares Weighted Shares Weighted Shares Weighted Outstanding, beginning of the year 247,668 $ 9.34 231,834 $ 8.01 265,000 $ 7.08 Granted 26,000 12.99 121,348 9.88 135,370 8.41 Vested (151,668 ) 9.49 (105,514 ) 7.04 (168,536 ) 6.87 Forfeited (5,000 ) 8.55 — — — — Outstanding, end of the year 117,000 9.99 247,668 9.34 231,834 8.01 The following provides detail on restricted stock awards estimated to be granted on a performance award basis during 2017 , 2016 and 2015 . These plans were previously approved by the Board of Directors. Grant Date Target Share Award Performance Period (years) Award if threshold met Award if targets are met Award if superior met Award if threshold not achieved Vesting After Performance Period (years) Final vesting February 24, 2012 68,000 3 40 % 100 % 200 % — % 1 December 31, 2015 January 28, 2013 128,611 3 40 % 100 % 200 % — % 1 December 31, 2016 January 27, 2014 125,000 3 40 % 100 % 200 % — % 0 December 31, 2016 January 26, 2015 125,000 3 40 % 100 % 200 % — % 0 December 31, 2017 December 30, 2015 60,000 5 0 December 31, 2020 February 18, 2016 160,650 3 40 % 100 % 200 % — % 0 December 31, 2018 February 23, 2017 93,500 3 40 % 100 % 200 % — % 0 December 31, 2019 The following table summarizes the estimated unvested target share awards for the Plans as of December 31: 2017 2016 2015 Outstanding, beginning of the year 426,596 320,705 284,000 Granted 276,442 176,936 185,000 Issued (171,637 ) (18,348 ) (34,200 ) Forfeited (6,356 ) (52,697 ) (114,095 ) Outstanding, end of the year 525,045 426,596 320,705 The unvested target awards for the Plans have an estimated fair value of $14.32 per share for the January 26, 2015 and February 18, 2016 grants based on the closing price of Company stock as of December 31, 2017 . The December 30, 2015 grant has a fair value of $9.18 based the closing stock price when the shares were granted. Based on a Monte Carlo simulation, the February 23, 2017 grant has a fair value of $13.29 per share for 75% of the grant and $15.09 per share for 25% of the grant. |
Contingent Liabilities
Contingent Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities | Contingent Liabilities 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 December 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. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Some of First Commonwealth’s directors, executive officers, principal shareholders and their related interests had transactions with the subsidiary bank in the ordinary course of business. All deposit and loan transactions were made on substantially the same terms, such as collateral and interest rates, as those prevailing at the time for comparable transactions. In the opinion of management, these transactions do not involve more than the normal risk of collectability nor do they present other unfavorable features. It is anticipated that similar transactions will be entered into in the future. The following is an analysis of loans to related parties (dollars in thousands): December 31, 2016 $ 1,164 Advances 740 Repayments (1,127 ) Other 4,871 December 31, 2017 $ 5,648 |
Regulatory Restrictions and Cap
Regulatory Restrictions and Capital Adequacy | 12 Months Ended |
Dec. 31, 2017 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Restrictions and Capital Adequacy | Regulatory Restrictions and Capital Adequacy The amount of funds available to the parent from its subsidiary bank is limited by restrictions imposed on all depository institutions by banking regulation that restricts and limits the payment of dividends and the ability of depository institutions to engage in transactions, including lending transactions and asset purchases, with affiliates. 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 which, 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 2017. Effective January 1, 2015, the Company became subject to 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. The Basel III Rules also permit banking organizations with less than $15.0 billion in assets to retain, through a one-time election, the exclusion of accumulated other comprehensive income from regulatory capital. The Company elected to retain this treatment, which reduces the volatility of regulatory capital levels. As of December 31, 2017 and 2016 , 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 Capital Ratio Capital Ratio Capital Ratio Capital Ratio (dollars in thousands) As of December 31, 2017 Total Capital to Risk Weighted Assets First Commonwealth Financial Corporation $ 745,473 12.34 % $ 558,728 9.25 % $ 634,232 10.50 % $ 604,030 10.00 % First Commonwealth Bank 712,341 11.83 556,872 9.25 632,124 10.50 602,023 10.00 Tier I Capital to Risk Weighted Assets First Commonwealth Financial Corporation $ 691,993 11.46 % $ 437,922 7.25 % $ 513,426 8.50 % $ 483,224 8.00 % First Commonwealth Bank 658,861 10.94 436,467 7.25 511,720 8.50 481,619 8.00 Tier I Capital to Average Assets First Commonwealth Financial Corporation $ 691,993 9.74 % $ 284,100 4.00 % $ 284,100 4.00 % $ 355,125 5.00 % First Commonwealth Bank 658,861 9.30 283,344 4.00 283,344 4.00 354,180 5.00 Common Equity Tier I to Risk Weighted Assets First Commonwealth Financial Corporation $ 623,252 10.32 % $ 347,317 5.75 % $ 422,821 7.00 % $ 392,620 6.50 % First Commonwealth Bank 658,861 10.94 346,163 5.75 421,416 7.00 391,315 6.50 Actual Minimum Capital Required - Basel III Phase-In Schedule Minimum Capital Required - Basel III Fully Phased-In Required to be Considered Well Capital Ratio Capital Ratio Capital Ratio Capital Ratio (dollars in thousands) As of December 31, 2016 Total Capital to Risk Weighted Assets First Commonwealth Financial Corporation $ 687,554 12.28 % $ 483,034 8.63 % $ 588,042 10.50 % $ 560,040 10.00 % First Commonwealth Bank 617,076 11.06 481,248 8.63 585,867 10.50 557,969 10.00 Tier I Capital to Risk Weighted Assets First Commonwealth Financial Corporation $ 633,262 11.31 % $ 371,026 6.63 % $ 476,034 8.50 % $ 448,032 8.00 % First Commonwealth Bank 562,784 10.09 369,654 6.63 474,273 8.50 446,375 8.00 Tier I Capital to Average Assets First Commonwealth Financial Corporation $ 633,262 9.83 % $ 257,776 4.00 % $ 257,776 4.00 % $ 322,220 5.00 % First Commonwealth Bank 562,784 8.79 256,214 4.00 256,214 4.00 320,268 5.00 Common Equity Tier I to Risk Weighted Assets First Commonwealth Financial Corporation $ 563,262 10.06 % $ 287,020 5.13 % $ 392,028 7.00 % $ 364,026 6.50 % First Commonwealth Bank 562,784 10.09 285,959 5.13 390,578 7.00 362,680 6.50 |
Capital
Capital | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Capital Additional Information [Abstract] | |
Capital | Capital In 2012, First Commonwealth announced a $50.0 million common stock repurchase program. Additional share repurchase programs were authorized for up to $25.0 million in shares of the Company’s common stock for each year from 2013 to 2016. The repurchase program was suspended in July 2016 as a result of the acquisition of thirteen branches in northern Ohio which management believes represents a better use of capital for shareholder. Repurchases under all programs resulted in a total of 16,665,735 shares repurchased at an average price of $7.55 per share. |
Condensed Financial Information
Condensed Financial Information of First Commonwealth Financial Corporation (parent company only) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information of First Commonwealth Financial Corporation (parent company only) | Condensed Financial Information of First Commonwealth Financial Corporation (parent company only) Statements of Financial Condition December 31, 2017 2016 (dollars in thousands) Assets Cash $ 16,432 $ 30,387 Loans 17 19 Investment in subsidiaries 927,765 770,214 Investment in unconsolidated subsidiary trusts 2,186 2,185 Investment in jointly-owned company 9,191 9,042 Premises and equipment, net 3,715 3,793 Receivable from subsidiaries — 33 Dividends receivable from subsidiaries — 4,662 Other assets 4,996 2,453 Total assets $ 964,302 $ 822,788 Liabilities and Shareholders’ Equity Accrued expenses and other liabilities $ 4,008 $ 692 Subordinated debentures payable 72,167 72,167 Shareholders’ equity 888,127 749,929 Total liabilities and shareholders’ equity $ 964,302 $ 822,788 Statements of Income For the years ended December 31, 2017 2016 2015 (dollars in thousands) Interest and dividends $ 1 $ 1 $ 1 Dividends from subsidiaries 52,586 55,510 49,917 Interest expense (3,000 ) (2,635 ) (2,357 ) Other income 17 83 232 Operating expense (4,767 ) (4,700 ) (4,989 ) Income (loss) before taxes and equity in undistributed (loss) earnings of subsidiaries 44,837 48,259 42,804 Applicable income tax benefits 2,557 2,515 2,528 Income before equity in undistributed (loss) earnings of subsidiaries 47,394 50,774 45,332 Equity in undistributed earnings (loss) of subsidiaries 7,771 8,816 4,811 Net income $ 55,165 $ 59,590 $ 50,143 For the years ended December 31, Statements of Cash Flow 2017 2016 2015 (dollars in thousands) Operating Activities Net income $ 55,165 $ 59,590 $ 50,143 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 322 355 493 Net (gains) losses on sales of assets (3 ) — 240 (Increase) decrease in prepaid income taxes (550 ) 7,380 (6,993 ) Undistributed equity in subsidiaries (7,771 ) (8,816 ) (4,811 ) Other net 8,767 7,759 10,753 Net cash provided by operating activities 55,930 66,268 49,825 Investing Activities Net change in loans 2 3 2 Purchases of premises and equipment (207 ) — 54 Proceeds from sale of other assets 3 (332 ) — Proceeds from dissolution of subsidiary 0 27,017 — Acquisition of affiliate, net of cash received (250 ) — — Investment in subsidiaries (37,690 ) (47,017 ) — Net cash (used in) provided by investing activities (38,142 ) (20,329 ) 56 Financing Activities Dividends paid (30,513 ) (24,907 ) (25,089 ) Proceeds from reissuance of treasury stock 228 216 192 Purchase of treasury stock (1,458 ) (864 ) (25,383 ) Net cash used in financing activities (31,743 ) (25,555 ) (50,280 ) Net (decrease) increase in cash (13,955 ) 20,384 (399 ) Cash at beginning of year 30,387 10,003 10,402 Cash at end of year $ 16,432 $ 30,387 $ 10,003 Cash dividends declared per common share were $0.32 for 2017 and $0.28 in 2016 and 2015 . First Commonwealth Financial Corporation has an unsecured $15.0 million line of credit with another financial institution. As of December 31, 2017 , there are no amounts outstanding on this line and we are in compliance with all debt covenants related to the line of credit. |
Subsequent Event (Notes)
Subsequent Event (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Event On January 10, 2018, the Company announced the acquisition of Garfield Acquisition Corp., the parent company of Cincinnati, Ohio based Foundation Bank, in a cash and stock transaction valued at approximately $58 million . The acquisition of Foundation Bank includes approximately $215 million in assets, $182 million in loans, $148 million in deposits and five full-service banking offices. This transaction is subject to regulatory approval. |
Statement of Accounting Polic37
Statement of Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Business Combinations Policy [Policy Text Block] | Business Combinations Business combinations are accounted for by using the acquisition method of accounting. Under the acquisition method, identifiable assets acquired and liabilities assumed at the acquisition date are measured at their fair values as of that date, and are recognized separately from goodwill. The difference between the purchase price and the fair value of the net assets acquired is recorded as goodwill. Results of operations of the acquired entities are included in the consolidated statement of income from the date of acquisition. Acquisition costs are expensed when incurred. |
General | General The following summary of accounting and reporting policies is presented to aid the reader in obtaining a better understanding of the consolidated financial statements of First Commonwealth Financial Corporation and its subsidiaries (“First Commonwealth”) contained in this report. The financial information is presented in accordance with generally accepted accounting principles and general practice for financial institutions in the United States of America. In preparing financial statements, management is required to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. In addition, these estimates and assumptions affect revenues and expenses in the financial statements and as such, actual results could differ from those estimates. Through its subsidiaries, which include a commercial bank and an insurance agency, First Commonwealth provides a full range of loan, deposit, trust, insurance and personal financial planning services primarily to individuals and small to middle market businesses in fifteen counties in central and western Pennsylvania as well as in central and northern Ohio. First Commonwealth has determined that it has one business segment. First Commonwealth is subject to regulations of certain state and federal agencies. These regulatory agencies periodically examine First Commonwealth for adherence to laws and regulations. |
Basis of Presentation | Basis of Presentation The accompanying Consolidated Financial Statements include the accounts of First Commonwealth previously defined above. All material intercompany transactions have been eliminated in consolidation. Equity investments of less than a majority but at least 20% ownership are accounted for by the equity method and classified as “Other assets.” Earnings on these investments are reflected in “Other income” on the Consolidated Statements of Income, as appropriate, in the period earned. |
Securities | Securities Debt securities that First Commonwealth has the positive intent and ability to hold to maturity are classified as securities held to maturity and are reported at amortized cost adjusted for amortization of premium and accretion of discount on a level yield basis. Debt and equity securities that are bought and held principally for the purpose of selling them in the near term are to be classified as trading securities and reported at fair value, with unrealized gains and losses included in earnings. Debt and equity securities not classified as either held-to-maturity securities or trading securities are classified as securities available for sale and are reported at fair value, with unrealized gains and losses that are not related to impairment excluded from earnings and reported as a component of other comprehensive income, which is included in shareholders’ equity, net of deferred taxes. First Commonwealth has securities classified as held to maturity and available for sale and does not engage in trading activities. 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 the equity securities. First Commonwealth conducts a comprehensive review of the investment portfolio on a quarterly basis to determine whether other-than-temporary impairment has occurred. Issuer-specific securities whose market values have fallen below their book values are initially selected for more in-depth analysis based on the percentage decline in value and duration of the decline. Issuer-specific securities include obligations of U.S. Government agencies and sponsored enterprises, single issue trust preferred securities, corporate debentures and obligations of states and political subdivisions. Further analysis of these securities includes a review of research reports, analysts’ recommendations, credit rating changes, news stories, annual reports, impact of interest rate changes and any other relevant information pertaining to the affected security. Pooled trust preferred collateralized debt obligations are measured by evaluating all relevant credit and structural aspects, determining appropriate performance assumptions and performing a discounted cash flow analysis. This evaluation includes detailed credit, performance and structural evaluations for each piece of collateral. Other factors in the pooled trust preferred collateralized debt obligations valuation include terms of the structure, the cash flow waterfall (for both interest and principal), the over collateralization and interest coverage tests and events of default/liquidation. Based on this review, a determination is made on a case by case basis as to a potential impairment. Declines in the fair value of individual securities below their cost that are not expected to be recovered will result in write-downs of the individual securities to their fair value. The related write-downs are included in earnings as impairment losses. |
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | Mortgage Loans Held for Sale Certain residential mortgage loans are originated for sale in the secondary mortgage loan market with the majority sold with servicing rights released. These loans are classified as loans held for sale and are carried at the lower of cost or estimated market value on an aggregate basis. Market value is determined on the basis of rates obtained in the respective secondary market for the type of loan held for sale. Loans are generally sold at a premium or discount from the carrying amount of the loan. Such premium or discount is recognized at the date of sale. Gain or loss on the sale of loans is recorded in non-interest income at the time consideration is received and all other criteria for sales treatment have been met. |
Loans | Loans Loans are carried at the principal amount outstanding. Interest is accrued as earned. Loans held for sale are carried at the lower of cost or fair value determined on an individual basis. First Commonwealth considers a loan to be past due and still accruing interest when payment of interest or principal is contractually past due but the loan is both well secured and in the process of collection. For installment, mortgage, term and other loans with amortizing payments that are scheduled monthly, 90 days past due is reached when four monthly payments are due and unpaid. For demand, time and other multi-payment obligations with payments scheduled other than monthly, delinquency status is calculated using number of days instead of number of payments. Revolving credit loans, including personal credit lines and home equity lines, are considered to be 90 days past due when the borrower has not made the minimum payment for four monthly cycles. A loan is placed in nonaccrual status when, based on current information and events, it is probable that First Commonwealth will be unable to fully collect principal or interest due according to the contractual terms of the loan. A loan is also placed in nonaccrual status when, based on regulatory definitions, the loan is maintained on a “cash basis” due to the weakened financial condition of the borrower. When a determination is made to place a loan in nonaccrual status, all accrued and unpaid interest is reversed. Nonaccrual loans are restored to accrual status when, based on a sustained period of repayment by the borrower in accordance with the contractual terms of the loan, First Commonwealth expects repayment of the remaining contractual principal and interest or when the loan otherwise becomes well-secured and in the process of collection. First Commonwealth considers a loan to be a troubled debt restructured loan when the loan 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. A loan is considered to be impaired when, based on current information and events, it is probable that First Commonwealth will be unable to collect principal or interest that is due in accordance with contractual terms of the loan. Impaired loans include nonaccrual loans and troubled debt restructured loans. Loan impairment is measured based on the present value of expected cash flows discounted at the loan’s effective interest rate or, as a practical expedient, at the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. For loans other than those that First Commonwealth expects repayment through liquidation of the collateral, when the remaining recorded investment in the impaired loan is less than or equal to the present value of the expected cash flows, income is applied as a reduction to loan principal rather than interest income. Loans deemed uncollectible are charged off through the allowance for credit losses. Factors considered in assessing ultimate collectability include past due status, financial condition of the borrower, collateral values and debt covenants including secondary sources of repayment by guarantors. Payments received on previously charged off loans are recorded as recoveries in the allowance for credit losses. Acquired loans are recorded at estimated fair value on the date of acquisition with no carryover of the related allowance for credit losses. The fair value of acquired loans is determined by estimating the principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. The estimated fair value considers factors such as loan term, internal risk rating, delinquency status, prepayment rates, estimated value of the underlying collateral and the current interest rate environment. |
Loan Fees | Loan Fees Loan origination and commitment fees, net of associated direct costs, are deferred and the net amount is amortized as an adjustment to the related loan yield on the interest method, generally over the contractual life of the related loans or commitments. |
Other Real Estate Owned | Other Real Estate Owned Real estate, other than bank premises, is recorded at fair value less estimated selling costs at the time of acquisition. After that time, other real estate is carried at the lower of cost or fair value less estimated costs to sell. Fair value is determined based on an independent appraisal. Expenses related to holding the property and rental income earned on the property are generally reflected in earnings in the current period. Depreciation is not recorded on the other real estate owned properties. |
Allowance for Credit Losses | Allowance for Credit Losses First Commonwealth maintains an allowance for credit losses at a level deemed sufficient to absorb losses that are inherent in the loan portfolio. First Commonwealth’s management determines and reviews with the Board of Directors 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 problem loans, delinquency and loss experience trends and other relevant factors, all of which may be susceptible to significant changes. The major loan classifications used in the allowance for credit losses calculation include pass, other assets especially mentioned (“OAEM”), substandard and doubtful. Additional information related to these credit quality categories is provided in Note 11, "Loans and Allowance for Credit Losses." First Commonwealth consistently applies the following comprehensive methodology and procedure for determining the allowance for credit losses. All impaired credits in excess of $100 thousand are individually reviewed quarterly. A specific reserve is established for impaired loans in an amount equal to the total amount of probable unconfirmed losses for the impaired loans that are reviewed. Based on this reserve as a percentage of reviewed loan balances, a reserve is also established for the impaired loan balances that are not individually reviewed. The allowance calculation uses net historical charge-off trends to estimate probable unconfirmed losses for each loan category. A multiplier known as the emergence factor is applied to the historical loss rates for non-criticized loans. The emergence factor is calculated by loan category and represents the average time period from when a loss is incurred until the bank experiences a charge-off against the loan. Before applying the adjusted historical loss experience percentages, loan balances are reduced by the portion of the loan balances which are subject to guarantee by a government agency. An additional component of the allowance is determined by management based on a qualitative analysis of certain factors related to portfolio risks and economic conditions. Factors considered by management include employment trends, macroeconomic trends, commercial real estate trends, lending practices, ability and experience of the credit staff, the overall lending environment and external factors such as the regulatory environment and competition. Portfolio risks include unusual changes or recent trends in specific portfolios such as unexpected changes in the trends or levels of delinquency. No matter how detailed an analysis of potential credit losses is performed, these estimates are inherently imprecise. Management must make estimates using assumptions and information that is often subjective and changes rapidly. Loans acquired with evidence of credit deterioration were evaluated and not considered to be significant. The premium or discount estimated through the loan fair value calculation is recognized into interest income on a level yield or straight-line basis over the remaining contractual life of the loans. Additional credit deterioration on acquired loans, in excess of the original credit discount embedded in the fair value determination on the date of acquisition, will be recognized in the allowance for credit losses through the provision for loan losses. |
Allowance for Off-Balance Sheet Credit Exposures | Allowance for Off-Balance Sheet Credit Exposures First Commonwealth maintains an allowance for off-balance sheet credit exposure at a level deemed sufficient to absorb losses that are inherent to off-balance sheet credit risk. Management determines the adequacy of the allowance on a quarterly basis, charging the provision 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. The Company’s methodology for assessing the appropriateness of the allowance for off-balance sheet credit exposure consists of analysis of historical usage trends as well as loss history and probability of default rates related to the off-balance sheet category. The calculation begins with historical usage trends related to lines of credit as well as letters of credit and then utilizes those figures to determine the probable usage of available lines. These values are then adjusted by a determined probability of default as well as a loss given default. This amount is adjusted quarterly and reported as part of other operating expenses on the Consolidated Statements of Income. |
Bank Owned Life Insurance | Bank Owned Life Insurance First Commonwealth and the banks that First Commonwealth has acquired have purchased insurance on the lives of certain groups of employees. The policies accumulate asset values to meet future liabilities, including the payment of employee benefits such as health care. Increases in the cash surrender value are recorded as non-interest income in the Consolidated Statements of Income. Under some of these policies, the beneficiaries receive a portion of the death benefit. |
Premises and Equipment | Premises and Equipment Premises and equipment are carried at cost less accumulated depreciation on First Commonwealth’s Consolidated Statements of Financial Condition. Depreciation is computed on the straight-line and accelerated methods over the estimated useful life of the asset. A straight-line depreciation method was used for substantially all furniture and equipment. The straight-line depreciation method was used for buildings and improvements. Charges for maintenance and repairs are expensed as incurred. Leasehold improvements are expensed over the term of the lease or the estimated useful life of the improvement, whichever is shorter. Software costs are amortized on a straight-line basis over a period not to exceed seven years |
Goodwill | Goodwill Intangible assets resulting from acquisitions under the purchase method of accounting consist of goodwill and other intangible assets (see “Other Intangible Assets” section below). Goodwill is not amortized and is subject to at least annual assessments for impairment by applying a fair value based test. First Commonwealth reviews goodwill annually and again at any quarter-end if a material event occurs during the quarter that may affect goodwill. If goodwill testing is required, an assessment of qualitative factors can be completed before performing the two step goodwill impairment test. 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. Goodwill is evaluated for potential impairment by determining if our fair value has fallen below carrying value. |
Other Intangible Assets | Other Intangible Assets Other intangible assets consist of core deposits and customer lists obtained through acquisitions. Core deposit intangibles are amortized over their estimated lives using the present value of the benefit of the core deposits and straight-line methods of amortization. Customer list intangibles are amortized over the expected lives using expected cash flows based on retention of the customer base. These intangibles are evaluated for impairment on an annual basis and when events or changes in circumstances indicate that the carrying amount may not be recoverable. |
Accounting for the Impairment of Long-Lived Assets | Accounting for the Impairment of Long-Lived Assets First Commonwealth reviews long-lived assets, such as premises and equipment and intangibles, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. These changes in circumstances may include a significant decrease in the market value of an asset or the extent or manner in which an asset is used. If there is an indication that the carrying amount of an asset may not be recoverable, future undiscounted cash flows expected to result from the use of the asset are estimated. If the sum of the expected cash flows is less than the carrying value of the asset, a loss is recognized for the difference between the carrying value and fair value of the asset. Long-lived assets classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. Depreciation or amortization is discontinued on long-lived assets classified as held for sale. |
Income Taxes | Income Taxes First Commonwealth records taxes in accordance with the asset and liability method of FASB ASC Topic 740, “Income Taxes,” whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amount of existing assets and liabilities and their respective tax bases given the provisions of the enacted tax laws. Deferred tax assets are reduced, if necessary, by the amount of such benefits that are more likely than not expected to be realized based upon available evidence. In accordance with FASB ASC Topic 740, interest or penalties incurred for taxes will be recorded as a component of noninterest expense. |
Comprehensive Income Disclosures | Comprehensive Income Disclosures “Other Comprehensive Income” (comprehensive income, excluding net income) includes the after-tax effect of changes in unrealized holding gains and losses on available-for-sale securities, changes in the funded status of defined benefit postretirement plans and changes in the fair value of the effective portion of cash flow hedges. Comprehensive income is reported in the accompanying Consolidated Statements of Comprehensive Income, net of tax. |
Cash and Cash Equivalents | Cash and Cash Equivalents 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. |
Employee Stock Ownership Plan | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities First Commonwealth accounts for derivative instruments and hedging activities in accordance with FASB ASC Topic 815, “Derivatives and Hedging.” All derivatives are evaluated at inception as to whether or not they are hedging or non-hedging activities, and appropriate documentation is maintained to support the final determination. First Commonwealth recognizes all derivatives as either assets or liabilities on the Consolidated Statements of Financial Condition and measures those instruments at fair value. For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. Any hedge ineffectiveness would be recognized in the income statement line item pertaining to the hedged item. For derivatives designated as cash flow hedges, changes in fair value of the effective portion of the 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 the Consolidated Statement of Income. When First Commonwealth purchases a portion of a commercial loan that has an existing interest rate swap, it enters a Risk Participation Agreement with the counterparty and assumes the credit risk of the loan customer related to the swap. Any fee paid to First Commonwealth as a result of the risk participation agreement is offset by credit risk of the counterparties and is recognized in the income statement. Credit risk on the risk participation agreements is determined after considering the risk rating, probability of default and loss given default of the counterparties. Management periodically reviews contracts from various functional areas of First Commonwealth to identify potential derivatives embedded within selected contracts. As of December 31, 2017 , First Commonwealth has interest derivative positions that are not designated as hedging instruments. See Note 8, “Derivatives,” for a description of these instruments. |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per share excludes dilution and is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. For all periods presented, the dilutive effect on average shares outstanding is the result of compensatory stock options outstanding and unvested restricted stock grants. |
Fair Value Measurements | Fair Value Measurements In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures,” First Commonwealth groups financial assets and financial liabilities measured at fair value into three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions 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. 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 securities include U.S. Government securities issued by Agencies and Sponsored Enterprises, Obligations of States and Political Subdivisions, certain corporate securities, FHLB stock, loans held for sale, interest rate derivatives that include interest rate swaps, risk participation agreements and foreign currency contracts, certain other real estate owned and certain impaired loans. • 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 evaluation 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, nonmarketable equity investments, certain other real estate owned and certain impaired loans. In general, fair values of financial instruments are based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon pricing models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and our creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. See Note 19 “Fair Values of Assets and Liabilities” for additional information. |
New Accounting Pronouncements, Policy | 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. The Company adopted this ASU on January 1, 2018 using the modified retrospective method. A significant component of the Company’s revenues, net interest income on financial assets and liabilities, is excluded from the scope of the amended guidance. The Company has completed its overall assessment of additional revenue streams, including trust and asset management fees, brokerage and annuity sales, deposit related fees, interchange fees, and merchant income and has concluded that the Company’s revenue recognition for these revenue streams will not change significantly. Management’s evaluation of the impact of the new standard on revenue generated from insurance commissions and fees, as well as all related processes and procedures, will be completed before the end of the first quarter of 2018. Until the evaluation of the insurance commissions and fees is completed, the Company cannot conclude whether the new standard has a material impact on the insurance commission revenue stream or the Company’s financial statements. 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. The Company has formed a cross-functional implementation team to evaluate the provisions of the amendment, data requirements and determination of necessary modifications to its existing methodologies, systems and processes. The Company continues to evaluate 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, but may impact future business combinations. 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 August 2017, the FASB issued ASU No. 2017-12, "Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities" with the objective of improving the financial reporting of hedging relationships to better portray the economic results of risk management activities in its financial statements. The main provisions of this ASU update the hedge accounting model to expand the ability to hedge risk, reduce complexity, and ease certain documentation and assessment requirements. It also eliminates the requirement to separately measure and report hedge ineffectiveness, and generally requires the change in fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The adoption of this ASU is not expected to have a material impact on First Commonwealth’s financial condition or results of operations. In February 2018, the FASB issued ASU 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” ASU 2018-02 was issued to address the income tax accounting treatment of the stranded tax effects within other comprehensive income due to the prohibition of backward tracing due to an income tax rate change that was initially recorded in other comprehensive income. This issue came about from the enactment of the Tax Cuts and Jobs Act on December 22, 2017 that changed the corporate income tax rate from 35% to 21%. The ASU changed current accounting whereby an entity may elect to reclassify the stranded tax effect from accumulated other comprehensive income to retained earnings. The ASU is effective for periods beginning after December 15, 2018 although early adoption is permitted. The Company will early adopt ASU 2018-02 in the first quarter of 2018. This ASU is not expected to have a material impact on First Commonwealth's financial condition or results of operations. |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Summary of Net Assets Acquired and Consideration Transferred | The table below summarizes the net assets acquired (at fair value) and consideration transferred in connection with the FirstMerit Bank, NA acquisition (dollars in thousands): Consideration Received Cash received $ (476,555 ) Total consideration received $ (476,555 ) Fair Value of Assets Acquired Cash and cash equivalents 2,914 Loans 102,097 Premises and other equipment 6,072 Core deposit intangible 11,330 Other assets 353 Total assets acquired 122,766 Fair Value of Liabilities Assumed Deposits 619,729 Other Liabilities 70 Total liabilities assumed 619,799 Total Fair Value of Identifiable Net Assets (497,033 ) Goodwill $ 20,478 |
Supplemental Comprehensive In39
Supplemental Comprehensive Income Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Comprehensive Income Disclosures [Abstract] | |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income | The following table identifies the related tax effects allocated to each component of other comprehensive income in the Consolidated Statements of Comprehensive Income as of December 31 . Reclassification adjustments related to securities available for sale are included in the “ Net securities gains (losses) ” line in the Consolidated Statements of Income and reclassification adjustments related to losses on derivatives are included in the "Other operating expenses" line in the Consolidated Statements of Income. 2017 2016 2015 Pretax Amount Tax (Expense) Benefit Net of Tax Amount Pretax Amount Tax (Expense) Benefit Net of Tax Amount Pretax Amount Tax (Expense) Benefit Net of Tax Amount (dollars in thousands) Unrealized gains (losses) on securities: Unrealized holding gains (losses) on securities arising during the period $ 7,023 $ (2,458 ) $ 4,565 $ (6,304 ) $ 2,206 $ (4,098 ) $ 2,798 $ (978 ) $ 1,820 Reclassification adjustment for (gains) losses on securities included in net income (5,040 ) 1,764 (3,276 ) (617 ) 216 (401 ) 153 (54 ) 99 Total unrealized gains (losses) on securities 1,983 (694 ) 1,289 (6,921 ) 2,422 (4,499 ) 2,951 (1,032 ) 1,919 Unrealized gains (losses) on derivatives: Unrealized holding (losses) gains on derivatives arising during the period (901 ) 315 (586 ) (479 ) 168 (311 ) 450 (158 ) 292 Reclassification adjustment for losses (gains) on derivatives included in net income 119 (42 ) 77 (70 ) 24 (46 ) (49 ) 17 (32 ) Total unrealized (losses) gains on derivatives (782 ) 273 (509 ) (549 ) 192 (357 ) 401 (141 ) 260 Unrealized gains (losses) for postretirement obligations: Net gain (loss) 94 (20 ) 74 331 (116 ) 215 (102 ) 36 (66 ) Total unrealized gains (losses) for postretirement obligations 94 (20 ) 74 331 (116 ) 215 (102 ) 36 (66 ) Total other comprehensive income (loss) $ 1,295 $ (441 ) $ 854 $ (7,139 ) $ 2,498 $ (4,641 ) $ 3,250 $ (1,137 ) $ 2,113 The following table sets forth the amounts recognized in accumulated other comprehensive income that have not yet been recognized as components of net periodic benefit costs as of December 31: 2017 2016 2015 (dollars in thousands) Amounts recognized in accumulated other comprehensive income, net of tax: Net (gain) loss $ (347 ) $ (225 ) $ (10 ) Transition obligation — — — Total $ (347 ) $ (225 ) $ (10 ) |
Related Tax Effects Allocated to Each Component of Other Comprehensive Income | The following table details the change in components of OCI for the year-ended December 31: 2017 Securities Available for Sale Derivatives Post-Retirement Obligation Accumulated Other Comprehensive Income (dollars in thousands) Balance at January 1 $ (7,455 ) $ 203 $ 225 $ (7,027 ) Other comprehensive income before reclassification adjustment 4,565 (586 ) 3,979 Amounts reclassified from accumulated other comprehensive income (loss) (3,276 ) 77 (3,199 ) Net gain 74 74 Net other comprehensive income during the period 1,289 (509 ) 74 854 Balance at December 31 $ (6,166 ) $ (306 ) $ 299 $ (6,173 ) 2016 Securities Available for Sale Derivatives Post-Retirement Obligation Accumulated Other Comprehensive Income (dollars in thousands) Balance at January 1 $ (2,956 ) $ 560 $ 10 $ (2,386 ) Other comprehensive income before reclassification adjustment (4,098 ) (311 ) (4,409 ) Amounts reclassified from accumulated other comprehensive income (loss) (401 ) (46 ) (447 ) Net gain 215 215 Net other comprehensive income during the period (4,499 ) (357 ) 215 (4,641 ) Balance at December 31 $ (7,455 ) $ 203 $ 225 $ (7,027 ) 2015 Securities Available for Sale Derivatives Post-Retirement Obligation Accumulated Other Comprehensive Income (dollars in thousands) Balance at January 1 $ (4,875 ) $ 300 $ 76 $ (4,499 ) Other comprehensive income before reclassification adjustment 1,820 292 2,112 Amounts reclassified from accumulated other comprehensive income (loss) 99 (32 ) 67 Net gain (66 ) (66 ) Net other comprehensive income during the period 1,919 260 (66 ) 2,113 Balance at December 31 $ (2,956 ) $ 560 $ 10 $ (2,386 ) |
Supplemental Cash Flow Disclo40
Supplemental Cash Flow Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Non-cash Investing and Financing Activities | The following table presents information related to cash paid during the year for interest and income taxes as well as detail on non-cash investing and financing activities for the years ended December 31 : 2017 2016 2015 (dollars in thousands) Cash paid during the period for: Interest $ 21,552 $ 19,208 $ 15,818 Income taxes 27,902 19,950 8,331 Non-cash investing and financing activities: Loans transferred to other real estate owned and repossessed assets 3,067 4,824 8,257 Other real estate sales transferred to loans 1,891 — — Fair value of loans transferred from held to maturity to available for sale 15,102 18,758 3,196 Gross increase (decrease) in market value adjustment to securities available for sale 1,983 (6,919 ) 2,949 Gross (decrease) increase in market value adjustment to derivatives (783 ) (549 ) 401 Investments redeemed, not settled — 3,769 — Investments committed to purchase, not settled — — 694 Net assets (liabilities) acquired through acquisition 37,070 (501,516 ) 463 Proceeds from death benefit on bank-owned life insurance not received 245 437 — Treasury shares issued 2,258 — — |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 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 computation for the years ending December 31 : 2017 2016 2015 Weighted average common shares issued 111,809,880 105,563,455 105,563,455 Average treasury shares (16,463,079 ) (16,605,461 ) (16,045,900 ) Average deferred compensation shares (37,411 ) — — Average unearned nonvested shares (89,334 ) (106,421 ) (160,788 ) Weighted average common shares and common stock equivalents used to calculate basic earnings per share 95,220,056 88,851,573 89,356,767 Additional common stock equivalents (nonvested stock) used to calculate diluted earnings per share 73,570 — — Additional common stock equivalents (deferred compensation) used to calculated diluted earnings per share 37,411 — — Weighted average common shares and common stock equivalents used to calculate diluted earnings per share 95,331,037 88,851,573 89,356,767 |
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 years ended December 31 , because to do so would have been anti-dilutive. 12/31/2017 12/31/2016 12/31/2015 Price Range Price Range Price Range Shares From To Shares From To Shares From To Restricted Stock 18,173 $ 8.55 $ 13.96 67,920 $ 8.38 $ 13.96 92,002 $ 6.82 $ 9.84 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 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 at December 31 : 2017 2016 (dollars in thousands) Derivatives not Designated as Hedging Instruments Credit value adjustment $ (791 ) $ (317 ) Notional Amount: Interest rate derivatives 401,304 345,102 Interest rate caps 46,444 14,762 Risk participation agreements 197,660 174,213 Sold credit protection on risk participation agreements (46,170 ) (40,281 ) Derivatives Designated as Hedging Instruments Interest rate swaps: Fair value adjustment 459 (443 ) Notional Amount 150,000 200,000 Interest rate forwards: Fair value adjustment 19 — Notional Amount 17,000 — Foreign exchange forwards: Fair value adjustment (70 ) (8 ) Notional Amount 10,077 4,749 |
Schedule of Change 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 Consolidated Statements of Income for the years ended December 31 : 2017 2016 2015 (dollars in thousands) Non-hedging interest rate derivatives: (Decrease) increase in other income $ (473 ) $ 219 $ (274 ) Hedging interest rate derivatives: Increase in interest income 452 1,627 2,049 Increase in other income 119 70 64 Hedging interest rate forwards: Decrease in other expense (19 ) — — Hedging interest rate derivatives: Increase (decrease) in other expense 4 (5 ) — |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Held-to-maturity Securities | Below is an analysis of the amortized cost and fair values of debt securities held to maturity at December 31:. 2017 2016 Amortized Gross Gross Estimated Amortized Gross Gross Estimated (dollars in thousands) Obligations of U.S. Government Agencies: Mortgage-Backed Securities – Residential $ 3,925 $ — $ (14 ) $ 3,911 $ 4,297 $ — $ (4 ) $ 4,293 Mortgage-Backed Securities – Commercial 58,249 — (1,394 ) 56,855 34,444 — (561 ) 33,883 Obligations of U.S. Government-Sponsored Enterprises: Mortgage-Backed Securities – Residential 305,126 10 (2,552 ) 302,584 280,430 5 (2,527 ) 277,908 Mortgage-Backed Securities – Commercial 14,056 — (71 ) 13,985 14,675 — (142 ) 14,533 Obligations of States and Political Subdivisions 40,540 335 (161 ) 40,714 38,667 55 (721 ) 38,001 Debt Securities Issued by Foreign Governments 200 — — 200 — — — — Total Securities Held to Maturity $ 422,096 $ 345 $ (4,192 ) $ 418,249 $ 372,513 $ 60 $ (3,955 ) $ 368,618 |
Analysis of Amortized Cost and Estimated Fair Values of Securities Available for Sale | Below is an analysis of the amortized cost and fair values of securities available for sale at December 31 : 2017 2016 Amortized Gross Gross Estimated Amortized Gross Gross Estimated (dollars in thousands) Obligations of U.S. Government Agencies: Mortgage-Backed Securities – Residential $ 10,556 $ 789 $ (7 ) $ 11,338 $ 15,143 $ 1,481 $ (7 ) $ 16,617 Mortgage-Backed Securities – Commercial 24,611 — (462 ) 24,149 — — — — Obligations of U.S. Government-Sponsored Enterprises: Mortgage-Backed Securities – Residential 632,422 2,622 (9,489 ) 625,555 683,601 4,557 (11,305 ) 676,853 Mortgage-Backed Securities – Commercial — — — — 1 — — 1 Other Government-Sponsored Enterprises 1,098 — (1 ) 1,097 16,700 — (69 ) 16,631 Obligations of States and Political Subdivisions 27,083 327 — 27,410 27,075 195 (41 ) 27,229 Corporate Securities 15,907 590 (4 ) 16,493 5,903 416 — 6,319 Pooled Trust Preferred Collateralized Debt Obligations 27,499 526 (4,379 ) 23,646 39,989 427 (7,124 ) 33,292 Total Debt Securities 739,176 4,854 (14,342 ) 729,688 788,412 7,076 (18,546 ) 776,942 Equities 1,670 — — 1,670 1,670 — — 1,670 Total Securities Available for Sale $ 740,846 $ 4,854 $ (14,342 ) $ 731,358 $ 790,082 $ 7,076 $ (18,546 ) $ 778,612 The amortized cost and estimated fair value of debt securities available for sale at December 31, 2017 , by contractual maturity, are shown below: Amortized Estimated (dollars in thousands) Due within 1 year $ 1,098 $ 1,097 Due after 1 but within 5 years 13,989 14,020 Due after 5 but within 10 years 27,083 27,410 Due after 10 years 29,417 26,119 71,587 68,646 Mortgage-Backed Securities (a) 667,589 661,042 Total Debt Securities $ 739,176 $ 729,688 (a) Mortgage Backed Securities include an amortized cost of $35.2 million and a fair value of $35.5 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $632.4 million and a fair value of $625.6 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac. |
Proceeds from Sale, Gross Gains (Losses) Realized on Sales, Maturities and Other-Than-Temporary Impairment Charges Related to Securities Available for Sale | (a) Mortgage Backed Securities include an amortized cost of $35.2 million and a fair value of $35.5 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $632.4 million and a fair value of $625.6 million |
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair value of debt securities held to maturity at December 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 Estimated (dollars in thousands) Due within 1 year $ 87 $ 87 Due after 1 but within 5 years 3,663 3,660 Due after 5 but within 10 years 35,361 35,534 Due after 10 years 1,629 1,633 40,740 40,914 Mortgage-Backed Securities (a) 381,356 377,335 Total Debt Securities $ 422,096 $ 418,249 (a) Mortgage Backed Securities include an amortized cost of $62.2 million and a fair value of $60.8 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $319.2 million and a fair value of $316.6 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac. |
Impairment of Investment Secu44
Impairment of Investment Securities (Tables) | 12 Months Ended |
Dec. 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 December 31, 2017 for both available for sale and held to maturity securities by investment category and time frame for which the 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 $ 5,584 $ (21 ) $ — $ — $ 5,584 $ (21 ) Mortgage-Backed Securities – Commercial 48,322 (962 ) 32,683 (894 ) 81,005 (1,856 ) Obligations of U.S. Government-Sponsored Enterprises: Mortgage-Backed Securities – Residential 351,222 (2,295 ) 400,984 (9,746 ) 752,206 (12,041 ) Mortgage-Backed Securities – Commercial 13,985 (71 ) — — 13,985 (71 ) Other Government-Sponsored Enterprises 997 (1 ) 99 — 1,096 (1 ) Obligations of States and Political Subdivisions 7,144 (32 ) 3,653 (129 ) 10,797 (161 ) Corporate Securities 3,993 (4 ) — — 3,993 (4 ) Pooled Trust Preferred Collateralized Debt Obligations — — 19,120 (4,379 ) 19,120 (4,379 ) Total Securities $ 431,247 $ (3,386 ) $ 456,539 $ (15,148 ) $ 887,786 $ (18,534 ) At December 31, 2017 , pooled trust preferred collateralized debt obligations accounted for 24% of unrealized losses due to changes in interest rates and the illiquid market for this type of investment. Fixed income securities issued by U.S. Government-sponsored enterprises comprised 65% of total unrealized losses due to changes in market interest rates. Government agencies and obligations of state and political subdivisions each account for 10% of total unrealized losses as a result of changes in market interest rates. At December 31, 2017 , there were 98 debt securities in an unrealized loss position, 30 of which related to residential mortgage-backed securities with an unrealized loss of 12 months or more. There were no equity securities in an unrealized loss position at December 31, 2017 . The following table presents the gross unrealized losses and estimated fair value at December 31, 2016 for both available for sale and held to maturity securities by investment category and time frame for which the securities had 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 ) Obligations 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 additional information related to our pooled trust preferred collateralized debt obligations as of December 31, 2017 : Deal Class Book Estimated Fair Unrealized Moody’s/ Number Deferrals Excess (dollars in thousands) PreTSL IV Mezzanine $ 1,817 $ 1,405 $ (412 ) Ba1/BB 6 18.05 % 72.13 % PreTSL VIII Mezzanine 2,043 2,228 185 C/C 26 38.52 0.00 PreTSL IX Mezzanine 2,448 2,052 (396 ) B1/C 37 27.83 19.46 PreTSL X Mezzanine 1,863 2,125 262 Caa1/C 41 27.93 1.62 PreTSL XII Mezzanine 6,097 5,209 (888 ) B3/C 63 23.35 0.00 PreTSL XIV Mezzanine 13,136 10,453 (2,683 ) Ba2/CCC 49 12.95 39.26 MMCap I Mezzanine 95 174 79 Ca/C 7 69.35 69.99 Total $ 27,499 $ 23,646 $ (3,853 ) |
Cumulative Roll Forward of Credit Losses Recognized in Earnings for Debt Securities Held and Not Intended to be Sold | The table below provides a cumulative roll forward of credit losses recognized in earnings for debt securities held and not intended to be sold for the years ended December 31: 2017 2016 2015 (dollars in thousands) Balance, beginning (a) $ 17,056 $ 24,851 $ 26,246 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) (890 ) (1,124 ) (1,177 ) Reduction for debt securities called during the period (3,958 ) (6,671 ) (218 ) Balance, ending $ 12,208 $ 17,056 $ 24,851 (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 either as principal payments or interest income during the period. |
Loans and Allowance for Credi45
Loans and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 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 as of December 31 : 2017 2016 Originated Loans Acquired Loans Total Loans Originated Loans Acquired Loans Total Loans (dollars in thousands) Commercial, financial, agricultural and other $ 1,122,741 $ 40,642 $ 1,163,383 $ 1,131,148 $ 8,399 $ 1,139,547 Real estate construction 242,905 5,963 248,868 217,840 1,781 219,621 Residential real estate 1,206,119 220,251 1,426,370 1,165,851 63,341 1,229,192 Commercial real estate 1,892,185 126,911 2,019,096 1,717,043 25,167 1,742,210 Loans to individuals 543,411 6,248 549,659 546,589 2,188 548,777 Total loans $ 5,007,361 $ 400,015 $ 5,407,376 $ 4,778,471 $ 100,876 $ 4,879,347 |
Credit Risk Profile by Creditworthiness | The following tables represent our credit risk profile by creditworthiness category for the years ended December 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 $ 1,061,147 $ 242,905 $ 1,194,352 $ 1,855,253 $ 543,175 $ 4,896,832 Non-Pass OAEM 26,757 — 1,435 13,326 — 41,518 Substandard 30,431 — 10,332 23,606 236 64,605 Doubtful 4,406 — — — — 4,406 Total Non-Pass 61,594 — 11,767 36,932 236 110,529 Total $ 1,122,741 $ 242,905 $ 1,206,119 $ 1,892,185 $ 543,411 $ 5,007,361 Acquired Loans Pass $ 34,573 $ 5,963 $ 217,824 $ 121,536 $ 6,231 $ 386,127 Non-Pass OAEM 5,567 — 798 3,517 — 9,882 Substandard 502 — 1,629 1,858 17 4,006 Doubtful — — — — — — Total Non-Pass 6,069 — 2,427 5,375 17 13,888 Total $ 40,642 $ 5,963 $ 220,251 $ 126,911 $ 6,248 $ 400,015 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 December 31 . 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. 2017 30 - 59 60 - 89 90 days Nonaccrual Total past Current Total (dollars in thousands) Originated Loans Commercial, financial, agricultural and other $ 378 $ 61 $ 40 $ 18,741 $ 19,220 $ 1,103,521 $ 1,122,741 Real estate construction 199 — — — 199 242,706 242,905 Residential real estate 4,618 1,025 1,076 6,225 12,944 1,193,175 1,206,119 Commercial real estate 2,198 28 6 3,240 5,472 1,886,713 1,892,185 Loans to individuals 1,899 769 623 236 3,527 539,884 543,411 Total $ 9,292 $ 1,883 $ 1,745 $ 28,442 $ 41,362 $ 4,965,999 $ 5,007,361 Acquired Loans Commercial, financial, agricultural and other $ 6 $ 7 $ — $ 436 $ 449 $ 40,193 $ 40,642 Real estate construction — — — — — 5,963 5,963 Residential real estate 148 9 83 705 945 219,306 220,251 Commercial real estate — — — 1,077 1,077 125,834 126,911 Loans to individuals 36 20 26 17 99 6,149 6,248 Total $ 190 $ 36 $ 109 $ 2,235 $ 2,570 $ 397,445 $ 400,015 2016 30 - 59 60 - 89 90 days Nonaccrual Total past 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 December 31, 2017 and 2016 . Also presented are the average recorded investment in impaired loans and the related amount of interest recognized while the loan was considered impaired for the years ended December 31, 2017 , 2016 and 2015 . Average balances are calculated based on month-end balances of the loans for the period reported and are included in the table below based on its period end allowance position. 2017 Recorded Unpaid Related Average Interest (dollars in thousands) Originated Loans: With no related allowance recorded: Commercial, financial, agricultural and other $ 5,548 $ 12,153 $ 10,282 $ 394 Real estate construction — — — — Residential real estate 10,625 12,470 11,366 355 Commercial real estate 5,155 5,489 6,469 583 Loans to individuals 347 383 353 19 Subtotal 21,675 30,495 28,470 1,351 With an allowance recorded: Commercial, financial, agricultural and other 16,866 21,094 $ 3,478 9,391 96 Real estate construction — — — — — Residential real estate 456 478 107 167 — Commercial real estate 954 954 128 143 4 Loans to individuals — — — — — Subtotal 18,276 22,526 3,713 9,701 100 Total $ 39,951 $ 53,021 $ 3,713 $ 38,171 $ 1,451 Acquired Loans: With no related allowance recorded: Commercial, financial, agricultural and other $ 436 $ 449 $ 476 $ — Real estate construction — — 25 — Residential real estate 666 965 535 — Commercial real estate 940 1,842 2,135 — Loans to individuals 17 17 6 — Subtotal 2,059 3,273 3,177 — With an allowance recorded: Commercial, financial, agricultural and other — — $ — — — Real estate construction — — — — — Residential real estate 93 122 4 74 — Commercial real estate 137 150 29 155 — Loans to individuals — — — — — Subtotal 230 272 33 229 — Total $ 2,289 $ 3,545 $ 33 $ 3,406 $ — 2016 Recorded Unpaid Related Average Interest (dollars in thousands) Originated Loans: With no related allowance recorded: Commercial, financial, agricultural and other $ 9,549 $ 15,369 $ 23,146 $ 576 Real estate construction — — 4 44 Residential real estate 10,873 13,004 10,957 312 Commercial real estate 5,765 6,905 6,718 170 Loans to individuals 382 507 409 15 Subtotal 26,569 35,785 41,234 1,117 With an allowance recorded: Commercial, financial, agricultural and other 13,423 19,226 $ 2,530 13,885 99 Real estate construction — — — — — Residential real estate 424 475 164 241 4 Commercial real estate 810 810 434 555 25 Loans to individuals — — — — — Subtotal 14,657 20,511 3,128 14,681 128 Total $ 41,226 $ 56,296 $ 3,128 $ 55,915 $ 1,245 Acquired Loans: With no related allowance recorded: Commercial, financial, agricultural and other $ — $ — $ — $ — Real estate construction — — — — Residential real estate 406 480 406 — Commercial real estate 162 162 162 — Loans to individuals 3 3 3 — Subtotal 571 645 571 — With an allowance recorded: Commercial, financial, agricultural and other — — $ — — — Real estate construction — — — — — Residential real estate 16 16 16 16 — Commercial real estate — — — — — Loans to individuals — — — — — Subtotal 16 16 16 16 — Total $ 587 $ 661 $ 16 $ 587 $ — 2015 Average Interest (dollars in thousands) With no related allowance recorded: Commercial, financial, agricultural and other $ 17,692 $ 216 Real estate construction 95 — Residential real estate 10,635 172 Commercial real estate 7,890 90 Loans to individuals 338 4 Subtotal 36,650 482 With an allowance recorded: Commercial, financial, agricultural and other 7,731 129 Real estate construction — — Residential real estate 403 — Commercial real estate 674 4 Loans to individuals — — Subtotal 8,808 133 Total $ 45,458 $ 615 |
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 as of December 31 : 2017 2016 2015 (dollars in thousands) Troubled debt restructured loans Accrual status $ 11,563 $ 13,790 $ 14,139 Nonaccrual status 11,222 11,569 12,360 Total $ 22,785 $ 25,359 $ 26,499 Commitments Letters of credit $ 60 $ — $ — Unused lines of credit $ 54 $ 358 $ 3,252 Total $ 114 $ 358 $ 3,252 The following table provides information related to restructured loans that were considered to be in default during the year ending December 31 : 2017 2016 2015 Number of Recorded Number of Recorded Number of Recorded (dollars in thousands) Residential real estate — $ — 4 $ 313 3 $ 97 Loans to individuals 1 2 — — — — Total 1 $ 2 4 $ 313 3 $ 97 |
Troubled Debt Restructurings is 90 Days or More Past Due | he following tables provide detail, including specific reserve and reasons for modification, related to loans identified as troubled debt restructurings during the years ending December 31 : 2017 Type of Modification Number Extend Modify Modify Total Post- Specific (dollars in thousands) Commercial, financial, agricultural and other 6 $ 6,768 $ 1,806 $ 987 $ 9,561 $ 6,946 $ 566 Residential real estate 20 134 261 573 968 851 1 Commercial real estate 5 179 — 269 448 412 29 Loans to individuals 10 — 28 49 77 65 — Total 41 $ 7,081 $ 2,095 $ 1,878 $ 11,054 $ 8,274 $ 596 2016 Type of Modification Number Extend Modify Modify Total Post- Specific (dollars in thousands) Commercial, financial, agricultural and other 5 $ 23 $ 6,318 $ 3,854 $ 10,195 $ 6,210 $ 317 Residential real estate 39 107 214 2,619 2,940 2,698 124 Commercial real estate 8 1,368 — 25 1,393 1,271 59 Loans to individuals 13 23 82 25 130 96 — Total 65 $ 1,521 $ 6,614 $ 6,523 $ 14,658 $ 10,275 $ 500 2015 Type of Modification Number Extend Modify Modify Total Post- Specific (dollars in thousands) Commercial, financial, agricultural and other 12 $ 1,751 $ 3,195 $ 4,527 $ 9,473 $ 8,823 $ 1,330 Residential real estate 32 — 296 1,414 1,710 1,575 2 Commercial real estate 1 — — 464 464 389 — Loans to individuals 16 3 167 35 205 169 — Total 61 $ 1,754 $ 3,658 $ 6,440 $ 11,852 $ 10,956 $ 1,332 |
Allowance for Credit Losses | The following tables provide detail related to the allowance for credit losses for the years ended December 31 . 2017 Commercial, Real estate Residential Commercial Loans to 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 (6,176 ) — (1,261 ) (340 ) (4,220 ) (11,997 ) Recoveries 3,900 465 304 274 460 5,403 Provision (credit) (10,280 ) 307 1,218 10,775 2,660 4,680 Ending balance 23,418 1,349 2,753 17,328 3,404 48,252 Acquired Loans: Beginning balance $ — $ — $ 19 $ — $ — $ 19 Charge-offs (458 ) — (26 ) — (28 ) (512 ) Recoveries 1 5 67 4 55 132 Provision (credit) 468 (5 ) (54 ) 25 (27 ) 407 Ending balance 11 — 6 29 — 46 Total ending balance $ 23,429 $ 1,349 $ 2,759 $ 17,357 $ 3,404 $ 48,298 Ending balance: individually evaluated for impairment $ 3,478 $ — $ 111 $ 157 $ — $ 3,746 Ending balance: collectively evaluated for impairment 19,951 1,349 2,648 17,200 3,404 44,552 Loans: Ending balance 1,163,383 248,868 1,426,370 2,019,096 549,659 5,407,376 Ending balance: individually evaluated for impairment 22,450 — 6,698 6,003 — 35,151 Ending balance: collectively evaluated for impairment 1,140,933 248,868 1,419,672 2,013,093 549,659 5,372,225 2016 Commercial, Real estate Residential Commercial Loans to Total (dollars in thousands) Allowance for credit losses: Beginning balance $ 31,035 $ 887 $ 2,606 $ 11,924 $ 4,360 $ 50,812 Charge-offs (19,603 ) — (1,189 ) (570 ) (4,943 ) (26,305 ) Recoveries 4,164 562 481 1,522 469 7,198 Provision (credit) 20,378 (872 ) 594 (6,257 ) 4,618 18,461 Ending balance on originated loans 35,974 577 2,492 6,619 4,504 50,166 Ending balance on acquired loans (1) — — 19 — — 19 Total ending balance $ 35,974 $ 577 $ 2,511 $ 6,619 $ 4,504 $ 50,185 Ending balance: individually evaluated for impairment $ 2,530 $ — $ 180 $ 434 $ — $ 3,144 Ending balance: collectively evaluated for impairment 33,444 577 2,331 6,185 4,504 47,041 Loans: Ending balance 1,139,547 219,621 1,229,192 1,742,210 548,777 4,879,347 Ending balance: individually evaluated for impairment 22,325 — 5,875 5,468 — 33,668 Ending balance: collectively evaluated for impairment 1,117,222 219,621 1,223,317 1,736,742 548,777 4,845,679 (1) Amount reflects provision expense and ending allowance balance for loans acquired in 2016 as part of the purchase of FirstMerit branches. 2015 Commercial, Real estate Residential Commercial Loans to Total (dollars in thousands) Allowance for credit losses: Beginning balance $ 29,627 $ 2,063 $ 3,664 $ 11,881 $ 4,816 $ 52,051 Charge-offs (11,429 ) (8 ) (1,539 ) (1,538 ) (4,354 ) (18,868 ) Recoveries 1,097 84 587 229 684 2,681 Provision (credit) 11,740 (1,252 ) (106 ) 1,352 3,214 14,948 Ending balance $ 31,035 $ 887 $ 2,606 $ 11,924 $ 4,360 $ 50,812 Ending balance: individually evaluated for impairment $ 6,952 $ — $ 51 $ 42 $ — $ 7,045 Ending balance: collectively evaluated for impairment 24,083 887 2,555 11,882 4,360 43,767 Loans: Ending balance 1,150,906 220,736 1,224,465 1,479,000 608,643 4,683,750 Ending balance: individually evaluated for impairment 30,767 — 6,099 7,143 — 44,009 Ending balance: collectively evaluated for impairment 1,120,139 220,736 1,218,366 1,471,857 608,643 4,639,741 |
Commitments and Letters of Cr46
Commitments and Letters of Credit (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Notional Amount of Commitments and Letter of Credit Instruments | The following table identifies the notional amount of those instruments at December 31 : 2017 2016 (dollars in thousands) Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 1,840,180 $ 1,733,820 Financial standby letters of credit 17,946 18,108 Performance standby letters of credit 20,472 26,630 Commercial letters of credit 1,149 1,301 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Premises and Equipment | Premises and equipment are described as follows: Estimated Useful Life 2017 2016 (dollars in thousands) Land Indefinite $ 15,389 $ 13,679 Buildings and improvements 10-50 years 88,386 80,364 Leasehold improvements 5-40 years 17,812 15,871 Furniture and equipment 3-7 years 64,609 61,324 Software 3-7 years 37,434 36,077 Subtotal 223,630 207,315 Less accumulated depreciation and amortization 142,291 139,781 Total premises and equipment $ 81,339 $ 67,534 |
Schedule of Future Minimum Rentals | First Commonwealth leases various premises and assorted equipment under non-cancellable agreements. Total future minimal rental commitments at December 31, 2017 , were as follows: Premises Equipment (dollars in thousands) 2018 $ 4,459 $ 136 2019 4,106 78 2020 3,348 15 2021 2,929 5 2022 2,646 — Thereafter 12,851 — Total $ 30,339 $ 234 |
Goodwill and Other Amortizing48
Goodwill and Other Amortizing Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill Disclosure [Abstract] | |
Summarized Other Intangible Assets | The following table summarizes other intangible assets: Gross Intangible Assets Accumulated Amortization Net Intangible Assets (dollars in thousands) December 31, 2017 Customer deposit intangibles $ 19,471 $ (6,071 ) $ 13,400 Customer list intangible $ 2,283 $ (751 ) $ 1,532 Total other intangible assets $ 21,754 $ (6,822 ) $ 14,932 December 31, 2016 Customer deposit intangibles $ 30,471 $ (18,998 ) $ 11,473 Customer list intangible $ 984 $ (444 ) $ 540 Total other intangible assets $ 31,455 $ (19,442 ) $ 12,013 |
Estimated Amortization Expense of Core Deposit Intangibles | The following presents the estimated amortization expense of core deposit and customer list intangibles: Core Deposit Intangibles Customer List Intangible Total (dollars in thousands) 2018 $ 2,714 $ 318 $ 3,032 2019 2,414 271 2,685 2020 2,062 230 2,292 2021 1,768 193 1,961 2022 1,473 159 1,632 Thereafter 2,969 361 3,330 Total $ 13,400 $ 1,532 $ 14,932 |
Interest-Bearing Deposits (Tabl
Interest-Bearing Deposits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Deposits [Abstract] | |
Components of Interest-Bearing Deposits | Components of interest-bearing deposits at December 31 were as follows: 2017 2016 (dollars in thousands) Interest-bearing demand deposits $ 187,281 $ 114,043 Savings deposits 3,361,840 2,972,747 Time deposits 614,813 591,832 Total interest-bearing deposits $ 4,163,934 $ 3,678,622 |
Scheduled Maturities of Time Deposits | Included in time deposits at December 31, 2017 , were certificates of deposit with the following scheduled maturities (dollars in thousands): 2018 $ 376,181 2019 144,091 2020 43,463 2021 35,530 2022 and thereafter 15,548 Total $ 614,813 |
Short-term Borrowings (Tables)
Short-term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Short-term Debt [Abstract] | |
Summary of Short-Term Borrowings | Short-term borrowings at December 31 were as follows: 2017 2016 2015 Ending Average Average Ending Average Average Ending Average Average (dollars in thousands) Federal funds purchased $ — $ 6,225 1.24 % $ — $ 6,887 0.60 % $ 4,000 $ 14,832 0.36 % Borrowings from FHLB 567,500 710,932 1.18 748,000 1,265,932 0.61 1,400,000 1,117,522 0.42 Securities sold under agreements to repurchase 139,966 150,234 0.24 119,943 114,918 0.23 106,825 120,177 0.23 Total $ 707,466 $ 867,391 1.01 $ 867,943 $ 1,387,737 0.58 $ 1,510,825 $ 1,252,531 0.40 Maximum total at any month-end $ 967,259 $ 1,530,678 $ 1,510,825 Weighted average rate at year-end 1.27 % 0.63 % 0.53 % |
Interest Expense on Short-Term Borrowings | Interest expense on short-term borrowings for the years ended December 31 is detailed below: 2017 2016 2015 (dollars in thousands) Federal funds purchased $ 77 $ 41 $ 54 Borrowings from FHLB 8,360 7,765 4,684 Securities sold under agreements to repurchase 362 270 280 Total interest on short-term borrowings $ 8,799 $ 8,076 $ 5,018 |
Subordinated Debentures (Tables
Subordinated Debentures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Subordinated Debentures [Abstract] | |
Subordinated Debentures Outstanding | Subordinated Debentures outstanding at December 31 are as follows: 2017 2016 Due Amount Rate Amount Rate (dollars in thousands) Owed to: First Commonwealth Capital Trust II 2034 $ 30,929 LIBOR + 2.85 $ 30,929 LIBOR + 2.85 First Commonwealth Capital Trust III 2034 41,238 LIBOR + 2.85 41,238 LIBOR + 2.85 Total $ 72,167 $ 72,167 |
Other Long-term Debt (Tables)
Other Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Other Long-Term Debt | Other long-term debt at December 31 follows: 2017 2016 Amount Weighted Amount Weighted (dollars in thousands) Borrowings from FHLB due: 2017 $ 586 3.83 % 2018 $ 607 3.83 % 609 3.83 2019 631 3.83 633 3.84 2020 656 3.84 658 3.84 2021 681 3.84 684 3.84 2022 708 3.85 Thereafter 4,878 3.80 5,579 3.81 Total $ 8,161 $ 8,749 |
Fair Values of Assets and Lia53
Fair Values of Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Quantitative Inputs and Assumptions Used in Level 3 Fair Value Measurements | 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 Valuation Technique Unobservable Inputs Range / (weighted Pooled Trust Preferred Securities $ 23,646 Discounted Cash Flow Probability of default 0.00% - 100% (8.98%) Prepayment rates 0.00% - 72.02% (4.46%) Discount rates 5.00% - 11.50% (a) Equities 1,670 Par Value N/A N/A Impaired Loans 1,336 (b) Gas Reserve study Discount rate 10.00% Gas per MMBTU $2.87 - $3.61 (c) Oil per BBL/d $56.05 - $57.65 (c) 6,820 (b) Discounted Cash Flow Discount Rate 1.90% - 4.68% Limited Partnership Investments 2,143 Par Value N/A N/A (a) incorporates spread over the 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: MMBTU—one million British thermal units; 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 at December 31: 2017 Level 1 Level 2 Level 3 Total (dollars in thousands) Obligations of U.S. Government Agencies: Mortgage-Backed Securities—Residential $ — $ 11,338 $ — $ 11,338 Mortgage-Backed Securities—Commercial — 24,149 — 24,149 Obligations of U.S. Government-Sponsored Enterprises: Mortgage-Backed Securities—Residential — 625,555 — 625,555 Mortgage-Backed Securities—Commercial — — — — Other Government-Sponsored Enterprises — 1,097 — 1,097 Obligations of States and Political Subdivisions — 27,410 — 27,410 Corporate Securities — 16,493 — 16,493 Pooled Trust Preferred Collateralized Debt Obligations — — 23,646 23,646 Total Debt Securities — 706,042 23,646 729,688 Equities — — 1,670 1,670 Total Securities Available for Sale — 706,042 25,316 731,358 Other Investments — 29,837 — 29,837 Loans Held for Sale — 14,850 — 14,850 Other Assets (a) — 1,778 2,143 3,921 Total Assets $ — $ 752,507 $ 27,459 $ 779,966 Other Liabilities (a) $ — $ 3,079 $ — $ 3,079 Total Liabilities $ — $ 3,079 $ — $ 3,079 (a) Hedging and non-hedging interest rate derivatives and limited partnership investments 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) |
Schedule of Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis | The changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows for the year ended December 31, 2017 : Pooled Trust Equities Other Total (dollars in thousands) Balance, beginning of year $ 33,292 $ 1,670 $ 930 $ 35,892 Total gains or losses Included in earnings 4,329 — — 4,329 Included in other comprehensive income 3,725 — — 3,725 Purchases, issuances, sales, and settlements Purchases — — 1,213 1,213 Issuances — — — — Sales — — — — Settlements (17,700 ) — — (17,700 ) Transfers from Level 3 — — — — Transfers into Level 3 — — — — Balance, end of year $ 23,646 $ 1,670 $ 2,143 $ 27,459 There are no gains or losses included in earnings for the period that are attributable to the change in realized gains (losses) relating to assets held at December 31, 2017 . During the year ended December 31, 2017 , there were no transfers between fair value Levels 1, 2 or 3. The changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows for the year ended December 31, 2016 : Pooled Trust Equities Other Total (dollars in thousands) Balance, beginning of year $ 35,658 $ 2,170 $ — $ 37,828 Total gains or losses Included in earnings 589 — — 589 Included in other comprehensive income 850 — — 850 Purchases, issuances, sales, and settlements Purchases — 36 394 430 Issuances — — — — Sales — — — — Settlements (3,805 ) — — (3,805 ) Transfers from Level 3 — (536 ) — (536 ) Transfers into Level 3 — — 536 536 Balance, end of year $ 33,292 $ 1,670 $ 930 $ 35,892 |
Schedule of Assets Measured on Nonrecurring Basis | The tables below present the balances of assets measured at fair value on a nonrecurring basis at December 31 and total gains and losses realized on these assets during the year ended December 31: 2017 Level 1 Level 2 Level 3 Total Total (dollars in thousands) Impaired loans $ — $ 23,249 $ 15,245 $ 38,494 $ (1,548 ) Other real estate owned — 3,264 — 3,264 (1,099 ) Total Assets $ — $ 26,513 $ 15,245 $ 41,758 $ (2,647 ) 2016 Level 1 Level 2 Level 3 Total Total (dollars in thousands) Impaired loans $ — $ 18,679 $ 19,990 $ 38,669 $ (9,032 ) Other real estate owned — 7,566 — 7,566 (703 ) Total Assets $ — $ 26,245 $ 19,990 $ 46,235 $ (9,735 ) |
Carrying Amounts and Fair Values of Financial Instruments | The following table presents carrying amounts and estimated fair values of First Commonwealth’s financial instruments at December 31: 2017 Fair Value Measurements Using: Carrying Total Level 1 Level 2 Level 3 (dollars in thousands) Financial assets Cash and due from banks $ 98,624 $ 98,624 $ 98,624 $ — $ — Interest-bearing deposits 8,668 8,668 8,668 — — Securities available for sale 731,358 731,358 — 706,042 25,316 Securities held to maturity 422,096 418,249 — 418,249 — Other investments 29,837 29,837 — 29,837 — Loans held for sale 14,850 14,850 — 14,850 — Loans 5,407,376 5,443,434 — 23,249 5,420,185 Financial liabilities Deposits 5,580,705 5,580,812 — 5,580,812 — Short-term borrowings 707,466 707,263 — 707,263 — Long-term debt 8,161 8,548 — 8,548 — Subordinated debt 72,167 65,785 — — 65,785 Capital lease obligation 7,590 7,590 — 7,590 — 2016 Fair Value Measurements Using: Carrying 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 — Long-term debt 8,749 9,169 — 9,169 — Subordinated debt 72,167 65,656 — — 65,656 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Provision (Benefit) | The income tax provision for the years ended December 31 is as follows: 2017 2016 2015 (dollars in thousands) Current tax provision Federal $ 29,071 $ 19,879 $ 8,610 State 274 154 68 Total current tax provision 29,345 20,033 8,678 Deferred tax provision (benefit): Federal 19,237 5,846 12,158 State (21 ) (240 ) — Total deferred tax provision 19,216 5,606 12,158 Total tax provision $ 48,561 $ 25,639 $ 20,836 |
Schedule of Effective Income Tax Rate Reconciliation | The statutory to effective tax rate reconciliation for the years ended December 31 is as follows: 2017 2016 2015 Amount % of Amount % of Amount % of (dollars in thousands) Tax at statutory rate $ 36,304 35 % $ 29,830 35 % $ 24,843 35 % Increase (decrease) resulting from: State income tax, net of federal benefit 164 — (56 ) — 44 — Income from bank owned life insurance (1,995 ) (2 ) (1,883 ) (2 ) (1,894 ) (3 ) Tax-exempt interest income, net (2,709 ) (3 ) (2,434 ) (3 ) (2,232 ) (3 ) Tax credits (11 ) — — — (61 ) — Enactment of federal tax reform 16,709 17 — — — — Other 99 — 182 — 136 — Total tax provision $ 48,561 47 % $ 25,639 30 % $ 20,836 29 % |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences between the financial statement carrying amounts and the tax bases of assets and liabilities that represent significant portions of the deferred tax assets and liabilities at December 31 are presented below: 2017 2016 (dollars in thousands) Deferred tax assets: Allowance for credit losses $ 10,223 $ 17,616 Postretirement benefits other than pensions 345 611 Alternative minimum tax credit carryforward 201 — Unrealized loss on securities available for sale 2,091 3,905 Net operating loss carryforward 6,145 — Writedown of other real estate owned 878 1,266 Deferred compensation 1,514 1,966 Accrued interest on nonaccrual loans 1,017 1,701 Accrued incentives 1,277 2,627 Unfunded loan commitments & other reserves 1,098 1,452 Deferred rent 801 1,285 Other 1,224 1,966 Total deferred tax assets 26,814 34,395 Deferred tax liabilities: Income from unconsolidated subsidiary (380 ) (623 ) Depreciation of assets (587 ) (28 ) Other (338 ) (429 ) Total deferred tax liabilities (1,305 ) (1,080 ) Net deferred tax asset $ 25,509 $ 33,315 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Schedule of Components of Net Periodic Benefit Cost | Net periodic benefit cost of these plans for the years ended December 31, was as follows: 2017 2016 2015 (dollars in thousands) Service cost $ — $ — $ — Interest cost on projected benefit obligation 49 67 62 Amortization of transition obligation — — — Gain amortization (21 ) (7 ) (4 ) Net periodic benefit cost $ 28 $ 60 $ 58 |
Schedule of Changes in Benefit Obligations and Plan Assets | The following table sets forth the change in the benefit obligation and plan assets as of December 31: 2017 2016 (dollars in thousands) Change in Benefit Obligation Benefit obligation at beginning of year $ 1,394 $ 1,815 Service cost — — Interest cost 49 67 Amendments — — Actuarial gain (116 ) (337 ) Net benefits paid (133 ) (151 ) Benefit obligation at end of year 1,194 1,394 Change in Plan Assets Fair value of plan assets at beginning of year — — Actual return on plan assets — — Employer contributions 133 151 Net benefits paid (133 ) (151 ) Fair value of plan assets at end of year — — Funded Status at End of Year 1,194 1,394 Unrecognized transition obligation — — Unrecognized net gain 440 345 Amounts recognized in retained earnings $ 1,634 $ 1,739 |
Schedule of Amounts Recognized as Other Liabilities | As of December 31, the funded status of the plan is: 2017 2016 (dollars in thousands) Amounts Recognized in the Statement of Financial Condition as Other liabilities $ 1,194 $ 1,394 |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income | The following table identifies the related tax effects allocated to each component of other comprehensive income in the Consolidated Statements of Comprehensive Income as of December 31 . Reclassification adjustments related to securities available for sale are included in the “ Net securities gains (losses) ” line in the Consolidated Statements of Income and reclassification adjustments related to losses on derivatives are included in the "Other operating expenses" line in the Consolidated Statements of Income. 2017 2016 2015 Pretax Amount Tax (Expense) Benefit Net of Tax Amount Pretax Amount Tax (Expense) Benefit Net of Tax Amount Pretax Amount Tax (Expense) Benefit Net of Tax Amount (dollars in thousands) Unrealized gains (losses) on securities: Unrealized holding gains (losses) on securities arising during the period $ 7,023 $ (2,458 ) $ 4,565 $ (6,304 ) $ 2,206 $ (4,098 ) $ 2,798 $ (978 ) $ 1,820 Reclassification adjustment for (gains) losses on securities included in net income (5,040 ) 1,764 (3,276 ) (617 ) 216 (401 ) 153 (54 ) 99 Total unrealized gains (losses) on securities 1,983 (694 ) 1,289 (6,921 ) 2,422 (4,499 ) 2,951 (1,032 ) 1,919 Unrealized gains (losses) on derivatives: Unrealized holding (losses) gains on derivatives arising during the period (901 ) 315 (586 ) (479 ) 168 (311 ) 450 (158 ) 292 Reclassification adjustment for losses (gains) on derivatives included in net income 119 (42 ) 77 (70 ) 24 (46 ) (49 ) 17 (32 ) Total unrealized (losses) gains on derivatives (782 ) 273 (509 ) (549 ) 192 (357 ) 401 (141 ) 260 Unrealized gains (losses) for postretirement obligations: Net gain (loss) 94 (20 ) 74 331 (116 ) 215 (102 ) 36 (66 ) Total unrealized gains (losses) for postretirement obligations 94 (20 ) 74 331 (116 ) 215 (102 ) 36 (66 ) Total other comprehensive income (loss) $ 1,295 $ (441 ) $ 854 $ (7,139 ) $ 2,498 $ (4,641 ) $ 3,250 $ (1,137 ) $ 2,113 The following table sets forth the amounts recognized in accumulated other comprehensive income that have not yet been recognized as components of net periodic benefit costs as of December 31: 2017 2016 2015 (dollars in thousands) Amounts recognized in accumulated other comprehensive income, net of tax: Net (gain) loss $ (347 ) $ (225 ) $ (10 ) Transition obligation — — — Total $ (347 ) $ (225 ) $ (10 ) |
Schedule of Weighted-Average Assumptions Used to Determine Benefit Obligation | Weighted-average assumptions used to determine the benefit obligation as of December 31 are as follows: 2017 2016 2015 Weighted-average Assumptions Discount rate 3.37 % 3.74 % 3.88 % Health care cost trend: Initial 6.00 % 6.00 % 6.25 % Health care cost trend: Ultimate 4.75 % 4.75 % 4.75 % Year ultimate reached 2023 2022 2022 |
Schedule of Weighted-Average Assumptions Used to Determine Net Periodic Cost | Weighted-average assumptions used to determine the benefit obligation as of December 31 are as follows: 2017 2016 2015 Weighted-average Assumptions Discount rate 3.37 % 3.74 % 3.88 % Health care cost trend: Initial 6.00 % 6.00 % 6.25 % Health care cost trend: Ultimate 4.75 % 4.75 % 4.75 % Year ultimate reached 2023 2022 2022 Weighted-average assumptions used to determine the net benefit costs as of December 31 are as follows: 2017 2016 2015 Weighted Average Assumptions for Net Periodic Cost Discount rate 3.74 % 3.88 % 3.61 % Health care cost trend: Initial 6.00 % 6.25 % 6.50 % Health care cost trend: Ultimate 4.75 % 4.75 % 4.75 % Year ultimate reached 2022 2022 2022 Corridor 10.00 % 10.00 % 10.00 % Recognition period for gains and losses 11.0 11.0 11.0 |
Schedule of Impact of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | The health care cost trend rate assumption can have a significant impact on the amounts reported for this plan. A one-percentage-point change in assumed health care cost trend rates would have the following effects: One-Percentage- One-Percentage- (dollars in thousands) Effect on postretirement benefit obligation $ 29 $ (27 ) Effect on total of service and interest cost components 2 (2 ) |
Schedule of Projected Benefit Payments | As of December 31, 2017 , the projected benefit payments for the next ten years are as follows: Projected Benefit (dollars in thousands) 2018 $ 152 2019 128 2020 122 2021 115 2022 107 2023 - 2027 422 |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income | The estimated costs that will be amortized from accumulated other comprehensive income into net periodic cost for 2018 are as follows (dollars in thousands): Postretirement (dollars in thousands) Net gain $ (35 ) Transition obligation — Total $ (35 ) |
Incentive Compensation Plan (Ta
Incentive Compensation Plan (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | The following provides detail on the restricted stock awards which were issued and outstanding in 2017 , 2016 and 2015 in order to retain and attract key employees. The grant date fair value of the restricted stock awards is equal to the price of First Commonwealth’s common stock on grant date. Grant Date Shares issued Grant Price Vesting Date Number of Equal Vesting Periods March 24, 2017 5,000 $ 12.99 March 24, 2020 1 March 24, 2017 7,000 12.99 August 31, 2017 1 March 24, 2017 7,000 12.99 March 24, 2020 1 March 24, 2017 7,000 12.99 August 31, 2017 1 December 19, 2016 15,000 13.96 December 19, 2019 3 September 30, 2016 10,000 10.09 September 30, 2019 1 September 19, 2016 33,000 10.02 September 19, 2019 3 June 7, 2016 10,000 9.34 June 7, 2019 1 March 1, 2016 10,000 8.84 March 1, 2019 1 March 1, 2016 5,000 8.84 March 1, 2019 1 March 1, 2016 20,000 8.84 August 31, 2017 1 February 18, 2016 18,348 8.43 December 31, 2016 1 June 26, 2015 1,000 9.84 June 26, 2018 1 February 20, 2015 10,000 8.45 August 31, 2017 1 February 20, 2015 34,200 8.45 December 31, 2015 1 February 5, 2015 50,000 8.55 February 5, 2018 1 January 29, 2015 20,170 7.93 December 31, 2015 1 January 15, 2015 20,000 8.38 January 15, 2017 1 November 17, 2014 3,500 9.26 November 17, 2017 1 April 8, 2014 27,500 8.89 April 8, 2017 3 March 24, 2014 46,000 9.18 March 24, 2017 1 March 4, 2014 5,000 8.75 March 4, 2017 1 January 1, 2014 12,626 8.82 December 31, 2014 1 August 16, 2013 3,000 7.57 August 16, 2016 1 May 31, 2013 45,000 7.21 May 31, 2016 3 March 1, 2013 10,000 7.35 March 1, 2016 1 February 24, 2012 34,000 5.96 December 31, 2014 1 February 24, 2012 90,000 5.96 February 24, 2015 1 January 1, 2012 100,000 5.26 January 1, 2016 4 November 21, 2011 10,000 4.41 November 21, 2014 1 April 1, 2011 25,000 6.82 April 1, 2016 1 |
Unvested Service-Based Restricted Stock Awards | A summary of the status of First Commonwealth’s unvested service-based restricted stock awards as of December 31 and changes for the years ended on those dates is presented below: 2017 2016 2015 Shares Weighted Shares Weighted Shares Weighted Outstanding, beginning of the year 247,668 $ 9.34 231,834 $ 8.01 265,000 $ 7.08 Granted 26,000 12.99 121,348 9.88 135,370 8.41 Vested (151,668 ) 9.49 (105,514 ) 7.04 (168,536 ) 6.87 Forfeited (5,000 ) 8.55 — — — — Outstanding, end of the year 117,000 9.99 247,668 9.34 231,834 8.01 |
Schedule of Restricted Stock Units Granted Based on Performance [Table Text Block] | The following provides detail on restricted stock awards estimated to be granted on a performance award basis during 2017 , 2016 and 2015 . These plans were previously approved by the Board of Directors. Grant Date Target Share Award Performance Period (years) Award if threshold met Award if targets are met Award if superior met Award if threshold not achieved Vesting After Performance Period (years) Final vesting February 24, 2012 68,000 3 40 % 100 % 200 % — % 1 December 31, 2015 January 28, 2013 128,611 3 40 % 100 % 200 % — % 1 December 31, 2016 January 27, 2014 125,000 3 40 % 100 % 200 % — % 0 December 31, 2016 January 26, 2015 125,000 3 40 % 100 % 200 % — % 0 December 31, 2017 December 30, 2015 60,000 5 0 December 31, 2020 February 18, 2016 160,650 3 40 % 100 % 200 % — % 0 December 31, 2018 February 23, 2017 93,500 3 40 % 100 % 200 % — % 0 December 31, 2019 |
Unvested Target Award | The following table summarizes the estimated unvested target share awards for the Plans as of December 31: 2017 2016 2015 Outstanding, beginning of the year 426,596 320,705 284,000 Granted 276,442 176,936 185,000 Issued (171,637 ) (18,348 ) (34,200 ) Forfeited (6,356 ) (52,697 ) (114,095 ) Outstanding, end of the year 525,045 426,596 320,705 |
Outstanding Stock Options |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Loans to Related Parties | The following is an analysis of loans to related parties (dollars in thousands): December 31, 2016 $ 1,164 Advances 740 Repayments (1,127 ) Other 4,871 December 31, 2017 $ 5,648 |
Regulatory Restrictions and C58
Regulatory Restrictions and Capital Adequacy (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Regulatory Capital Requirements [Abstract] | |
Schedule of Capital Amount and Ratio Considered to be Capitalized | 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 Capital Ratio Capital Ratio Capital Ratio Capital Ratio (dollars in thousands) As of December 31, 2017 Total Capital to Risk Weighted Assets First Commonwealth Financial Corporation $ 745,473 12.34 % $ 558,728 9.25 % $ 634,232 10.50 % $ 604,030 10.00 % First Commonwealth Bank 712,341 11.83 556,872 9.25 632,124 10.50 602,023 10.00 Tier I Capital to Risk Weighted Assets First Commonwealth Financial Corporation $ 691,993 11.46 % $ 437,922 7.25 % $ 513,426 8.50 % $ 483,224 8.00 % First Commonwealth Bank 658,861 10.94 436,467 7.25 511,720 8.50 481,619 8.00 Tier I Capital to Average Assets First Commonwealth Financial Corporation $ 691,993 9.74 % $ 284,100 4.00 % $ 284,100 4.00 % $ 355,125 5.00 % First Commonwealth Bank 658,861 9.30 283,344 4.00 283,344 4.00 354,180 5.00 Common Equity Tier I to Risk Weighted Assets First Commonwealth Financial Corporation $ 623,252 10.32 % $ 347,317 5.75 % $ 422,821 7.00 % $ 392,620 6.50 % First Commonwealth Bank 658,861 10.94 346,163 5.75 421,416 7.00 391,315 6.50 Actual Minimum Capital Required - Basel III Phase-In Schedule Minimum Capital Required - Basel III Fully Phased-In Required to be Considered Well Capital Ratio Capital Ratio Capital Ratio Capital Ratio (dollars in thousands) As of December 31, 2016 Total Capital to Risk Weighted Assets First Commonwealth Financial Corporation $ 687,554 12.28 % $ 483,034 8.63 % $ 588,042 10.50 % $ 560,040 10.00 % First Commonwealth Bank 617,076 11.06 481,248 8.63 585,867 10.50 557,969 10.00 Tier I Capital to Risk Weighted Assets First Commonwealth Financial Corporation $ 633,262 11.31 % $ 371,026 6.63 % $ 476,034 8.50 % $ 448,032 8.00 % First Commonwealth Bank 562,784 10.09 369,654 6.63 474,273 8.50 446,375 8.00 Tier I Capital to Average Assets First Commonwealth Financial Corporation $ 633,262 9.83 % $ 257,776 4.00 % $ 257,776 4.00 % $ 322,220 5.00 % First Commonwealth Bank 562,784 8.79 256,214 4.00 256,214 4.00 320,268 5.00 Common Equity Tier I to Risk Weighted Assets First Commonwealth Financial Corporation $ 563,262 10.06 % $ 287,020 5.13 % $ 392,028 7.00 % $ 364,026 6.50 % First Commonwealth Bank 562,784 10.09 285,959 5.13 390,578 7.00 362,680 6.50 |
Condensed Financial Informati59
Condensed Financial Information of First Commonwealth Financial Corporation (parent company only) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Statements of Financial Condition | Statements of Financial Condition December 31, 2017 2016 (dollars in thousands) Assets Cash $ 16,432 $ 30,387 Loans 17 19 Investment in subsidiaries 927,765 770,214 Investment in unconsolidated subsidiary trusts 2,186 2,185 Investment in jointly-owned company 9,191 9,042 Premises and equipment, net 3,715 3,793 Receivable from subsidiaries — 33 Dividends receivable from subsidiaries — 4,662 Other assets 4,996 2,453 Total assets $ 964,302 $ 822,788 Liabilities and Shareholders’ Equity Accrued expenses and other liabilities $ 4,008 $ 692 Subordinated debentures payable 72,167 72,167 Shareholders’ equity 888,127 749,929 Total liabilities and shareholders’ equity $ 964,302 $ 822,788 |
Statements of Operations | Statements of Income For the years ended December 31, 2017 2016 2015 (dollars in thousands) Interest and dividends $ 1 $ 1 $ 1 Dividends from subsidiaries 52,586 55,510 49,917 Interest expense (3,000 ) (2,635 ) (2,357 ) Other income 17 83 232 Operating expense (4,767 ) (4,700 ) (4,989 ) Income (loss) before taxes and equity in undistributed (loss) earnings of subsidiaries 44,837 48,259 42,804 Applicable income tax benefits 2,557 2,515 2,528 Income before equity in undistributed (loss) earnings of subsidiaries 47,394 50,774 45,332 Equity in undistributed earnings (loss) of subsidiaries 7,771 8,816 4,811 Net income $ 55,165 $ 59,590 $ 50,143 |
Statements of Cash Flow | For the years ended December 31, Statements of Cash Flow 2017 2016 2015 (dollars in thousands) Operating Activities Net income $ 55,165 $ 59,590 $ 50,143 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 322 355 493 Net (gains) losses on sales of assets (3 ) — 240 (Increase) decrease in prepaid income taxes (550 ) 7,380 (6,993 ) Undistributed equity in subsidiaries (7,771 ) (8,816 ) (4,811 ) Other net 8,767 7,759 10,753 Net cash provided by operating activities 55,930 66,268 49,825 Investing Activities Net change in loans 2 3 2 Purchases of premises and equipment (207 ) — 54 Proceeds from sale of other assets 3 (332 ) — Proceeds from dissolution of subsidiary 0 27,017 — Acquisition of affiliate, net of cash received (250 ) — — Investment in subsidiaries (37,690 ) (47,017 ) — Net cash (used in) provided by investing activities (38,142 ) (20,329 ) 56 Financing Activities Dividends paid (30,513 ) (24,907 ) (25,089 ) Proceeds from reissuance of treasury stock 228 216 192 Purchase of treasury stock (1,458 ) (864 ) (25,383 ) Net cash used in financing activities (31,743 ) (25,555 ) (50,280 ) Net (decrease) increase in cash (13,955 ) 20,384 (399 ) Cash at beginning of year 30,387 10,003 10,402 Cash at end of year $ 16,432 $ 30,387 $ 10,003 |
Statement of Accounting Polic60
Statement of Accounting Policies - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2017USD ($)countySegment | Dec. 31, 2016USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||
Number of counties in which entity provides services | county | 15 | |
Business segments | Segment | 1 | |
Equity investments | 20.00% | |
Loans past due days | 90 days | |
Excess impaired credits | $ 100,000 | |
Other liabilities | $ 3,900,000 | |
Software purchases and developed are capitalized and amortized on straight-line basis | 7 years | |
Guaranteed Minimum Death Benefit [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Other liabilities | $ 3,300,000 |
Acquisition - Narrative (Detail
Acquisition - Narrative (Details) $ in Thousands | Apr. 03, 2017USD ($)branchshares | Dec. 02, 2016USD ($)branch | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Business Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Net of Cash Acquired | $ (3,188) | $ (479,469) | $ 3,533 | ||
Goodwill, Acquired During Period | 68,900 | ||||
Costs related to the acquisition | 10,213 | 3,173 | $ 922 | ||
Goodwill | 255,353 | $ 186,500 | |||
FirstMerit Bank, NA, Branch Acquisition [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $ 122,766 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | 619,729 | ||||
Goodwill, Acquired During Period | 1,600 | ||||
Total consideration received | (476,555) | ||||
Credit market adjustment of gross loans acquired | $ 105,600 | ||||
Number of Stores | branch | 13 | ||||
Loans | $ 102,097 | ||||
Goodwill | 20,478 | ||||
Business Combination, Acquired Receivables, Fair Value Adjustment | $ 3,530 | ||||
DCB Financial Acquisition [Member] | |||||
Business Acquisition [Line Items] | |||||
Costs related to the acquisition | $ 10,198 | ||||
DCB Financial Corp [Member] | |||||
Business Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 21,232 | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 8,356,882 | ||||
Number of Full Service Branches | branch | 9 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $ 554,890 | ||||
Business Combination, Acquired Receivables, Gross Contractual Amount | 390,760 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | 484,366 | ||||
Goodwill, Acquired During Period | 70,600 | ||||
Total consideration received | $ 132,044 | ||||
Number of Limited Service Branches | branch | 4 | ||||
Loans | $ 383,083 | ||||
Business Combination, Acquired Receivables, Fair Value Adjustment | $ 7,677 |
Acquisition - Summary (Details)
Acquisition - Summary (Details) - USD ($) $ in Thousands | Apr. 03, 2017 | Dec. 02, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Net of Cash Acquired | $ (3,188) | $ (479,469) | $ 3,533 | ||
Fair Value of Liabilities Assumed | |||||
Goodwill | 255,353 | $ 186,500 | |||
Goodwill, Acquired During Period | $ 68,900 | ||||
FirstMerit Bank, NA, Branch Acquisition [Member] | |||||
Consideration Received | |||||
Cash received | $ (476,555) | ||||
Total consideration received | (476,555) | ||||
Fair Value of Assets Acquired | |||||
Cash and cash equivalents | 2,914 | ||||
Loans | 102,097 | ||||
Premises and other equipment | 6,072 | ||||
Core deposit intangible | 11,330 | ||||
Other assets | 353 | ||||
Total assets acquired | 122,766 | ||||
Fair Value of Liabilities Assumed | |||||
Deposits | 619,729 | ||||
Other Liabilities | 70 | ||||
Total liabilities assumed | 619,799 | ||||
Total Fair Value of Identifiable Net Assets | (497,033) | ||||
Goodwill | 20,478 | ||||
Goodwill, Acquired During Period | $ 1,600 | ||||
DCB Financial Corp [Member] | |||||
Business Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 21,232 | ||||
Consideration Received | |||||
Cash received | 132,044 | ||||
Total consideration received | 132,044 | ||||
Fair Value of Assets Acquired | |||||
Cash and cash equivalents | 24,420 | ||||
Investment Securities | 88,986 | ||||
FHLB Stock | 3,250 | ||||
Loans | 383,083 | ||||
Premises and other equipment | 12,113 | ||||
Core deposit intangible | 5,998 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Real Estate Owned | 68 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Bank Owned Life Insurance | 20,522 | ||||
Other assets | 16,450 | ||||
Total assets acquired | 554,890 | ||||
Fair Value of Liabilities Assumed | |||||
Deposits | 484,366 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Capital Lease Obligation | 7,851 | ||||
Other Liabilities | 1,182 | ||||
Total liabilities assumed | 493,399 | ||||
Total Fair Value of Identifiable Net Assets | 61,491 | ||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 110,812 | ||||
Goodwill, Acquired During Period | $ 70,600 |
Supplemental Comprehensive In63
Supplemental Comprehensive Income Disclosures - Related Tax Effects Allocated to Each Component of Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplemental Comprehensive Income Disclosures [Abstract] | |||
Unrealized holding (losses) gains on securities arising during the period, Pretax Amount | $ 7,023 | $ (6,304) | $ 2,798 |
Less: reclassification adjustment for (gains) losses on securities included in net income, Pretax Amount | (5,040) | (617) | 153 |
Total Unrealized (Losses) Gains on Securities, before Tax | 1,983 | (6,921) | 2,951 |
Unrealized holding gains on derivatives arising during the period, Pretax Amount | (901) | (479) | 450 |
Reclassification adjustment for gains on derivatives included in net income, Pretax Amount | (119) | 70 | 49 |
Total unrealized gains on derivatives, Pretax Amount | (782) | (549) | 401 |
Unrealized holding gains on derivatives arising during the period, Tax (Expense) Benefit | 315 | 168 | (158) |
Reclassification adjustment for gains on derivatives included in net income, Tax (Expense) Benefit | (42) | 24 | 17 |
Total unrealized gains on derivatives, Tax (Expense) Benefit | 273 | 192 | (141) |
Unrealized holding gains on derivatives arising during the period, Net of Tax Amount | (586) | (311) | 292 |
Reclassification adjustment for gains on derivatives included in net income, Tax (Expense) Benefit | 77 | (46) | (32) |
Total unrealized gains on derivatives, Tax (Expense) Benefit | (509) | (357) | 260 |
Net (loss) gain, Pretax Amount | 94 | 331 | (102) |
Total Unrealized Gains (Losses) for Postretirement Obligations, Before Tax | 94 | 331 | (102) |
Total other comprehensive (loss) income, Pretax Amount | 1,295 | (7,139) | 3,250 |
Unrealized holding (losses) gains on securities arising during the period, Tax (Expense) Benefit | (2,458) | 2,206 | (978) |
Less: reclassification adjustment for (gains) losses on securities included in net income, Tax (Expense) Benefit | 1,764 | 216 | (54) |
Total Unrealized (Losses) Gains on Securities, Tax (Expense) Benefit | (694) | 2,422 | (1,032) |
Net (loss) gain, Tax (Expense) Benefit | (20) | (116) | 36 |
Total Unrealized Gains (Losses) for Postretirement Obligations, Tax (Expense) Benefit | (20) | (116) | 36 |
Total other comprehensive (loss) income, Tax (Expense) Benefit | (441) | 2,498 | (1,137) |
Unrealized holding (losses) gains on securities arising during the period, Net of Tax Amount | 4,565 | (4,098) | 1,820 |
Less: reclassification adjustment for (gains) losses on securities included in net income, Net of Tax Amount | (3,276) | (401) | 99 |
Total Unrealized (Losses) Gains on Securities, Net of Tax | 1,289 | (4,499) | 1,919 |
Net gain | 74 | 215 | (66) |
Total Unrealized Gains (Losses) for Postretirement Obligations, Net of Tax | 74 | 215 | (66) |
Total other comprehensive (loss) Income | $ 854 | $ (4,641) | $ 2,113 |
Supplemental Comprehensive In64
Supplemental Comprehensive Income Disclosures Supplemental Comprehensive Income Disclosures (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income [Line Items] | |||
Balance at beginning of period | $ (7,027) | $ (2,386) | $ (4,499) |
Other comprehensive income before reclassification adjustment | 3,979 | (4,409) | 2,112 |
Amounts reclassified from accumulated other comprehensive income (loss) | (3,199) | (447) | 67 |
Net gain | 74 | 215 | (66) |
Net other comprehensive income during the period | 854 | (4,641) | 2,113 |
Balance at end of period | (6,173) | (7,027) | (2,386) |
Securities Available for Sale | |||
Accumulated Other Comprehensive Income [Line Items] | |||
Balance at beginning of period | (7,455) | (2,956) | (4,875) |
Other comprehensive income before reclassification adjustment | 4,565 | (4,098) | 1,820 |
Amounts reclassified from accumulated other comprehensive income (loss) | (3,276) | (401) | 99 |
Net other comprehensive income during the period | 1,289 | (4,499) | 1,919 |
Balance at end of period | (6,166) | (7,455) | (2,956) |
Derivatives | |||
Accumulated Other Comprehensive Income [Line Items] | |||
Balance at beginning of period | 203 | 560 | 300 |
Other comprehensive income before reclassification adjustment | (586) | (311) | 292 |
Amounts reclassified from accumulated other comprehensive income (loss) | 77 | (46) | (32) |
Net other comprehensive income during the period | (509) | (357) | 260 |
Balance at end of period | (306) | 203 | 560 |
Post-Retirement Obligation | |||
Accumulated Other Comprehensive Income [Line Items] | |||
Balance at beginning of period | 225 | 10 | 76 |
Net gain | 74 | 215 | (66) |
Net other comprehensive income during the period | 74 | 215 | (66) |
Balance at end of period | $ 299 | $ 225 | $ 10 |
Supplemental Cash Flow Disclo65
Supplemental Cash Flow Disclosures - Non-cash Investing and Financing Activities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |||
Real Estate Owned, Transfer to Real Estate Owned | $ 3,067 | $ 4,824 | $ 8,257 |
Cash paid during the year for: | |||
Interest | 21,552 | 19,208 | 15,818 |
Income taxes | 27,902 | 19,950 | 8,331 |
Non-cash investing and financing activities: | |||
Loans transferred to other real estate owned and repossessed assets | 1,891 | 0 | 0 |
Fair value of loans transferred from held to maturity to available for sale | 15,102 | 18,758 | 3,196 |
Gross (decrease) increase in market value adjustment to securities available for sale | 1,983 | (6,919) | 2,949 |
Gross (decrease) increase in market value adjustment to derivatives | (783) | (549) | 401 |
Investments committed to purchase, not settled | 0 | 0 | 694 |
Noncash or Part Noncash Acquisition, Value of Assets Acquired | $ 37,070 | $ (501,516) | $ 463 |
Other Significant Noncash Transaction, Consideration Received | 245 | 437 | 0 |
Treasury stock reissued | $ 2,258 | $ 0 | $ 0 |
Other Significant Noncash Transaction, Value of Consideration Received | $ 0 | $ 3,769 | $ 0 |
Earnings per Share - Compositio
Earnings per Share - Composition of Weighted-Average Common Shares (Denominator) Used in Basic and Diluted Earnings Per Share (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||
Weighted Average Number of Shares, Deferred Compensation Plans | 37,411 | 0 | 0 |
Weighted average common shares issued | 111,809,880 | 105,563,455 | 105,563,455 |
Average treasury shares | (16,463,079) | (16,605,461) | (16,045,900) |
Average unearned nonvested shares | (89,334) | (106,421) | (160,788) |
Weighted average common shares and common stock equivalents used to calculate basic earnings per share | 95,220,056 | 88,851,573 | 89,356,767 |
Additional common stock equivalents (nonvested stock) used to calculate diluted earnings per share | 73,570 | 0 | 0 |
Weighted average common shares and common stock equivalents used to calculate diluted earnings per share | 95,331,037 | 88,851,573 | 89,356,767 |
Weighted Average Number Of Additional Shares Deferred Compensation Plan | 37,411 | 0 | 0 |
Earnings per Share - Common Sto
Earnings per Share - Common Stock Equivalents Not Included in Computation of Diluted Earnings Per Share (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Common stock, par value (in dollars per share) | $ 1 | $ 1 | |
Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, shares | 18,173 | 67,920 | 92,002 |
Minimum [Member] | Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Common stock, par value (in dollars per share) | $ 8.55 | $ 8.38 | $ 6.82 |
Maximum [Member] | Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Common stock, par value (in dollars per share) | $ 13.96 | $ 13.96 | $ 9.84 |
Cash and Due from Banks - Addit
Cash and Due from Banks - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and Due from Banks [Abstract] | ||
Cash or balances held with the Federal Reserve Bank | $ 10.3 | $ 5.1 |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)Derivative | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Derivative [Line Items] | |||
Number of participation agreements for interest rate swaps, participant | Derivative | 36 | ||
Number of participation agreements for interest rate swaps, lead bank | Derivative | 9 | ||
Derivative, Gain (Loss) on Derivative, Net | $ (473) | $ 219 | $ (274) |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||
Derivative [Line Items] | |||
Number of interest rate swap contracts | Derivative | 3 | ||
Derivative, notional amount | $ 150,000 | ||
Collateral Already Posted, Aggregate Fair Value | 150,000 | ||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount | 150,000 | 200,000 | |
Interest Rate Swap [Member] | Interest Income [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 452 | 1,627 | 2,049 |
Interest Rate Swap [Member] | Other Income [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 119 | 70 | 64 |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount | 10,077 | 4,749 | |
Derivative, Underlying Asset Carrying Value | 10,000 | 4,700 | |
Derivative Liability, Fair Value, Gross Asset | 10,100 | 4,700 | |
Foreign Exchange Contract [Member] | Other Income [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 4 | (5) | 0 |
Forward Contracts [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount | 17,000 | 0 | |
Derivative, Underlying Asset Carrying Value | 14,300 | ||
Derivative Liability, Fair Value, Gross Asset | 14,700 | ||
Derivative Liability, Notional Amount | 13,800 | ||
Forward Contracts [Member] | Other Income [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (19) | $ 0 | $ 0 |
Three Year [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount | $ 35,000 | ||
Derivative, Term of Contract | 3 years | ||
Four Year [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount | $ 115,000 | ||
Derivative, Term of Contract | 4 years |
Derivatives - Credit Value Adju
Derivatives - Credit Value Adjustment Recorded Related to Notional Amount of Derivatives Outstanding (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Credit value adjustment | $ (791) | $ (317) |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | 401,304 | 345,102 |
Not Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | 46,444 | 14,762 |
Not Designated as Hedging Instrument [Member] | Credit Default Swap, Buying Protection [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | 197,660 | 174,213 |
Not Designated as Hedging Instrument [Member] | Credit Default Swap, Selling Protection [Member] | ||
Derivative [Line Items] | ||
Derivative, Sold Protection Notional Amount | (46,170) | (40,281) |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Fair value adjustment | 459 | (443) |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | 150,000 | 200,000 |
Designated as Hedging Instrument [Member] | Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | 17,000 | 0 |
Fair value adjustment | 19 | 0 |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | 10,077 | 4,749 |
Fair value adjustment | $ (70) | $ (8) |
Derivatives - Schedule of Chang
Derivatives - Schedule of Change in Fair Value of Derivative Assets and Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | $ (473) | $ 219 | $ (274) |
Other Income [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (473) | 219 | (274) |
Forward Contracts [Member] | Other Income [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (19) | 0 | 0 |
Interest Rate Swap [Member] | Other Income [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 119 | 70 | 64 |
Interest Rate Swap [Member] | Interest Income [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 452 | 1,627 | 2,049 |
Foreign Exchange Contract [Member] | Other Income [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | $ 4 | $ (5) | $ 0 |
Investment Securities - Analysi
Investment Securities - Analysis of Amortized Cost and Estimated Fair Values of Securities Available for Sale (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Investment Securities [Line Items] | ||
Amortized Cost | $ 740,846 | $ 790,082 |
Gross Unrealized Gains | 4,854 | 7,076 |
Gross Unrealized Losses | (14,342) | (18,546) |
Estimated Fair Value of Available for Sale | 731,358 | 778,612 |
US States and Political Subdivisions Debt Securities [Member] | ||
Investment Securities [Line Items] | ||
Amortized Cost | 27,083 | 27,075 |
Gross Unrealized Gains | 327 | 195 |
Gross Unrealized Losses | 0 | (41) |
Estimated Fair Value of Available for Sale | 27,410 | 27,229 |
Corporate Securities [Member] | ||
Investment Securities [Line Items] | ||
Amortized Cost | 15,907 | 5,903 |
Gross Unrealized Gains | 590 | 416 |
Gross Unrealized Losses | (4) | 0 |
Estimated Fair Value of Available for Sale | 16,493 | 6,319 |
Pooled Trust Preferred Collateralized Debt Obligations [Member] | ||
Investment Securities [Line Items] | ||
Amortized Cost | 27,499 | 39,989 |
Gross Unrealized Gains | 526 | 427 |
Gross Unrealized Losses | (4,379) | (7,124) |
Estimated Fair Value of Available for Sale | 23,646 | 33,292 |
Debt Securities [Member] | ||
Investment Securities [Line Items] | ||
Amortized Cost | 739,176 | 788,412 |
Gross Unrealized Gains | 4,854 | 7,076 |
Gross Unrealized Losses | (14,342) | (18,546) |
Estimated Fair Value of Available for Sale | 729,688 | 776,942 |
Mortgage - Backed Securities - Residential [Member] | US Government Agencies Debt Securities [Member] | ||
Investment Securities [Line Items] | ||
Amortized Cost | 10,556 | 15,143 |
Gross Unrealized Gains | 789 | 1,481 |
Gross Unrealized Losses | (7) | (7) |
Estimated Fair Value of Available for Sale | 11,338 | 16,617 |
Mortgage - Backed Securities - Residential [Member] | Obligations of U.S. Government-Sponsored Enterprises [Member] | ||
Investment Securities [Line Items] | ||
Amortized Cost | 632,422 | 683,601 |
Gross Unrealized Gains | 2,622 | 4,557 |
Gross Unrealized Losses | (9,489) | (11,305) |
Estimated Fair Value of Available for Sale | 625,555 | 676,853 |
Mortgage - Backed Securities - Commercial [Member] | Obligations of U.S. Government-Sponsored Enterprises [Member] | ||
Investment Securities [Line Items] | ||
Amortized Cost | 0 | 1 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value of Available for Sale | 0 | 1 |
Other Government - Sponsored Enterprises [Member] | Obligations of U.S. Government-Sponsored Enterprises [Member] | ||
Investment Securities [Line Items] | ||
Amortized Cost | 1,098 | 16,700 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1) | (69) |
Estimated Fair Value of Available for Sale | 1,097 | 16,631 |
Equity Securities [Member] | ||
Investment Securities [Line Items] | ||
Amortized Cost | 1,670 | 1,670 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value of Available for Sale | 1,670 | 1,670 |
US Government Agencies Debt Securities [Member] | Mortgage - Backed Securities - Commercial [Member] | ||
Investment Securities [Line Items] | ||
Amortized Cost | 24,611 | 0 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (462) | 0 |
Estimated Fair Value of Available for Sale | $ 24,149 | $ 0 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Maturity of contract | less than one year | |||
Approximate year of maturity | 30 years | |||
Gross Unrealized Gains (Losses) | $ 14,342 | $ 18,546 | ||
Securities available for sale | 731,358 | 778,612 | ||
Amortized Cost | 740,846 | 790,082 | ||
Available-for-sale securities pledged as collateral | 569,000 | 445,800 | ||
Held-to-maturity securities pledged as collateral | 338,300 | 119,200 | ||
Sales [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Gross Realized Losses | 359 | 305 | $ 0 | |
Available-for-sale Securities, Gross Realized Losses | 316 | 277 | 284 | |
Sales [Member] | US Government Agencies Debt Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 75,000 | |||
Calls And Maturities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross Gains | 5,057 | 589 | 131 | |
Available-for-sale Securities, Gross Realized Losses | 60 | 0 | $ 0 | |
Calls And Maturities [Member] | Pre TSL VII [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Gross Realized Losses | $ 712 | 589 | ||
Gross Gains | 700 | |||
Amortized Cost | 3,119 | |||
Calls And Maturities [Member] | Pre TSL XIII [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Gross Realized Losses | $ 4,329 | |||
Amortized Cost | $ 13,171 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Estimated Fair Value of Debt Securities Available for Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Investment Securities [Line Items] | |||
Due within 1 year, Amortized Cost | $ 1,098 | ||
Due after 1 but within 5 years, Amortized Cost | 13,989 | ||
Due after 5 but within 10 years, Amortized Cost | 27,083 | ||
Due after 10 years, Amortized Cost | 29,417 | ||
Debt securities gross, Amortized Cost | 71,587 | ||
Amortized Cost | 740,846 | $ 790,082 | |
Total debt securities, Amortized Cost | 739,176 | ||
Due within 1 year, Estimated Fair Value | 1,097 | ||
Due after 1 but within 5 years, Estimated Fair Value | 14,020 | ||
Due after 5 but within 10 years, Estimated Fair Value | 27,410 | ||
Due after 10 years, Estimated Fair Value | 26,119 | ||
Debt securities gross, Estimated Fair Value | 68,646 | ||
Estimated Fair Value of Available for Sale | 731,358 | $ 778,612 | |
Total debt securities, Estimated Fair Value | 729,688 | ||
Mortgage-Backed Securities [Member] | |||
Investment Securities [Line Items] | |||
Amortized Cost | [1] | 667,589 | |
Estimated Fair Value of Available for Sale | [1] | $ 661,042 | |
[1] | Mortgage Backed Securities include an amortized cost of $35.2 million and a fair value of $35.5 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $632.4 million and a fair value of $625.6 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac. |
Investment Securities - Amort75
Investment Securities - Amortized Cost and Estimated Fair Value of Debt Securities Available for Sale, Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Investment Securities [Line Items] | ||
Amortized Cost | $ 740,846 | $ 790,082 |
Estimated Fair Value of Available for Sale | 731,358 | $ 778,612 |
US Government Agencies Debt Securities [Member] | ||
Investment Securities [Line Items] | ||
Amortized Cost | 35,200 | |
Estimated Fair Value of Available for Sale | 35,500 | |
Obligations of U.S. Government-Sponsored Enterprises [Member] | ||
Investment Securities [Line Items] | ||
Amortized Cost | 632,400 | |
Estimated Fair Value of Available for Sale | $ 625,600 |
Investment Securities - Proceed
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 | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Gain (Loss) on Investments [Line Items] | |||
Proceeds from sale | $ 143,660 | $ 55,744 | $ 88,054 |
Maturities, calls and impairment: | |||
Net gains (losses) and impairment | 5,040 | 617 | (153) |
Calls And Maturities [Member] | |||
Sales Transactions: | |||
Gross losses | (60) | 0 | 0 |
Maturities, calls and impairment: | |||
Gross gains | 5,057 | 589 | 131 |
Other-than-temporary impairment | 0 | 0 | 0 |
Total gain (losses) maturities and impairment | 4,997 | 589 | 131 |
Sales [Member] | |||
Sales Transactions: | |||
Available-for-sale Securities, Gross Realized Losses | 359 | 305 | 0 |
Gross losses | (316) | (277) | (284) |
Total gain (losses) from sales transactions | $ 43 | $ 28 | $ (284) |
Investment Securities - Amort77
Investment Securities - Amortized Cost and Fair Values of Debt Securities Held to Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 422,096 | $ 372,513 |
Gross Unrealized Gains | 345 | 60 |
Gross Unrealized Losses | (4,192) | (3,955) |
Estimated Fair Value | 418,249 | 368,618 |
Obligations of U.S. Government-Sponsored Enterprises [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 40,540 | 38,667 |
Gross Unrealized Gains | 335 | 55 |
Gross Unrealized Losses | (161) | (721) |
Estimated Fair Value | 40,714 | 38,001 |
Foreign Government Debt Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 200 | 0 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 200 | 0 |
Mortgage - Backed Securities - Residential [Member] | US Government Agencies Debt Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 3,925 | 4,297 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (14) | (4) |
Estimated Fair Value | 3,911 | 4,293 |
Mortgage - Backed Securities - Residential [Member] | Obligations of U.S. Government-Sponsored Enterprises [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 305,126 | 280,430 |
Gross Unrealized Gains | 10 | 5 |
Gross Unrealized Losses | (2,552) | (2,527) |
Estimated Fair Value | 302,584 | 277,908 |
Mortgage - Backed Securities - Commercial [Member] | US Government Agencies Debt Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 58,249 | 34,444 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1,394) | (561) |
Estimated Fair Value | 56,855 | 33,883 |
Mortgage - Backed Securities - Commercial [Member] | Obligations of U.S. Government-Sponsored Enterprises [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 14,056 | 14,675 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (71) | (142) |
Estimated Fair Value | $ 13,985 | $ 14,533 |
Investment Securities - Schedul
Investment Securities - Schedule of Debt Securities Expected Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Amortized Cost | |||
Due within 1 year | $ 87 | ||
Due after 1 but within 5 years | 3,663 | ||
Due after 5 but within 10 years | 35,361 | ||
Due after 10 years | 1,629 | ||
Amortized Cost | 40,740 | ||
Held-to-maturity Securities | 422,096 | $ 372,513 | |
Estimated Fair Value | |||
Due within 1 year | 87 | ||
Due after 1 but within 5 years | 3,660 | ||
Due after 5 but within 10 years | 35,534 | ||
Due after 10 years | 1,633 | ||
Estimated Fair Value | 40,914 | ||
Securities held to maturity, fair value | 418,249 | $ 368,618 | |
Mortgage-Backed Securities [Member] | |||
Amortized Cost | |||
Held-to-maturity Securities | [1] | 381,356 | |
Estimated Fair Value | |||
Securities held to maturity, fair value | [1] | 377,335 | |
Mortgage-Backed Securities [Member] | US Government Agencies Debt Securities [Member] | |||
Amortized Cost | |||
Held-to-maturity Securities | 62,200 | ||
Estimated Fair Value | |||
Securities held to maturity, fair value | 60,800 | ||
Mortgage-Backed Securities [Member] | US Government-sponsored Enterprises Debt Securities [Member] | |||
Amortized Cost | |||
Held-to-maturity Securities | 319,200 | ||
Estimated Fair Value | |||
Securities held to maturity, fair value | $ 316,600 | ||
[1] | Mortgage Backed Securities include an amortized cost of $62.2 million and a fair value of $60.8 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $319.2 million and a fair value of $316.6 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac. |
Impairment of Investment Secu79
Impairment of Investment Securities - Additional Information (Detail) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016USD ($) | Dec. 31, 2017USD ($)SecurityBank | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Corporate/Mortgage-Backed Securities, Amortized cost | $ 740,846,000 | $ 790,082,000 | ||
Estimated Fair Value of Available for Sale | $ 731,358,000 | 778,612,000 | ||
Number of banks and other financial institutions comprising the security | Bank | 206 | |||
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 | 5 | |||
Collateral issued by financial institutions | $ 15,000,000,000 | |||
Coupon interest rate | 7.00% | |||
Prepayment rate | 5.00% | |||
Estimate of future cash flows prepayment percentage in year three | 40.00% | |||
Estimate of future cash flows prepayment percentage thereafter | 2.00% | |||
Fair Value Input Coupon Rates | 10.00% | |||
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% | |||
Other than-temporary impairment charge | $ 3,958,000 | 6,671,000 | $ 218,000 | |
Other investments | $ 29,837,000 | 36,498,000 | ||
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% | |||
Collateral issued by financial institutions | $ 15,000,000,000 | |||
Probabilities for performing collateral range | 0.33% | |||
Excess percent value of future cash flows over current book value | 18.00% | |||
Over Fifteen Million [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Prepayment rate | 100.00% | |||
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 | 72.00% | |||
Collateral issued by financial institutions | $ 2,000,000,000 | |||
Probabilities for performing collateral range | 50.00% | |||
Excess percent value of future cash flows over current book value | 104.00% | |||
Pooled Trust Preferred Collateralized Debt Obligations [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Total unrealized losses | 24.00% | |||
Corporate/Mortgage-Backed Securities, Amortized cost | $ 27,499,000 | 39,989,000 | ||
Estimated Fair Value of Available for Sale | 23,646,000 | 33,292,000 | ||
Other than-temporary impairment charge | $ 0 | 0 | $ 0 | |
Obligations of U.S. Government-Sponsored Enterprises [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Total unrealized losses | 65.00% | |||
Corporate Securities [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Corporate/Mortgage-Backed Securities, Amortized cost | $ 15,907,000 | 5,903,000 | ||
Estimated Fair Value of Available for Sale | $ 16,493,000 | 6,319,000 | ||
US States and Political Subdivisions Debt Securities [Member] | Other Government - Sponsored Enterprises [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Total unrealized losses | 10.00% | |||
Debt Securities [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Number of securities in an unrealized loss positions | Security | 98 | |||
Estimated Fair Value of Available for Sale | $ 729,688,000 | 776,942,000 | ||
Obligations of U.S. Government-Sponsored Enterprises [Member] | Mortgage - Backed Securities - Residential [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Number of securities in an unrealized loss positions | 0 | |||
Equity Securities [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Number of securities in an unrealized loss positions | Security | 0 | |||
Corporate/Mortgage-Backed Securities, Amortized cost | $ 1,670,000 | 1,670,000 | ||
Estimated Fair Value of Available for Sale | 1,670,000 | 1,670,000 | ||
Corporate Securities [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Estimated Fair Value of Available for Sale | $ 16,493,000 | 6,319,000 | ||
Trust Preferred Collateralized Debt Obligations [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Percentage of Current Performing Collateral | 0.00% | |||
Mezzanine [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Corporate/Mortgage-Backed Securities, Amortized cost | $ 27,499,000 | |||
Estimated Fair Value of Available for Sale | 23,646,000 | |||
Pre Tsl Xiii [Member] | Calls And Maturities [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Available-for-sale Securities, Gross Realized Losses | $ 4,329,000 | |||
Corporate/Mortgage-Backed Securities, Amortized cost | 13,171,000 | |||
Pre TSL VII [Member] | Calls And Maturities [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Available-for-sale Securities, Gross Realized Losses | $ 712,000 | 589,000 | ||
Corporate/Mortgage-Backed Securities, Amortized cost | $ 3,119,000 |
Impairment of Investment Secu80
Impairment of Investment Securities - Schedule of Unrealized Losses and Estimated Fair Values (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule Of Unrealized Losses On Securities [Line Items] | ||
Estimated Fair Value, Less Than 12 Months | $ 431,247 | $ 773,932 |
Available For Sale Securities Continuous Unrealized Income Loss Position Less Than Twelve Months Aggregate Gain Losses | (3,386) | (13,175) |
Estimated Fair Value, 12 Months or More | 456,539 | 85,152 |
SecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses | (15,148) | (9,326) |
Total Estimated Fair Value | 887,786 | 859,084 |
Total Gross Unrealized Losses | (18,534) | (22,501) |
Corporate Securities [Member] | ||
Schedule Of Unrealized Losses On Securities [Line Items] | ||
Estimated Fair Value, Less Than 12 Months | 3,993 | |
Available For Sale Securities Continuous Unrealized Income Loss Position Less Than Twelve Months Aggregate Gain Losses | (4) | |
Estimated Fair Value, 12 Months or More | 0 | |
SecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses | 0 | |
Total Estimated Fair Value | 3,993 | |
Total Gross Unrealized Losses | (4) | |
Pooled Trust Preferred Collateralized Debt Obligations [Member] | ||
Schedule Of Unrealized Losses On Securities [Line Items] | ||
Estimated Fair Value, Less Than 12 Months | 0 | 0 |
Available For Sale Securities Continuous Unrealized Income Loss Position Less Than Twelve Months Aggregate Gain Losses | 0 | 0 |
Estimated Fair Value, 12 Months or More | 19,120 | 28,952 |
SecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses | (4,379) | (7,124) |
Total Estimated Fair Value | 19,120 | 28,952 |
Total Gross Unrealized Losses | (4,379) | (7,124) |
Obligations of U.S. Government [Member] | Mortgage - Backed Securities - Residential [Member] | ||
Schedule Of Unrealized Losses On Securities [Line Items] | ||
Estimated Fair Value, Less Than 12 Months | 5,584 | 4,898 |
Available For Sale Securities Continuous Unrealized Income Loss Position Less Than Twelve Months Aggregate Gain Losses | (21) | (11) |
Estimated Fair Value, 12 Months or More | 0 | 0 |
SecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses | 0 | 0 |
Total Estimated Fair Value | 5,584 | 4,898 |
Total Gross Unrealized Losses | (21) | (11) |
Obligations of U.S. Government [Member] | Mortgage - Backed Securities - Commercial [Member] | ||
Schedule Of Unrealized Losses On Securities [Line Items] | ||
Estimated Fair Value, Less Than 12 Months | 48,322 | 33,883 |
Available For Sale Securities Continuous Unrealized Income Loss Position Less Than Twelve Months Aggregate Gain Losses | (962) | (561) |
Estimated Fair Value, 12 Months or More | 32,683 | 0 |
SecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses | (894) | 0 |
Total Estimated Fair Value | 81,005 | 33,883 |
Total Gross Unrealized Losses | (1,856) | (561) |
Obligations of U.S. Government-Sponsored Enterprises [Member] | Mortgage - Backed Securities - Residential [Member] | ||
Schedule Of Unrealized Losses On Securities [Line Items] | ||
Estimated Fair Value, Less Than 12 Months | 351,222 | 670,708 |
Available For Sale Securities Continuous Unrealized Income Loss Position Less Than Twelve Months Aggregate Gain Losses | (2,295) | (11,630) |
Estimated Fair Value, 12 Months or More | 400,984 | 56,200 |
SecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses | (9,746) | (2,202) |
Total Estimated Fair Value | 752,206 | 726,908 |
Total Gross Unrealized Losses | (12,041) | (13,832) |
Obligations of U.S. Government-Sponsored Enterprises [Member] | Mortgage - Backed Securities - Commercial [Member] | ||
Schedule Of Unrealized Losses On Securities [Line Items] | ||
Estimated Fair Value, Less Than 12 Months | 13,985 | 14,534 |
Available For Sale Securities Continuous Unrealized Income Loss Position Less Than Twelve Months Aggregate Gain Losses | (71) | (142) |
Estimated Fair Value, 12 Months or More | 0 | 0 |
SecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses | 0 | 0 |
Total Estimated Fair Value | 13,985 | 14,534 |
Total Gross Unrealized Losses | (71) | (142) |
Obligations of U.S. Government-Sponsored Enterprises [Member] | Other Government - Sponsored Enterprises [Member] | ||
Schedule Of Unrealized Losses On Securities [Line Items] | ||
Estimated Fair Value, Less Than 12 Months | 997 | 16,632 |
Available For Sale Securities Continuous Unrealized Income Loss Position Less Than Twelve Months Aggregate Gain Losses | (1) | (69) |
Estimated Fair Value, 12 Months or More | 99 | 0 |
SecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses | 0 | 0 |
Total Estimated Fair Value | 1,096 | 16,632 |
Total Gross Unrealized Losses | (1) | (69) |
US States and Political Subdivisions Debt Securities [Member] | Other Government - Sponsored Enterprises [Member] | ||
Schedule Of Unrealized Losses On Securities [Line Items] | ||
Estimated Fair Value, Less Than 12 Months | 7,144 | 33,277 |
Available For Sale Securities Continuous Unrealized Income Loss Position Less Than Twelve Months Aggregate Gain Losses | (32) | (762) |
Estimated Fair Value, 12 Months or More | 3,653 | 0 |
SecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses | (129) | 0 |
Total Estimated Fair Value | 10,797 | 33,277 |
Total Gross Unrealized Losses | $ (161) | $ (762) |
Impairment of Investment Secu81
Impairment of Investment Securities - Pooled Trust Preferred Collateralized Debt Obligations (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)Bank | Dec. 31, 2016USD ($) | |
Impairment Of Investment Securities [Line Items] | ||
Amortized Cost | $ 740,846 | $ 790,082 |
Estimated Fair Value of Available for Sale | 731,358 | $ 778,612 |
Mezzanine [Member] | ||
Impairment Of Investment Securities [Line Items] | ||
Amortized Cost | 27,499 | |
Estimated Fair Value of Available for Sale | 23,646 | |
Unrealized Gain (Loss) | (3,853) | |
Mezzanine [Member] | Pre TSL IV [Member] | ||
Impairment Of Investment Securities [Line Items] | ||
Amortized Cost | 1,817 | |
Estimated Fair Value of Available for Sale | 1,405 | |
Unrealized Gain (Loss) | $ (412) | |
Debt Instrument, Credit Rating | Ba1/BB | |
Number of Banks | Bank | 6 | |
Deferrals and Defaults as a % of Current Collateral | 18.05% | |
Excess Subordination as a % of Current Performing Collateral | 72.13% | |
Mezzanine [Member] | Pre TSL VIII [Member] | ||
Impairment Of Investment Securities [Line Items] | ||
Amortized Cost | $ 2,043 | |
Estimated Fair Value of Available for Sale | 2,228 | |
Unrealized Gain (Loss) | $ 185 | |
Debt Instrument, Credit Rating | C/C | |
Number of Banks | Bank | 26 | |
Deferrals and Defaults as a % of Current Collateral | 38.52% | |
Excess Subordination as a % of Current Performing Collateral | 0.00% | |
Mezzanine [Member] | Pre TSL IX [Member] | ||
Impairment Of Investment Securities [Line Items] | ||
Amortized Cost | $ 2,448 | |
Estimated Fair Value of Available for Sale | 2,052 | |
Unrealized Gain (Loss) | $ (396) | |
Debt Instrument, Credit Rating | B1/C | |
Number of Banks | Bank | 37 | |
Deferrals and Defaults as a % of Current Collateral | 27.83% | |
Excess Subordination as a % of Current Performing Collateral | 19.46% | |
Mezzanine [Member] | Pre TSL X [Member] | ||
Impairment Of Investment Securities [Line Items] | ||
Amortized Cost | $ 1,863 | |
Estimated Fair Value of Available for Sale | 2,125 | |
Unrealized Gain (Loss) | $ 262 | |
Debt Instrument, Credit Rating | Caa1/C | |
Number of Banks | Bank | 41 | |
Deferrals and Defaults as a % of Current Collateral | 27.93% | |
Excess Subordination as a % of Current Performing Collateral | 1.62% | |
Mezzanine [Member] | Pre TSL XII [Member] | ||
Impairment Of Investment Securities [Line Items] | ||
Amortized Cost | $ 6,097 | |
Estimated Fair Value of Available for Sale | 5,209 | |
Unrealized Gain (Loss) | $ (888) | |
Debt Instrument, Credit Rating | B3/C | |
Number of Banks | Bank | 63 | |
Deferrals and Defaults as a % of Current Collateral | 23.35% | |
Excess Subordination as a % of Current Performing Collateral | 0.00% | |
Mezzanine [Member] | Pre TSL XIV [Member] | ||
Impairment Of Investment Securities [Line Items] | ||
Amortized Cost | $ 13,136 | |
Estimated Fair Value of Available for Sale | 10,453 | |
Unrealized Gain (Loss) | $ (2,683) | |
Debt Instrument, Credit Rating | Ba2/CCC | |
Number of Banks | Bank | 49 | |
Deferrals and Defaults as a % of Current Collateral | 12.95% | |
Excess Subordination as a % of Current Performing Collateral | 39.26% | |
Mezzanine [Member] | MMCap I [Member] | ||
Impairment Of Investment Securities [Line Items] | ||
Amortized Cost | $ 95 | |
Estimated Fair Value of Available for Sale | 174 | |
Unrealized Gain (Loss) | $ 79 | |
Debt Instrument, Credit Rating | Ca/C | |
Number of Banks | Bank | 7 | |
Deferrals and Defaults as a % of Current Collateral | 69.35% | |
Excess Subordination as a % of Current Performing Collateral | 69.99% |
Impairment of Investment Secu82
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 | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||||||
Balance, beginning | [1] | $ 17,056 | $ 24,851 | $ 26,246 | ||
Credit losses on debt securities for which other-than-temporary impairment was not previously recognized | 0 | 0 | 0 | |||
Additional credit losses on debt securities for which other-than- temporary impairment was previously recognized | 0 | 0 | 0 | |||
Increases in cash flows expected to be collected, recognized over the remaining life of the security | [2] | (890) | (1,124) | (1,177) | ||
Reduction for debt securities called during the period | (3,958) | (6,671) | (218) | |||
Balance, ending | $ 12,208 | $ 17,056 | [1] | $ 24,851 | [1] | |
[1] | The beginning balance represents credit related losses included in other-than-temporary impairment charges recognized on debt securities in prior periods. | |||||
[2] | Represents the increase in cash flows recognized either as principal payments or interest income during the period. |
Loans and Allowance for Credi83
Loans and Allowance for Credit Losses - Outstanding Balances of Loan (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 5,407,376 | $ 4,879,347 | $ 4,683,750 |
Commercial, financial, agricultural and other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,163,383 | 1,139,547 | |
Real Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 248,868 | 219,621 | |
Residential real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,426,370 | 1,229,192 | |
Commercial real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 2,019,096 | 1,742,210 | |
Loans To Individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 549,659 | 548,777 | |
Originated Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 5,007,361 | 4,778,471 | |
Originated Loans [Member] | Commercial, financial, agricultural and other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,122,741 | 1,131,148 | |
Originated Loans [Member] | Real Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 242,905 | 217,840 | |
Originated Loans [Member] | Residential real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,206,119 | 1,165,851 | |
Originated Loans [Member] | Commercial real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,892,185 | 1,717,043 | |
Originated Loans [Member] | Loans To Individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 543,411 | 546,589 | |
Acquired Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 400,015 | 100,876 | |
Acquired Loans [Member] | Commercial, financial, agricultural and other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 40,642 | 8,399 | |
Acquired Loans [Member] | Real Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 5,963 | 1,781 | |
Acquired Loans [Member] | Residential real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 220,251 | 63,341 | |
Acquired Loans [Member] | Commercial real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 126,911 | 25,167 | |
Acquired Loans [Member] | Loans To Individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 6,248 | $ 2,188 |
Loans and Allowance for Credi84
Loans and Allowance for Credit Losses - Credit Risk Profile by Creditworthiness (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Originated Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | $ 5,007,361 | $ 4,778,471 |
Originated Loans [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 4,896,832 | 4,646,456 |
Originated Loans [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 41,518 | 41,181 |
Originated Loans [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 64,605 | 90,834 |
Originated Loans [Member] | Doubtful [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 4,406 | 0 |
Originated Loans [Member] | Total Non-Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 110,529 | 132,015 |
Originated Loans [Member] | Commercial, financial, agricultural and other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 1,122,741 | 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 | 1,061,147 | 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 | 26,757 | 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 | 30,431 | 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 | 4,406 | 0 |
Originated Loans [Member] | Commercial, financial, agricultural and other [Member] | Total Non-Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 61,594 | 92,304 |
Originated Loans [Member] | Real Estate Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 242,905 | 217,840 |
Originated Loans [Member] | Real Estate Construction [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 242,905 | 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] | Total Non-Pass [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 | 1,206,119 | 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 | 1,194,352 | 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 | 1,435 | 5,923 |
Originated Loans [Member] | Residential real estate [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 10,332 | 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] | Total Non-Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 11,767 | 13,340 |
Originated Loans [Member] | Commercial real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 1,892,185 | 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 | 1,855,253 | 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 | 13,326 | 7,596 |
Originated Loans [Member] | Commercial real estate [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 23,606 | 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] | Total Non-Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 36,932 | 25,823 |
Originated Loans [Member] | Loans To Individuals [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 543,411 | 546,589 |
Originated Loans [Member] | Loans To Individuals [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 543,175 | 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 | 236 | 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] | Total Non-Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 236 | 273 |
Acquired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 400,015 | 100,876 |
Acquired Loans [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 386,127 | 98,519 |
Acquired Loans [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 9,882 | 486 |
Acquired Loans [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 4,006 | 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] | Total Non-Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 13,888 | 2,357 |
Acquired Loans [Member] | Commercial, financial, agricultural and other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 40,642 | 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 | 34,573 | 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 | 5,567 | 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 | 502 | 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] | Total Non-Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 6,069 | 808 |
Acquired Loans [Member] | Real Estate Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 5,963 | 1,781 |
Acquired Loans [Member] | Real Estate Construction [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 5,963 | 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] | Total Non-Pass [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 | 220,251 | 63,341 |
Acquired Loans [Member] | Residential real estate [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 217,824 | 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 | 798 | 0 |
Acquired Loans [Member] | Residential real estate [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 1,629 | 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] | Total Non-Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 2,427 | 422 |
Acquired Loans [Member] | Commercial real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 126,911 | 25,167 |
Acquired Loans [Member] | Commercial real estate [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 121,536 | 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 | 3,517 | 0 |
Acquired Loans [Member] | Commercial real estate [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 1,858 | 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] | Total Non-Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 5,375 | 1,124 |
Acquired Loans [Member] | Loans To Individuals [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 6,248 | 2,188 |
Acquired Loans [Member] | Loans To Individuals [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 6,231 | 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 | 17 | 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] | Total Non-Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | $ 17 | $ 3 |
Loans and Allowance for Credi85
Loans and Allowance for Credit Losses - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2017USD ($)Contract | Dec. 31, 2016USD ($)Contract | Dec. 31, 2015USD ($)Contract | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Provision for credit losses | $ 5,087,000 | $ 18,480,000 | $ 14,948,000 |
Charge-offs | $ 18,868,000 | ||
Number of loans modified | Contract | 41 | 65 | 61 |
Total amount of loan modified | $ 8,274,000 | $ 10,275,000 | $ 10,956,000 |
Off balance sheet reserve to nonperforming loans | 12,000 | ||
Loans held for sale | 14,850,000 | 7,052,000 | |
Total gains or losses included in earnings | 4,329,000 | 589,000 | |
Loans with modification to rate and payment due to amortization | $ 300,000 | 6,600,000 | $ 3,700,000 |
Minimum days required for conversion of trouble debt to be in default | 90 days | ||
Impaired Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unfunded commitments related to nonperforming loans | $ 2,400,000 | 1,779,000 | |
Consumer Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non Accrual Status Of Loans After Number Of Days Past Due | 150 days | ||
Nonaccrual Commercial Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gain (loss) on sale of impaired loans | $ 21,000 | $ 0 | |
Reserve for Off-balance Sheet Activities [Member] | Impaired Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Off balance sheet reserve to nonperforming loans | $ 200,000 |
Loans and Allowance for Credi86
Loans and Allowance for Credit Losses - Age Analysis of Past Due Loans by Segment (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 5,407,376 | $ 4,879,347 | $ 4,683,750 |
Commercial Financial Agricultural And Other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,163,383 | 1,139,547 | |
Real Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 248,868 | 219,621 | |
Residential real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,426,370 | 1,229,192 | |
Commercial real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 2,019,096 | 1,742,210 | |
Loans To Individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 549,659 | 548,777 | |
Commercial Financial Agricultural And Other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,163,383 | 1,139,547 | 1,150,906 |
Real Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 248,868 | 219,621 | 220,736 |
Residential real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,426,370 | 1,229,192 | 1,224,465 |
Commercial real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 2,019,096 | 1,742,210 | 1,479,000 |
Loans To Individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 549,659 | 548,777 | $ 608,643 |
Originated Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 41,362 | 40,497 | |
Current | 4,965,999 | 4,737,974 | |
Loans | 5,007,361 | 4,778,471 | |
Originated Loans [Member] | Commercial Financial Agricultural And Other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 19,220 | 20,554 | |
Current | 1,103,521 | 1,110,594 | |
Loans | 1,122,741 | 1,131,148 | |
Originated Loans [Member] | Real Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 199 | 183 | |
Current | 242,706 | 217,657 | |
Loans | 242,905 | 217,840 | |
Originated Loans [Member] | Residential real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 12,944 | 12,009 | |
Current | 1,193,175 | 1,153,842 | |
Loans | 1,206,119 | 1,165,851 | |
Originated Loans [Member] | Commercial real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 5,472 | 4,092 | |
Current | 1,886,713 | 1,712,951 | |
Loans | 1,892,185 | 1,717,043 | |
Originated Loans [Member] | Loans To Individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 3,527 | 3,659 | |
Current | 539,884 | 542,930 | |
Loans | 543,411 | 546,589 | |
Originated Loans [Member] | Commercial Financial Agricultural And Other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,122,741 | 1,131,148 | |
Originated Loans [Member] | Real Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 242,905 | 217,840 | |
Originated Loans [Member] | Residential real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,206,119 | 1,165,851 | |
Originated Loans [Member] | Commercial real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,892,185 | 1,717,043 | |
Originated Loans [Member] | Loans To Individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 543,411 | 546,589 | |
Originated Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 9,292 | 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] | |||
Financing Receivable, Recorded Investment, Past Due | 378 | 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] | |||
Financing Receivable, Recorded Investment, Past Due | 199 | 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] | |||
Financing Receivable, Recorded Investment, Past Due | 4,618 | 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] | |||
Financing Receivable, Recorded Investment, Past Due | 2,198 | 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] | |||
Financing Receivable, Recorded Investment, Past Due | 1,899 | 1,640 | |
Originated Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 1,883 | 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] | |||
Financing Receivable, Recorded Investment, Past Due | 61 | 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] | |||
Financing Receivable, Recorded Investment, Past Due | 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] | |||
Financing Receivable, Recorded Investment, Past Due | 1,025 | 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] | |||
Financing Receivable, Recorded Investment, Past Due | 28 | 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] | |||
Financing Receivable, Recorded Investment, Past Due | 769 | 776 | |
Originated Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 1,745 | 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] | |||
Financing Receivable, Recorded Investment, Past Due | 40 | 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] | |||
Financing Receivable, Recorded Investment, Past Due | 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] | |||
Financing Receivable, Recorded Investment, Past Due | 1,076 | 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] | |||
Financing Receivable, Recorded Investment, Past Due | 6 | 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] | |||
Financing Receivable, Recorded Investment, Past Due | 623 | 970 | |
Originated Loans [Member] | Nonaccrual Commercial Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 28,442 | 27,436 | |
Originated Loans [Member] | Nonaccrual Commercial Loans [Member] | Commercial Financial Agricultural And Other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 18,741 | 17,928 | |
Originated Loans [Member] | Nonaccrual Commercial Loans [Member] | Real Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Originated Loans [Member] | Nonaccrual Commercial Loans [Member] | Residential real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 6,225 | 5,792 | |
Originated Loans [Member] | Nonaccrual Commercial Loans [Member] | Commercial real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 3,240 | 3,443 | |
Originated Loans [Member] | Nonaccrual Commercial Loans [Member] | Loans To Individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 236 | 273 | |
Acquired Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 2,570 | 1,302 | |
Current | 397,445 | 99,574 | |
Loans | 400,015 | 100,876 | |
Acquired Loans [Member] | Commercial Financial Agricultural And Other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 449 | 486 | |
Current | 40,193 | 7,913 | |
Loans | 40,642 | 8,399 | |
Acquired Loans [Member] | Real Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 0 | 0 | |
Current | 5,963 | 1,781 | |
Loans | 5,963 | 1,781 | |
Acquired Loans [Member] | Residential real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 945 | 643 | |
Current | 219,306 | 62,698 | |
Loans | 220,251 | 63,341 | |
Acquired Loans [Member] | Commercial real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 1,077 | 162 | |
Current | 125,834 | 25,005 | |
Loans | 126,911 | 25,167 | |
Acquired Loans [Member] | Loans To Individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 99 | 11 | |
Current | 6,149 | 2,177 | |
Loans | 6,248 | 2,188 | |
Acquired Loans [Member] | Commercial Financial Agricultural And Other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 40,642 | 8,399 | |
Acquired Loans [Member] | Real Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 5,963 | 1,781 | |
Acquired Loans [Member] | Residential real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 220,251 | 63,341 | |
Acquired Loans [Member] | Commercial real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 126,911 | 25,167 | |
Acquired Loans [Member] | Loans To Individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 6,248 | 2,188 | |
Acquired Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 190 | 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] | |||
Financing Receivable, Recorded Investment, Past Due | 6 | 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] | |||
Financing Receivable, Recorded Investment, Past Due | 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] | |||
Financing Receivable, Recorded Investment, Past Due | 148 | 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] | |||
Financing Receivable, Recorded Investment, Past Due | 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] | |||
Financing Receivable, Recorded Investment, Past Due | 36 | 1 | |
Acquired Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 36 | 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] | |||
Financing Receivable, Recorded Investment, Past Due | 7 | 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] | |||
Financing Receivable, Recorded Investment, Past Due | 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] | |||
Financing Receivable, Recorded Investment, Past Due | 9 | 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] | |||
Financing Receivable, Recorded Investment, Past Due | 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] | |||
Financing Receivable, Recorded Investment, Past Due | 20 | 7 | |
Acquired Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 109 | 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] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 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] | |||
Financing Receivable, Recorded Investment, Past Due | 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] | |||
Financing Receivable, Recorded Investment, Past Due | 83 | 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] | |||
Financing Receivable, Recorded Investment, Past Due | 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] | |||
Financing Receivable, Recorded Investment, Past Due | 26 | 0 | |
Acquired Loans [Member] | Nonaccrual Commercial Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 2,235 | 587 | |
Acquired Loans [Member] | Nonaccrual Commercial Loans [Member] | Commercial Financial Agricultural And Other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 436 | 0 | |
Acquired Loans [Member] | Nonaccrual Commercial Loans [Member] | Real Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Acquired Loans [Member] | Nonaccrual Commercial Loans [Member] | Residential real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 705 | 422 | |
Acquired Loans [Member] | Nonaccrual Commercial Loans [Member] | Commercial real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 1,077 | 162 | |
Acquired Loans [Member] | Nonaccrual Commercial Loans [Member] | Loans To Individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | $ 17 | $ 3 |
Loans and Allowance for Credi87
Loans and Allowance for Credit Losses - Recorded Investment and Unpaid Principal Balance for Impaired Loans with Associated Allowance (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | $ 45,458 | ||
Interest Income Recognized | 615 | ||
Commercial, financial, agricultural and other with no related allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 17,692 | ||
Interest Income Recognized | 216 | ||
Real estate construction with no related allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 95 | ||
Interest Income Recognized | 0 | ||
Residential real estate with no related allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 10,635 | ||
Interest Income Recognized | 172 | ||
Commercial real estate with no related allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 7,890 | ||
Interest Income Recognized | 90 | ||
Loans to individuals with no related allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 338 | ||
Interest Income Recognized | 4 | ||
Subtotal with no related allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 36,650 | ||
Interest Income Recognized | 482 | ||
Commercial, financial, agricultural and other With an allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 7,731 | ||
Interest Income Recognized | 129 | ||
Real estate construction with an allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 0 | ||
Interest Income Recognized | 0 | ||
Residential real estate With an allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 403 | ||
Interest Income Recognized | 0 | ||
Commercial real estate With an allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 674 | ||
Interest Income Recognized | 4 | ||
Loans to individuals With an allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 0 | ||
Interest Income Recognized | 0 | ||
Subtotal With an allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 8,808 | ||
Interest Income Recognized | $ 133 | ||
Originated Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | $ 39,951 | $ 41,226 | |
Unpaid Principal Balance | 53,021 | 56,296 | |
Related Allowance | 3,713 | 3,128 | |
Average Recorded Investment | 38,171 | 55,915 | |
Interest Income Recognized | 1,451 | 1,245 | |
Originated Loans [Member] | Commercial, financial, agricultural and other with no related allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 5,548 | 9,549 | |
Unpaid Principal Balance | 12,153 | 15,369 | |
Average Recorded Investment | 10,282 | 23,146 | |
Interest Income Recognized | 394 | 576 | |
Originated Loans [Member] | Real estate construction with no related allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 0 | 0 | |
Unpaid Principal Balance | 0 | 0 | |
Average Recorded Investment | 0 | 4 | |
Interest Income Recognized | 0 | 44 | |
Originated Loans [Member] | Residential real estate with no related allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 10,625 | 10,873 | |
Unpaid Principal Balance | 12,470 | 13,004 | |
Average Recorded Investment | 11,366 | 10,957 | |
Interest Income Recognized | 355 | 312 | |
Originated Loans [Member] | Commercial real estate with no related allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 5,155 | 5,765 | |
Unpaid Principal Balance | 5,489 | 6,905 | |
Average Recorded Investment | 6,469 | 6,718 | |
Interest Income Recognized | 583 | 170 | |
Originated Loans [Member] | Loans to individuals with no related allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 347 | 382 | |
Unpaid Principal Balance | 383 | 507 | |
Average Recorded Investment | 353 | 409 | |
Interest Income Recognized | 19 | 15 | |
Originated Loans [Member] | Subtotal with no related allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 21,675 | 26,569 | |
Unpaid Principal Balance | 30,495 | 35,785 | |
Average Recorded Investment | 28,470 | 41,234 | |
Interest Income Recognized | 1,351 | 1,117 | |
Originated Loans [Member] | Commercial, financial, agricultural and other With an allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 16,866 | 13,423 | |
Unpaid Principal Balance | 21,094 | 19,226 | |
Related Allowance | 3,478 | 2,530 | |
Average Recorded Investment | 9,391 | 13,885 | |
Interest Income Recognized | 96 | 99 | |
Originated Loans [Member] | Real estate construction with an allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 0 | 0 | |
Unpaid Principal Balance | 0 | 0 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 0 | 0 | |
Interest Income Recognized | 0 | 0 | |
Originated Loans [Member] | Residential real estate With an allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 456 | 424 | |
Unpaid Principal Balance | 478 | 475 | |
Related Allowance | 107 | 164 | |
Average Recorded Investment | 167 | 241 | |
Interest Income Recognized | 0 | 4 | |
Originated Loans [Member] | Commercial real estate With an allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 954 | 810 | |
Unpaid Principal Balance | 954 | 810 | |
Related Allowance | 128 | 434 | |
Average Recorded Investment | 143 | 555 | |
Interest Income Recognized | 4 | 25 | |
Originated Loans [Member] | Loans to individuals With an allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 0 | 0 | |
Unpaid Principal Balance | 0 | 0 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 0 | 0 | |
Interest Income Recognized | 0 | 0 | |
Originated Loans [Member] | Subtotal With an allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 18,276 | 14,657 | |
Unpaid Principal Balance | 22,526 | 20,511 | |
Related Allowance | 3,713 | 3,128 | |
Average Recorded Investment | 9,701 | 14,681 | |
Interest Income Recognized | 100 | 128 | |
Acquired Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 2,289 | 587 | |
Unpaid Principal Balance | 3,545 | 661 | |
Related Allowance | 33 | 16 | |
Average Recorded Investment | 3,406 | 587 | |
Interest Income Recognized | 0 | 0 | |
Acquired Loans [Member] | Commercial, financial, agricultural and other with no related allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 436 | 0 | |
Unpaid Principal Balance | 449 | 0 | |
Average Recorded Investment | 476 | 0 | |
Interest Income Recognized | 0 | 0 | |
Acquired Loans [Member] | Real estate construction with no related allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 0 | 0 | |
Unpaid Principal Balance | 0 | 0 | |
Average Recorded Investment | 25 | 0 | |
Interest Income Recognized | 0 | 0 | |
Acquired Loans [Member] | Residential real estate with no related allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 666 | 406 | |
Unpaid Principal Balance | 965 | 480 | |
Average Recorded Investment | 535 | 406 | |
Interest Income Recognized | 0 | 0 | |
Acquired Loans [Member] | Commercial real estate with no related allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 940 | 162 | |
Unpaid Principal Balance | 1,842 | 162 | |
Average Recorded Investment | 2,135 | 162 | |
Interest Income Recognized | 0 | 0 | |
Acquired Loans [Member] | Loans to individuals with no related allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 17 | 3 | |
Unpaid Principal Balance | 17 | 3 | |
Average Recorded Investment | 6 | 3 | |
Interest Income Recognized | 0 | 0 | |
Acquired Loans [Member] | Subtotal with no related allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 2,059 | 571 | |
Unpaid Principal Balance | 3,273 | 645 | |
Average Recorded Investment | 3,177 | 571 | |
Interest Income Recognized | 0 | 0 | |
Acquired Loans [Member] | Commercial, financial, agricultural and other With an allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 0 | 0 | |
Unpaid Principal Balance | 0 | 0 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 0 | 0 | |
Interest Income Recognized | 0 | 0 | |
Acquired Loans [Member] | Real estate construction with an allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 0 | 0 | |
Unpaid Principal Balance | 0 | 0 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 0 | 0 | |
Interest Income Recognized | 0 | 0 | |
Acquired Loans [Member] | Residential real estate With an allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 93 | 16 | |
Unpaid Principal Balance | 122 | 16 | |
Related Allowance | 4 | 16 | |
Average Recorded Investment | 74 | 16 | |
Interest Income Recognized | 0 | 0 | |
Acquired Loans [Member] | Commercial real estate With an allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 137 | 0 | |
Unpaid Principal Balance | 150 | 0 | |
Related Allowance | 29 | 0 | |
Average Recorded Investment | 155 | 0 | |
Interest Income Recognized | 0 | 0 | |
Acquired Loans [Member] | Loans to individuals With an allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 0 | 0 | |
Unpaid Principal Balance | 0 | 0 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 0 | 0 | |
Interest Income Recognized | 0 | 0 | |
Acquired Loans [Member] | Subtotal With an allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 230 | 16 | |
Unpaid Principal Balance | 272 | 16 | |
Related Allowance | 33 | 16 | |
Average Recorded Investment | 229 | 16 | |
Interest Income Recognized | $ 0 | $ 0 |
Loans and Allowance for Credi88
Loans and Allowance for Credit Losses - Troubled Debt Restructured Loans and Commitments (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Loans and Leases Receivable Disclosure [Abstract] | |||
Accrual status | $ 11,563 | $ 13,790 | $ 14,139 |
Nonaccrual status | 11,222 | 11,569 | 12,360 |
Total | 22,785 | 25,359 | 26,499 |
Letters of Credit Outstanding, Amount | 60 | 0 | 0 |
Unused lines of credit | $ 54 | $ 358 | $ 3,252 |
Loans and Allowance for Credi89
Loans and Allowance for Credit Losses - Troubled Debt Restructurings Identified During Period (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)Contract | Dec. 31, 2016USD ($)Contract | Dec. 31, 2015USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 41 | 65 | 61 |
Extend Maturity | $ 7,081 | $ 1,521 | $ 1,754 |
Modify Rate | 2,095 | 6,614 | 3,658 |
Modify Payments | 1,878 | 6,523 | 6,440 |
Total Pre-Modification Outstanding Recorded Investment | 11,054 | 14,658 | 11,852 |
Post-Modification Outstanding Recorded Investment | 8,274 | 10,275 | 10,956 |
Specific Reserve | $ 596 | $ 500 | $ 1,332 |
Commercial Financial Agricultural And Other [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 6 | 5 | 12 |
Extend Maturity | $ 6,768 | $ 23 | $ 1,751 |
Modify Rate | 1,806 | 6,318 | 3,195 |
Modify Payments | 987 | 3,854 | 4,527 |
Total Pre-Modification Outstanding Recorded Investment | 9,561 | 10,195 | 9,473 |
Post-Modification Outstanding Recorded Investment | 6,946 | 6,210 | 8,823 |
Specific Reserve | $ 566 | $ 317 | $ 1,330 |
Residential real estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 20 | 39 | 32 |
Extend Maturity | $ 134 | $ 107 | $ 0 |
Modify Rate | 261 | 214 | 296 |
Modify Payments | 573 | 2,619 | 1,414 |
Total Pre-Modification Outstanding Recorded Investment | 968 | 2,940 | 1,710 |
Post-Modification Outstanding Recorded Investment | 851 | 2,698 | 1,575 |
Specific Reserve | $ 1 | $ 124 | $ 2 |
Commercial real estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 5 | 8 | 1 |
Extend Maturity | $ 179 | $ 1,368 | $ 0 |
Modify Rate | 0 | 0 | 0 |
Modify Payments | 269 | 25 | 464 |
Total Pre-Modification Outstanding Recorded Investment | 448 | 1,393 | 464 |
Post-Modification Outstanding Recorded Investment | 412 | 1,271 | 389 |
Specific Reserve | $ 29 | $ 59 | $ 0 |
Loans To Individuals [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 10 | 13 | 16 |
Extend Maturity | $ 0 | $ 23 | $ 3 |
Modify Rate | 28 | 82 | 167 |
Modify Payments | 49 | 25 | 35 |
Total Pre-Modification Outstanding Recorded Investment | 77 | 130 | 205 |
Post-Modification Outstanding Recorded Investment | 65 | 96 | 169 |
Specific Reserve | $ 0 | $ 0 | $ 0 |
Loans and Allowance for Credi90
Loans and Allowance for Credit Losses - Restructured Loans that are Considered to be in Default (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)loan | Dec. 31, 2016USD ($)loan | Dec. 31, 2015USD ($)loan | |
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | loan | 1 | 4 | 3 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ | $ 2 | $ 313 | $ 97 |
Residential Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | loan | 0 | 4 | 3 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ | $ 0 | $ 313 | $ 97 |
Loans To Individuals [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | loan | 1 | 0 | 0 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ | $ 2 | $ 0 | $ 0 |
Loans and Allowance for Credi91
Loans and Allowance for Credit Losses - Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | $ 50,185 | $ 50,812 | $ 52,051 |
Charge-offs | (18,868) | ||
Recoveries | 2,681 | ||
Provision for credit losses | 5,087 | 18,480 | 14,948 |
Ending Balance | 48,298 | 50,185 | 50,812 |
Ending balance: individually evaluated for impaired | 3,746 | 3,144 | 7,045 |
Ending balance: collectively evaluated for impaired | 44,552 | 47,041 | 43,767 |
Ending balance | 5,407,376 | 4,879,347 | 4,683,750 |
Ending balance: individually evaluated for impaired | 35,151 | 33,668 | 44,009 |
Ending balance: collectively evaluated for impaired | 5,372,225 | 4,845,679 | 4,639,741 |
Commercial, financial, agricultural and other [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 35,974 | 31,035 | 29,627 |
Charge-offs | (11,429) | ||
Recoveries | 1,097 | ||
Provision for credit losses | 11,740 | ||
Ending Balance | 23,429 | 35,974 | 31,035 |
Ending balance: individually evaluated for impaired | 3,478 | 2,530 | 6,952 |
Ending balance: collectively evaluated for impaired | 19,951 | 33,444 | 24,083 |
Ending balance | 1,163,383 | 1,139,547 | 1,150,906 |
Ending balance: individually evaluated for impaired | 22,450 | 22,325 | 30,767 |
Ending balance: collectively evaluated for impaired | 1,140,933 | 1,117,222 | 1,120,139 |
Real Estate Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 577 | 887 | 2,063 |
Charge-offs | (8) | ||
Recoveries | 84 | ||
Provision for credit losses | (1,252) | ||
Ending Balance | 1,349 | 577 | 887 |
Ending balance: individually evaluated for impaired | 0 | 0 | 0 |
Ending balance: collectively evaluated for impaired | 1,349 | 577 | 887 |
Ending balance | 248,868 | 219,621 | 220,736 |
Ending balance: individually evaluated for impaired | 0 | 0 | 0 |
Ending balance: collectively evaluated for impaired | 248,868 | 219,621 | 220,736 |
Residential real estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 2,511 | 2,606 | 3,664 |
Charge-offs | (1,539) | ||
Recoveries | 587 | ||
Provision for credit losses | (106) | ||
Ending Balance | 2,759 | 2,511 | 2,606 |
Ending balance: individually evaluated for impaired | 111 | 180 | 51 |
Ending balance: collectively evaluated for impaired | 2,648 | 2,331 | 2,555 |
Ending balance | 1,426,370 | 1,229,192 | 1,224,465 |
Ending balance: individually evaluated for impaired | 6,698 | 5,875 | 6,099 |
Ending balance: collectively evaluated for impaired | 1,419,672 | 1,223,317 | 1,218,366 |
Commercial real estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 6,619 | 11,924 | 11,881 |
Charge-offs | (1,538) | ||
Recoveries | 229 | ||
Provision for credit losses | 1,352 | ||
Ending Balance | 17,357 | 6,619 | 11,924 |
Ending balance: individually evaluated for impaired | 157 | 434 | 42 |
Ending balance: collectively evaluated for impaired | 17,200 | 6,185 | 11,882 |
Ending balance | 2,019,096 | 1,742,210 | 1,479,000 |
Ending balance: individually evaluated for impaired | 6,003 | 5,468 | 7,143 |
Ending balance: collectively evaluated for impaired | 2,013,093 | 1,736,742 | 1,471,857 |
Loans To Individuals [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 4,504 | 4,360 | 4,816 |
Charge-offs | (4,354) | ||
Recoveries | 684 | ||
Provision for credit losses | 3,214 | ||
Ending Balance | 3,404 | 4,504 | 4,360 |
Ending balance: individually evaluated for impaired | 0 | 0 | 0 |
Ending balance: collectively evaluated for impaired | 3,404 | 4,504 | 4,360 |
Ending balance | 549,659 | 548,777 | 608,643 |
Ending balance: individually evaluated for impaired | 0 | 0 | 0 |
Ending balance: collectively evaluated for impaired | 549,659 | 548,777 | 608,643 |
Originated Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 50,166 | 50,812 | |
Charge-offs | (11,997) | (26,305) | |
Recoveries | 5,403 | 7,198 | |
Provision for credit losses | 4,680 | 18,461 | |
Ending Balance | 48,252 | 50,166 | 50,812 |
Ending balance | 5,007,361 | 4,778,471 | |
Originated Loans [Member] | Commercial, financial, agricultural and other [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 35,974 | 31,035 | |
Charge-offs | (6,176) | (19,603) | |
Recoveries | 3,900 | 4,164 | |
Provision for credit losses | (10,280) | 20,378 | |
Ending Balance | 23,418 | 35,974 | 31,035 |
Ending balance | 1,122,741 | 1,131,148 | |
Originated Loans [Member] | Real Estate Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 577 | 887 | |
Charge-offs | 0 | 0 | |
Recoveries | 465 | 562 | |
Provision for credit losses | 307 | (872) | |
Ending Balance | 1,349 | 577 | 887 |
Ending balance | 242,905 | 217,840 | |
Originated Loans [Member] | Residential real estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 2,492 | 2,606 | |
Charge-offs | (1,261) | (1,189) | |
Recoveries | 304 | 481 | |
Provision for credit losses | 1,218 | 594 | |
Ending Balance | 2,753 | 2,492 | 2,606 |
Ending balance | 1,206,119 | 1,165,851 | |
Originated Loans [Member] | Commercial real estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 6,619 | 11,924 | |
Charge-offs | (340) | (570) | |
Recoveries | 274 | 1,522 | |
Provision for credit losses | 10,775 | (6,257) | |
Ending Balance | 17,328 | 6,619 | 11,924 |
Ending balance | 1,892,185 | 1,717,043 | |
Originated Loans [Member] | Loans To Individuals [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 4,504 | 4,360 | |
Charge-offs | (4,220) | (4,943) | |
Recoveries | 460 | 469 | |
Provision for credit losses | 2,660 | 4,618 | |
Ending Balance | 3,404 | 4,504 | $ 4,360 |
Ending balance | 543,411 | 546,589 | |
Acquired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 19 | ||
Charge-offs | (512) | ||
Recoveries | 132 | ||
Provision for credit losses | 407 | ||
Ending Balance | 46 | 19 | |
Ending balance | 400,015 | 100,876 | |
Acquired Loans [Member] | Commercial, financial, agricultural and other [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 0 | ||
Charge-offs | (458) | ||
Recoveries | 1 | ||
Provision for credit losses | 468 | ||
Ending Balance | 11 | 0 | |
Ending balance | 40,642 | 8,399 | |
Acquired Loans [Member] | Real Estate Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 0 | ||
Charge-offs | 0 | ||
Recoveries | 5 | ||
Provision for credit losses | (5) | ||
Ending Balance | 0 | 0 | |
Ending balance | 5,963 | 1,781 | |
Acquired Loans [Member] | Residential real estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 19 | ||
Charge-offs | (26) | ||
Recoveries | 67 | ||
Provision for credit losses | (54) | ||
Ending Balance | 6 | 19 | |
Ending balance | 220,251 | 63,341 | |
Acquired Loans [Member] | Commercial real estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 0 | ||
Charge-offs | 0 | ||
Recoveries | 4 | ||
Provision for credit losses | 25 | ||
Ending Balance | 29 | 0 | |
Ending balance | 126,911 | 25,167 | |
Acquired Loans [Member] | Loans To Individuals [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 0 | ||
Charge-offs | (28) | ||
Recoveries | 55 | ||
Provision for credit losses | (27) | ||
Ending Balance | 0 | 0 | |
Ending balance | $ 6,248 | $ 2,188 |
Commitments and Letters of Cr92
Commitments and Letters of Credit - Notional Amount of Commitments and Letter of Credit Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Loss Contingencies [Line Items] | |||
Commitments Net | $ 114 | $ 358 | $ 3,252 |
Commitments to extend credit | |||
Loss Contingencies [Line Items] | |||
Financial instrument of credit risk | 1,840,180 | 1,733,820 | |
Financial standby letters of credit | |||
Loss Contingencies [Line Items] | |||
Financial instrument of credit risk | 17,946 | 18,108 | |
Performance standby letters of credit | |||
Loss Contingencies [Line Items] | |||
Financial instrument of credit risk | 20,472 | 26,630 | |
Commercial letters of credit | |||
Loss Contingencies [Line Items] | |||
Financial instrument of credit risk | $ 1,149 | $ 1,301 |
Commitments and Letters of Cr93
Commitments and Letters of Credit - Additional Information (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Loss Contingencies [Line Items] | ||
Notional amount of financial standby letters of credit | $ 1,500,000 | |
Notional amount of performance standby letters of credit | 5,100,000 | |
Notional amount of commercial letters of credit | 313,000 | |
Financial instrument of credit risk | 198,000 | $ 200,000 |
Unused commitments and letters of credit [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment liability | $ 5,200,000 | $ 4,100,000 |
Premises and Equipment - Schedu
Premises and Equipment - Schedule of Premises and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 223,630 | $ 207,315 |
Less accumulated depreciation and amortization | 142,291 | 139,781 |
Total premises and equipment | 81,339 | 67,534 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | 15,389 | 13,679 |
Buildings and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 88,386 | 80,364 |
Buildings and improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 10 years | |
Buildings and improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 50 years | |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 17,812 | 15,871 |
Leasehold improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 5 years | |
Leasehold improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 40 years | |
Furniture and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 64,609 | 61,324 |
Furniture and equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Furniture and equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 7 years | |
Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 37,434 | $ 36,077 |
Software [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Software [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 7 years |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Sale Leaseback Transaction, Annual Rental Payments | $ 141 | ||
Gain on sale of branch | $ 297 | ||
Sale-leaseback transaction | 15 year | ||
Total lease expense | $ 2,700 | $ 3,700 | $ 2,900 |
Premises and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation included in noninterest expense | $ 9,000 | $ 7,500 | $ 7,200 |
Premises and Equipment - Sche96
Premises and Equipment - Schedule of Future Minimum Rentals (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Premises [Member] | |
Operating Leased Assets [Line Items] | |
2,016 | $ 4,459 |
2,017 | 4,106 |
2,018 | 3,348 |
2,019 | 2,929 |
2,020 | 2,646 |
Thereafter | 12,851 |
Total | 30,339 |
Equipment [Member] | |
Operating Leased Assets [Line Items] | |
2,016 | 136 |
2,017 | 78 |
2,018 | 15 |
2,019 | 5 |
2,020 | 0 |
Thereafter | 0 |
Total | $ 234 |
Goodwill and Other Amortizing97
Goodwill and Other Amortizing Intangible Assets - Additional Information (Detail) - USD ($) | Apr. 03, 2017 | Dec. 02, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Goodwill And Other Intangibles [Line Items] | |||||
Goodwill | $ 255,353,000 | $ 186,500,000 | |||
Goodwill, Acquired During Period | 68,900,000 | ||||
Impairment charges on goodwill | 0 | 0 | $ 0 | ||
Servicing Asset | 75,000 | ||||
Total amortization | 6,822,000 | 19,442,000 | |||
Amortization of other intangible assets | $ 3,081,000 | 547,000 | $ 605,000 | ||
FirstMerit Bank, NA, Branch Acquisition [Member] | |||||
Goodwill And Other Intangibles [Line Items] | |||||
Goodwill | $ 20,478,000 | ||||
Goodwill, Acquired During Period | 1,600,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 11,330,000 | ||||
DCB Financial Corp [Member] | |||||
Goodwill And Other Intangibles [Line Items] | |||||
Goodwill, Acquired During Period | $ 70,600,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 5,998,000 | ||||
Customer deposit intangibles | |||||
Goodwill And Other Intangibles [Line Items] | |||||
Core deposits remaining amortization period | 9 years 4 months | ||||
Core deposits weighted average amortization period | 8 years 11 months | ||||
Customer deposit intangibles | FirstMerit Bank, NA, Branch Acquisition [Member] | |||||
Goodwill And Other Intangibles [Line Items] | |||||
Finite-lived Intangible Assets Acquired | $ 15,700,000 | ||||
Customer deposit intangibles | DCB Financial Corp [Member] | |||||
Goodwill And Other Intangibles [Line Items] | |||||
Finite-lived Intangible Assets Acquired | 4,700,000 | ||||
Customer deposit intangibles | Customer list intangible | |||||
Goodwill And Other Intangibles [Line Items] | |||||
Finite-lived Intangible Assets Acquired | $ 1,300,000 | ||||
Customer list intangible | |||||
Goodwill And Other Intangibles [Line Items] | |||||
Core deposits remaining amortization period | 11 years 8 months | ||||
Core deposits weighted average amortization period | 9 years 11 months | ||||
Total amortization | $ 751,000 | $ 444,000 |
Goodwill and Other Amortizing98
Goodwill and Other Amortizing Intangible Assets - Summarized Other Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | $ 21,754 | $ 31,455 |
Accumulated Amortization | (6,822) | (19,442) |
Net Intangible Assets | 14,932 | 12,013 |
Customer Deposit Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 19,471 | 30,471 |
Accumulated Amortization | (6,071) | (18,998) |
Net Intangible Assets | 13,400 | 11,473 |
Customer list intangible | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 2,283 | 984 |
Accumulated Amortization | (751) | (444) |
Net Intangible Assets | $ 1,532 | $ 540 |
Goodwill and Other Amortizing99
Goodwill and Other Amortizing Intangible Assets - Estimated Amortization Expense of Core Deposit Intangibles (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Goodwill And Other Intangibles [Line Items] | ||
2,016 | $ 3,032 | |
2,017 | 2,685 | |
2,018 | 2,292 | |
2,019 | 1,961 | |
2,020 | 1,632 | |
Thereafter | 3,330 | |
Net Intangible Assets | 14,932 | $ 12,013 |
Customer list intangible | ||
Goodwill And Other Intangibles [Line Items] | ||
2,016 | 318 | |
2,017 | 271 | |
2,018 | 230 | |
2,019 | 193 | |
2,020 | 159 | |
Thereafter | 361 | |
Net Intangible Assets | 1,532 | $ 540 |
Customer deposit intangibles | ||
Goodwill And Other Intangibles [Line Items] | ||
2,016 | 2,714 | |
2,017 | 2,414 | |
2,018 | 2,062 | |
2,019 | 1,768 | |
2,020 | 1,473 | |
Thereafter | 2,969 | |
Net Intangible Assets | $ 13,400 |
Interest-Bearing Deposits - Com
Interest-Bearing Deposits - Components of Interest-Bearing Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deposits [Abstract] | ||
Interest-bearing demand deposits | $ 187,281 | $ 114,043 |
Savings deposits | 3,361,840 | 2,972,747 |
Time deposits | 614,813 | 591,832 |
Total interest-bearing deposits | $ 4,163,934 | $ 3,678,622 |
Interest-Bearing Deposits - Add
Interest-Bearing Deposits - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Deposits [Abstract] | |||
Interest-bearing demand deposit, money market | $ 919.1 | $ 779.2 | |
Certificates of deposit in denominations of $100 thousand or more | 210.4 | 145.4 | |
Interest expense related to certificates of deposit $100 thousand or greater | $ 1.5 | $ 1.2 | $ 1.8 |
Interest-Bearing Deposits - Sch
Interest-Bearing Deposits - Scheduled Maturities of Time Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deposits [Abstract] | ||
2,017 | $ 376,181 | |
2,018 | 144,091 | |
2,019 | 43,463 | |
2,020 | 35,530 | |
2021 and thereafter | 15,548 | |
Total | $ 614,813 | $ 591,832 |
Short-term Borrowings - Summary
Short-term Borrowings - Summary of Short-Term Borrowings (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Short-term Debt [Line Items] | |||
Ending Balance | $ 707,466 | $ 867,943 | $ 1,510,825 |
Average Balance | $ 867,391 | $ 1,387,737 | $ 1,252,531 |
Average Rate | 1.01% | 0.58% | 0.40% |
Federal funds purchased | |||
Short-term Debt [Line Items] | |||
Ending Balance | $ 0 | $ 0 | $ 4,000 |
Average Balance | $ 6,225 | $ 6,887 | $ 14,832 |
Average Rate | 1.24% | 0.60% | 0.36% |
Borrowings from FHLB | |||
Short-term Debt [Line Items] | |||
Ending Balance | $ 567,500 | $ 748,000 | $ 1,400,000 |
Average Balance | $ 710,932 | $ 1,265,932 | $ 1,117,522 |
Average Rate | 1.18% | 0.61% | 0.42% |
Securities sold under agreements to repurchase | |||
Short-term Debt [Line Items] | |||
Ending Balance | $ 139,966 | $ 119,943 | $ 106,825 |
Average Balance | $ 150,234 | $ 114,918 | $ 120,177 |
Average Rate | 0.24% | 0.23% | 0.23% |
Maximum [Member] | |||
Short-term Debt [Line Items] | |||
Ending Balance | $ 967,259 | $ 1,530,678 | $ 1,510,825 |
Weighted Average [Member] | |||
Short-term Debt [Line Items] | |||
Average Rate | 1.27% | 0.63% | 0.53% |
Short-term Borrowings - Interes
Short-term Borrowings - Interest Expense on Short-Term Borrowings (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest On Short Term Borrowings [Line Items] | |||
Total interest on short-term borrowings | $ 8,799 | $ 8,076 | $ 5,018 |
Federal funds purchased | |||
Interest On Short Term Borrowings [Line Items] | |||
Total interest on short-term borrowings | 77 | 41 | 54 |
Borrowings from FHLB | |||
Interest On Short Term Borrowings [Line Items] | |||
Total interest on short-term borrowings | 8,360 | 7,765 | 4,684 |
Securities sold under agreements to repurchase | |||
Interest On Short Term Borrowings [Line Items] | |||
Total interest on short-term borrowings | $ 362 | $ 270 | $ 280 |
Subordinated Debentures - Subor
Subordinated Debentures - Subordinated Debentures Outstanding (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Subordinated Borrowing [Line Items] | ||
Subordinated Debentures outstanding, Amount | $ 72,167 | $ 72,167 |
First Commonwealth Capital Trust II [Member] | ||
Subordinated Borrowing [Line Items] | ||
Subordinated Debentures outstanding, Due | Jan. 1, 2034 | |
Subordinated Debentures outstanding, Amount | $ 30,929 | 30,929 |
First Commonwealth Capital Trust III [Member] | ||
Subordinated Borrowing [Line Items] | ||
Subordinated Debentures outstanding, Due | Jan. 1, 2034 | |
Subordinated Debentures outstanding, Amount | $ 41,238 | $ 41,238 |
Subordinated Debentures - Addit
Subordinated Debentures - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)trust | Dec. 31, 2016 | |
Subordinated Borrowing [Line Items] | ||
Number of trusts | trust | 2 | |
First Commonwealth Capital Trust III [Member] | ||
Subordinated Borrowing [Line Items] | ||
Redemption price as percentage of principal amount | 100.00% | |
Deferred finance costs | $ 630 | |
First Commonwealth Capital Trust II [Member] | ||
Subordinated Borrowing [Line Items] | ||
Redemption price as percentage of principal amount | 100.00% | |
Deferred finance costs | $ 471 | |
LIBOR [Member] | Subordinated Debt [Member] | First Commonwealth Capital Trust III [Member] | ||
Subordinated Borrowing [Line Items] | ||
Variable interest rate | 2.85% | 2.85% |
LIBOR [Member] | Subordinated Debt [Member] | First Commonwealth Capital Trust II [Member] | ||
Subordinated Borrowing [Line Items] | ||
Variable interest rate | 2.85% | 2.85% |
Other Long-term Debt (Detail)
Other Long-term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Amount | ||
Long-term debt | $ 8,161 | $ 8,749 |
Borrowings from FHLB [Member] | ||
Amount | ||
2,015 | 586 | |
2,016 | 607 | 609 |
2,017 | 631 | 633 |
2,018 | 656 | 658 |
2,019 | 681 | 684 |
2,020 | 708 | |
Thereafter | $ 5,579 | |
Thereafter | $ 4,878 | |
2015, Weighted Average Contractual Rate | 3.83% | |
2016, Weighted Average Contractual Rate | 3.83% | 3.83% |
2017, Weighted Average Contractual Rate | 3.83% | 3.84% |
2018, Weighted Average Contractual Rate | 3.84% | 3.84% |
2019, Weighted Average Contractual Rate | 3.84% | 3.84% |
2020, Weighted Average Contractual Rate | 3.85% | |
Thereafter, Weighted Average Contractual Rate | 3.81% | |
Thereafter, Weighted Average Contractual Rate | 3.80% |
Fair Values of Assets and Li108
Fair Values of Assets and Liabilities - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Random sample percentage of securities for each quarter | 100.00% | ||
Total gains or losses included in earnings | $ (4,329,000) | $ (589,000) | |
Interest rate swaps transferred into Level 3 from Level 2 | 0 | 536,000 | |
Corporate securities transferred from Level 3 to Level 2 | 0 | 536,000 | |
Impaired loans considered to be credit risk of non-collection | 100,000 | ||
Updated appraisal requirement floor | 250,000 | ||
Other real estate owned | 2,765,000 | 6,805,000 | |
Financial instrument of credit risk | 198,000 | 200,000 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings On Assets Held At Year End | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Between Levels 1 And 2 | 0 | 0 | |
Provision for credit losses | 5,087,000 | 18,480,000 | $ 14,948,000 |
Pooled Trust Preferred Collateralized Debt Obligations [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Total gains or losses included in earnings | (4,329,000) | (589,000) | |
Interest rate swaps transferred into Level 3 from Level 2 | 0 | 0 | |
Corporate securities transferred from Level 3 to Level 2 | 0 | 0 | |
Other Assets [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Total gains or losses included in earnings | 0 | 0 | |
Interest rate swaps transferred into Level 3 from Level 2 | 0 | ||
Corporate securities transferred from Level 3 to Level 2 | $ 0 | $ 0 |
Fair Values of Assets and Li109
Fair Values of Assets and Liabilities - Quantitative Inputs and Assumptions Used in Level 3 Fair Value Measurements (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | $ 779,966,000 | $ 829,181,000 |
Other Assets, Fair Value Disclosure | 3,921,000 | 7,019,000 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | 752,507,000 | 793,289,000 |
Other Assets, Fair Value Disclosure | 1,778,000 | 6,089,000 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | 27,459,000 | 35,892,000 |
Other Assets, Fair Value Disclosure | $ 2,143,000 | 930,000 |
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Probability Of Default [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Measurements, Significant Assumptions | Probability of default | |
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Prepayment Rates [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Measurements, Significant Assumptions | Prepayment rates | |
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Discount Rates [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Measurements, Significant Assumptions | Discount rates | |
Other Assets [Member] | Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Measurements, Valuation Techniques | Discounted Cash Flow | |
Other Assets [Member] | Par Value [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Measurements, Valuation Techniques | Par Value | |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | $ 1,670,000 | |
Equity Securities [Member] | Par Value [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Measurements, Valuation Techniques | Par Value | |
Impaired Loans [Member] | Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | $ 6,820,000 | |
Fair Value Measurements, Valuation Techniques | Discounted Cash Flow | |
Impaired Loans [Member] | Reserve [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | $ 1,336,000 | |
Fair Value Measurements, Valuation Techniques | Gas Reserve study | |
Impaired Loans [Member] | Discount Rates [Member] | Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Measurements, Significant Assumptions | Discount Rate | |
Impaired Loans [Member] | Discount Rates [Member] | Reserve [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Measurements, Significant Assumptions | Discount rate | |
Impaired Loans [Member] | Gas Per Million Cubic Feet [Member] | Reserve [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Measurements, Significant Assumptions | Gas per MMBTU | |
Impaired Loans [Member] | Oil Per Barrels Per Day [Member] | Reserve [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Measurements, Significant Assumptions | Oil per BBL/d | |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | $ 41,758,000 | 46,235,000 |
Other Real Estate Owned Assets Fair Value | 3,264,000 | 7,566,000 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | 26,513,000 | 26,245,000 |
Other Real Estate Owned Assets Fair Value | 3,264,000 | 7,566,000 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | 15,245,000 | 19,990,000 |
Other Real Estate Owned Assets Fair Value | $ 0 | $ 0 |
Maximum [Member] | Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 4.68% | |
Maximum [Member] | Probability Of Default [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 100.00% | |
Maximum [Member] | Prepayment Rates [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 72.02% | |
Maximum [Member] | Gas Per Million Cubic Feet [Member] | Reserve [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Weighted Average Inputs Price | $ 3.61 | |
Maximum [Member] | Oil Per Barrels Per Day [Member] | Reserve [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Weighted Average Inputs Price | $ 57.65 | |
Maximum [Member] | Pooled Trust Preferred Collateralized Debt Obligations [Member] | Discount Rates [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 11.50% | |
Weighted Average [Member] | Probability Of Default [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 8.98% | |
Weighted Average [Member] | Prepayment Rates [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 4.46% | |
Weighted Average [Member] | Impaired Loans [Member] | Reserve [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 10.00% | |
Minimum [Member] | Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 1.90% | |
Minimum [Member] | Probability Of Default [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 0.00% | |
Minimum [Member] | Prepayment Rates [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 0.00% | |
Minimum [Member] | Gas Per Million Cubic Feet [Member] | Reserve [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Weighted Average Inputs Price | $ 2.87 | |
Minimum [Member] | Oil Per Barrels Per Day [Member] | Reserve [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Weighted Average Inputs Price | $ 56.05 | |
Minimum [Member] | Pooled Trust Preferred Collateralized Debt Obligations [Member] | Discount Rates [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 5.00% | |
Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | $ 23,646,000 |
Fair Values of Assets and Li110
Fair Values of Assets and Liabilities - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | $ 731,358 | $ 778,612 |
Other investments | 29,837 | 36,498 |
Loans Held for Sale | 14,850 | 7,052 |
Other Assets | 3,921 | 7,019 |
Total Assets | 779,966 | 829,181 |
Other Liabilities | 3,079 | 5,972 |
Total Liabilities | 3,079 | 5,972 |
US Government Agencies Debt Securities [Member] | Mortgage-Backed Securities-Residential [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 11,338 | 16,617 |
US Government Agencies Debt Securities [Member] | Mortgage-Backed Securities-Commercial [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 24,149 | |
Obligations of U.S. Government-Sponsored Enterprises [Member] | Mortgage-Backed Securities-Residential [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 625,555 | 676,853 |
Obligations of U.S. Government-Sponsored Enterprises [Member] | Mortgage-Backed Securities-Commercial [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 0 | 1 |
Obligations of U.S. Government-Sponsored Enterprises [Member] | Other Government - Sponsored Enterprises [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 1,097 | 16,631 |
Obligations of States and Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 27,410 | 27,229 |
Corporate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 16,493 | 6,319 |
Pooled Trust Preferred Collateralized Debt Obligations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 23,646 | 33,292 |
Corporate Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 729,688 | 776,942 |
Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 1,670 | 1,670 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 0 | 0 |
Other investments | 0 | 0 |
Loans Held for Sale | 0 | 0 |
Other Assets | 0 | 0 |
Total Assets | 0 | 0 |
Other Liabilities | 0 | 0 |
Total Liabilities | 0 | 0 |
Level 1 [Member] | US Government Agencies Debt Securities [Member] | Mortgage-Backed Securities-Residential [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 0 | 0 |
Level 1 [Member] | US Government Agencies Debt Securities [Member] | Mortgage-Backed Securities-Commercial [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 0 | |
Level 1 [Member] | Obligations of U.S. Government-Sponsored Enterprises [Member] | Mortgage-Backed Securities-Residential [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 0 | 0 |
Level 1 [Member] | Obligations of U.S. Government-Sponsored Enterprises [Member] | Mortgage-Backed Securities-Commercial [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 0 | 0 |
Level 1 [Member] | Obligations of U.S. Government-Sponsored Enterprises [Member] | Other Government - Sponsored Enterprises [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 0 | 0 |
Level 1 [Member] | Obligations of States and Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 0 | 0 |
Level 1 [Member] | Corporate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 0 | 0 |
Level 1 [Member] | Pooled Trust Preferred Collateralized Debt Obligations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 0 | 0 |
Level 1 [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 0 | 0 |
Level 1 [Member] | Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 706,042 | 743,650 |
Other investments | 29,837 | 36,498 |
Loans Held for Sale | 14,850 | 7,052 |
Other Assets | 1,778 | 6,089 |
Total Assets | 752,507 | 793,289 |
Other Liabilities | 3,079 | 5,972 |
Total Liabilities | 3,079 | 5,972 |
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | Mortgage-Backed Securities-Residential [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 11,338 | 16,617 |
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | Mortgage-Backed Securities-Commercial [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 24,149 | |
Fair Value, Inputs, Level 2 [Member] | Obligations of U.S. Government-Sponsored Enterprises [Member] | Mortgage-Backed Securities-Residential [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 625,555 | 676,853 |
Fair Value, Inputs, Level 2 [Member] | Obligations of U.S. Government-Sponsored Enterprises [Member] | Mortgage-Backed Securities-Commercial [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 0 | 1 |
Fair Value, Inputs, Level 2 [Member] | Obligations of U.S. Government-Sponsored Enterprises [Member] | Other Government - Sponsored Enterprises [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 1,097 | 16,631 |
Fair Value, Inputs, Level 2 [Member] | Obligations of States and Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 27,410 | 27,229 |
Fair Value, Inputs, Level 2 [Member] | Corporate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 16,493 | 6,319 |
Fair Value, Inputs, Level 2 [Member] | Pooled Trust Preferred Collateralized Debt Obligations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 706,042 | 743,650 |
Total Assets | 23,646 | |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 0 | 0 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 25,316 | 34,962 |
Other investments | 0 | 0 |
Loans Held for Sale | 0 | 0 |
Other Assets | 2,143 | 930 |
Total Assets | 27,459 | 35,892 |
Other Liabilities | 0 | 0 |
Total Liabilities | 0 | 0 |
Level 3 [Member] | Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Assets | 1,670 | |
Level 3 [Member] | US Government Agencies Debt Securities [Member] | Mortgage-Backed Securities-Residential [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 0 | 0 |
Level 3 [Member] | US Government Agencies Debt Securities [Member] | Mortgage-Backed Securities-Commercial [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 0 | |
Level 3 [Member] | Obligations of U.S. Government-Sponsored Enterprises [Member] | Mortgage-Backed Securities-Residential [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 0 | 0 |
Level 3 [Member] | Obligations of U.S. Government-Sponsored Enterprises [Member] | Mortgage-Backed Securities-Commercial [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 0 | 0 |
Level 3 [Member] | Obligations of U.S. Government-Sponsored Enterprises [Member] | Other Government - Sponsored Enterprises [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 0 | 0 |
Level 3 [Member] | Obligations of States and Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 0 | 0 |
Level 3 [Member] | Corporate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 0 | 0 |
Level 3 [Member] | Pooled Trust Preferred Collateralized Debt Obligations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | $ 23,646 | 33,292 |
Level 3 [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 33,292 | |
Level 3 [Member] | Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | $ 1,670 |
Fair Values of Assets and Li111
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 | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | $ (731,358) | $ (778,612) |
Assets, Fair Value Disclosure | 779,966 | 829,181 |
Balance, beginning of period | 35,892 | 37,828 |
Total gains or losses included in earnings | 4,329 | 589 |
Total gains or losses included in other comprehensive income | 3,725 | 850 |
Purchases | 1,213 | 430 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | (17,700) | (3,805) |
Transfers from Level 3 | 0 | (536) |
Transfers into Level 3 | 0 | 536 |
Balance, end of period | 27,459 | 35,892 |
Federal Home Loan Bank Stock | 29,837 | 36,498 |
Loans Held-for-sale, Fair Value Disclosure | 14,850 | 7,052 |
Other Assets, Fair Value Disclosure | 3,921 | 7,019 |
Other Liabilities, Fair Value Disclosure | 3,079 | 5,972 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 3,079 | 5,972 |
Pooled Trust Preferred Collateralized Debt Obligations [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance, beginning of period | 33,292 | 35,658 |
Total gains or losses included in earnings | 4,329 | 589 |
Total gains or losses included in other comprehensive income | 3,725 | 850 |
Purchases | 0 | 0 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | (17,700) | (3,805) |
Transfers from Level 3 | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Balance, end of period | 23,646 | 33,292 |
Equity Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
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 |
Transfers from Level 3 | 0 | (536) |
Transfers into Level 3 | 0 | 0 |
Balance, end of period | 1,670 | 1,670 |
Other Assets [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance, beginning of period | 930 | 0 |
Total gains or losses included in earnings | 0 | 0 |
Total gains or losses included in other comprehensive income | 0 | 0 |
Purchases | 1,213 | 394 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Transfers from Level 3 | 0 | 0 |
Transfers into Level 3 | 0 | |
Balance, end of period | 2,143 | 930 |
Corporate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | (16,493) | (6,319) |
Debt Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | (729,688) | (776,942) |
Pooled Trust Preferred Collateralized Debt Obligations [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | (23,646) | (33,292) |
US Government Agencies Debt Securities [Member] | Mortgage-Backed Securities-Residential [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | (11,338) | (16,617) |
US Government Agencies Debt Securities [Member] | Mortgage-Backed Securities-Commercial [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | (24,149) | |
Obligations of U.S. Government-Sponsored Enterprises [Member] | Mortgage-Backed Securities-Residential [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | (625,555) | (676,853) |
Obligations of U.S. Government-Sponsored Enterprises [Member] | Mortgage-Backed Securities-Commercial [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | 0 | (1) |
Obligations of U.S. Government-Sponsored Enterprises [Member] | Other Government - Sponsored Enterprises [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | (1,097) | (16,631) |
Obligations of States and Political Subdivisions [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | (27,410) | (27,229) |
Equity Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | (1,670) | (1,670) |
Level 1 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Federal Home Loan Bank Stock | 0 | 0 |
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 |
Other Assets, Fair Value Disclosure | 0 | 0 |
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 |
Level 1 [Member] | Corporate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Level 1 [Member] | Debt Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Level 1 [Member] | Pooled Trust Preferred Collateralized Debt Obligations [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Level 1 [Member] | US Government Agencies Debt Securities [Member] | Mortgage-Backed Securities-Residential [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Level 1 [Member] | US Government Agencies Debt Securities [Member] | Mortgage-Backed Securities-Commercial [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | 0 | |
Level 1 [Member] | Obligations of U.S. Government-Sponsored Enterprises [Member] | Mortgage-Backed Securities-Residential [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Level 1 [Member] | Obligations of U.S. Government-Sponsored Enterprises [Member] | Mortgage-Backed Securities-Commercial [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Level 1 [Member] | Obligations of U.S. Government-Sponsored Enterprises [Member] | Other Government - Sponsored Enterprises [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Level 1 [Member] | Obligations of States and Political Subdivisions [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Level 1 [Member] | Equity Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | (706,042) | (743,650) |
Assets, Fair Value Disclosure | 752,507 | 793,289 |
Federal Home Loan Bank Stock | 29,837 | 36,498 |
Loans Held-for-sale, Fair Value Disclosure | 14,850 | 7,052 |
Other Assets, Fair Value Disclosure | 1,778 | 6,089 |
Other Liabilities, Fair Value Disclosure | 3,079 | 5,972 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 3,079 | 5,972 |
Fair Value, Inputs, Level 2 [Member] | Corporate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | (16,493) | (6,319) |
Fair Value, Inputs, Level 2 [Member] | Debt Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | (706,042) | (743,650) |
Assets, Fair Value Disclosure | 23,646 | |
Fair Value, Inputs, Level 2 [Member] | Pooled Trust Preferred Collateralized Debt Obligations [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | Mortgage-Backed Securities-Residential [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | (11,338) | (16,617) |
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | Mortgage-Backed Securities-Commercial [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | (24,149) | |
Fair Value, Inputs, Level 2 [Member] | Obligations of U.S. Government-Sponsored Enterprises [Member] | Mortgage-Backed Securities-Residential [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | (625,555) | (676,853) |
Fair Value, Inputs, Level 2 [Member] | Obligations of U.S. Government-Sponsored Enterprises [Member] | Mortgage-Backed Securities-Commercial [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | 0 | (1) |
Fair Value, Inputs, Level 2 [Member] | Obligations of U.S. Government-Sponsored Enterprises [Member] | Other Government - Sponsored Enterprises [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | (1,097) | (16,631) |
Fair Value, Inputs, Level 2 [Member] | Obligations of States and Political Subdivisions [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | (27,410) | (27,229) |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | (25,316) | (34,962) |
Assets, Fair Value Disclosure | 27,459 | 35,892 |
Federal Home Loan Bank Stock | 0 | 0 |
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 |
Other Assets, Fair Value Disclosure | 2,143 | 930 |
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets, Fair Value Disclosure | 1,670 | |
Fair Value, Inputs, Level 3 [Member] | Corporate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Debt Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | (33,292) | |
Fair Value, Inputs, Level 3 [Member] | Pooled Trust Preferred Collateralized Debt Obligations [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | (23,646) | (33,292) |
Fair Value, Inputs, Level 3 [Member] | US Government Agencies Debt Securities [Member] | Mortgage-Backed Securities-Residential [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | US Government Agencies Debt Securities [Member] | Mortgage-Backed Securities-Commercial [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | 0 | |
Fair Value, Inputs, Level 3 [Member] | Obligations of U.S. Government-Sponsored Enterprises [Member] | Mortgage-Backed Securities-Residential [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Obligations of U.S. Government-Sponsored Enterprises [Member] | Mortgage-Backed Securities-Commercial [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Obligations of U.S. Government-Sponsored Enterprises [Member] | Other Government - Sponsored Enterprises [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Obligations of States and Political Subdivisions [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | $ 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | $ (1,670) |
Fair Values of Assets and Li112
Fair Values of Assets and Liabilities - Schedule of Assets Measured on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | $ 779,966 | $ 829,181 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 38,494 | 38,669 |
Other Real Estate Owned Assets Fair Value | 3,264 | 7,566 |
Total Assets | 41,758 | 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 Assets Fair Value | 0 | 0 |
Total Assets | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | 752,507 | 793,289 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 23,249 | 18,679 |
Other Real Estate Owned Assets Fair Value | 3,264 | 7,566 |
Total Assets | 26,513 | 26,245 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | 27,459 | 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 | 15,245 | 19,990 |
Other Real Estate Owned Assets Fair Value | 0 | 0 |
Total Assets | 15,245 | 19,990 |
Total Gains (Losses) [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Measurement Of Assets On Nonrecurring Basis Net Losses On Impaired Loans | (1,548) | (9,032) |
Fair Value Measurement Of Assets On Nonrecurring Basis Net Losses On Other Real Estate Owned | (1,099) | (703) |
Fair Value Measurement Of Assets On Nonrecurring Basis Net Loss | $ (2,647) | $ (9,735) |
Fair Values of Assets and Li113
Fair Values of Assets and Liabilities - Carrying Amounts and Fair Values of Financial Instruments (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Cash and due from banks | $ 98,624,000 | $ 91,033,000 | |
Interest-bearing deposits | 8,668,000 | 24,644,000 | |
Securities available for sale | 731,358,000 | 778,612,000 | |
Held-to-maturity Securities | 422,096,000 | 372,513,000 | |
Other investments | 29,837,000 | 36,498,000 | |
Loans held for sale | 14,850,000 | 7,052,000 | |
Loans | 5,407,376,000 | 4,879,347,000 | $ 4,683,750,000 |
Deposits | 5,580,705,000 | 4,947,408,000 | |
Short-term borrowings | 707,466,000 | 867,943,000 | $ 1,510,825,000 |
Long-term debt | 8,161,000 | 8,749,000 | |
Subordinated debt | 72,167,000 | 72,167,000 | |
Capital Lease Obligations, Current | 7,590,000 | 0 | |
Level 1 [Member] | |||
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Securities available for sale | 0 | 0 | |
Other investments | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Securities available for sale | 706,042,000 | 743,650,000 | |
Other investments | 29,837,000 | 36,498,000 | |
Level 3 [Member] | |||
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Securities available for sale | 25,316,000 | 34,962,000 | |
Other investments | 0 | 0 | |
Carrying Amount [Member] | |||
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Cash and due from banks | 98,624,000 | 91,033,000 | |
Interest-bearing deposits | 8,668,000 | 24,644,000 | |
Securities available for sale | 731,358,000 | 778,612,000 | |
Held-to-maturity Securities | 422,096,000 | 372,513,000 | |
Other investments | 29,837,000 | 36,498,000 | |
Loans held for sale | 14,850,000 | 7,052,000 | |
Loans | 5,407,376,000 | 4,879,347,000 | |
Deposits | 5,580,705,000 | 4,947,408,000 | |
Short-term borrowings | 707,466,000 | 867,943,000 | |
Long-term debt | 8,161,000 | 8,749,000 | |
Subordinated debt | 72,167,000 | 72,167,000 | |
Capital Lease Obligations, Current | 7,590,000 | ||
Estimated Fair Value [Member] | |||
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Cash and due from banks | 98,624,000 | 91,033,000 | |
Interest-bearing deposits | 8,668,000 | 24,644,000 | |
Securities available for sale | 731,358,000 | 778,612,000 | |
Held-to-maturity Securities | 418,249,000 | 368,618,000 | |
Other investments | 29,837,000 | 36,498,000 | |
Loans held for sale | 14,850,000 | 7,052,000 | |
Loans | 5,443,434,000 | 4,878,254,000 | |
Deposits | 5,580,812,000 | 4,949,714,000 | |
Short-term borrowings | 707,263,000 | 867,667,000 | |
Long-term debt | 8,548,000 | 9,169,000 | |
Subordinated debt | 65,785,000 | 65,656,000 | |
Capital Lease Obligations, Current | 7,590,000 | ||
Estimated Fair Value [Member] | Level 1 [Member] | |||
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Cash and due from banks | 98,624,000 | 91,033,000 | |
Interest-bearing deposits | 8,668,000 | 24,644,000 | |
Securities available for sale | 0 | 0 | |
Held-to-maturity Securities | 0 | 0 | |
Other investments | 0 | 0 | |
Loans held for sale | 0 | 0 | |
Loans | 0 | 0 | |
Deposits | 0 | 0 | |
Short-term borrowings | 0 | 0 | |
Long-term debt | 0 | 0 | |
Subordinated debt | 0 | 0 | |
Capital Lease Obligations, Current | 0 | ||
Estimated Fair Value [Member] | Fair Value, Inputs, 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 | 706,042,000 | 743,650,000 | |
Held-to-maturity Securities | 418,249,000 | 368,618,000 | |
Other investments | 29,837,000 | 36,498,000 | |
Loans held for sale | 14,850,000 | 7,052,000 | |
Loans | 23,249,000 | 18,679,000 | |
Deposits | 5,580,812,000 | 4,949,714,000 | |
Short-term borrowings | 707,263,000 | 867,667,000 | |
Long-term debt | 8,548,000 | 9,169,000 | |
Subordinated debt | 0 | 0 | |
Capital Lease Obligations, Current | 7,590,000 | ||
Estimated Fair Value [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 | 25,316,000 | 34,962,000 | |
Held-to-maturity Securities | 0 | 0 | |
Other investments | 0 | 0 | |
Loans held for sale | 0 | 0 | |
Loans | 5,420,185,000 | 4,859,575,000 | |
Deposits | 0 | 0 | |
Short-term borrowings | 0 | 0 | |
Long-term debt | 0 | 0 | |
Subordinated debt | 65,785,000 | $ 65,656,000 | |
Capital Lease Obligations, Current | $ 0 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Provision (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Federal | $ 29,071 | $ 19,879 | $ 8,610 |
State | 274 | 154 | 68 |
Total current tax provision | 29,345 | 20,033 | 8,678 |
Deferred State and Local Income Tax Expense (Benefit) | 19,237 | 5,846 | 12,158 |
Deferred State and Local Income Tax Expense (Benefit) | (21) | (240) | 0 |
Deferred Income Tax Expense (Benefit) | 19,216 | 5,606 | 12,158 |
Total tax provision (benefit), Amount | $ 48,561 | $ 25,639 | $ 20,836 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||
Tax at statutory rate, Amount | $ 36,304 | $ 29,830 | $ 24,843 |
Income Tax Reconciliation, Bank Owned Life Insurance Income | (1,995) | (1,883) | (1,894) |
Tax-exempt interest income, net, Amount | (2,709) | (2,434) | (2,232) |
Tax credits, Amount | (11) | 0 | (61) |
Other, Amount | 99 | 182 | 136 |
Total tax provision (benefit), Amount | $ 48,561 | $ 25,639 | $ 20,836 |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||
Tax at statutory rate, Pretax Income | 35.00% | 35.00% | 35.00% |
Income from bank owned life insurance, Pretax Income | (2.00%) | (2.00%) | (3.00%) |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | $ 164 | $ (56) | $ 44 |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 0.00% | 0.00% | 0.00% |
Tax-exempt interest income, net, Pretax Income | (3.00%) | (3.00%) | (3.00%) |
Tax credits, Pretax Income | (0.00%) | (0.00%) | (0.00%) |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 16,709 | $ 0 | $ 0 |
Effective Income Tax Rate Reconciliation, Deduction, Percent | (17.00%) | 0.00% | 0.00% |
Other, Pretax Income | 0.00% | 0.00% | 0.00% |
Total tax provision (benefit), Pretax Income | 47.00% | 30.00% | 29.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Operating Loss Carryforwards | $ 29,000,000 | ||
Unrecognized Tax Benefits | $ 0 | ||
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Annual effective income tax rate, percentage | 47.00% | 30.00% | 29.00% |
Net deferred tax asset | $ 25,509,000 | $ 33,315,000 | |
Alternative minimum tax credit carryforward | 201,000 | 0 | |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 16,709,000 | $ 0 | $ 0 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Tax Assets, Gross [Abstract] | ||
Allowance for credit losses | $ 10,223 | $ 17,616 |
Postretirement benefits other than pensions | 345 | 611 |
Alternative minimum tax credit carryforward | 201 | 0 |
Unrealized loss on securities available for sale | 2,091 | 3,905 |
Deferred Tax Assets, Operating Loss Carryforwards | 6,145 | 0 |
Writedown of other real estate owned | 878 | 1,266 |
Deferred compensation | 1,514 | 1,966 |
Accrued interest on nonaccrual loans | 1,017 | 1,701 |
Accrued incentives | 1,277 | 2,627 |
Unfunded loan commitments & other reserves | 1,098 | 1,452 |
Deferred rent | 801 | 1,285 |
Other | 1,224 | 1,966 |
Total deferred tax assets | 26,814 | 34,395 |
Deferred tax liabilities: | ||
Income from unconsolidated subsidiary | (380) | (623) |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (587) | (28) |
Other | (338) | (429) |
Total deferred tax liabilities | (1,305) | (1,080) |
Net deferred tax asset | $ 25,509 | $ 33,315 |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Employer contribution | 6.00% | ||
Employee contribution | 80.00% | ||
Plan expense | $ 2,800,000 | $ 2,500,000 | $ 2,700,000 |
Retirement Plan expense | 0 | $ 0 | |
Minimum [Member] | |||
Total annual compensation for a calendar year for non-qualified deferred compensation plan | $ 110,000 | ||
Eligibility of participants | 1.00% | ||
Maximum [Member] | |||
Eligibility of participants | 25.00% |
Retirement Plans - Schedule of
Retirement Plans - Schedule of Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Retirement Benefits [Abstract] | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost on projected benefit obligation | 49 | 67 | 62 |
Amortization of transition obligation | 0 | 0 | 0 |
Gain amortization | (21) | (7) | (4) |
Net periodic benefit cost | $ 28 | $ 60 | $ 58 |
Retirement Plans - Schedule 120
Retirement Plans - Schedule of Changes in Benefit Obligations and Plan Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 49 | 67 | 62 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Funded Status at End of Year | 1,194 | 1,394 | |
Unrecognized transition obligation | 0 | 0 | |
Unrecognized net gain | 440 | 345 | |
Amounts recognized in retained earnings | 1,634 | 1,739 | |
Change in Benefit Obligation [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 1,394 | 1,815 | |
Service cost | 0 | 0 | |
Interest cost | 49 | 67 | |
Amendments | 0 | 0 | |
Actuarial gain | (116) | (337) | |
Net benefits paid | (133) | (151) | |
Benefit obligation at end of year | 1,194 | 1,394 | 1,815 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Net benefits paid | (133) | (151) | |
Change In Plan Assets [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Net benefits paid | (133) | (151) | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 133 | 151 | |
Net benefits paid | (133) | (151) | |
Fair value of plan assets at end of year | $ 0 | $ 0 | $ 0 |
Retirement Plans - Schedule 121
Retirement Plans - Schedule of Amounts Recognized as Other Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Retirement Benefits [Abstract] | ||
Amounts Recognized in the Statement of Financial Condition as Other liabilities | $ 1,194 | $ 1,394 |
Retirement Plans - Schedule 122
Retirement Plans - Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net (gain) loss | $ (347) | $ (225) | $ (10) |
Transition obligation | 0 | 0 | 0 |
Total | (347) | $ (225) | $ (10) |
Postretirement Benefit Costs [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net (gain) loss | (35) | ||
Transition obligation | 0 | ||
Total | $ (35) |
Retirement Plans - Schedule 123
Retirement Plans - Schedule of Weighted-Average Assumptions Used to Determine Benefit Obligation (Detail) - Benefit Obligation [Member] | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net Periodic Benefit Cost Assumptions [Line Items] | |||
Discount rate | 3.37% | 3.74% | 3.88% |
Health care cost trend: Initial | 6.00% | 6.00% | 6.25% |
Health care cost trend: Ultimate | 4.75% | 4.75% | 4.75% |
Year ultimate reached | 2,023 | 2,022 | 2,022 |
Retirement Plans - Schedule 124
Retirement Plans - Schedule of Weighted-Average Assumptions Used to Determine Net Periodic Cost (Detail) - Net Periodic Cost [Member] | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net Periodic Benefit Cost Assumptions [Line Items] | |||
Discount rate | 3.74% | 3.88% | 3.61% |
Health care cost trend: Initial | 6.00% | 6.25% | 6.50% |
Health care cost trend: Ultimate | 4.75% | 4.75% | 4.75% |
Year ultimate reached | 2,022 | 2,022 | 2,022 |
Corridor | 10.00% | 10.00% | 10.00% |
Recognition period for gains and losses | 11 years | 11 years | 11 years |
Retirement Plans - Schedule 125
Retirement Plans - Schedule of Impact of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Retirement Benefits [Abstract] | |
Effect on total of service and interest cost components, One-Percentage-Point Increase | $ 29 |
Effect on postretirement benefit obligation, One-Percentage-Point Increase | 2 |
Effect on total of service and interest cost components, One-Percentage-Point Decrease | (27) |
Effect on postretirement benefit obligation, One-Percentage-Point Decrease | $ (2) |
Retirement Plans - Schedule 126
Retirement Plans - Schedule of Projected Benefit Payments (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2,016 | $ 152 |
2,017 | 128 |
2,018 | 122 |
2,019 | 115 |
2,020 | 107 |
2021 - 2025 | $ 422 |
Incentive Compensation Plan - A
Incentive Compensation Plan - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Mar. 24, 2017 | Feb. 23, 2017 | Dec. 19, 2016 | Sep. 30, 2016 | Sep. 19, 2016 | Jun. 07, 2016 | Mar. 01, 2016 | Mar. 01, 2016 | Mar. 01, 2016 | Feb. 18, 2016 | Dec. 30, 2015 | Jun. 26, 2015 | Feb. 20, 2015 | Feb. 20, 2015 | Feb. 05, 2015 | Jan. 29, 2015 | Jan. 26, 2015 | Jan. 15, 2015 | Nov. 18, 2014 | Apr. 08, 2014 | Mar. 25, 2014 | Mar. 05, 2014 | Jan. 27, 2014 | Jan. 01, 2014 | Aug. 16, 2013 | May 31, 2013 | Mar. 01, 2013 | Jan. 28, 2013 | Jan. 02, 2012 | Apr. 01, 2011 | Feb. 24, 2012 | Nov. 21, 2011 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||
Grant Price (in dollars per share) | $ 12.99 | $ 9.88 | $ 8.41 | ||||||||||||||||||||||||||||||||
Maximum number of shares that are available to be awarded | 5,000,000 | ||||||||||||||||||||||||||||||||||
Vesting period of restricted stock | 0 years | 0 years | 0 years | 0 years | 0 years | 1 year | 1 year | ||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 3,365,572 | ||||||||||||||||||||||||||||||||||
Restricted Stock [Member] | |||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||
Grant Price (in dollars per share) | $ 9.18 | $ 14.32 | |||||||||||||||||||||||||||||||||
Allocated Share-based Compensation Expense | $ 3.8 | ||||||||||||||||||||||||||||||||||
Compensation expense | $ 3.2 | $ 1.4 | |||||||||||||||||||||||||||||||||
Unrecognized compensation cost related to unvested restricted stock | $ 3 | ||||||||||||||||||||||||||||||||||
75 Percent of Grant [Member] | |||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||
Grant Price (in dollars per share) | $ 13.29 | ||||||||||||||||||||||||||||||||||
25 Percent of Grant [Member] | |||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||
Grant Price (in dollars per share) | $ 15.09 | ||||||||||||||||||||||||||||||||||
March 24, 2017 Grant 4 [Member] | Restricted Stock [Member] | |||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||
Shares issued (in shares) | 5,000 | ||||||||||||||||||||||||||||||||||
Grant Price (in dollars per share) | $ 12.99 | ||||||||||||||||||||||||||||||||||
Vesting Date | Mar. 24, 2020 | ||||||||||||||||||||||||||||||||||
Number of Equal Vesting Periods | 1 | ||||||||||||||||||||||||||||||||||
March 24, 2017 Grant 3 [Member] | Restricted Stock [Member] | |||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||
Shares issued (in shares) | 7,000 | ||||||||||||||||||||||||||||||||||
Grant Price (in dollars per share) | $ 12.99 | ||||||||||||||||||||||||||||||||||
Vesting Date | Aug. 31, 2017 | ||||||||||||||||||||||||||||||||||
Number of Equal Vesting Periods | 1 | ||||||||||||||||||||||||||||||||||
March 24, 2017 Grant 2 [Member] | Restricted Stock [Member] | |||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||
Shares issued (in shares) | 7,000 | ||||||||||||||||||||||||||||||||||
Grant Price (in dollars per share) | $ 12.99 | ||||||||||||||||||||||||||||||||||
Vesting Date | Mar. 24, 2020 | ||||||||||||||||||||||||||||||||||
Number of Equal Vesting Periods | 1 | ||||||||||||||||||||||||||||||||||
March 24, 2017 Grant 1 [Member] | Restricted Stock [Member] | |||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||
Shares issued (in shares) | 7,000 | ||||||||||||||||||||||||||||||||||
Grant Price (in dollars per share) | $ 12.99 | ||||||||||||||||||||||||||||||||||
Vesting Date | Aug. 31, 2017 | ||||||||||||||||||||||||||||||||||
Number of Equal Vesting Periods | 1 | ||||||||||||||||||||||||||||||||||
Executive [Member] | Restricted Stock [Member] | |||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||
Shares issued (in shares) | 15,000 | 10,000 | 33,000 | 10,000 | 10,000 | 5,000 | 20,000 | 18,348 | 1,000 | 34,200 | 10,000 | 20,000 | 3,500 | 27,500 | 46,000 | 5,000 | 12,626 | 3,000 | 45,000 | 10,000 | 100,000 | 25,000 | 10,000 | ||||||||||||
Grant Price (in dollars per share) | $ 13.96 | $ 10.09 | $ 10.02 | $ 9.34 | $ 8.84 | $ 8.84 | $ 8.84 | $ 8.43 | $ 9.84 | $ 8.45 | $ 8.45 | $ 8.38 | $ 9.26 | $ 8.89 | $ 9.18 | $ 8.75 | $ 8.82 | $ 7.57 | $ 7.21 | $ 7.35 | $ 5.26 | $ 6.82 | $ 4.41 | ||||||||||||
Vesting Date | Dec. 19, 2019 | Sep. 30, 2019 | Sep. 19, 2019 | Jun. 7, 2019 | Mar. 1, 2019 | Mar. 1, 2019 | Aug. 31, 2017 | Dec. 31, 2016 | Jun. 26, 2018 | Dec. 31, 2015 | Aug. 31, 2017 | Jan. 15, 2017 | Nov. 17, 2017 | Apr. 8, 2017 | Mar. 24, 2017 | Mar. 4, 2017 | Dec. 31, 2014 | Aug. 16, 2016 | May 31, 2016 | Mar. 1, 2016 | Jan. 1, 2016 | Apr. 1, 2016 | Nov. 21, 2014 | ||||||||||||
Number of Equal Vesting Periods | 3 | 1 | 3 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 3 | 1 | 1 | 1 | 1 | 3 | 1 | 4 | 1 | 1 | ||||||||||||
Executive [Member] | Restricted Stock [Member] | Long Term Incentive Plan [Member] | |||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||
Shares issued (in shares) | 50,000 | 34,000 | |||||||||||||||||||||||||||||||||
Grant Price (in dollars per share) | $ 8.55 | $ 5.96 | |||||||||||||||||||||||||||||||||
Vesting Date | Feb. 5, 2018 | Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Number of Equal Vesting Periods | 1 | 1 | |||||||||||||||||||||||||||||||||
Executive [Member] | Restricted Stock [Member] | Annual Incentive Plan [Member] | |||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||
Shares issued (in shares) | 20,170 | 90,000 | |||||||||||||||||||||||||||||||||
Grant Price (in dollars per share) | $ 7.93 | $ 5.96 | |||||||||||||||||||||||||||||||||
Vesting Date | Dec. 31, 2015 | Feb. 24, 2015 | |||||||||||||||||||||||||||||||||
Number of Equal Vesting Periods | 1 | 1 |
Incentive Compensation Plan - U
Incentive Compensation Plan - Unvested Service-Based Restricted Stock Awards (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Outstanding, beginning of the year, Shares | 247,668 | 231,834 | 265,000 |
Granted, Shares | 26,000 | 121,348 | 135,370 |
Vested, Shares | (151,668) | (105,514) | (168,536) |
Forfeited, Shares | (5,000) | 0 | 0 |
Outstanding, end of the year, Shares | 117,000 | 247,668 | 231,834 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Outstanding, beginning of the year, Weighted Average Grant Date Fair Value | $ 9.34 | $ 8.01 | $ 7.08 |
Grant Price (in dollars per share) | 12.99 | 9.88 | 8.41 |
Vested, Weighted Average Grant Date Fair Value | 9.49 | 7.04 | 6.87 |
Forfeited, Weighted Average Grant Date Fair Value | 8.55 | 0 | 0 |
Outstanding, end of the year, Weighted Average Grant Date Fair Value | $ 9.99 | $ 9.34 | $ 8.01 |
Incentive Compensation Plan Inc
Incentive Compensation Plan Incentive Compensation Plan - Restricted Stock Awards Estimated to be Granted on a Performance Award (Details) - $ / shares | Mar. 24, 2017 | Feb. 23, 2017 | Dec. 19, 2016 | Sep. 30, 2016 | Sep. 19, 2016 | Jun. 07, 2016 | Mar. 01, 2016 | Mar. 01, 2016 | Mar. 01, 2016 | Feb. 18, 2016 | Dec. 30, 2015 | Jun. 26, 2015 | Feb. 20, 2015 | Feb. 20, 2015 | Feb. 05, 2015 | Jan. 26, 2015 | Jan. 15, 2015 | Nov. 18, 2014 | Apr. 08, 2014 | Mar. 25, 2014 | Mar. 05, 2014 | Jan. 27, 2014 | Jan. 01, 2014 | Aug. 16, 2013 | May 31, 2013 | Mar. 01, 2013 | Jan. 28, 2013 | Jan. 02, 2012 | Apr. 01, 2011 | Feb. 24, 2012 | Nov. 21, 2011 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Target Award Participants Earn | 40.00% | 40.00% | 40.00% | 40.00% | 40.00% | 40.00% | ||||||||||||||||||||||||||||
Performance Shares Awards As Percentage Of Target | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||||||||||
Percentage Of Target Award Opportunities Maximum In Certain Cases | 200.00% | 200.00% | 200.00% | 200.00% | 200.00% | 200.00% | ||||||||||||||||||||||||||||
Vesting period of restricted stock | 0 years | 0 years | 0 years | 0 years | 0 years | 1 year | 1 year | |||||||||||||||||||||||||||
Performance Based Stock Awards Vesting Period | 3 years | 3 years | 5 years | 3 years | 3 years | 3 years | 3 years | |||||||||||||||||||||||||||
Grant Price (in dollars per share) | $ 12.99 | $ 9.88 | $ 8.41 | |||||||||||||||||||||||||||||||
Restricted Stock [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Grant Price (in dollars per share) | $ 9.18 | $ 14.32 | ||||||||||||||||||||||||||||||||
Restricted Stock [Member] | March 24, 2017 Grant 4 [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Common stock issued to executive | 5,000 | |||||||||||||||||||||||||||||||||
Grant Price (in dollars per share) | $ 12.99 | |||||||||||||||||||||||||||||||||
Vesting Date | Mar. 24, 2020 | |||||||||||||||||||||||||||||||||
Number of Equal Vesting Periods | 1 | |||||||||||||||||||||||||||||||||
Restricted Stock [Member] | Executive [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Common stock issued to executive | 15,000 | 10,000 | 33,000 | 10,000 | 10,000 | 5,000 | 20,000 | 18,348 | 1,000 | 34,200 | 10,000 | 20,000 | 3,500 | 27,500 | 46,000 | 5,000 | 12,626 | 3,000 | 45,000 | 10,000 | 100,000 | 25,000 | 10,000 | |||||||||||
Grant Price (in dollars per share) | $ 13.96 | $ 10.09 | $ 10.02 | $ 9.34 | $ 8.84 | $ 8.84 | $ 8.84 | $ 8.43 | $ 9.84 | $ 8.45 | $ 8.45 | $ 8.38 | $ 9.26 | $ 8.89 | $ 9.18 | $ 8.75 | $ 8.82 | $ 7.57 | $ 7.21 | $ 7.35 | $ 5.26 | $ 6.82 | $ 4.41 | |||||||||||
Vesting Date | Dec. 19, 2019 | Sep. 30, 2019 | Sep. 19, 2019 | Jun. 7, 2019 | Mar. 1, 2019 | Mar. 1, 2019 | Aug. 31, 2017 | Dec. 31, 2016 | Jun. 26, 2018 | Dec. 31, 2015 | Aug. 31, 2017 | Jan. 15, 2017 | Nov. 17, 2017 | Apr. 8, 2017 | Mar. 24, 2017 | Mar. 4, 2017 | Dec. 31, 2014 | Aug. 16, 2016 | May 31, 2016 | Mar. 1, 2016 | Jan. 1, 2016 | Apr. 1, 2016 | Nov. 21, 2014 | |||||||||||
Number of Equal Vesting Periods | 3 | 1 | 3 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 3 | 1 | 1 | 1 | 1 | 3 | 1 | 4 | 1 | 1 | |||||||||||
Restricted Stock [Member] | Executive [Member] | Long Term Incentive Plan [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Common stock issued to executive | 50,000 | 34,000 | ||||||||||||||||||||||||||||||||
Grant Price (in dollars per share) | $ 8.55 | $ 5.96 | ||||||||||||||||||||||||||||||||
Vesting Date | Feb. 5, 2018 | Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Number of Equal Vesting Periods | 1 | 1 | ||||||||||||||||||||||||||||||||
Restricted Stock [Member] | March 24, 2017 Grant 3 [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Common stock issued to executive | 7,000 | |||||||||||||||||||||||||||||||||
Grant Price (in dollars per share) | $ 12.99 | |||||||||||||||||||||||||||||||||
Vesting Date | Aug. 31, 2017 | |||||||||||||||||||||||||||||||||
Number of Equal Vesting Periods | 1 | |||||||||||||||||||||||||||||||||
Restricted Stock [Member] | March 24, 2017 Grant 2 [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Common stock issued to executive | 7,000 | |||||||||||||||||||||||||||||||||
Grant Price (in dollars per share) | $ 12.99 | |||||||||||||||||||||||||||||||||
Vesting Date | Mar. 24, 2020 | |||||||||||||||||||||||||||||||||
Number of Equal Vesting Periods | 1 | |||||||||||||||||||||||||||||||||
Restricted Stock [Member] | March 24, 2017 Grant 1 [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Common stock issued to executive | 7,000 | |||||||||||||||||||||||||||||||||
Grant Price (in dollars per share) | $ 12.99 | |||||||||||||||||||||||||||||||||
Vesting Date | Aug. 31, 2017 | |||||||||||||||||||||||||||||||||
Number of Equal Vesting Periods | 1 | |||||||||||||||||||||||||||||||||
Restricted Stock [Member] | Executive [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Common stock issued to executive | 93,500,000 | 160,650,000 | 60,000,000 | 125,000,000 | 125,000,000 | 128,611,000 | 68,000,000 |
Incentive Compensation Plan 130
Incentive Compensation Plan - Unvested Target Award (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Outstanding, beginning of the year, Shares | 247,668 | 231,834 | 265,000 |
Granted, Shares | 26,000 | 121,348 | 135,370 |
Vested, Shares | (151,668) | (105,514) | (168,536) |
Forfeited, Shares | (5,000) | 0 | 0 |
Outstanding, end of the year, Shares | 117,000 | 247,668 | 231,834 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Outstanding, beginning of the year, Shares | 426,596 | 320,705 | 284,000 |
Granted, Shares | 276,442 | 176,936 | 185,000 |
Vested, Shares | (171,637) | (18,348) | (34,200) |
Forfeited, Shares | (6,356) | (52,697) | (114,095) |
Outstanding, end of the year, Shares | 525,045 | 426,596 | 320,705 |
Contingent Liabilities - Additi
Contingent Liabilities - Additional Information (Detail) | Dec. 31, 2017USD ($) |
Minimum [Member] | |
Loss Contingencies [Line Items] | |
Range of reasonably possible losses | $ 0 |
Maximum [Member] | |
Loss Contingencies [Line Items] | |
Range of reasonably possible losses | $ 7,000,000 |
Related Party Transactions - Lo
Related Party Transactions - Loans to Related Parties (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Loans and Leases Receivable, Related Parties [Roll Forward] | |
Beginning balance | $ 1,164 |
Advances | 740 |
Repayments | (1,127) |
Ending balance | 5,648 |
Other Loans And Leases Receivable Related Parties | $ 4,871 |
Regulatory Restrictions and 133
Regulatory Restrictions and Capital Adequacy - Schedule of Capital Amount and Ratio Considered to be Capitalized (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
First Commonwealth Financial Corporation | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Common Equity to Risk Weighted Assets | $ 623,252 | $ 563,262 |
Tier 1 Common Equity to Risk Weighted Assets | 10.32% | 10.06% |
Tier 1 Common Equity Required to be Well Capitalized | $ 392,620 | $ 364,026 |
Tier 1 Common Equity Required to be Well Capitalized to Risk Weighted Assets | 6.50% | 6.50% |
First Commonwealth Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Common Equity to Risk Weighted Assets | $ 658,861 | $ 562,784 |
Tier 1 Common Equity to Risk Weighted Assets | 10.94% | 10.09% |
Tier 1 Common Equity Required to be Well Capitalized | $ 391,315 | $ 362,680 |
Tier 1 Common Equity Required to be Well Capitalized to Risk Weighted Assets | 6.50% | 6.50% |
Actual | First Commonwealth Financial Corporation | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets | $ 745,473 | $ 687,554 |
Tier I Capital to Risk Weighted Assets | 691,993 | 633,262 |
Tier I Capital to Average Assets | $ 691,993 | $ 633,262 |
Total Capital to Risk Weighted Assets, Ratio | 12.34% | 12.28% |
Tier I Capital to Risk Weighted Assets, Ratio | 11.46% | 11.31% |
Tier I Capital to Average Assets, Ratio | 9.74% | 9.83% |
Actual | First Commonwealth Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets | $ 712,341 | $ 617,076 |
Tier I Capital to Risk Weighted Assets | 658,861 | 562,784 |
Tier I Capital to Average Assets | $ 658,861 | $ 562,784 |
Total Capital to Risk Weighted Assets, Ratio | 11.83% | 11.06% |
Tier I Capital to Risk Weighted Assets, Ratio | 10.94% | 10.09% |
Tier I Capital to Average Assets, Ratio | 9.30% | 8.79% |
Minimum Capital Required - Basel III Phase-In Schedule | First Commonwealth Financial Corporation | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Regulatory Minimum Capital Amount | $ 558,728 | $ 483,034 |
Tier I Capital to Risk Weighted Assets, Regulatory Minimum Capital Amount | 437,922 | 371,026 |
Tier I Capital to Average Assets, Regulatory Minimum Capital Amount | 284,100 | 257,776 |
Tier 1 Common Equity Required for Capital Adequacy | $ 347,317 | $ 287,020 |
Total Capital to Risk Weighted Assets, Regulatory Minimum Ratio | 9.25% | 8.625% |
Tier I Capital to Risk Weighted Assets, Regulatory Minimum Ratio | 7.25% | 6.625% |
Tier I Capital to Average Assets, Regulatory Minimum Ratio | 4.00% | 4.00% |
Tier 1 Common Equity Required for Capital Adequacy to Risk Weighted Assets | 5.75% | 5.125% |
Minimum Capital Required - Basel III Phase-In Schedule | First Commonwealth Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Regulatory Minimum Capital Amount | $ 556,872 | $ 481,248 |
Tier I Capital to Risk Weighted Assets, Regulatory Minimum Capital Amount | 436,467 | 369,654 |
Tier I Capital to Average Assets, Regulatory Minimum Capital Amount | 283,344 | 256,214 |
Tier 1 Common Equity Required for Capital Adequacy | $ 346,163 | $ 285,959 |
Total Capital to Risk Weighted Assets, Regulatory Minimum Ratio | 9.25% | 8.625% |
Tier I Capital to Risk Weighted Assets, Regulatory Minimum Ratio | 7.25% | 6.625% |
Tier I Capital to Average Assets, Regulatory Minimum Ratio | 4.00% | 4.00% |
Tier 1 Common Equity Required for Capital Adequacy to Risk Weighted Assets | 5.75% | 5.125% |
Minimum Capital Required - Basel III Fully Phased-In | First Commonwealth Financial Corporation | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Regulatory Minimum Capital Amount | $ 634,232 | $ 588,042 |
Tier I Capital to Risk Weighted Assets, Regulatory Minimum Capital Amount | 513,426 | 476,034 |
Tier I Capital to Average Assets, Regulatory Minimum Capital Amount | 284,100 | 257,776 |
Tier 1 Common Equity Required for Capital Adequacy | $ 422,821 | $ 392,028 |
Total Capital to Risk Weighted Assets, Regulatory Minimum Ratio | 10.50% | 10.50% |
Tier I Capital to Risk Weighted Assets, Regulatory Minimum Ratio | 8.50% | 8.50% |
Tier I Capital to Average Assets, Regulatory Minimum Ratio | 4.00% | 4.00% |
Tier 1 Common Equity Required for Capital Adequacy to Risk Weighted Assets | 7.00% | 7.00% |
Minimum Capital Required - Basel III Fully Phased-In | First Commonwealth Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Regulatory Minimum Capital Amount | $ 632,124 | $ 585,867 |
Tier I Capital to Risk Weighted Assets, Regulatory Minimum Capital Amount | 511,720 | 474,273 |
Tier I Capital to Average Assets, Regulatory Minimum Capital Amount | 283,344 | 256,214 |
Tier 1 Common Equity Required for Capital Adequacy | $ 421,416 | $ 390,578 |
Total Capital to Risk Weighted Assets, Regulatory Minimum Ratio | 10.50% | 10.50% |
Tier I Capital to Risk Weighted Assets, Regulatory Minimum Ratio | 8.50% | 8.50% |
Tier I Capital to Average Assets, Regulatory Minimum Ratio | 4.00% | 4.00% |
Tier 1 Common Equity Required for Capital Adequacy to Risk Weighted Assets | 7.00% | 7.00% |
Required to be Considered Well Capitalized | First Commonwealth Financial Corporation | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier One Risk Based Capital Required to be Well Capitalized | $ 483,224 | $ 448,032 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% |
Tier One Leverage Capital Required to be Well Capitalized | $ 355,125 | $ 322,220 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Total Capital to Risk Weighted Assets, Well Capitalized Regulatory Guidelines | $ 604,030 | $ 560,040 |
Total Capital to Risk Weighted Assets, Well Capitalized Regulatory Guidelines | 10.00% | 10.00% |
Required to be Considered Well Capitalized | First Commonwealth Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier One Risk Based Capital Required to be Well Capitalized | $ 481,619 | $ 446,375 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% |
Tier One Leverage Capital Required to be Well Capitalized | $ 354,180 | $ 320,268 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Total Capital to Risk Weighted Assets, Well Capitalized Regulatory Guidelines | $ 602,023 | $ 557,969 |
Total Capital to Risk Weighted Assets, Well Capitalized Regulatory Guidelines | 10.00% | 10.00% |
Capital - Additional Informatio
Capital - Additional Information (Detail) $ / shares in Units, $ in Thousands | 48 Months Ended | ||||||
Jun. 30, 2016$ / sharesshares | Apr. 03, 2017USD ($) | Dec. 02, 2016USD ($)branch | Jan. 27, 2015shares | Jan. 28, 2014shares | Jan. 29, 2013shares | Jun. 19, 2012USD ($)shares | |
Announcement of common stock repurchase program | $ 50,000 | ||||||
Number of shares authorized to be repurchased | shares | 25,000,000 | 25,000,000 | 25,000,000 | 25,000,000 | |||
Stock repurchased (in shares) | shares | 16,665,735 | ||||||
Average price per share | $ / shares | $ 7.55 | ||||||
FirstMerit Bank, NA, Branch Acquisition [Member] | |||||||
Number of Stores | branch | 13 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $ 122,766 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | $ 619,729 | ||||||
DCB Financial Corp [Member] | |||||||
Business Combination, Acquired Receivables, Gross Contractual Amount | $ 390,760 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 554,890 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | $ 484,366 |
Condensed Financial Informat135
Condensed Financial Information of First Commonwealth Financial Corporation (Parent Company Only) - Statements of Financial Condition (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||||
Loans | $ 5,359,078 | $ 4,829,162 | ||
Premises and equipment, net | 81,339 | 67,534 | ||
Other assets | 77,465 | 84,648 | ||
Total assets | 7,308,539 | 6,684,018 | ||
Liabilities and Shareholders' Equity | ||||
Subordinated debentures payable | 72,167 | 72,167 | ||
Shareholders' equity | 888,127 | 749,929 | $ 719,546 | $ 716,145 |
Total liabilities and shareholders’ equity | 7,308,539 | 6,684,018 | ||
Parent Company [Member] | ||||
Assets | ||||
Cash | 16,432 | 30,387 | ||
Loans | 17 | 19 | ||
Investment in subsidiaries | 927,765 | 770,214 | ||
Investment in unconsolidated subsidiary trusts | 2,186 | 2,185 | ||
Investment in Jointly-Owned Company | 9,191 | 9,042 | ||
Premises and equipment, net | 3,715 | 3,793 | ||
Recievable from subsidiaries | 0 | 33 | ||
Dividends receivable from subsidiaries | 0 | 4,662 | ||
Other assets | 4,996 | 2,453 | ||
Total assets | 964,302 | 822,788 | ||
Liabilities and Shareholders' Equity | ||||
Accrued expenses and other liabilities | 4,008 | 692 | ||
Subordinated debentures payable | 72,167 | 72,167 | ||
Shareholders' equity | 888,127 | 749,929 | ||
Total liabilities and shareholders’ equity | $ 964,302 | $ 822,788 |
Condensed Financial Informat136
Condensed Financial Information of First Commonwealth Financial Corporation (Parent Company Only) - Statements of Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |||
Interest and dividends | $ 250,550 | $ 217,614 | $ 204,071 |
Interest expense | (21,770) | (18,579) | (15,595) |
Other income | 7,677 | 6,372 | 7,041 |
Applicable income tax (provision) benefits | (48,561) | (25,639) | (20,836) |
Net Income | 55,165 | 59,590 | 50,143 |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest and dividends | 1 | 1 | 1 |
Dividends from subsidiaries | 52,586 | 55,510 | 49,917 |
Interest expense | (3,000) | (2,635) | (2,357) |
Other income | 17 | 83 | 232 |
Operating expense | (4,767) | (4,700) | (4,989) |
Income (loss) before taxes and equity in undistributed earnings of subsidiaries | 44,837 | 48,259 | 42,804 |
Applicable income tax (provision) benefits | 2,557 | 2,515 | 2,528 |
Income (loss) before equity in undistributed earnings of subsidiaries | 47,394 | 50,774 | 45,332 |
Equity in undistributed (loss) earnings of subsidiaries | 7,771 | 8,816 | 4,811 |
Net Income | $ 55,165 | $ 59,590 | $ 50,143 |
Condensed Financial Informat137
Condensed Financial Information of First Commonwealth Financial Corporation (parent company only) - Statements of Cash Flow (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Activities | |||
Net Income | $ 55,165 | $ 59,590 | $ 50,143 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 8,997 | 7,116 | 7,640 |
Other net | 10,997 | 3,111 | (7,929) |
Net cash provided by operating activities | 88,305 | 89,273 | 72,751 |
Investing Activities | |||
Net cash provided by (used in) investing activities | 52,797 | (493,774) | 142,433 |
Financing Activities | |||
Dividends paid | (30,513) | (24,907) | (25,089) |
Proceeds from reissuance of treasury stock | 228 | 216 | 192 |
Purchase of treasury stock | (1,458) | (864) | (25,383) |
Net cash (used in) provided by financing activities | (43,893) | (536,822) | 64,596 |
Net (decrease) increase in cash and cash equivalents | (8,385) | 46,225 | (5,086) |
Cash and cash equivalents at January 1 | 115,677 | 69,452 | 74,538 |
Cash and cash equivalents at December 31 | 107,292 | 115,677 | 69,452 |
Parent Company [Member] | |||
Operating Activities | |||
Net Income | 55,165 | 59,590 | 50,143 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 322 | 355 | 493 |
Net (gains) losses on sales of assets | (3) | 0 | 240 |
(Increase) decrease in prepaid income taxes | (550) | 7,380 | (6,993) |
Undistributed equity in subsidiaries | (7,771) | (8,816) | (4,811) |
Other net | 8,767 | 7,759 | 10,753 |
Net cash provided by operating activities | 55,930 | 66,268 | 49,825 |
Investing Activities | |||
Net change in loans | 2 | 3 | 2 |
Payments to Acquire Property and Equipment | (207) | 0 | 54 |
Proceeds from sale of other assets | 3 | (332) | 0 |
Proceeds from Divestiture of Businesses | 0 | 27,017 | 0 |
Payments to Acquire Interest in Subsidiaries and Affiliates | (250) | 0 | 0 |
Payments to Acquire Additional Interest in Subsidiaries | (37,690) | (47,017) | 0 |
Net cash provided by (used in) investing activities | (38,142) | 20,329 | (56) |
Financing Activities | |||
Dividends paid | (30,513) | (24,907) | (25,089) |
Proceeds from reissuance of treasury stock | 228 | 216 | 192 |
Purchase of treasury stock | (1,458) | (864) | (25,383) |
Net cash (used in) provided by financing activities | (31,743) | (25,555) | (50,280) |
Net (decrease) increase in cash and cash equivalents | (13,955) | 20,384 | (399) |
Cash and cash equivalents at January 1 | 30,387 | 10,003 | 10,402 |
Cash and cash equivalents at December 31 | $ 16,432 | $ 30,387 | $ 10,003 |
Condensed Financial Informat138
Condensed Financial Information of First Commonwealth Financial Corporation (Parent Company Only) - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2015 | Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||
Cash Dividends Declared per Common Share (in dollars per share) | $ 0.32 | $ 0.28 | |
Line of credit | $ 15,000,000 | ||
Borrowings | $ 0 | $ 0 |
Subsequent Event (Details)
Subsequent Event (Details) - Foundation Bank Acquisition [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Subsequent Event [Line Items] | |
Cash received | $ 58,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 215,000 |
Loans | 182,000 |
Deposits | $ 148,000 |