Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 27, 2020 | Jun. 30, 2019 | |
Document and Entity Information [Abstract] | |||
Document Transition Report | false | ||
Entity Incorporation, State or Country Code | PA | ||
Document Annual Report | true | ||
Title of 12(b) Security | COMMON STOCK, $1 PAR VALUE | ||
Security Exchange Name | NYSE | ||
Entity Tax Identification Number | 25-1428528 | ||
Entity Address, Address Line One | 601 PHILADELPHIA STREET | ||
Entity Address, Postal Zip Code | 15701 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Entity File Number | 001-11138 | ||
City Area Code | 724 | ||
Local Phone Number | 349-7220 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | FCF | ||
Entity Registrant Name | FIRST COMMONWEALTH FINANCIAL CORP /PA/ | ||
Entity Central Index Key | 0000712537 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 98,262,862 | ||
Entity Public Float | $ 1,307,605,800 | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Address, City or Town | INDIANA, | ||
Entity Address, State or Province | PA |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 102,346 | $ 95,934 |
Interest-bearing bank deposits | 19,510 | 3,013 |
Securities available for sale, at fair value | (902,292) | (909,247) |
Securities held to maturity, at amortized cost, (Fair value $338,718 at December 31, 2019 and $383,993 at December 31, 2018) | 337,123 | 393,855 |
Other investments | 16,761 | 32,126 |
Loans held for sale | 15,989 | 11,881 |
Loans: | ||
Portfolio loans | 6,189,148 | 5,774,139 |
Allowance for credit losses | (51,637) | (47,764) |
Net loans | 6,137,511 | 5,726,375 |
Premises and equipment, net | 137,268 | 80,474 |
Other real estate owned | 2,228 | 3,935 |
Goodwill | 303,328 | 274,202 |
Amortizing intangibles, net | 16,366 | 13,038 |
Bank owned life insurance | 220,723 | 215,766 |
Other assets | 97,328 | 68,409 |
Total assets | 8,308,773 | 7,828,255 |
Deposits (all domestic): | ||
Noninterest-bearing | 1,690,247 | 1,466,213 |
Interest-bearing | 4,987,368 | 4,431,779 |
Total deposits | 6,677,615 | 5,897,992 |
Short-term borrowings | 201,853 | 721,823 |
Subordinated debentures | 170,450 | 170,288 |
Other long-term debt | 56,917 | 7,551 |
Capital Lease Obligations, Current | 6,815 | 7,217 |
Total long-term debt | 234,182 | 185,056 |
Other liabilities | 139,458 | 47,995 |
Total liabilities | 7,253,108 | 6,852,866 |
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 shares issued as of December 31, 2019 and 2018; and 98,311,840 and 98,518,668 shares outstanding at December 31, 2019 and 2018, respectively | 113,915 | 113,915 |
Additional paid-in capital | 493,737 | 492,273 |
Retained earnings | 577,348 | 511,409 |
Accumulated other comprehensive (loss) income, net | 5,579 | (11,341) |
Treasury stock (15,603,062 and 15,396,234 shares at December 31, 2019 and 2018, respectively) | (134,914) | (130,867) |
Total shareholders’ equity | 1,055,665 | 975,389 |
Total liabilities and shareholders’ equity | $ 8,308,773 | $ 7,828,255 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Securities held to maturity, fair value | $ 338,718 | $ 383,993 |
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 | 113,914,902 |
Common stock, shares outstanding (in shares) | 98,311,840 | 98,518,668 |
Treasury stock, shares (in shares) | 15,603,062 | 15,396,234 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest Income | |||
Interest and fees on loans | $ 291,889 | $ 257,316 | $ 218,530 |
Interest and dividends on investments: | |||
Taxable interest | 29,773 | 31,264 | 28,608 |
Interest exempt from federal income taxes | 1,591 | 1,646 | 1,622 |
Dividends | 1,608 | 1,859 | 1,669 |
Interest on bank deposits | 403 | 172 | 121 |
Total interest income | 325,264 | 292,257 | 250,550 |
Interest Expense | |||
Interest on deposits | 36,725 | 21,713 | 9,415 |
Interest on short-term borrowings | 8,298 | 10,741 | 8,799 |
Interest on subordinated debentures | 9,084 | 6,987 | 3,000 |
Interest on other long-term debt | 1,016 | 300 | 323 |
Interest Expense, Lessee, Assets under Capital Lease | 279 | 294 | 233 |
Total interest expense | 55,402 | 40,035 | 21,770 |
Net Interest Income | 269,862 | 252,222 | 228,780 |
Provision for credit losses | 14,533 | 12,531 | 5,087 |
Net Interest Income after Provision for Credit Losses | 255,329 | 239,691 | 223,693 |
Noninterest Income | |||
Net securities gains | 22 | 8,102 | 5,040 |
Trust income | 8,321 | 7,901 | 7,098 |
Service charges on deposit accounts | 18,926 | 18,175 | 18,579 |
Insurance and retail brokerage commissions | 7,583 | 7,426 | 8,807 |
Income from bank owned life insurance | 6,002 | 6,686 | 5,699 |
Gain on sale of mortgage loans | 7,765 | 5,436 | 5,366 |
Gain on sale of other loans and assets | (4,793) | (5,273) | (1,753) |
Card related interchange income | 21,677 | 20,187 | 18,780 |
Derivative, Gain (Loss) on Derivative, Net | (269) | 787 | (473) |
Swap Fee Income | 3,397 | 1,874 | 2,005 |
Other income | 7,268 | 6,790 | 7,677 |
Total noninterest income | 85,485 | 88,637 | 80,331 |
Noninterest Expense | |||
Salaries and employee benefits | 112,237 | 105,115 | 103,714 |
Net occupancy | 18,923 | 17,219 | 15,648 |
Furniture and equipment | 15,160 | 14,247 | 13,508 |
Data processing | 10,692 | 10,470 | 9,090 |
Advertising and promotion | 4,250 | 3,956 | 3,786 |
Pennsylvania shares tax | 4,602 | 4,875 | 4,209 |
Intangible amortization | 3,344 | 3,217 | 3,081 |
Collection and repossession | 2,204 | 2,762 | 1,905 |
Other professional fees and services | 4,631 | 4,473 | 4,761 |
FDIC insurance | 1,219 | 2,007 | 3,210 |
Asset Impairment Charges | 1,724 | 1,080 | 1,834 |
Litigation and operational losses | 1,687 | 1,162 | 2,050 |
Merger and acquisition related | 3,536 | 1,637 | 10,213 |
Other operating expenses | 25,756 | 23,336 | 23,289 |
Total noninterest expense | 209,965 | 195,556 | 200,298 |
Income before income taxes | 130,849 | 132,772 | 103,726 |
Income tax provision | 25,516 | 25,274 | 48,561 |
Net Income | $ 105,333 | $ 107,498 | $ 55,165 |
Average Shares Outstanding (in shares) | 98,317,787 | 99,036,163 | 95,220,056 |
Average Shares Outstanding Assuming Dilution (in shares) | 98,588,164 | 99,223,513 | 95,331,037 |
Per Share Data: | |||
Basic Earnings Per Share (in dollars per share) | $ 1.07 | $ 1.09 | $ 0.58 |
Diluted Earnings Per Share (in dollars per share) | 1.07 | 1.08 | 0.58 |
Cash Dividends Declared per Common Share (in dollars per share) | $ 0.40 | $ 0.35 | $ 0.32 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 105,333 | $ 107,498 | $ 55,165 |
Other comprehensive income (loss), before tax expense (benefit): | |||
Unrealized holding gains on securities arising during the period | 20,625 | 2,783 | 7,023 |
Less: reclassification adjustment for gains on securities included in net income | (22) | (8,102) | (5,040) |
Unrealized holding gains (losses) on derivatives arising during the period | 935 | 326 | (901) |
Reclassification adjustment for losses on derivatives included in net income | 0 | 10 | 119 |
Unrealized (losses) gains for postretirement obligations: | |||
Net (loss) gain | (121) | 144 | 94 |
Total other comprehensive income (loss), before income tax expense (benefit) | 21,417 | (4,839) | 1,295 |
Income tax expense (benefit) related to items of other comprehensive income (loss) | 4,497 | (1,015) | 441 |
Comprehensive Income | $ 122,253 | $ 103,674 | $ 56,019 |
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] | Previously Reported [Member] | Previously Reported [Member]Common Stock [Member] | Previously Reported [Member]Additional Paid-in-Capital [Member] | Previously Reported [Member]Retained Earnings [Member] | Previously Reported [Member]Accumulated Other Comprehensive Income (Loss), net [Member] | Previously Reported [Member]Treasury Stock [Member] | Accounting Standards Update 2018-02 [Member] | Accounting Standards Update 2018-02 [Member]Common Stock [Member] | Accounting Standards Update 2018-02 [Member]Additional Paid-in-Capital [Member] | Accounting Standards Update 2018-02 [Member]Retained Earnings [Member] | Accounting Standards Update 2018-02 [Member]Accumulated Other Comprehensive Income (Loss), net [Member] | Accounting Standards Update 2018-02 [Member]Treasury Stock [Member] |
Beginning balance at Dec. 31, 2016 | $ 749,929 | $ 105,563 | $ 366,426 | $ 412,764 | $ (7,027) | $ (127,797) | ||||||||||||
Beginning balance, Shares Outstanding at Dec. 31, 2016 | 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 | (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) | $ 888,127 | $ 113,915 | $ 470,123 | $ 438,760 | $ (7,517) | $ (127,154) | ||||||
Ending balance, Shares Outstanding at Dec. 31, 2017 | 97,456,478 | 97,456,478 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 0 | 1,344 | (1,344) | |||||||||||||||
Net Income | 107,498 | 107,498 | ||||||||||||||||
Total other comprehensive (loss) Income | (3,824) | (3,824) | ||||||||||||||||
Cash dividends declared | (34,849) | (34,849) | ||||||||||||||||
Treasury stock acquired | (26,189) | (26,189) | ||||||||||||||||
Treasury stock acquired | (1,920,544) | |||||||||||||||||
Treasury stock reissued | 44,026 | 21,579 | 0 | 22,447 | ||||||||||||||
Treasury stock reissued, Shares Outstanding | 2,908,234 | |||||||||||||||||
Restricted stock, Shares Outstanding | 74,500 | |||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 600 | $ 0 | 571 | 0 | 29 | |||||||||||||
Ending balance at Dec. 31, 2018 | $ 975,389 | $ 975,389 | $ 113,915 | $ 492,273 | $ 511,409 | $ (11,341) | $ (130,867) | |||||||||||
Ending balance, Shares Outstanding at Dec. 31, 2018 | 98,518,668 | 98,518,668 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net Income | $ 105,333 | 105,333 | ||||||||||||||||
Total other comprehensive (loss) Income | 16,920 | 16,920 | ||||||||||||||||
Cash dividends declared | (39,394) | (39,394) | ||||||||||||||||
Treasury stock acquired | (6,259) | (6,259) | ||||||||||||||||
Treasury stock acquired | (486,849) | |||||||||||||||||
Treasury stock reissued | 2,744 | 1,014 | 0 | 1,730 | ||||||||||||||
Treasury stock reissued, Shares Outstanding | 205,021 | |||||||||||||||||
Restricted stock, Shares Outstanding | 75,000 | |||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 932 | $ 0 | 450 | 0 | 482 | |||||||||||||
Ending balance at Dec. 31, 2019 | $ 1,055,665 | $ 113,915 | $ 493,737 | $ 577,348 | $ 5,579 | $ (134,914) | ||||||||||||
Ending balance, Shares Outstanding at Dec. 31, 2019 | 98,311,840 | 98,311,840 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Dividends Declared per Common Share (in dollars per share) | $ 0.40 | $ 0.35 | $ 0.32 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Activities | |||
Net Income | $ 105,333 | $ 107,498 | $ 55,165 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 14,533 | 12,531 | 5,087 |
Deferred Income Taxes and Tax Credits | 2,292 | 3,473 | 20,825 |
Depreciation and amortization | 10,370 | 8,046 | 8,997 |
Net gains on securities and other assets | (10,671) | (21,540) | (9,942) |
Net amortization of premiums and discounts on securities | 3,892 | 3,083 | 3,532 |
Income from increase in cash surrender value of bank owned life insurance | (5,998) | (5,808) | (5,699) |
Mortgage loans originated for sale | (251,428) | (165,898) | (164,212) |
Proceeds from Sale of Mortgage Loans Held-for-sale | 251,968 | 177,287 | 163,125 |
Increase in interest receivable | 423 | (2,561) | (1,314) |
Increase (decrease) in interest payable | (256) | 383 | 426 |
Decrease (increase) in income taxes payable | 1,484 | (1,926) | 1,318 |
Distribution from unconsolidated subsidiary | 0 | 9,000 | 0 |
Other—net | (14,310) | 11,695 | 10,997 |
Net cash provided by operating activities | 107,632 | 135,263 | 88,305 |
Transactions with securities held to maturity: | |||
Proceeds from Sale and Maturity of Held-to-maturity Securities | 948 | 0 | 0 |
Proceeds from maturities and redemptions | 54,632 | 47,614 | 51,239 |
Purchases | (200) | (20,650) | (102,420) |
Transactions with securities available for sale: | |||
Proceeds from sales | 0 | 15,939 | 143,660 |
Proceeds from maturities and redemptions | 189,194 | 140,707 | 148,561 |
Purchases | (138,670) | (331,969) | (150,892) |
Purchases of FHLB stock | (36,850) | (52,107) | (45,301) |
Proceeds from the redemption of FHLB stock | 52,215 | 51,488 | 55,212 |
Proceeds from bank owned life insurance | 557 | 2,140 | 898 |
Proceeds from the sale of loans | 37,534 | 40,783 | 14,807 |
Proceeds from sales of other assets | 6,822 | 4,477 | 5,568 |
Acquisition, net of cash acquired | 332,468 | 705 | 3,188 |
Net increase in loans | (358,328) | (237,276) | (165,726) |
Purchases of premises and equipment | (17,380) | (9,599) | (11,591) |
Net cash provided by (used in) investing activities | 122,942 | (347,748) | (52,797) |
Financing Activities | |||
Net (decrease) increase in federal funds purchased | (11,000) | 11,000 | 0 |
Net (decrease) increase in other short-term borrowings | (508,970) | 3,357 | (160,477) |
Net increase in deposits | 308,783 | 176,558 | 149,175 |
Repayments of other long-term debt | (634) | (23,598) | (588) |
Proceeds from Issuance of Long-term Debt | 50,000 | 98,026 | 0 |
Repayments of Long-term Capital Lease Obligations | 402 | 373 | 260 |
Dividends paid | (39,394) | (34,849) | (30,513) |
Proceeds from reissuance of treasury stock | 211 | 208 | 228 |
Purchase of treasury stock | (6,259) | (26,189) | (1,458) |
Net cash (used in) provided by financing activities | (207,665) | 204,140 | (43,893) |
Net increase (decrease) in cash and cash equivalents | 22,909 | (8,345) | (8,385) |
Cash and cash equivalents at January 1 | 98,947 | 107,292 | 115,677 |
Cash and cash equivalents at December 31 | $ 121,856 | $ 98,947 | $ 107,292 |
Statement of Accounting Policie
Statement of Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
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. First Commonwealth's subsidiaries include, First Commonwealth Bank ("FCB" or the "Bank"), First Commonwealth Insurance Agency, Inc. ("FCIA"), FRAMAL and First Commonwealth Financial Advisors, Inc ("FCFA"). 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 28 counties in central and western Pennsylvania as well as throughout 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 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. 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 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 market 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. Troubled debt restructured loans are considered to be impaired loans. 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 appropriateness 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 10, "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 $250 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 in 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. Off-balance sheet credit exposure includes commitments to extend credit, standby letters of credit and commercial letters of credit. Management determines the appropriateness 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 and cash receipts and disbursements are included in "Operating Activities" in the Consolidated Statements of Cash Flows. 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 $4.2 million and $3.8 million as of December 31, 2019 and 2018 , respectively, and is reflected in "Other Liabilities" on the Consolidated Statements of Financial Condition. Premises, Equipment and Lease Commitments 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 7 years. A right-of-use asset and related lease liability is recognized on the Consolidated Statements of Financial Condition for operating leases First Commonwealth has entered to lease certain office facilities. These amounts are reported as components of premises and equipment and other liabilities. Short-term operating leases, which are leases with an original term of 12 months or less and do not have a purchase option that is likely to be exercised, are not recognized as part of the right-of-use asset or lease liability. First Commonwealth has no material leasing arrangements for which it is the lessor of property or equipment. 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 impairment 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 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, 2019 , First Commonwealth has interest rate derivative positions that are designated as hedging instruments and others that are not designated as hedging instruments. See Note 7, “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 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 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 18 “Fair Values of Assets and Liabilities” for additional information. Revenue from Contracts with Customers First Commonwealth records revenue from contracts with customers in accordance with ASC Topic 606, “Revenue from Contracts with Customers” (“Topic 606”). Under Topic 606, the Company must identify the contract with a customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue when (or as) the Company satisfies a performance obligation. A significant component of the Company's revenue, net interest earned on financial assets and liabilities, is excluded from the scope of Topic 606. First Commonwealth generally fully satisfies its performance obligations on its contracts with customers as services are rendered and the transaction prices are typically fixed; charged either on a periodic basis or based on activity. Because performance obligations are satisfied as services are rendered and the transaction prices are fixed, the Company has made no significant judgments in applying the revenue guidance prescribed in Topic 606 that affect the determination of the amount and timing of revenue from contracts with customers. |
Acquisition
Acquisition | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisition | Acquisition Santander Branch Acquisition On September 6, 2019, the Company's banking subsidiary, First Commonwealth Bank, completed its acquisition of 14 full service branches from Santander Bank N.A. ("Santander") receiving $329.5 million in cash. This acquisition further expands the Company's market into State College, Lock Haven, Williamsport and Lewisburg, Pennsylvania and included the purchase of $100.0 million in loans and $471.4 million in deposits. The table below summarizes the final purchase price allocation and the net assets acquired (at fair value) and consideration received in connection with the Santander acquisition (dollars in thousands): Consideration Received Cash received $ 329,533 Fair Value of Assets Acquired Cash and cash equivalents 2,935 Loans 99,956 Premises and other equipment 3,637 Core deposit intangible 5,615 Other assets 770 Total assets acquired 112,913 Fair Value of Liabilities Assumed Deposits 471,386 Other liabilities 186 Total liabilities assumed 471,572 Total Fair Value of Identifiable Net Assets (358,659 ) Goodwill $ 29,126 The goodwill of $29.1 million arising from the acquisition represents the value of synergies and economies of scale expected from combining the operations of the Company with the branches acquired from Santander. The goodwill for this transaction is expected to be deducted over a 15-year period for income tax purposes. 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. 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.” The fair value of acquired loans and certificate of deposits is established by discounting the expected future cash flows with a market discount rate for like maturities and risk instruments. The $100.0 million fair value of acquired loans is the result of $101.2 million in loans acquired from Santander and the recognition of a net combined yield and credit mark adjustment of $1.2 million . The $471.4 million fair value of acquired deposits is the result of $471.0 million in deposits acquired and the recognition of a yield mark adjustment of $0.4 million on the certificate of deposits. A $5.6 million core deposit intangible was recognized for core deposits acquired. Costs related to the acquisition totaled $3.7 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 the Santander branches, it is not practicable to determine revenue or net income included in the Company's operating results relating to Santander since the date of acquisition as Santander’s results cannot be separately identified. Garfield Acquisition Corporation On May 1, 2018, the Company completed its acquisition of Garfield Acquisition Corporation ("Garfield") and its banking subsidiary, Foundation Bank, for consideration of $17.4 million in cash and 2.7 million shares of the Company's common stock. Through the acquisition, the Company obtained five full-service banking offices which are operating under the First Commonwealth name. This acquisition expands the Company's presence into the Cincinnati, Ohio market and added $184.5 million in loans and $141.3 million in deposits to the Company's balance sheet. The table below summarizes the final purchase price allocation and the net assets acquired (at fair value) and consideration transferred in connection with the Garfield acquisition (dollars in thousands): Consideration Paid Cash paid to shareholders $ 17,400 Shares issued to shareholders (2,745,098 shares) 41,561 Total consideration paid $ 58,961 Fair Value of Assets Acquired Cash and cash equivalents 18,105 FHLB Stock 3,261 Loans 184,506 Premises and other equipment 409 Core deposit intangible 1,248 Other assets 1,747 Total assets acquired 209,276 Fair Value of Liabilities Assumed Deposits 141,281 Federal Home Loan Bank borrowings 22,988 Other liabilities 5,068 Total liabilities assumed 169,337 Total Fair Value of Identifiable Net Assets 39,939 Goodwill $ 19,022 The goodwill of $19.0 million arising from the acquisition represents the value of synergies and economies of scale expected from combining the operations of the Company with Garfield Acquisition 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.” The $184.5 million fair value of acquired loans is the result of $183.7 million in net loans acquired from Garfield, the recognition of a net combined yield and credit mark adjustment of $4.3 million and the $5.1 million reversal of Garfield's allowance as well as prior fair value marks recorded by Garfield. The fair value of the 2,745,098 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 $1.6 million . These amounts were expensed as incurred and are recorded as a merger and acquisition related expense in the Condensed Consolidated Statements of Income. |
Supplemental Comprehensive Inco
Supplemental Comprehensive Income Disclosures | 12 Months Ended |
Dec. 31, 2019 | |
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 ” 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. 2019 2018 2017 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 on securities arising during the period $ 20,625 $ (4,331 ) $ 16,294 $ 2,783 $ (585 ) $ 2,198 $ 7,023 $ (2,458 ) $ 4,565 Reclassification adjustment for gains on securities included in net income (22 ) 5 (17 ) (8,102 ) 1,701 (6,401 ) (5,040 ) 1,764 (3,276 ) Total unrealized gains (losses) on securities 20,603 (4,326 ) 16,277 (5,319 ) 1,116 (4,203 ) 1,983 (694 ) 1,289 Unrealized gains (losses) on derivatives: Unrealized holding gains (losses) on derivatives arising during the period 935 (196 ) 739 326 (68 ) 258 (901 ) 315 (586 ) Reclassification adjustment for losses on derivatives included in net income — — — 10 (3 ) 7 119 (42 ) 77 Total unrealized gains (losses) on derivatives 935 (196 ) 739 336 (71 ) 265 (782 ) 273 (509 ) Unrealized (losses) gains for postretirement obligations: Net (loss) gain (121 ) 25 (96 ) 144 (30 ) 114 94 (20 ) 74 Total unrealized (losses) gains for postretirement obligations (121 ) 25 (96 ) 144 (30 ) 114 94 (20 ) 74 Total other comprehensive income (loss) $ 21,417 $ (4,497 ) $ 16,920 $ (4,839 ) $ 1,015 $ (3,824 ) $ 1,295 $ (441 ) $ 854 The following table details the change in components of OCI for the year-ended December 31: 2019 Securities Available for Sale Derivatives Post-Retirement Obligation Accumulated Other Comprehensive Income (dollars in thousands) Balance at December 31 $ (11,697 ) $ (105 ) $ 461 $ (11,341 ) Other comprehensive income before reclassification adjustment 16,294 739 17,033 Amounts reclassified from accumulated other comprehensive income (loss) (17 ) — (17 ) Net gain (96 ) (96 ) Net other comprehensive income during the period 16,277 739 (96 ) 16,920 Balance at December 31 $ 4,580 $ 634 $ 365 $ 5,579 2018 Securities Available for Sale Derivatives Post-Retirement Obligation Accumulated Other Comprehensive Income (dollars in thousands) Balance at January 1 $ (6,166 ) $ (306 ) $ 299 $ (6,173 ) Cumulative effect of adoption of ASU 2018-02 (1,328 ) (64 ) 48 (1,344 ) Balance at January 1 (7,494 ) (370 ) 347 (7,517 ) Other comprehensive income before reclassification adjustment 2,198 258 2,456 Amounts reclassified from accumulated other comprehensive income (loss) (6,401 ) 7 (6,394 ) Net gain 114 114 Net other comprehensive income during the period (4,203 ) 265 114 (3,824 ) Balance at December 31 $ (11,697 ) $ (105 ) $ 461 $ (11,341 ) 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 ) |
Supplemental Cash Flow Disclosu
Supplemental Cash Flow Disclosures | 12 Months Ended |
Dec. 31, 2019 | |
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 : 2019 2018 2017 (dollars in thousands) Cash paid during the period for: Interest $ 56,005 $ 40,071 $ 21,552 Income taxes 21,787 23,826 27,902 Non-cash investing and financing activities: Loans transferred to other real estate owned and repossessed assets 4,723 4,334 3,067 Other real estate sales transferred to loans — — 1,891 Fair value of loans transferred from held to maturity to available for sale 30,359 37,367 15,102 Loans transferred from available for sale to held to maturity 482 — — Gross increase (decrease) in market value adjustment to securities available for sale 20,604 (5,319 ) 1,983 Gross increase (decrease) in market value adjustment to derivatives 935 336 (783 ) Investments committed to purchase, not settled 25,484 — — Increase in limited partnership investment unfunded commitment 1,469 — — Net assets (liabilities) acquired through acquisition (361,595 ) 21,834 37,070 Proceeds from death benefit on bank-owned life insurance not received 484 — 245 Treasury shares issued 2,531 2,257 2,258 |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2019 | |
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 : 2019 2018 2017 Weighted average common shares issued 113,914,902 113,914,902 111,809,880 Average treasury shares (15,447,299 ) (14,747,687 ) (16,463,079 ) Average deferred compensation shares (37,496 ) (37,411 ) (37,411 ) Average unearned nonvested shares (112,320 ) (93,641 ) (89,334 ) Weighted average common shares and common stock equivalents used to calculate basic earnings per share 98,317,787 99,036,163 95,220,056 Additional common stock equivalents (nonvested stock) used to calculate diluted earnings per share 231,957 149,939 73,570 Additional common stock equivalents (deferred compensation) used to calculated diluted earnings per share 38,420 37,411 37,411 Weighted average common shares and common stock equivalents used to calculate diluted earnings per share 98,588,164 99,223,513 95,331,037 Basic Earnings Per Share $ 1.07 $ 1.09 $ 0.58 Diluted Earnings Per Share $ 1.07 $ 1.08 $ 0.58 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. 12/31/2019 12/31/2018 12/31/2017 Price Range Price Range Price Range Shares From To Shares From To Shares From To Restricted Stock 81,730 $ 12.99 $ 15.44 71,560 $ 8.84 $ 14.49 18,173 $ 8.55 $ 13.96 Restricted Stock Units 26,217 $ 16.62 $ 16.62 — $ — $ — — $ — $ — |
Cash and Due from Banks
Cash and Due from Banks | 12 Months Ended |
Dec. 31, 2019 | |
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 local Federal Reserve Bank. First Commonwealth Bank maintained average balances of $14.7 million during 2019 and $4.9 million during 2018 with the Federal Reserve Bank of Cleveland. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2019 | |
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 31 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 12 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 and collars that are not designated as hedging instruments. The interest rate caps relate to contracts that First Commonwealth enters into with loan customers that provide a maximum interest rate on their variable rate loan. At the same time the interest rate cap is entered into with the customer, First Commonwealth enters into an offsetting interest rate cap with another financial institution. The notional amount and maximum interest rate on both interest cap contracts are identical. The interest rate collars relate to contracts that First Commonwealth enters into with loan customers that provides both a maximum and minimum interest rate on their variable rate loan. At the same time the interest rate collar is entered into with the customer, First Commonwealth enters into an offsetting interest rate collar with another financial institution. The notional amount and the maximum and minimum interest rates on both interest collar 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 In 2015, the Company entered into an interest rate swap contract, which was designated as a cash flow hedge. This contract, which had a total notional amount of $65.0 million , matured on March 4, 2019. The periodic net settlement of interest rate swaps was an adjustment to "Interest and fees on loans" in the Consolidated Statements of Income. For the years ended December 31, 2019 and 2018 , there was a negative impact of $0.1 million and $0.6 million , respectively, on interest income as a result of these interest rate swaps. For the year ended December 31, 2017 , there was a positive impact of $0.5 million on interest income. In August 2019, the Company entered into two interest rate swap contracts that are designated as cash flow hedges. These contracts mature on August 15, 2024 and August 15, 2026 and have notional amounts of $30.0 million and $40.0 million , respectively. 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 made on subordinated debentures benchmarked to the 3-month LIBOR rate. Therefore, the interest rate swaps convert the interest rate benchmark on the first $70.0 million of 3-month LIBOR based subordinated debentures to a fixed rate. The periodic net settlement of these interest rate swaps are recorded as an adjustment to "Interest on subordinated debentures" in the Consolidated Statement of Income. For the year ended December 31, 2019 , interest expense decreased by $0.2 million as a result of these interest rate swaps. Changes in the fair value of the cash flow hedges are reported on the balance sheet and in OCI. When the cash flows associated with the hedged item are realized, the gain or loss included in OCI is recognized in "Interest on subordinated debentures," the same line item in the Consolidated Statements of Income as the income on the hedged items. The cash flow hedges were highly effective at December 31, 2019 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 in the rate 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 "Noninterest income" in the Consolidated Statements of Income. The impact to noninterest income for the year ended December 31, 2019 was an increase of $0.1 million and the impact to noninterest expense for the years ended December 31, 2018 and 2017 was a decrease of $189 thousand and $19 thousand , respectively. 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, 2019 , the underlying funded mortgage loan commitments had a carrying value of $9.8 million and a fair value of $10.7 million , while the underlying unfunded mortgage loan commitments had a notional amount of $25.5 million . At December 31, 2018 , the underlying funded mortgage loan commitments had a carrying value of $6.9 million and a fair value of $7.6 million , while the underlying unfunded mortgage loan commitments had a notional amount of $9.9 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 operating expenses" in the Consolidated Statements of Income. The impact on other noninterest expense for the year ended December 31, 2019 totaled $5 thousand . At December 31, 2019 , the underlying loans had both a carrying value and a fair value of $4.8 million . At December 31, 2018 , the underlying loans had both a carrying value and a fair value of $1.9 million . 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 : 2019 2018 (dollars in thousands) Derivatives not Designated as Hedging Instruments Credit value adjustment $ (272 ) $ (3 ) Notional Amount: Interest rate derivatives 587,275 411,645 Interest rate caps 87,188 36,111 Interest rate collars 35,354 — Risk participation agreements 164,632 162,139 Sold credit protection on risk participation agreements (69,011 ) (59,315 ) Interest rate options 25,460 9,900 Derivatives Designated as Hedging Instruments Interest rate swaps: Fair value adjustment 801 (133 ) Notional Amount 70,000 65,000 Interest rate forwards: Fair value adjustment (63 ) (170 ) Notional Amount 30,000 15,000 Foreign exchange forwards: Fair value adjustment (41 ) (6 ) Notional Amount 4,789 1,927 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 : 2019 2018 2017 (dollars in thousands) Non-hedging interest rate derivatives: (Decrease) increase in other income $ (269 ) $ 787 $ (473 ) Decrease in other expense (352 ) (332 ) — Hedging interest rate derivatives: (Decrease) increase in interest and fees on loans (118 ) (590 ) 452 Decrease in interest from subordinated debentures (159 ) — — Increase in other expense 7 10 119 Hedging interest rate forwards: Increase in other income 106 — — Decrease in other expense — (189 ) (19 ) Hedging interest rate derivatives: Increase in other expense 5 15 4 The fair value of our derivatives is included in a table in Note 18, “Fair Values of Assets and Liabilities,” in the line items “Other assets” and “Other liabilities.” |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2019 | |
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 : 2019 2018 Amortized Gross Gross Estimated Amortized Gross Gross Estimated (dollars in thousands) Obligations of U.S. Government Agencies: Mortgage-Backed Securities – Residential $ 7,745 $ 596 $ — $ 8,341 $ 9,011 $ 479 $ (84 ) $ 9,406 Mortgage-Backed Securities – Commercial 186,316 2,983 (166 ) 189,133 169,633 214 (2,103 ) 167,744 Obligations of U.S. Government-Sponsored Enterprises: Mortgage-Backed Securities – Residential 660,777 4,113 (2,943 ) 661,947 686,906 1,846 (15,391 ) 673,361 Other Government-Sponsored Enterprises 1,000 — — 1,000 10,000 12 — 10,012 Obligations of States and Political Subdivisions 17,738 171 — 17,909 27,592 126 (6 ) 27,712 Corporate Securities 22,919 1,043 — 23,962 20,912 321 (221 ) 21,012 Total Securities Available for Sale $ 896,495 $ 8,906 $ (3,109 ) $ 902,292 $ 924,054 $ 2,998 $ (17,805 ) $ 909,247 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, 2019 , by contractual maturity, are shown below: Amortized Estimated (dollars in thousands) Due within 1 year $ — $ — Due after 1 but within 5 years 35,886 36,554 Due after 5 but within 10 years 5,771 6,317 Due after 10 years — — 41,657 42,871 Mortgage-Backed Securities (a) 854,838 859,421 Total Debt Securities $ 896,495 $ 902,292 (a) Mortgage Backed Securities include an amortized cost of $194.1 million and a fair value of $197.5 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $660.8 million and a fair value of $661.9 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 : 2019 2018 2017 (dollars in thousands) Proceeds from sales $ 948 $ 15,939 $ 143,660 Gross (losses) gains realized: Sales Transactions: Gross gains $ — $ 4,719 $ 359 Gross losses (7 ) — (316 ) (7 ) 4,719 43 Maturities and impairment Gross gains 29 3,383 5,057 Gross losses — — (60 ) Other-than-temporary impairment — — — 29 3,383 4,997 Net gains and impairment $ 22 $ 8,102 $ 5,040 Gross losses on sales transactions recognized in 2019 were the result of the sale of one municipal security after its credit rating was withdrawn. Gross gains from maturities recognized in 2019 were the result of calls on ten municipal securities. Gross gains from sales transactions of $4.7 million were recognized in 2018 as a result of the sale of the remaining pooled trust preferred security portfolio. Gross gains from maturities and impairment of $3.4 million were recognized in 2018 as a result of successful auction calls on PreSTL XIV and PreSTL IX, two of our pooled trust preferred securities. During 2017 , proceeds from sales of investments include the liquidation of the DCB investment portfolio as well as the sale of small positions in CMO and MBS investments. Gross gains from maturities and impairments 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 . Securities available for sale with an approximate fair value of $584.8 million and $636.3 million were pledged as of December 31, 2019 and 2018 , 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:. 2019 2018 Amortized Gross Gross Estimated Amortized Gross Gross Estimated (dollars in thousands) Obligations of U.S. Government Agencies: Mortgage-Backed Securities – Residential $ 3,392 $ 57 $ — $ 3,449 $ 3,635 $ — $ (97 ) $ 3,538 Mortgage-Backed Securities – Commercial 51,291 18 (184 ) 51,125 55,221 — (2,327 ) 52,894 Obligations of U.S. Government-Sponsored Enterprises: Mortgage-Backed Securities – Residential 229,667 1,377 (294 ) 230,750 279,109 212 (7,254 ) 272,067 Mortgage-Backed Securities – Commercial 12,081 67 — 12,148 13,159 — (258 ) 12,901 Obligations of States and Political Subdivisions 40,092 554 — 40,646 42,331 175 (313 ) 42,193 Debt Securities Issued by Foreign Governments 600 — — 600 400 — — 400 Total Securities Held to Maturity $ 337,123 $ 2,073 $ (478 ) $ 338,718 $ 393,855 $ 387 $ (10,249 ) $ 383,993 The amortized cost and estimated fair value of debt securities held to maturity at December 31, 2019 , 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 $ 1,327 $ 1,331 Due after 1 but within 5 years 7,541 7,621 Due after 5 but within 10 years 31,824 32,294 Due after 10 years — — 40,692 41,246 Mortgage-Backed Securities (a) 296,431 297,472 Total Debt Securities $ 337,123 $ 338,718 (a) Mortgage Backed Securities include an amortized cost of $54.7 million and a fair value of $54.6 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $241.7 million and a fair value of $242.9 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 $306.8 million and $250.3 million were pledged as of December 31, 2019 and 2018 , 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, 2019 | |
Impairment of Investment Securities Disclosure [Abstract] | |
Impairment of Investment Securities | Impairment of Investment Securities Securities Available for Sale and Held to Maturity As required by FASB ASC Topic 320, “Investments—Debt and Equity Securities,” credit related other-than-temporary impairment on debt securities is recognized in earnings while non-credit related other-than-temporary impairment on debt securities not expected to be sold is recognized in other comprehensive income (“OCI”). During the years ended December 31, 2019 , 2018 and 2017 , 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 weakness in the U.S. economy or changes in real estate values. The following table presents the gross unrealized losses and estimated fair values at December 31, 2019 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 – Commercial $ 54,501 $ (201 ) $ 16,365 $ (149 ) $ 70,866 $ (350 ) Obligations of U.S. Government-Sponsored Enterprises: Mortgage-Backed Securities – Residential 111,969 (436 ) 219,015 (2,801 ) 330,984 (3,237 ) Total Securities $ 166,470 $ (637 ) $ 235,380 $ (2,950 ) $ 401,850 $ (3,587 ) At December 31, 2019 , fixed income securities issued by U.S. Government-sponsored enterprises comprised 90% of total unrealized losses and Government agencies account for 10% of total unrealized losses. All unrealized losses are a result of changes in market interest rates. At December 31, 2019 , there were 36 debt securities in an unrealized loss position, 25 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, 2019 . The following table presents the gross unrealized losses and estimated fair value at December 31, 2018 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 $ 2,289 $ (41 ) $ 5,028 $ (140 ) $ 7,317 $ (181 ) Mortgage-Backed Securities – Commercial 95,826 (925 ) 75,959 (3,505 ) 171,785 (4,430 ) Obligations of U.S. Government-Sponsored Enterprises: Mortgage-Backed Securities – Residential 156,732 (1,856 ) 626,003 (20,789 ) 782,735 (22,645 ) Mortgage-Backed Securities – Commercial — — 12,901 (258 ) 12,901 (258 ) Obligations of States and Political Subdivisions 8,591 (85 ) 9,338 (234 ) 17,929 (319 ) Corporate Securities 14,769 (214 ) 3,993 (7 ) 18,762 (221 ) Total Securities $ 278,207 $ (3,121 ) $ 733,222 $ (24,933 ) $ 1,011,429 $ (28,054 ) As of December 31, 2019 , our corporate securities had an amortized cost and estimated fair value of $22.9 million and $24.0 million , respectively, and were comprised of debt for large regional banks. At December 31, 2018 , these securities had an amortized cost of $20.9 million and estimated fair value of $21.0 million . There were four corporate securities in an unrealized loss position as of December 31, 2019 and one corporate security in a loss position as of December 31, 2018 . 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. During 2018, all of our pooled trust preferred collateralized debt obligations were liquidated either through a successful auction call or sale. Other-than-temporary impairment charges were recognized on the pooled trust preferred securities in 2008, 2009 and 2010. The following table provides a cumulative roll forward of credit losses recognized in earnings for the trust preferred securities for the years ended December 31: 2019 2018 2017 (dollars in thousands) Balance, beginning (a) $ — $ 12,208 $ 17,056 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 securities (b) — (223 ) (890 ) Reduction for debt securities sold during the period — (9,164 ) — Reduction for debt securities called during the period — (2,821 ) (3,958 ) Balance, ending $ — $ — $ 12,208 (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 year ended December 31, 2017 , no other-than-temporary impairment charges were recorded on equity securities. There were no equity securities in an unrealized loss position as of December 31, 2019 and 2018 . Other Investments As a member of the Federal Home Loan Bank ("FHLB"), First Commonwealth is required to purchase and hold stock in the FHLB to satisfy membership and borrowing requirements. The level of stock required to be held is dependent on the amount of First Commonwealth's mortgage related assets and outstanding borrowings with the FHLB. This stock is restricted in that it can only be sold to the FHLB or to another member institution, and all sales of FHLB stock must be at par. As a result of these restrictions, FHLB stock is unlike other investment securities insofar as there is no trading market for FHLB stock and the transfer price is determined by FHLB membership rules and not by market participants. As of December 31, 2019 and 2018 , our FHLB stock totaled $15.1 million and $30.5 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, 2019 . At both December 31, 2019 and 2018 , Other Investments also includes $1.7 million in equity securities. These securities do not have a readily determinable fair value and are carried at cost. For the years ended December 31, 2019 and 2018 , there were no |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2019 | |
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 : 2019 2018 Originated Loans Acquired Loans Total Loans Originated Loans Acquired Loans Total Loans (dollars in thousands) Commercial, financial, agricultural and other $ 1,212,026 $ 29,827 $ 1,241,853 $ 1,100,947 $ 37,526 $ 1,138,473 Real estate construction 442,777 6,262 449,039 353,008 5,970 358,978 Residential real estate 1,415,808 265,554 1,681,362 1,313,645 248,760 1,562,405 Commercial real estate 1,958,346 159,173 2,117,519 1,922,349 201,195 2,123,544 Loans to individuals 685,416 13,959 699,375 585,347 5,392 590,739 Total loans $ 5,714,373 $ 474,775 $ 6,189,148 $ 5,275,296 $ 498,843 $ 5,774,139 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 commercial 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 commercial 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 assists in determining the appropriate level for the loan loss reserves. Category ratings are reviewed each quarter, at which time management analyzes the results, as well as other external statistics and factors related to loan performance. Loans that migrate towards higher risk rating levels generally have an increased risk of default, whereas loans that migrate toward lower risk ratings generally will result in a lower risk factor being applied to those related loan balances. The following tables represent our credit risk profile by creditworthiness category for the years ended December 31 : 2019 Commercial, financial, agricultural and other Real estate construction Residential real estate Commercial real estate Loans to individuals Total (dollars in thousands) Originated Loans Pass $ 1,171,363 $ 442,751 $ 1,406,845 $ 1,918,690 $ 685,108 $ 5,624,757 Non-Pass OAEM 29,359 26 475 13,533 — 43,393 Substandard 11,304 — 8,488 26,123 308 46,223 Doubtful — — — — — — Total Non-Pass 40,663 26 8,963 39,656 308 89,616 Total $ 1,212,026 $ 442,777 $ 1,415,808 $ 1,958,346 $ 685,416 $ 5,714,373 Acquired Loans Pass $ 27,696 $ 5,697 $ 262,630 $ 153,814 $ 13,947 $ 463,784 Non-Pass OAEM 2,009 565 537 2,072 — 5,183 Substandard 122 — 2,387 3,287 12 5,808 Doubtful — — — — — — Total Non-Pass 2,131 565 2,924 5,359 12 10,991 Total $ 29,827 $ 6,262 $ 265,554 $ 159,173 $ 13,959 $ 474,775 2018 Commercial, financial, agricultural and other Real estate construction Residential real estate Commercial real estate Loans to individuals Total (dollars in thousands) Originated Loans Pass $ 1,055,394 $ 337,367 $ 1,302,912 $ 1,880,139 $ 585,141 $ 5,160,953 Non-Pass OAEM 33,723 15,641 1,026 28,904 — 79,294 Substandard 11,830 — 9,707 13,306 206 35,049 Doubtful — — — — — — Total Non-Pass 45,553 15,641 10,733 42,210 206 114,343 Total $ 1,100,947 $ 353,008 $ 1,313,645 $ 1,922,349 $ 585,347 $ 5,275,296 Acquired Loans Pass $ 31,399 $ 5,337 $ 245,637 $ 198,201 $ 5,377 $ 485,951 Non-Pass OAEM 5,890 633 736 441 — 7,700 Substandard 237 — 2,387 2,553 15 5,192 Doubtful — — — — — — Total Non-Pass 6,127 633 3,123 2,994 15 12,892 Total $ 37,526 $ 5,970 $ 248,760 $ 201,195 $ 5,392 $ 498,843 Portfolio Risks The credit quality of our loan portfolio can potentially represent significant risk to our earnings, capital and liquidity. 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 loans. 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, 2019 and 2018 were $12.3 million and $15.1 million , respectively. Criticized loans have been evaluated when determining the appropriateness of the allowance for credit losses, which we believe is appropriate to absorb losses inherent to the portfolio as of December 31, 2019 . 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. 2019 30 - 59 60 - 89 90 days Nonaccrual Total past Current Total (dollars in thousands) Originated Loans Commercial, financial, agricultural and other $ 391 $ 57 $ 140 $ 8,780 $ 9,368 $ 1,202,658 $ 1,212,026 Real estate construction 198 — 9 — 207 442,570 442,777 Residential real estate 3,757 749 736 6,646 11,888 1,403,920 1,415,808 Commercial real estate 227 114 — 6,609 6,950 1,951,396 1,958,346 Loans to individuals 4,070 1,020 931 307 6,328 679,088 685,416 Total $ 8,643 $ 1,940 $ 1,816 $ 22,342 $ 34,741 $ 5,679,632 $ 5,714,373 Acquired Loans Commercial, financial, agricultural and other $ 1 $ — $ 1 $ 74 $ 76 $ 29,751 $ 29,827 Real estate construction — — — — — 6,262 6,262 Residential real estate 304 207 221 1,949 2,681 262,873 265,554 Commercial real estate — 107 — 298 405 158,768 159,173 Loans to individuals 87 89 35 12 223 13,736 13,959 Total $ 392 $ 403 $ 257 $ 2,333 $ 3,385 $ 471,390 $ 474,775 2018 30 - 59 60 - 89 90 days Nonaccrual Total past Current Total (dollars in thousands) Originated Loans Commercial, financial, agricultural and other $ 130 $ 247 $ 92 $ 10,223 $ 10,692 $ 1,090,255 $ 1,100,947 Real estate construction 212 — — — 212 352,796 353,008 Residential real estate 3,697 710 790 6,238 11,435 1,302,210 1,313,645 Commercial real estate 492 69 — 3,437 3,998 1,918,351 1,922,349 Loans to individuals 2,362 532 662 207 3,763 581,584 585,347 Total $ 6,893 $ 1,558 $ 1,544 $ 20,105 $ 30,100 $ 5,245,196 $ 5,275,296 Acquired Loans Commercial, financial, agricultural and other $ 1 $ — $ — $ 204 $ 205 $ 37,321 $ 37,526 Real estate construction — — — — — 5,970 5,970 Residential real estate 226 24 27 1,904 2,181 246,579 248,760 Commercial real estate — — — 1,042 1,042 200,153 201,195 Loans to individuals 46 12 11 15 84 5,308 5,392 Total $ 273 $ 36 $ 38 $ 3,165 $ 3,512 $ 495,331 $ 498,843 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, 2019 and December 31, 2018 . Total gains of $0.4 million , $1.8 million and $21 thousand were recognized on sales of impaired loans during the years ended December 31, 2019 , 2018 , and 2017 respectively. 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, 2019 and 2018 . 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, 2019 , 2018 and 2017 . 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. 2019 Recorded Unpaid Related Average Interest (dollars in thousands) Originated Loans: With no related specific allowance recorded: Commercial, financial, agricultural and other $ 1,848 $ 6,997 $ 2,411 $ 66 Real estate construction — — — — Residential real estate 10,372 12,437 10,819 365 Commercial real estate 3,015 3,210 7,455 156 Loans to individuals 406 640 371 17 Subtotal 15,641 23,284 21,056 604 With a specific allowance recorded: Commercial, financial, agricultural and other 8,290 10,032 $ 1,580 4,110 77 Real estate construction — — — — — Residential real estate 474 498 1 241 — Commercial real estate 5,293 5,308 851 1,747 3 Loans to individuals — — — — — Subtotal 14,057 15,838 2,432 6,098 80 Total $ 29,698 $ 39,122 $ 2,432 $ 27,154 $ 684 Acquired Loans: With no related specific allowance recorded: Commercial, financial, agricultural and other $ 73 $ 73 $ 2,479 $ — Real estate construction — — — — Residential real estate 2,136 2,585 1,986 8 Commercial real estate 298 320 747 18 Loans to individuals 12 15 13 — Subtotal 2,519 2,993 5,225 26 With a specific allowance recorded: Commercial, financial, agricultural and other — — $ — — — Real estate construction — — — — — Residential real estate — — — — — Commercial real estate — — — — — Loans to individuals — — — — — Subtotal — — — — — Total $ 2,519 $ 2,993 $ — $ 5,225 $ 26 2018 Recorded Unpaid Related Average Interest (dollars in thousands) Originated Loans: With no related specific allowance recorded: Commercial, financial, agricultural and other $ 8,735 $ 16,442 $ 18,480 $ 602 Real estate construction — — — — Residential real estate 10,726 12,571 10,651 271 Commercial real estate 3,599 3,812 7,919 177 Loans to individuals 281 408 310 11 Subtotal 23,341 33,233 37,360 1,061 With a specific allowance recorded: Commercial, financial, agricultural and other 3,042 3,181 $ 797 2,531 20 Real estate construction — — — — — Residential real estate 486 495 107 504 13 Commercial real estate 1,866 1,878 596 991 4 Loans to individuals — — — — — Subtotal 5,394 5,554 1,500 4,026 37 Total $ 28,735 $ 38,787 $ 1,500 $ 41,386 $ 1,098 Acquired Loans: With no related specific allowance recorded: Commercial, financial, agricultural and other $ 73 $ 73 $ 214 $ 10 Real estate construction — — — — Residential real estate 2,031 2,604 1,906 5 Commercial real estate 1,042 2,052 1,565 — Loans to individuals 15 17 16 — Subtotal 3,161 4,746 3,701 15 With a specific allowance recorded: Commercial, financial, agricultural and other 131 131 $ 131 11 — Real estate construction — — — — — Residential real estate — — — — — Commercial real estate — — — — — Loans to individuals — — — — — Subtotal 131 131 131 11 — Total $ 3,292 $ 4,877 $ 131 $ 3,712 $ 15 2017 Originated Acquired Average Interest Average Interest (dollars in thousands) With no related specific allowance recorded: Commercial, financial, agricultural and other $ 10,282 $ 394 $ 476 $ — Real estate construction — — 25 — Residential real estate 11,366 355 535 — Commercial real estate 6,469 583 2,135 — Loans to individuals 353 19 6 — Subtotal 28,470 1,351 3,177 — With a specific allowance recorded: Commercial, financial, agricultural and other 9,391 96 — — Real estate construction — — — — Residential real estate 167 — 74 — Commercial real estate 143 4 155 — Loans to individuals — — — — Subtotal 9,701 100 229 — Total $ 38,171 $ 1,451 $ 3,406 $ — Unfunded commitments related to nonperforming loans were $1.7 million and $1.6 million at December 31, 2019 and 2018 , respectively. After considering the collateral related to these commitments, a reserve of $12 thousand was established for these off balance sheet exposures at both December 31, 2019 and 2018 , 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. Troubled debt restructured loans are considered to be impaired loans. 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 : 2019 2018 2017 (dollars in thousands) Troubled debt restructured loans Accrual status $ 7,542 $ 8,757 $ 11,563 Nonaccrual status 6,037 11,761 11,222 Total $ 13,579 $ 20,518 $ 22,785 Commitments Letters of credit $ 60 $ 60 $ 60 Unused lines of credit 163 1,027 54 Total $ 223 $ 1,087 $ 114 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 : 2019 Type of Modification Number Extend Modify Modify Total Post- Specific (dollars in thousands) Commercial, financial, agricultural and other 2 $ — $ — $ 156 $ 156 $ 154 $ — Residential real estate 20 17 204 965 1,186 1,059 — Commercial real estate 5 — 556 6,261 6,817 594 — Loans to individuals 11 — — 143 143 121 — Total 38 $ 17 $ 760 $ 7,525 $ 8,302 $ 1,928 $ — 2018 Type of Modification Number Extend Modify Modify Total Post- Specific (dollars in thousands) Commercial, financial, agricultural and other 3 $ 74 $ — $ 8,250 $ 8,324 $ 6,104 $ — Residential real estate 37 242 241 1,316 1,799 1,638 — Commercial real estate 3 — — 1,016 1,016 975 — Loans to individuals 15 — 89 53 142 112 — Total 58 $ 316 $ 330 $ 10,635 $ 11,281 $ 8,829 $ — 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 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, 2019 , 2018 and 2017 , $0.8 million , $0.3 million and $0.3 million , respectively, of total rate modifications represent loans with modifications to the rate as well as payment due to reamortization. For 2019 , 2018 and 2017 , the changes in loan balances between the pre-modification balance and post-modification balance are due to customer payments. In 2019 , the change between the pre-modification and post-modification balance for commercial real estate loans is primarily due to the payoff of one large commercial relationship that restructured during the year. 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 loans that were restructured within the past twelve months and that were considered to be in default during the year ending December 31 : 2019 2018 2017 Number of Recorded Number of Recorded Number of Recorded (dollars in thousands) Residential real estate — $ — 1 $ 49 — $ — Loans to individuals — — — — 1 2 Total — $ — 1 $ 49 1 $ 2 The following tables provide detail related to the allowance for credit losses for the years ended December 31 . 2019 Commercial, Real estate Residential Commercial Loans to Total (dollars in thousands) Allowance for credit losses: Originated Loans: Beginning balance $ 19,235 $ 2,002 $ 3,934 $ 18,382 $ 4,033 $ 47,586 Charge-offs (2,667 ) — (986 ) (632 ) (5,747 ) (10,032 ) Recoveries 245 158 246 189 611 1,449 Provision (credit) 3,408 398 897 1,792 6,087 12,582 Ending balance 20,221 2,558 4,091 19,731 4,984 51,585 Acquired Loans: Beginning balance $ 139 $ — $ 35 $ 4 $ — $ 178 Charge-offs (726 ) — (56 ) (1,376 ) (84 ) (2,242 ) Recoveries 81 — 69 — 15 165 Provision (credit) 519 — (46 ) 1,409 69 1,951 Ending balance 13 — 2 37 — 52 Total ending balance $ 20,234 $ 2,558 $ 4,093 $ 19,768 $ 4,984 $ 51,637 Ending balance: individually evaluated for impairment $ 1,580 $ — $ 1 $ 851 $ — $ 2,432 Ending balance: collectively evaluated for impairment 18,654 2,558 4,092 18,917 4,984 49,205 Loans: Ending balance 1,241,853 449,039 1,681,362 2,117,519 699,375 6,189,148 Ending balance: individually evaluated for impairment 9,246 — 1,741 6,846 — 17,833 Ending balance: collectively evaluated for impairment 1,232,607 449,039 1,679,621 2,110,673 699,375 6,171,315 2018 Commercial, Real estate Residential Commercial Loans to Total (dollars in thousands) Allowance for credit losses: Originated Loans: Beginning balance $ 23,418 $ 1,349 $ 2,753 $ 17,328 $ 3,404 $ 48,252 Charge-offs (5,201 ) — (1,217 ) (3,930 ) (4,554 ) (14,902 ) Recoveries 746 135 233 153 579 1,846 Provision (credit) 272 518 2,165 4,831 4,604 12,390 Ending balance 19,235 2,002 3,934 18,382 4,033 47,586 Acquired Loans: Beginning balance $ 11 $ — $ 6 $ 29 $ — $ 46 Charge-offs (93 ) — (96 ) — (22 ) (211 ) Recoveries 42 6 128 — 26 202 Provision (credit) 179 (6 ) (3 ) (25 ) (4 ) 141 Ending balance 139 — 35 4 — 178 Total ending balance $ 19,374 $ 2,002 $ 3,969 $ 18,386 $ 4,033 $ 47,764 Ending balance: individually evaluated for impairment $ 928 $ — $ 107 $ 596 $ — $ 1,631 Ending balance: collectively evaluated for impairment 18,446 2,002 3,862 17,790 4,033 46,133 Loans: Ending balance 1,138,473 358,978 1,562,405 2,123,544 590,739 5,774,139 Ending balance: individually evaluated for impairment 11,631 — 3,747 5,710 — 21,088 Ending balance: collectively evaluated for impairment 1,126,842 358,978 1,558,658 2,117,834 590,739 5,753,051 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 |
Commitments and Letters of Cred
Commitments and Letters of Credit | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 , 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 7, “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 : 2019 2018 (dollars in thousands) Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 1,981,275 $ 1,883,914 Financial standby letters of credit 16,630 18,298 Performance standby letters of credit 23,293 22,027 Commercial letters of credit 783 887 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, 2019 include amounts issued in 2019 of $0.9 million in financial standby letters of credit and $7.0 million in performance standby letters of credit. There were no commercial letters of credit issued during 2019 . A liability of $0.1 million and $0.2 million has been recorded as of December 31, 2019 and 2018 , respectively, which represents the estimated fair value of letters of credit issued. The fair value of letters of credit is estimated based on the unrecognized portion of fees received at the time the commitment was issued. Unused commitments and letters of credit provide exposure to future credit loss in the event of nonperformance by the borrower or guaranteed parties. Management’s evaluation of the credit risk in these commitments resulted in the recording of a liability of $4.5 million and $5.0 million as of December 31, 2019 and 2018 , 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, 2019 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises, Equipment and Lease Commitments Premises and Equipment Premises and equipment are described as follows: Estimated Useful Life 2019 2018 (dollars in thousands) Land Indefinite $ 15,446 $ 15,359 Buildings and improvements 10-50 years 76,965 78,643 Operating lease right of use asset 1-25 years 52,114 — Leasehold improvements 5-40 years 37,716 27,573 Furniture and equipment 3-7 years 71,548 67,735 Software 3-7 years 40,399 38,800 Subtotal 294,188 228,110 Less accumulated depreciation and amortization 156,920 147,636 Total premises and equipment, net $ 137,268 $ 80,474 Depreciation related to premises and equipment included in noninterest expense for the years ended December 31, 2019 , 2018 and 2017 amounted to $10.5 million , $9.5 million and $9.0 million , respectively. Amortization of lease right-of-use assets totaled $3.5 million in 2019 . Lease Commitments On January 1, 2019, the Company adopted ASU 2016-02 “Leases” (Topic 842) and all subsequent ASUs that modified Topic 842 using the transition option provided in ASU 2018-11, which provides for the modified retrospective approach. Under this approach, comparative periods were not restated and no cumulative effect adjustment to the opening balance of retained earnings was required. First Commonwealth has elected to apply certain practical expedients provided under the standard including (i) to not apply the requirements in the new standard to short-term leases (ii) to not reassess the lease classification for any expired or existing lease (iii) to account for lease and non-lease components separately (iv) to not reassess initial direct costs for any existing leases. The impact of this standard primarily relates to operating leases of certain real estate properties, primarily certain branch and ATM locations and office space. First Commonwealth has no material leasing arrangements for which it is the lessor of property or equipment. Adoption of this standard resulted in the Company recognizing an ROU asset of $38.5 million and a lease liability of $41.8 million on January 1, 2019. The following table represents the lease costs and other lease information for the year ended December 31, 2019 (dollars in thousands). Operating lease cost classified as occupancy and equipment expense $ 5,328 Weighted average lease term, in years 15.27 Weighted average discount rate 3.43 % Operating cash flows $ 4,656 The ROU assets and lease liabilities are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. First Commonwealth's lease agreements often include one or more options to renew at the Company's discretion. If we consider the renewal option to be reasonably certain, we include the extended term in the calculation of the ROU asset and lease liability. First Commonwealth uses incremental borrowing rates when calculating the lease liability because the rate implicit in the lease is not readily determinable. The incremental borrowing rate used by First Commonwealth is an amortizing loan rate obtained from the Federal Home Loan Bank ("FHLB") of Pittsburgh. This rate is consistent with a collateralized borrowing rate and is available for terms similar to the lease payment schedules. The following table reconciles future minimum lease payments due under non-cancelable operating leases (those amounts subject to recognition) to the lease liability a s of December 31, 2019 (dollars in thousands): For the twelve months ended 2020 $ 5,199 2021 5,084 2022 4,961 2023 4,939 2024 4,791 Thereafter 44,391 Total future minimum lease payments 69,365 Less remaining imputed interest 16,471 Operating lease liability $ 52,894 Rent expense, net of rental income, for all operating leases totaled $4.9 million in 2019 , $4.1 million in 2018 and $2.7 million in 2017 |
Goodwill and Other Amortizing I
Goodwill and Other Amortizing Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill Disclosure [Abstract] | |
Goodwill and Other Amortizing Intangible Assets | Goodwill and Other 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, 2019 and 2018 was $303.3 million and $274.2 million , respectively. The $29.1 million increase in goodwill during the year ended December 31, 2019 is the result of the acquisition of 14 branches from Santander, completed in third quarter of 2019. No impairment charges on goodwill or other intangible assets were incurred in 2019 , 2018 or 2017 . 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, 2019 and December 31, 2019 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, 2019 , 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, 2019 Customer deposit intangibles $ 25,843 $ (11,760 ) $ 14,083 Customer list intangible 2,283 (1,340 ) 943 Total other intangible assets $ 28,126 $ (13,100 ) $ 15,026 December 31, 2018 Customer deposit intangibles $ 20,228 $ (8,877 ) $ 11,351 Customer list intangible 2,283 (1,069 ) 1,214 Total other intangible assets $ 22,511 $ (9,946 ) $ 12,565 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 9.7 years and a weighted average amortization period of approximately 8.1 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 9.7 years and a weighted average amortization period of 7.9 years. In the table above, the change in the gross customer deposit intangible and customer list intangibles from December 31, 2018 to December 31, 2019 is due to the Santander acquisition resulting in $5.6 million of core deposit intangibles. First Commonwealth recognized amortization expense on other intangible assets of $3.2 million , $3.1 million , and $3.1 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. In addition to customer deposit intangibles and customer list intangibles, First Commonwealth has servicing rights on mortgage loans as well as certain commercial loans totaling $1.3 million and $0.5 million as of December 31, 2019 and 2018 , respectively. These servicing rights relate to loans sold to third parties on which the Company retains servicing responsibilities. The Company recognized amortization expense on these servicing assets of $0.2 million and $0.1 million for the years ended December 31, 2019 and 2018 , 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) 2020 $ 3,163 $ 230 $ 3,393 2021 2,753 193 2,946 2022 2,343 159 2,502 2023 1,933 127 2,060 2024 1,522 97 1,619 Thereafter 2,369 137 2,506 Total $ 14,083 $ 943 $ 15,026 |
Interest-Bearing Deposits
Interest-Bearing Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Deposits [Abstract] | |
Interest-Bearing Deposits | Interest-Bearing Deposits Components of interest-bearing deposits at December 31 were as follows: 2019 2018 (dollars in thousands) Interest-bearing demand deposits $ 254,981 $ 180,209 Savings deposits 3,896,536 3,401,354 Time deposits 835,851 850,216 Total interest-bearing deposits $ 4,987,368 $ 4,431,779 Interest-bearing deposits at December 31, 2019 and 2018 include allocations from interest-bearing demand deposit accounts of $1.1 billion and $952.1 million , respectively, into savings, which includes money market accounts. These allocations 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, 2019 and 2018 were certificates of deposit in denominations of $250 thousand or more of $143.9 million and $140.2 million , respectively. Interest expense related to certificates of deposit in denominations of $250 thousand or greater amounted to $3.3 million in 2019 , $1.6 million in 2018 and $0.5 million in 2017 . Included in time deposits at December 31, 2019 , were certificates of deposit with the following scheduled maturities (dollars in thousands): 2020 $ 586,365 2021 184,934 2022 34,250 2023 10,389 2024 and thereafter 19,913 Total $ 835,851 |
Short-term Borrowings
Short-term Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Short-term Debt [Abstract] | |
Short-term Borrowings | Short-term Borrowings Short-term borrowings at December 31 were as follows: 2019 2018 2017 Ending Average Average Ending Average Average Ending Average Average (dollars in thousands) Federal funds purchased $ — $ 8,069 2.53 % $ 11,000 $ 8,801 2.05 % $ — $ 6,225 1.24 % Borrowings from FHLB 136,200 278,930 2.62 565,000 467,594 2.12 567,500 710,932 1.18 Securities sold under agreements to repurchase 65,653 104,548 0.75 145,823 142,562 0.44 139,966 150,234 0.24 Total $ 201,853 $ 391,547 2.12 $ 721,823 $ 618,957 1.74 $ 707,466 $ 867,391 1.01 Maximum total at any month-end $ 670,831 $ 811,026 $ 967,259 Weighted average rate at year-end 1.41 % 2.17 % 1.27 % Interest expense on short-term borrowings for the years ended December 31 is detailed below: 2019 2018 2017 (dollars in thousands) Federal funds purchased $ 204 $ 180 $ 77 Borrowings from FHLB 7,313 9,929 8,360 Securities sold under agreements to repurchase 781 632 362 Total interest on short-term borrowings $ 8,298 $ 10,741 $ 8,799 |
Subordinated Debentures
Subordinated Debentures | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Subordinated Debentures [Abstract] | |
Subordinated Debentures | Subordinated Debentures Subordinated debentures outstanding at December 31 are as follows: 2019 2018 Due Amount Rate Amount Rate (dollars in thousands) Owed to: First Commonwealth Bank 2028-06-01 $ 49,222 4.875% until June 1, 2023, then LIBOR + 1.845% $ 49,131 4.875% until June 1, 2023, then LIBOR + 1.845% First Commonwealth Bank 2033-06-01 49,061 5.50% until June 1, 2028, 48,990 5.50% until June 1, 2028, First Commonwealth Capital Trust II 2034-01-23 30,929 LIBOR + 2.85 30,929 LIBOR + 2.85 First Commonwealth Capital Trust III 2034-04-06 41,238 LIBOR + 2.85 41,238 LIBOR + 2.85 Total $ 170,450 $ 170,288 On May 21, 2018, First Commonwealth Bank issued ten-year subordinated notes with an aggregate principal amount of $50.0 million and a fixed-to-floating rate of 4.88% . The rate remains fixed until June 1, 2023, then adjusts on a quarterly basis to LIBOR + 1.845% . The Bank may redeem the notes, beginning with the interest payment due on June 1, 2023, in whole or in part at a redemption price equal to 100% of the principal amount of the subordinated notes, plus accrued and unpaid interest to the date of redemption. Deferred issuance costs of $0.9 million are being amortized on a straight-line basis over the term of the notes. On May 21, 2018, First Commonwealth Bank also issued fifteen-year subordinated notes with an aggregate principal amount of $50.0 million and a fixed-to-floating rate of 5.50% . The rate remains fixed until June 1, 2028, then adjusts on a quarterly basis to LIBOR + 2.37% . The Bank may redeem the notes, beginning with the interest payment due on June 1, 2028, in whole or in part at a redemption price equal to 100% of the principal amount of the subordinated notes, plus accrued and unpaid interest to the date of redemption. Deferred issuance costs of $1.1 million are being amortized on a straight-line basis over the term of the notes. 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, 2019 | |
Debt Disclosure [Abstract] | |
Other Long-term Debt | Other Long-term Debt Other long-term debt at December 31 follows: 2019 2018 Amount Weighted Amount Weighted (dollars in thousands) Borrowings from FHLB due: 2019 $ 631 3.83 % 2020 $ 659 3.84 % 655 3.84 2021 50,685 2.32 681 3.84 2022 712 3.85 708 3.85 2023 739 3.86 735 3.85 2024 769 3.86 Thereafter 3,353 3.77 4,141 3.79 Total $ 56,917 $ 7,551 The weighted average contractual rate reflects the rate due to creditors. There are no purchase accounting adjustments related to long-term debt in 2019 or 2018 . 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 16, “Subordinated Debentures.” |
Fair Values of Assets and Liabi
Fair Values of Assets and Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
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 observable inputs for identical or comparable assets or liabilities from alternative pricing sources with reasonable levels of price transparency. Level 2 includes Obligations of U.S. Government securities issued by Agencies and Sponsored Enterprises, Obligations of States and Political Subdivisions, corporate securities, FHLB stock, loans held for sale, interest rate derivatives (including interest rate swaps, interest rate caps, interest rate collars 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 source price 100% of the securities on a monthly basis, 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 include FHLB stock whose estimated fair value is based on its par value. Additional information on FHLB stock is provided in Note 9, “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. Loans held for sale could also include 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, interest rate collars 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 7, “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 2019 and 2018 , 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 non-marketable equity investments, certain interest rate derivatives, certain impaired loans and certain other real estate. The estimated fair value of the other investments included in Level 3 is based on carrying value as these securities do not have a readily determinable fair 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 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 December 31, 2019 Other Investments $ 1,670 Carrying Value N/A N/A Impaired Loans 884 (a) Gas Reserve study Discount rate 10.00% Gas per MMBTU $2.61 - $3.49 (b) Oil per BBL/d $47.09 - $53.14 (b) 2,239 (a) Discounted Cash Flow Discount Rate 3.84% - 9.50% Limited Partnership Investments 5,795 Par Value N/A N/A December 31, 2018 Other Investments 1,670 Carrying Value N/A N/A Impaired Loans 1,104 (a) Gas Reserve study Discount rate 10.00% Gas per MMBTU $2.81 - $3.35 (b) Oil per BBL/d $51.59 - $59.55 (b) 3,249 (a) Discounted Cash Flow Discount Rate 1.90% - 9.50% Limited Partnership Investments 2,696 Par Value N/A N/A (a) 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. (b) unobservable inputs are defined as follows: MMBTU—one million British thermal units; BBL/d—barrels per day. 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: 2019 Level 1 Level 2 Level 3 Total (dollars in thousands) Obligations of U.S. Government Agencies: Mortgage-Backed Securities—Residential $ — $ 8,341 $ — $ 8,341 Mortgage-Backed Securities—Commercial — 189,133 — 189,133 Obligations of U.S. Government-Sponsored Enterprises: Mortgage-Backed Securities—Residential — 661,947 — 661,947 Other Government-Sponsored Enterprises — 1,000 — 1,000 Obligations of States and Political Subdivisions — 17,909 — 17,909 Corporate Securities — 23,962 — 23,962 Total Securities Available for Sale — 902,292 — 902,292 Other Investments — 15,091 1,670 16,761 Loans Held for Sale — 15,989 — 15,989 Other Assets (a) — 21,894 5,795 27,689 Total Assets $ — $ 955,266 $ 7,465 $ 962,731 Other Liabilities (a) $ — $ 21,469 $ — $ 21,469 Total Liabilities $ — $ 21,469 $ — $ 21,469 (a) Hedging and non-hedging interest rate derivatives and limited partnership investments 2018 Level 1 Level 2 Level 3 Total (dollars in thousands) Obligations of U.S. Government Agencies: Mortgage-Backed Securities—Residential $ — $ 9,406 $ — $ 9,406 Mortgage-Backed Securities—Commercial — 167,744 — 167,744 Obligations of U.S. Government-Sponsored Enterprises: Mortgage-Backed Securities—Residential — 673,361 — 673,361 Other Government-Sponsored Enterprises — 10,012 — 10,012 Obligations of States and Political Subdivisions — 27,712 — 27,712 Corporate Securities — 21,012 — 21,012 Total Securities Available for Sale — 909,247 — 909,247 Other Investments — 30,456 1,670 32,126 Loans Held for Sale — 11,881 — 11,881 Other Assets (a) — 1,769 2,696 4,465 Total Assets $ — $ 953,353 $ 4,366 $ 957,719 Other Liabilities (a) $ — $ 2,081 $ — $ 2,081 Total Liabilities $ — $ 2,081 $ — $ 2,081 (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, 2019 : Other Investments Other Assets Total (dollars in thousands) Balance, beginning of year $ 1,670 $ 2,696 $ 4,366 Total gains or losses Included in earnings — 198 198 Included in other comprehensive income — — — Purchases, issuances, sales, and settlements Purchases — 2,956 2,956 Issuances — — — Sales — — — Settlements — (55 ) (55 ) Transfers from Level 3 — — — Transfers into Level 3 — — — Balance, end of year $ 1,670 $ 5,795 $ 7,465 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, 2019 . During the year ended December 31, 2019 , 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, 2018 : Pooled Trust Other Investments Other Assets Total (dollars in thousands) Balance, beginning of year $ 23,646 $ 1,670 $ 2,143 $ 27,459 Total gains or losses Included in earnings 8,102 — — 8,102 Included in other comprehensive income (118 ) — — (118 ) Purchases, issuances, sales, and settlements Purchases — — 601 601 Issuances — — — — Sales (12,289 ) — — (12,289 ) Settlements (19,341 ) — (48 ) (19,389 ) Transfers from Level 3 — — — — Transfers into Level 3 — — — — Balance, end of year $ — $ 1,670 $ 2,696 $ 4,366 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, 2018 . During the year ended December 31, 2018 , there were no transfers between fair value Levels 1, 2 or 3. 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: 2019 Level 1 Level 2 Level 3 Total Total (dollars in thousands) Impaired loans $ — $ 12,267 $ 17,518 $ 29,785 $ (2,667 ) Other real estate owned — 2,608 — 2,608 (196 ) Total Assets $ — $ 14,875 $ 17,518 $ 32,393 $ (2,863 ) 2018 Level 1 Level 2 Level 3 Total Total (dollars in thousands) Impaired loans $ — $ 15,076 $ 15,320 $ 30,396 $ (1,778 ) Other real estate owned — 4,035 — 4,035 (593 ) Total Assets $ — $ 19,111 $ 15,320 $ 34,431 $ (2,371 ) Impaired loans over $250 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 $2.2 million as of December 31, 2019 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 13 “Goodwill and Other Amortizing Intangible Assets.” There were no other assets or liabilities measured at fair value on a nonrecurring basis during 2019 . 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. 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. 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 $0.1 million and $0.2 million at December 31, 2019 and 2018 , respectively. See Note 11, “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 and long-term debt : The fair value of long-term debt and subordinated debt is estimated by discounting the future cash flows using First Commonwealth’s estimate of the current market rate for similar types of borrowing arrangements. The following table presents carrying amounts and estimated fair values of First Commonwealth’s financial instruments at December 31: 2019 Fair Value Measurements Using: Carrying Total Level 1 Level 2 Level 3 (dollars in thousands) Financial assets Cash and due from banks $ 102,346 $ 102,346 $ 102,346 $ — $ — Interest-bearing deposits 19,510 19,510 19,510 — — Securities available for sale 902,292 902,292 — 902,292 — Securities held to maturity 337,123 338,718 — 338,718 — Other investments 16,761 16,761 — 15,091 1,670 Loans held for sale 15,989 15,989 — 15,989 — Loans 6,189,148 6,393,872 — 12,267 6,381,605 Financial liabilities Deposits 6,677,615 6,677,595 — 6,677,595 — Short-term borrowings 201,853 201,151 — 201,151 — Long-term debt 56,917 58,051 — 58,051 — Subordinated debt 170,450 171,772 — — 171,772 Capital lease obligation 6,815 6,815 — 6,815 — 2018 Fair Value Measurements Using: Carrying Total Level 1 Level 2 Level 3 (dollars in thousands) Financial assets Cash and due from banks $ 95,934 $ 95,934 $ 95,934 $ — $ — Interest-bearing deposits 3,013 3,013 3,013 — — Securities available for sale 909,247 909,247 — 909,247 — Securities held to maturity 393,855 383,993 — 383,993 — Other investments 32,126 32,126 — 30,456 1,670 Loans held for sale 11,881 11,881 — 11,881 — Loans 5,774,139 5,821,791 — 15,076 5,806,715 Financial liabilities Deposits 5,897,992 5,904,147 — 5,904,147 — Short-term borrowings 721,823 721,532 — 721,532 — Long-term debt 7,551 7,720 — 7,720 — Subordinated debt 170,288 168,067 — — 168,067 Capital lease obligation 7,217 7,217 — 7,217 — |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The income tax provision for the years ended December 31 is as follows: 2019 2018 2017 (dollars in thousands) Current tax provision: Federal $ 22,942 $ 21,330 $ 29,071 State 282 298 274 Total current tax provision 23,224 21,628 29,345 Deferred tax provision (benefit): Federal 2,284 3,666 19,237 State 8 (20 ) (21 ) Total deferred tax provision 2,292 3,646 19,216 Total tax provision $ 25,516 $ 25,274 $ 48,561 The statutory to effective tax rate reconciliation for the years ended December 31 is as follows: 2019 2018 2017 Amount % of Amount % of Amount % of (dollars in thousands) Tax at statutory rate $ 27,478 21 % $ 27,882 21 % $ 36,304 35 % Increase (decrease) resulting from: State income tax, net of federal benefit 229 — 220 — 164 — Income from bank owned life insurance (1,260 ) (1 ) (1,404 ) (1 ) (1,995 ) (2 ) Tax-exempt interest income, net (1,298 ) (1 ) (1,473 ) (1 ) (2,709 ) (3 ) Tax credits (7 ) — (5 ) — (11 ) — Enactment of federal tax reform — — (346 ) — 16,709 17 Other 374 — 400 — 99 — Total tax provision $ 25,516 19 % $ 25,274 19 % $ 48,561 47 % 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 21% for the years ended December 31, 2019 and December 31, 2018 and 35% for the year ended December 31, 2017 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 statutory rate produced an annual effective tax rate of 19% , 19% and 47% for the years ended December 31, 2019 , 2018 and 2017 , respectively. The annual effective tax rate of 47% for the year ended December 31, 2017, 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 in 2017. 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 allowed for a measurement period not to extend beyond one year from the Act’s enactment date to complete the necessary accounting. In accordance with SAB 118, the accounting for income tax effects of the Act has been completed as of the year ended December 31, 2018. The completion of the accounting resulted in an immaterial change to the previously recorded re-measurement. 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: 2019 2018 (dollars in thousands) Deferred tax assets: Lease liability $ 11,203 $ — Allowance for credit losses 10,937 10,116 Postretirement benefits other than pensions 275 311 Alternative minimum tax credit carryforward 216 216 Unrealized loss on securities available for sale — 3,137 Net operating loss carryforward 2,017 3,636 Writedown of other real estate owned 48 711 Deferred compensation 1,720 1,426 Accrued interest on nonaccrual loans 710 629 Accrued incentives 2,185 2,477 Unfunded loan commitments & other reserves 964 1,064 Deferred rent 28 799 Other 956 1,486 Total deferred tax assets 31,259 26,008 Deferred tax liabilities: Right of use asset $ (10,302 ) $ — Unrealized gain on securities available for sale (1,386 ) — Depreciation of assets (1,470 ) (1,378 ) Other (1,239 ) (1,064 ) Total deferred tax liabilities (14,397 ) (2,442 ) Net deferred tax asset $ 16,862 $ 23,566 The Company has approximately $9.3 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 2034 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, 2019 , 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, 2019 . 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. Generally, tax years prior to the year ended December 31, 2016 are no longer open to examination by federal and state taxing authorities. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2019 | |
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 $3.6 million in 2019 , $3.2 million in 2018 , and $2.8 million in 2017 . First Commonwealth maintains a Non-Qualified Deferred Compensation Plan ( “ NQDC Plan ” ) to provide deferred compensation for those employees who are in the top 7% of full-time employees, as determined on the basis of base compensation. 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. Participants are also eligible to defer all or a portion of the Annual Incentive Plan (on a pre-tax basis) from 10% to 100% of their annual cash incentive earned. There was no NQDC Plan expense in 2019 , 2018 and 2017 . 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: 2019 2018 2017 (dollars in thousands) Service cost $ — $ — $ — Interest cost on projected benefit obligation 34 38 49 Amortization of transition obligation — — — Gain amortization (60 ) (35 ) (21 ) Net periodic benefit cost $ (26 ) $ 3 $ 28 The following table sets forth the change in the benefit obligation and plan assets as of December 31: 2019 2018 (dollars in thousands) Change in Benefit Obligation Benefit obligation at beginning of year $ 883 $ 1,188 Service cost — — Interest cost 34 38 Amendments — — Actuarial gain 61 (174 ) Net benefits paid (144 ) (169 ) Benefit obligation at end of year 834 883 Change in Plan Assets Fair value of plan assets at beginning of year — — Actual return on plan assets — — Employer contributions 144 169 Net benefits paid (144 ) (169 ) Fair value of plan assets at end of year — — Funded Status at End of Year 834 883 Unrecognized transition obligation — — Unrecognized net gain 463 584 Amounts recognized in retained earnings $ 1,297 $ 1,467 As of December 31, the funded status of the plan is: 2019 2018 (dollars in thousands) Amounts Recognized in the Statement of Financial Condition as Other liabilities $ 834 $ 883 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: 2019 2018 2017 (dollars in thousands) Amounts recognized in accumulated other comprehensive income, net of tax: Net (gain) loss $ (366 ) $ (461 ) $ (347 ) Transition obligation — — — Total $ (366 ) $ (461 ) $ (347 ) Weighted-average assumptions used to determine the benefit obligation as of December 31 are as follows: 2019 2018 2017 Weighted-Average Assumptions Discount rate 2.88 % 4.11 % 3.37 % Health care cost trend: Initial 5.55 % 6.00 % 6.00 % Health care cost trend: Ultimate 4.75 % 4.75 % 4.75 % Year ultimate reached 2025 2024 2023 Weighted-average assumptions used to determine the net benefit costs as of December 31 are as follows: 2019 2018 2017 Weighted-Average Assumptions for Net Periodic Cost Discount rate 4.11 % 3.37 % 3.74 % Health care cost trend: Initial 6.00 % 6.00 % 6.00 % Health care cost trend: Ultimate 4.75 % 4.75 % 4.75 % Year ultimate reached 2024 2023 2022 Corridor 10.00 % 10.00 % 10.00 % Recognition period for gains and losses 12.1 12.1 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 $ 14 $ (13 ) Effect on total of service and interest cost components 1 (1 ) As of December 31, 2019 , the projected benefit payments for the next ten years are as follows: Projected Benefit (dollars in thousands) 2020 $ 102 2021 96 2022 89 2023 82 2024 75 2025 - 2029 286 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 2020 are as follows (dollars in thousands): Postretirement (dollars in thousands) Net gain $ (52 ) Transition obligation — Total $ (52 ) |
Incentive Compensation Plan
Incentive Compensation Plan | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [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 2,930,128 shares were still eligible for awards as of December 31, 2019 . Restricted Stock The following provides detail on the restricted stock awards which were issued and outstanding in 2019 , 2018 and 2017 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 February 21, 2019 63,000 $ 14.22 February 22, 2022 1 February 21, 2019 15,000 $ 14.22 February 22, 2022 1 November 26, 2018 2,000 $ 13.82 November 26, 2021 1 May 29, 2018 3,000 15.44 May 29, 2021 1 March 26, 2018 2,000 14.08 March 26, 2021 1 February 26, 2018 77,500 14.49 February 26, 2021 1 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 June 26, 2015 1,000 9.84 June 26, 2018 1 February 20, 2015 10,000 8.45 August 31, 2017 1 February 5, 2015 50,000 8.55 February 5, 2018 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 Compensation expense related to restricted stock was $2.7 million , $2.6 million and $3.8 million in 2019 , 2018 and 2017 , respectively. As of December 31, 2019 , there was $3.1 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: 2019 2018 2017 Shares Weighted Shares Weighted Shares Weighted Outstanding, beginning of the year 137,500 $ 13.05 117,000 $ 9.99 247,668 $ 9.34 Granted 78,000 14.22 84,500 14.50 26,000 12.99 Vested (41,000 ) 10.09 (54,000 ) 9.37 (151,668 ) 9.49 Forfeited (3,000 ) 14.40 (10,000 ) 9.34 (5,000 ) 8.55 Outstanding, end of the year 171,500 14.27 137,500 13.05 117,000 9.99 The following provides detail on restricted stock awards estimated to be granted on a performance award basis during 2019 , 2018 and 2017 . 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 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 February 22, 2018 102,000 3 40 % 100 % 200 % — % 0 December 31, 2020 February 21, 2019 121,900 3 40 % 100 % 200 % — % 0 December 31, 2021 The following table summarizes the estimated unvested target share awards for the Plans as of December 31: 2019 2018 2017 Outstanding, beginning of the year 496,603 525,045 426,596 Granted 134,929 130,995 276,442 Issued (188,700 ) (149,480 ) (171,637 ) Forfeited — (9,957 ) (6,356 ) Outstanding, end of the year 442,832 496,603 525,045 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, the February 22, 2018 grant has a fair value of $14.17 for 50% of the grant, $13.25 for 25% of the grant and $15.83 for the remaining 25% of the grant and the February 21, 2019 grant has a fair value of $14.22 for 50% of the grant, $16.62 for 25% of the grant and $13.07 for the remaining 25% of the grant. |
Contingent Liabilities
Contingent Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 , 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 $1 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. |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue Recognition, Deferred Revenue [Policy Text Block] | Revenue Recognition On January 1, 2018, the Company adopted ASU No. 2014-09 “Revenue from Contracts with Customers” (Topic 606) and all subsequent ASUs that modified Topic 606. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, First Commonwealth will generally be required to use more judgment and make more estimates than under current guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The Company adopted ASC 606 using the modified retrospective method applied to all contracts not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts were not adjusted and continue to be reported in accordance with our historic accounting under Topic 605. The implementation of the new standard did not have a material impact on the measurement or recognition of revenue, therefore a cumulative effect adjustment to opening retained earnings was not necessary. In connection with the adoption of Topic 606, First Commonwealth is required to capitalize, and subsequently amortize into expense, certain incremental costs of obtaining a contract with a customer if these costs are expected to be recovered. The incremental costs of obtaining a contract are those costs that an entity incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained, for example, sales commission. The Company utilizes the practical expedient which allows entities to immediately expense contract acquisition costs when the asset that would have resulted from capitalizing these costs would have been amortized in one year or less. Upon adoption of Topic 606, the Company did not capitalize any contract acquisition cost. The Company also evaluated whether it has any significant contract balances. A contract asset balance occurs when an entity performs a service for a customer before the customer pays consideration resulting in a contract receivable or before payment is due resulting in a contract asset. A contract liability balance is an entity’s obligation to transfer a service to a customer for which the Company has already received payment from the customer. First Commonwealth’s noninterest revenue streams are largely based on transactional activity, or standard month-end revenue accruals such as trust income which is based on month-end market values. Consideration is often received immediately or shortly after the Company satisfies its performance obligation and revenue is recognized. The Company does not typically enter into long-term revenue contracts with customers, and therefore, does not experience significant contract balances. As of December 31, 2019 and 2018 , the Company did not have any significant contract balances. Topic 606 does not apply to revenue associated with financial instruments, including revenue from loans and securities. In addition, certain noninterest income streams such as fees associated with derivatives are not in scope of the new guidance. Topic 606 is applicable to noninterest revenue streams such as trust income, service charges on deposits, insurance and retail brokerage commissions, card related interchange income and gain (loss) on sale of OREO. The recognition of these revenue streams did not change significantly upon adoption of Topic 606. Substantially all of the Company’s revenue is generated from contracts with customers. Noninterest revenue streams in-scope of Topic 606 are discussed below: Trust Income Trust income is primarily comprised of fees earned from the management and administration of trusts and other customer assets. The Company’s performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon a tiered scale of market value of the assets under management at month-end. Payment is generally received a few days after month end through a direct charge to customers’ accounts. The Company does not earn performance-based incentives. Optional services such as financial planning or tax return preparation services are also available to trust customers. The Company’s performance obligation for these transactional-based services is generally satisfied and related revenue recognized, at a point in time. Payment is received shortly after services are rendered. Service Charges on Deposit Accounts Service charges on deposit accounts consist of fees earned from its deposit customers for transaction-based, account maintenance, overdraft services and account analysis fees. Transaction-based fees, which include services such as ATM use fees, stop payment fees, statement rendering and ACH fees, are recognized at the time the transaction is executed which is the point in time the Company fulfills the customer’s request. Monthly account maintenance fees are earned over the course of the month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. The Company’s performance obligation for account analysis fees is generally satisfied, and the related revenue recognized, during the month the service is provided. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to customers’ accounts. Insurance and Retail Brokerage Commissions Insurance income primarily consists of commissions received from execution of personal, business and health insurance policies when acting as an agent on behalf of insurance carriers. The Company’s performance obligation is generally satisfied upon the issuance of the insurance policy. Because the Company’s contracts with the insurance carriers are generally cancellable by either party, with minimal notice, insurance commissions are recognized during the policy period as received. Also, the majority of insurance commissions are received on a monthly basis during the policy period, however some carriers pay the full annual commission to First Commonwealth at the time of policy issuance or renewal. In these cases, First Commonwealth would be required to refund any commissions it would not be entitled to as a result of cancelled or terminated policies. The Company has established a refund liability for the remaining term of the policies expected to be cancelled. The Company also receives incentive-based contingency fees from the insurance carriers. Contingency fee revenue, which totals approximately $0.5 million per year, is recognized as received due to the immaterial amount. Retail brokerage income primarily consists of commissions received on annuity and investment product sales through a third-party service provider. The Company’s performance obligation is generally satisfied upon the issuance of the annuity policy or the execution of an investment transaction. The Company does not earn a significant amount of trailer fees on annuity sales. However, after considering the factors impacting these trailer fees, such as the uncertainty of investor behavior and changes in the market value of assets, First Commonwealth determined that it would recognize trailing fees as received because it could not reasonably estimate an amount of future trailing commissions for which collection is probable. Commissions from the third-party service provider are received on a monthly basis based upon customer activity for the month. The fees are recognized monthly with a receivable until commissions are received from the third-party service provider the following month. Because the Company acts as an agent in arranging the relationship between the customer and the third-party service provider and does not control the services rendered to the customers, retail brokerage fees are presented net of related costs, including $3.0 million and $2.5 million in commission expense as of December 31, 2019 and 2018 , respectively. Card Related Interchange Income Card related interchange income is primarily comprised of debit and credit card income, ATM fees and merchant services income. Debit and credit card income is primarily comprised of interchange fees earned whenever the Company’s debit and credit cards are processed through card payment networks such as Mastercard. ATM fees are primarily generated when a Company cardholder uses a non-Company ATM or a non-Company cardholder uses a Company ATM. Merchant services income mainly represents fees charged to merchants to process their debit and credit card transactions, in addition to account management fees. Card related interchange income is recognized at the point in time as the customer transactions are settled. Other Income Other income includes service revenue from processing wire transfers, bill pay service, cashier’s checks, and other services. The Company’s performance obligation for these services are largely satisfied, and related revenue recognized, when the services are rendered or upon completion. Payment is typically received immediately or in the following month. Gains(losses) on sales of OREO First Commonwealth records a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When First Commonwealth finances the sale of OREO to the buyer, an assessment of whether the buyer is committed to perform their obligations under the contract is completed along with an evaluation of whether collectability of the transaction price is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon transfer of control of the property to the buyer. In determining the gain or loss on the sale, First Commonwealth adjusts the transaction price and related gain(loss) on sale if a significant financing component is present. The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606 for the year ended December 31: 2019 2018 2017 (dollars in thousands) Noninterest Income In-scope of Topic 606: Trust income $ 8,321 $ 7,901 $ 7,098 Service charges on deposit accounts 18,926 18,175 18,579 Insurance and retail brokerage commissions 7,583 7,426 8,807 Card-related interchange income 21,677 20,187 18,780 Gain on sale of other loans and assets 1,062 982 1,005 Other income 3,837 3,708 4,328 Noninterest Income (in-scope of Topic 606) 61,406 58,379 58,597 Noninterest Income (out-of-scope of Topic 606) 24,079 30,258 21,734 Total Noninterest Income $ 85,485 $ 88,637 $ 80,331 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
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, 2018 $ 15,638 Advances 4,803 Repayments (1,195 ) December 31, 2019 $ 19,246 |
Regulatory Restrictions and Cap
Regulatory Restrictions and Capital Adequacy | 12 Months Ended |
Dec. 31, 2019 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [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. 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. During the second quarter of 2018, First Commonwealth Bank, the Company's banking subsidiary, issued $100 million in subordinated debt, which under regulatory rules qualifies as Tier II capital. This subordinated debt issuance increased the total risk-based capital ratio by 160 basis points. As of December 31, 2019 and 2018 , First Commonwealth and First Commonwealth Bank met all capital adequacy requirements to which they are subject and were 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 Required to be Considered Well Capital Ratio Capital Ratio Capital Ratio (dollars in thousands) As of December 31, 2019 Total Capital to Risk Weighted Assets First Commonwealth Financial Corporation $ 954,991 14.26 % $ 703,370 10.50 % $ 669,877 10.00 % First Commonwealth Bank 913,863 13.67 702,006 10.50 668,577 10.00 Tier I Capital to Risk Weighted Assets First Commonwealth Financial Corporation $ 800,526 11.95 % $ 569,395 8.50 % $ 535,901 8.00 % First Commonwealth Bank 759,398 11.36 568,291 8.50 534,862 8.00 Tier I Capital to Average Assets First Commonwealth Financial Corporation $ 800,526 10.17 % $ 314,963 4.00 % $ 393,704 5.00 % First Commonwealth Bank 759,398 9.66 314,338 4.00 392,922 5.00 Common Equity Tier I to Risk Weighted Assets First Commonwealth Financial Corporation $ 730,526 10.91 % $ 468,914 7.00 % $ 435,420 6.50 % First Commonwealth Bank 759,398 11.36 468,004 7.00 434,575 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, 2018 Total Capital to Risk Weighted Assets First Commonwealth Financial Corporation $ 918,786 14.65 % $ 619,173 9.88 % $ 658,361 10.50 % $ 627,011 10.00 % First Commonwealth Bank 885,151 14.14 618,213 9.88 657,341 10.50 626,039 10.00 Tier I Capital to Risk Weighted Assets First Commonwealth Financial Corporation $ 767,881 12.25 % $ 493,771 7.88 % $ 532,959 8.50 % $ 501,608 8.00 % First Commonwealth Bank 734,246 11.73 493,005 7.88 532,133 8.50 500,831 8.00 Tier I Capital to Average Assets First Commonwealth Financial Corporation $ 767,881 10.28 % $ 298,856 4.00 % $ 298,856 4.00 % $ 373,570 5.00 % First Commonwealth Bank 734,246 9.84 298,340 4.00 298,340 4.00 372,926 5.00 Common Equity Tier I to Risk Weighted Assets First Commonwealth Financial Corporation $ 697,881 11.13 % $ 399,719 6.38 % $ 438,907 7.00 % $ 407,557 6.50 % First Commonwealth Bank 734,246 11.73 399,100 6.38 438,227 7.00 406,925 6.50 |
Capital
Capital | 12 Months Ended |
Dec. 31, 2019 | |
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 five branches in northern Ohio which management believes represents a better use of capital for shareholders. Repurchases under all programs resulted in a total of 16,665,735 shares repurchased at an average price of $7.55 per share. In 2018, First Commonwealth announced a $25.0 million common stock repurchase program. This program was completed prior to the end of 2018 and resulted in a total of 1,843,373 shares repurchased at an average price of $13.58 . On March 4, 2019, a share repurchase program was authorized for up to $25.0 million in shares of the Company's common stock. As of December 31, 2019 , 393,946 shares have been repurchased at an average price of $12.71 . |
Condensed Financial Information
Condensed Financial Information of First Commonwealth Financial Corporation (parent company only) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information 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, 2019 2018 (dollars in thousands) Assets Cash $ 22,889 $ 21,466 Loans 13 14 Investment in subsidiaries 1,086,844 1,014,685 Investment in unconsolidated subsidiary trusts 2,190 2,192 Investment in jointly-owned company 306 280 Premises and equipment, net 3,801 3,519 Receivable from subsidiaries 4,750 — Dividends receivable from subsidiaries 5,097 5,444 Other assets 6,924 5,402 Total assets $ 1,132,814 $ 1,053,002 Liabilities and Shareholders’ Equity Accrued expenses and other liabilities $ 4,983 $ 5,446 Subordinated debentures payable 72,167 72,167 Shareholders’ equity 1,055,664 975,389 Total liabilities and shareholders’ equity $ 1,132,814 $ 1,053,002 Statements of Income For the years ended December 31, 2019 2018 2017 (dollars in thousands) Interest and dividends $ 8 $ 1 $ 1 Dividends from subsidiaries 55,964 81,851 52,586 Interest expense (3,735 ) (3,722 ) (3,000 ) Other income 6 14 17 Operating expense (4,525 ) (4,047 ) (4,767 ) Income before taxes and equity in undistributed earnings of subsidiaries 47,718 74,097 44,837 Applicable income tax benefits 1,720 1,324 2,557 Income before equity in undistributed earnings of subsidiaries 49,438 75,421 47,394 Equity in undistributed earnings of subsidiaries 55,895 32,077 7,771 Net income $ 105,333 $ 107,498 $ 55,165 For the years ended December 31, Statements of Cash Flow 2019 2018 2017 (dollars in thousands) Operating Activities Net income $ 105,333 $ 107,498 $ 55,165 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 340 320 322 Net gains on sales of assets (2 ) (7 ) (3 ) Decrease (increase) in prepaid income taxes 629 37 (550 ) Undistributed equity in subsidiaries (55,895 ) (32,077 ) (7,771 ) Distribution from unconsolidated subsidiary — 9,000 — Other net (2,957 ) (1,628 ) 8,767 Net cash provided by operating activities 47,448 83,143 55,930 Investing Activities Net change in loans 1 3 2 Purchases of premises and equipment (586 ) (87 ) (207 ) Proceeds from sale of other assets 2 7 3 Acquisition of affiliate, net of cash received 0 — (250 ) Investment in subsidiaries 0 (17,202 ) (37,690 ) Net cash used in by investing activities (583 ) (17,279 ) (38,142 ) Financing Activities Dividends paid (39,394 ) (34,849 ) (30,513 ) Proceeds from reissuance of treasury stock 211 208 228 Purchase of treasury stock (6,259 ) (26,189 ) (1,458 ) Net cash used in financing activities (45,442 ) (60,830 ) (31,743 ) Net increase (decrease) in cash 1,423 5,034 (13,955 ) Cash at beginning of year 21,466 16,432 30,387 Cash at end of year $ 22,889 $ 21,466 $ 16,432 Cash dividends declared per common share were $0.40 for 2019 , $0.35 in 2018 and $0.32 in 2017 . First Commonwealth Financial Corporation has an unsecured $20.0 million line of credit with another financial institution. As of December 31, 2019 , there are no amounts outstanding on this line and we are in compliance with all debt covenants related to the line of credit. |
Statement of Accounting Polic_2
Statement of Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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. First Commonwealth's subsidiaries include, First Commonwealth Bank ("FCB" or the "Bank"), First Commonwealth Insurance Agency, Inc. ("FCIA"), FRAMAL and First Commonwealth Financial Advisors, Inc ("FCFA"). 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 28 counties in central and western Pennsylvania as well as throughout 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 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. 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. |
Financing Receivable, Held-for-sale [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 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 market 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. Troubled debt restructured loans are considered to be impaired loans. 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 appropriateness 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 10, "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 $250 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 in 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. Off-balance sheet credit exposure includes commitments to extend credit, standby letters of credit and commercial letters of credit. Management determines the appropriateness 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 |
Premises and Equipment | Premises, Equipment and Lease Commitments 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 7 |
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 impairment 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 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. |
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, 2019 , First Commonwealth has interest rate derivative positions that are designated as hedging instruments and others that are not designated as hedging instruments. See Note 7, “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 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 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 18 “Fair Values of Assets and Liabilities” for additional information. |
Revenue from Contract with Customer [Policy Text Block] | Revenue from Contracts with Customers First Commonwealth records revenue from contracts with customers in accordance with ASC Topic 606, “Revenue from Contracts with Customers” (“Topic 606”). Under Topic 606, the Company must identify the contract with a customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue when (or as) the Company satisfies a performance obligation. A significant component of the Company's revenue, net interest earned on financial assets and liabilities, is excluded from the scope of Topic 606. First Commonwealth generally fully satisfies its performance obligations on its contracts with customers as services are rendered and the transaction prices are typically fixed; charged either on a periodic basis or based on activity. Because performance obligations are satisfied as services are rendered and the transaction prices are fixed, the Company has made no significant judgments in applying the revenue guidance prescribed in Topic 606 that affect the determination of the amount and timing of revenue from contracts with customers. |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Summary of Net Assets Acquired and Consideration Transferred | The table below summarizes the final purchase price allocation and the net assets acquired (at fair value) and consideration transferred in connection with the Garfield acquisition (dollars in thousands): Consideration Paid Cash paid to shareholders $ 17,400 Shares issued to shareholders (2,745,098 shares) 41,561 Total consideration paid $ 58,961 Fair Value of Assets Acquired Cash and cash equivalents 18,105 FHLB Stock 3,261 Loans 184,506 Premises and other equipment 409 Core deposit intangible 1,248 Other assets 1,747 Total assets acquired 209,276 Fair Value of Liabilities Assumed Deposits 141,281 Federal Home Loan Bank borrowings 22,988 Other liabilities 5,068 Total liabilities assumed 169,337 Total Fair Value of Identifiable Net Assets 39,939 Goodwill $ 19,022 The table below summarizes the final purchase price allocation and the net assets acquired (at fair value) and consideration received in connection with the Santander acquisition (dollars in thousands): Consideration Received Cash received $ 329,533 Fair Value of Assets Acquired Cash and cash equivalents 2,935 Loans 99,956 Premises and other equipment 3,637 Core deposit intangible 5,615 Other assets 770 Total assets acquired 112,913 Fair Value of Liabilities Assumed Deposits 471,386 Other liabilities 186 Total liabilities assumed 471,572 Total Fair Value of Identifiable Net Assets (358,659 ) Goodwill $ 29,126 |
Supplemental Comprehensive In_2
Supplemental Comprehensive Income Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 ” 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. 2019 2018 2017 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 on securities arising during the period $ 20,625 $ (4,331 ) $ 16,294 $ 2,783 $ (585 ) $ 2,198 $ 7,023 $ (2,458 ) $ 4,565 Reclassification adjustment for gains on securities included in net income (22 ) 5 (17 ) (8,102 ) 1,701 (6,401 ) (5,040 ) 1,764 (3,276 ) Total unrealized gains (losses) on securities 20,603 (4,326 ) 16,277 (5,319 ) 1,116 (4,203 ) 1,983 (694 ) 1,289 Unrealized gains (losses) on derivatives: Unrealized holding gains (losses) on derivatives arising during the period 935 (196 ) 739 326 (68 ) 258 (901 ) 315 (586 ) Reclassification adjustment for losses on derivatives included in net income — — — 10 (3 ) 7 119 (42 ) 77 Total unrealized gains (losses) on derivatives 935 (196 ) 739 336 (71 ) 265 (782 ) 273 (509 ) Unrealized (losses) gains for postretirement obligations: Net (loss) gain (121 ) 25 (96 ) 144 (30 ) 114 94 (20 ) 74 Total unrealized (losses) gains for postretirement obligations (121 ) 25 (96 ) 144 (30 ) 114 94 (20 ) 74 Total other comprehensive income (loss) $ 21,417 $ (4,497 ) $ 16,920 $ (4,839 ) $ 1,015 $ (3,824 ) $ 1,295 $ (441 ) $ 854 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: 2019 2018 2017 (dollars in thousands) Amounts recognized in accumulated other comprehensive income, net of tax: Net (gain) loss $ (366 ) $ (461 ) $ (347 ) Transition obligation — — — Total $ (366 ) $ (461 ) $ (347 ) |
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: 2019 Securities Available for Sale Derivatives Post-Retirement Obligation Accumulated Other Comprehensive Income (dollars in thousands) Balance at December 31 $ (11,697 ) $ (105 ) $ 461 $ (11,341 ) Other comprehensive income before reclassification adjustment 16,294 739 17,033 Amounts reclassified from accumulated other comprehensive income (loss) (17 ) — (17 ) Net gain (96 ) (96 ) Net other comprehensive income during the period 16,277 739 (96 ) 16,920 Balance at December 31 $ 4,580 $ 634 $ 365 $ 5,579 2018 Securities Available for Sale Derivatives Post-Retirement Obligation Accumulated Other Comprehensive Income (dollars in thousands) Balance at January 1 $ (6,166 ) $ (306 ) $ 299 $ (6,173 ) Cumulative effect of adoption of ASU 2018-02 (1,328 ) (64 ) 48 (1,344 ) Balance at January 1 (7,494 ) (370 ) 347 (7,517 ) Other comprehensive income before reclassification adjustment 2,198 258 2,456 Amounts reclassified from accumulated other comprehensive income (loss) (6,401 ) 7 (6,394 ) Net gain 114 114 Net other comprehensive income during the period (4,203 ) 265 114 (3,824 ) Balance at December 31 $ (11,697 ) $ (105 ) $ 461 $ (11,341 ) 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 ) |
Supplemental Cash Flow Disclo_2
Supplemental Cash Flow Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 : 2019 2018 2017 (dollars in thousands) Cash paid during the period for: Interest $ 56,005 $ 40,071 $ 21,552 Income taxes 21,787 23,826 27,902 Non-cash investing and financing activities: Loans transferred to other real estate owned and repossessed assets 4,723 4,334 3,067 Other real estate sales transferred to loans — — 1,891 Fair value of loans transferred from held to maturity to available for sale 30,359 37,367 15,102 Loans transferred from available for sale to held to maturity 482 — — Gross increase (decrease) in market value adjustment to securities available for sale 20,604 (5,319 ) 1,983 Gross increase (decrease) in market value adjustment to derivatives 935 336 (783 ) Investments committed to purchase, not settled 25,484 — — Increase in limited partnership investment unfunded commitment 1,469 — — Net assets (liabilities) acquired through acquisition (361,595 ) 21,834 37,070 Proceeds from death benefit on bank-owned life insurance not received 484 — 245 Treasury shares issued 2,531 2,257 2,258 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 : 2019 2018 2017 Weighted average common shares issued 113,914,902 113,914,902 111,809,880 Average treasury shares (15,447,299 ) (14,747,687 ) (16,463,079 ) Average deferred compensation shares (37,496 ) (37,411 ) (37,411 ) Average unearned nonvested shares (112,320 ) (93,641 ) (89,334 ) Weighted average common shares and common stock equivalents used to calculate basic earnings per share 98,317,787 99,036,163 95,220,056 Additional common stock equivalents (nonvested stock) used to calculate diluted earnings per share 231,957 149,939 73,570 Additional common stock equivalents (deferred compensation) used to calculated diluted earnings per share 38,420 37,411 37,411 Weighted average common shares and common stock equivalents used to calculate diluted earnings per share 98,588,164 99,223,513 95,331,037 Basic Earnings Per Share $ 1.07 $ 1.09 $ 0.58 Diluted Earnings Per Share $ 1.07 $ 1.08 $ 0.58 |
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. 12/31/2019 12/31/2018 12/31/2017 Price Range Price Range Price Range Shares From To Shares From To Shares From To Restricted Stock 81,730 $ 12.99 $ 15.44 71,560 $ 8.84 $ 14.49 18,173 $ 8.55 $ 13.96 Restricted Stock Units 26,217 $ 16.62 $ 16.62 — $ — $ — — $ — $ — |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 : 2019 2018 (dollars in thousands) Derivatives not Designated as Hedging Instruments Credit value adjustment $ (272 ) $ (3 ) Notional Amount: Interest rate derivatives 587,275 411,645 Interest rate caps 87,188 36,111 Interest rate collars 35,354 — Risk participation agreements 164,632 162,139 Sold credit protection on risk participation agreements (69,011 ) (59,315 ) Interest rate options 25,460 9,900 Derivatives Designated as Hedging Instruments Interest rate swaps: Fair value adjustment 801 (133 ) Notional Amount 70,000 65,000 Interest rate forwards: Fair value adjustment (63 ) (170 ) Notional Amount 30,000 15,000 Foreign exchange forwards: Fair value adjustment (41 ) (6 ) Notional Amount 4,789 1,927 |
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 : 2019 2018 2017 (dollars in thousands) Non-hedging interest rate derivatives: (Decrease) increase in other income $ (269 ) $ 787 $ (473 ) Decrease in other expense (352 ) (332 ) — Hedging interest rate derivatives: (Decrease) increase in interest and fees on loans (118 ) (590 ) 452 Decrease in interest from subordinated debentures (159 ) — — Increase in other expense 7 10 119 Hedging interest rate forwards: Increase in other income 106 — — Decrease in other expense — (189 ) (19 ) Hedging interest rate derivatives: Increase in other expense 5 15 4 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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:. 2019 2018 Amortized Gross Gross Estimated Amortized Gross Gross Estimated (dollars in thousands) Obligations of U.S. Government Agencies: Mortgage-Backed Securities – Residential $ 3,392 $ 57 $ — $ 3,449 $ 3,635 $ — $ (97 ) $ 3,538 Mortgage-Backed Securities – Commercial 51,291 18 (184 ) 51,125 55,221 — (2,327 ) 52,894 Obligations of U.S. Government-Sponsored Enterprises: Mortgage-Backed Securities – Residential 229,667 1,377 (294 ) 230,750 279,109 212 (7,254 ) 272,067 Mortgage-Backed Securities – Commercial 12,081 67 — 12,148 13,159 — (258 ) 12,901 Obligations of States and Political Subdivisions 40,092 554 — 40,646 42,331 175 (313 ) 42,193 Debt Securities Issued by Foreign Governments 600 — — 600 400 — — 400 Total Securities Held to Maturity $ 337,123 $ 2,073 $ (478 ) $ 338,718 $ 393,855 $ 387 $ (10,249 ) $ 383,993 |
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 : 2019 2018 Amortized Gross Gross Estimated Amortized Gross Gross Estimated (dollars in thousands) Obligations of U.S. Government Agencies: Mortgage-Backed Securities – Residential $ 7,745 $ 596 $ — $ 8,341 $ 9,011 $ 479 $ (84 ) $ 9,406 Mortgage-Backed Securities – Commercial 186,316 2,983 (166 ) 189,133 169,633 214 (2,103 ) 167,744 Obligations of U.S. Government-Sponsored Enterprises: Mortgage-Backed Securities – Residential 660,777 4,113 (2,943 ) 661,947 686,906 1,846 (15,391 ) 673,361 Other Government-Sponsored Enterprises 1,000 — — 1,000 10,000 12 — 10,012 Obligations of States and Political Subdivisions 17,738 171 — 17,909 27,592 126 (6 ) 27,712 Corporate Securities 22,919 1,043 — 23,962 20,912 321 (221 ) 21,012 Total Securities Available for Sale $ 896,495 $ 8,906 $ (3,109 ) $ 902,292 $ 924,054 $ 2,998 $ (17,805 ) $ 909,247 The amortized cost and estimated fair value of debt securities available for sale at December 31, 2019 , by contractual maturity, are shown below: Amortized Estimated (dollars in thousands) Due within 1 year $ — $ — Due after 1 but within 5 years 35,886 36,554 Due after 5 but within 10 years 5,771 6,317 Due after 10 years — — 41,657 42,871 Mortgage-Backed Securities (a) 854,838 859,421 Total Debt Securities $ 896,495 $ 902,292 (a) Mortgage Backed Securities include an amortized cost of $194.1 million and a fair value of $197.5 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $660.8 million and a fair value of $661.9 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 $194.1 million and a fair value of $197.5 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $660.8 million and a fair value of $661.9 million |
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair value of debt securities held to maturity at December 31, 2019 , 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 $ 1,327 $ 1,331 Due after 1 but within 5 years 7,541 7,621 Due after 5 but within 10 years 31,824 32,294 Due after 10 years — — 40,692 41,246 Mortgage-Backed Securities (a) 296,431 297,472 Total Debt Securities $ 337,123 $ 338,718 (a) Mortgage Backed Securities include an amortized cost of $54.7 million and a fair value of $54.6 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $241.7 million and a fair value of $242.9 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac. |
Impairment of Investment Secu_2
Impairment of Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 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 – Commercial $ 54,501 $ (201 ) $ 16,365 $ (149 ) $ 70,866 $ (350 ) Obligations of U.S. Government-Sponsored Enterprises: Mortgage-Backed Securities – Residential 111,969 (436 ) 219,015 (2,801 ) 330,984 (3,237 ) Total Securities $ 166,470 $ (637 ) $ 235,380 $ (2,950 ) $ 401,850 $ (3,587 ) At December 31, 2019 , fixed income securities issued by U.S. Government-sponsored enterprises comprised 90% of total unrealized losses and Government agencies account for 10% of total unrealized losses. All unrealized losses are a result of changes in market interest rates. At December 31, 2019 , there were 36 debt securities in an unrealized loss position, 25 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, 2019 . The following table presents the gross unrealized losses and estimated fair value at December 31, 2018 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 $ 2,289 $ (41 ) $ 5,028 $ (140 ) $ 7,317 $ (181 ) Mortgage-Backed Securities – Commercial 95,826 (925 ) 75,959 (3,505 ) 171,785 (4,430 ) Obligations of U.S. Government-Sponsored Enterprises: Mortgage-Backed Securities – Residential 156,732 (1,856 ) 626,003 (20,789 ) 782,735 (22,645 ) Mortgage-Backed Securities – Commercial — — 12,901 (258 ) 12,901 (258 ) Obligations of States and Political Subdivisions 8,591 (85 ) 9,338 (234 ) 17,929 (319 ) Corporate Securities 14,769 (214 ) 3,993 (7 ) 18,762 (221 ) Total Securities $ 278,207 $ (3,121 ) $ 733,222 $ (24,933 ) $ 1,011,429 $ (28,054 ) |
Cumulative Roll Forward of Credit Losses Recognized in Earnings for Debt Securities Held and Not Intended to be Sold | 2019 2018 2017 (dollars in thousands) Balance, beginning (a) $ — $ 12,208 $ 17,056 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 securities (b) — (223 ) (890 ) Reduction for debt securities sold during the period — (9,164 ) — Reduction for debt securities called during the period — (2,821 ) (3,958 ) Balance, ending $ — $ — $ 12,208 (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 Credi_2
Loans and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 : 2019 2018 Originated Loans Acquired Loans Total Loans Originated Loans Acquired Loans Total Loans (dollars in thousands) Commercial, financial, agricultural and other $ 1,212,026 $ 29,827 $ 1,241,853 $ 1,100,947 $ 37,526 $ 1,138,473 Real estate construction 442,777 6,262 449,039 353,008 5,970 358,978 Residential real estate 1,415,808 265,554 1,681,362 1,313,645 248,760 1,562,405 Commercial real estate 1,958,346 159,173 2,117,519 1,922,349 201,195 2,123,544 Loans to individuals 685,416 13,959 699,375 585,347 5,392 590,739 Total loans $ 5,714,373 $ 474,775 $ 6,189,148 $ 5,275,296 $ 498,843 $ 5,774,139 |
Credit Risk Profile by Creditworthiness | The following tables represent our credit risk profile by creditworthiness category for the years ended December 31 : 2019 Commercial, financial, agricultural and other Real estate construction Residential real estate Commercial real estate Loans to individuals Total (dollars in thousands) Originated Loans Pass $ 1,171,363 $ 442,751 $ 1,406,845 $ 1,918,690 $ 685,108 $ 5,624,757 Non-Pass OAEM 29,359 26 475 13,533 — 43,393 Substandard 11,304 — 8,488 26,123 308 46,223 Doubtful — — — — — — Total Non-Pass 40,663 26 8,963 39,656 308 89,616 Total $ 1,212,026 $ 442,777 $ 1,415,808 $ 1,958,346 $ 685,416 $ 5,714,373 Acquired Loans Pass $ 27,696 $ 5,697 $ 262,630 $ 153,814 $ 13,947 $ 463,784 Non-Pass OAEM 2,009 565 537 2,072 — 5,183 Substandard 122 — 2,387 3,287 12 5,808 Doubtful — — — — — — Total Non-Pass 2,131 565 2,924 5,359 12 10,991 Total $ 29,827 $ 6,262 $ 265,554 $ 159,173 $ 13,959 $ 474,775 2018 Commercial, financial, agricultural and other Real estate construction Residential real estate Commercial real estate Loans to individuals Total (dollars in thousands) Originated Loans Pass $ 1,055,394 $ 337,367 $ 1,302,912 $ 1,880,139 $ 585,141 $ 5,160,953 Non-Pass OAEM 33,723 15,641 1,026 28,904 — 79,294 Substandard 11,830 — 9,707 13,306 206 35,049 Doubtful — — — — — — Total Non-Pass 45,553 15,641 10,733 42,210 206 114,343 Total $ 1,100,947 $ 353,008 $ 1,313,645 $ 1,922,349 $ 585,347 $ 5,275,296 Acquired Loans Pass $ 31,399 $ 5,337 $ 245,637 $ 198,201 $ 5,377 $ 485,951 Non-Pass OAEM 5,890 633 736 441 — 7,700 Substandard 237 — 2,387 2,553 15 5,192 Doubtful — — — — — — Total Non-Pass 6,127 633 3,123 2,994 15 12,892 Total $ 37,526 $ 5,970 $ 248,760 $ 201,195 $ 5,392 $ 498,843 |
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. 2019 30 - 59 60 - 89 90 days Nonaccrual Total past Current Total (dollars in thousands) Originated Loans Commercial, financial, agricultural and other $ 391 $ 57 $ 140 $ 8,780 $ 9,368 $ 1,202,658 $ 1,212,026 Real estate construction 198 — 9 — 207 442,570 442,777 Residential real estate 3,757 749 736 6,646 11,888 1,403,920 1,415,808 Commercial real estate 227 114 — 6,609 6,950 1,951,396 1,958,346 Loans to individuals 4,070 1,020 931 307 6,328 679,088 685,416 Total $ 8,643 $ 1,940 $ 1,816 $ 22,342 $ 34,741 $ 5,679,632 $ 5,714,373 Acquired Loans Commercial, financial, agricultural and other $ 1 $ — $ 1 $ 74 $ 76 $ 29,751 $ 29,827 Real estate construction — — — — — 6,262 6,262 Residential real estate 304 207 221 1,949 2,681 262,873 265,554 Commercial real estate — 107 — 298 405 158,768 159,173 Loans to individuals 87 89 35 12 223 13,736 13,959 Total $ 392 $ 403 $ 257 $ 2,333 $ 3,385 $ 471,390 $ 474,775 2018 30 - 59 60 - 89 90 days Nonaccrual Total past Current Total (dollars in thousands) Originated Loans Commercial, financial, agricultural and other $ 130 $ 247 $ 92 $ 10,223 $ 10,692 $ 1,090,255 $ 1,100,947 Real estate construction 212 — — — 212 352,796 353,008 Residential real estate 3,697 710 790 6,238 11,435 1,302,210 1,313,645 Commercial real estate 492 69 — 3,437 3,998 1,918,351 1,922,349 Loans to individuals 2,362 532 662 207 3,763 581,584 585,347 Total $ 6,893 $ 1,558 $ 1,544 $ 20,105 $ 30,100 $ 5,245,196 $ 5,275,296 Acquired Loans Commercial, financial, agricultural and other $ 1 $ — $ — $ 204 $ 205 $ 37,321 $ 37,526 Real estate construction — — — — — 5,970 5,970 Residential real estate 226 24 27 1,904 2,181 246,579 248,760 Commercial real estate — — — 1,042 1,042 200,153 201,195 Loans to individuals 46 12 11 15 84 5,308 5,392 Total $ 273 $ 36 $ 38 $ 3,165 $ 3,512 $ 495,331 $ 498,843 |
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, 2019 and 2018 . 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, 2019 , 2018 and 2017 . 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. 2019 Recorded Unpaid Related Average Interest (dollars in thousands) Originated Loans: With no related specific allowance recorded: Commercial, financial, agricultural and other $ 1,848 $ 6,997 $ 2,411 $ 66 Real estate construction — — — — Residential real estate 10,372 12,437 10,819 365 Commercial real estate 3,015 3,210 7,455 156 Loans to individuals 406 640 371 17 Subtotal 15,641 23,284 21,056 604 With a specific allowance recorded: Commercial, financial, agricultural and other 8,290 10,032 $ 1,580 4,110 77 Real estate construction — — — — — Residential real estate 474 498 1 241 — Commercial real estate 5,293 5,308 851 1,747 3 Loans to individuals — — — — — Subtotal 14,057 15,838 2,432 6,098 80 Total $ 29,698 $ 39,122 $ 2,432 $ 27,154 $ 684 Acquired Loans: With no related specific allowance recorded: Commercial, financial, agricultural and other $ 73 $ 73 $ 2,479 $ — Real estate construction — — — — Residential real estate 2,136 2,585 1,986 8 Commercial real estate 298 320 747 18 Loans to individuals 12 15 13 — Subtotal 2,519 2,993 5,225 26 With a specific allowance recorded: Commercial, financial, agricultural and other — — $ — — — Real estate construction — — — — — Residential real estate — — — — — Commercial real estate — — — — — Loans to individuals — — — — — Subtotal — — — — — Total $ 2,519 $ 2,993 $ — $ 5,225 $ 26 2018 Recorded Unpaid Related Average Interest (dollars in thousands) Originated Loans: With no related specific allowance recorded: Commercial, financial, agricultural and other $ 8,735 $ 16,442 $ 18,480 $ 602 Real estate construction — — — — Residential real estate 10,726 12,571 10,651 271 Commercial real estate 3,599 3,812 7,919 177 Loans to individuals 281 408 310 11 Subtotal 23,341 33,233 37,360 1,061 With a specific allowance recorded: Commercial, financial, agricultural and other 3,042 3,181 $ 797 2,531 20 Real estate construction — — — — — Residential real estate 486 495 107 504 13 Commercial real estate 1,866 1,878 596 991 4 Loans to individuals — — — — — Subtotal 5,394 5,554 1,500 4,026 37 Total $ 28,735 $ 38,787 $ 1,500 $ 41,386 $ 1,098 Acquired Loans: With no related specific allowance recorded: Commercial, financial, agricultural and other $ 73 $ 73 $ 214 $ 10 Real estate construction — — — — Residential real estate 2,031 2,604 1,906 5 Commercial real estate 1,042 2,052 1,565 — Loans to individuals 15 17 16 — Subtotal 3,161 4,746 3,701 15 With a specific allowance recorded: Commercial, financial, agricultural and other 131 131 $ 131 11 — Real estate construction — — — — — Residential real estate — — — — — Commercial real estate — — — — — Loans to individuals — — — — — Subtotal 131 131 131 11 — Total $ 3,292 $ 4,877 $ 131 $ 3,712 $ 15 2017 Originated Acquired Average Interest Average Interest (dollars in thousands) With no related specific allowance recorded: Commercial, financial, agricultural and other $ 10,282 $ 394 $ 476 $ — Real estate construction — — 25 — Residential real estate 11,366 355 535 — Commercial real estate 6,469 583 2,135 — Loans to individuals 353 19 6 — Subtotal 28,470 1,351 3,177 — With a specific allowance recorded: Commercial, financial, agricultural and other 9,391 96 — — Real estate construction — — — — Residential real estate 167 — 74 — Commercial real estate 143 4 155 — Loans to individuals — — — — Subtotal 9,701 100 229 — Total $ 38,171 $ 1,451 $ 3,406 $ — |
Troubled Debt Restructured Loans and Commitments | The following table provides information related to loans that were restructured within the past twelve months and that were considered to be in default during the year ending December 31 : 2019 2018 2017 Number of Recorded Number of Recorded Number of Recorded (dollars in thousands) Residential real estate — $ — 1 $ 49 — $ — Loans to individuals — — — — 1 2 Total — $ — 1 $ 49 1 $ 2 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 : 2019 2018 2017 (dollars in thousands) Troubled debt restructured loans Accrual status $ 7,542 $ 8,757 $ 11,563 Nonaccrual status 6,037 11,761 11,222 Total $ 13,579 $ 20,518 $ 22,785 Commitments Letters of credit $ 60 $ 60 $ 60 Unused lines of credit 163 1,027 54 Total $ 223 $ 1,087 $ 114 |
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 : 2019 Type of Modification Number Extend Modify Modify Total Post- Specific (dollars in thousands) Commercial, financial, agricultural and other 2 $ — $ — $ 156 $ 156 $ 154 $ — Residential real estate 20 17 204 965 1,186 1,059 — Commercial real estate 5 — 556 6,261 6,817 594 — Loans to individuals 11 — — 143 143 121 — Total 38 $ 17 $ 760 $ 7,525 $ 8,302 $ 1,928 $ — 2018 Type of Modification Number Extend Modify Modify Total Post- Specific (dollars in thousands) Commercial, financial, agricultural and other 3 $ 74 $ — $ 8,250 $ 8,324 $ 6,104 $ — Residential real estate 37 242 241 1,316 1,799 1,638 — Commercial real estate 3 — — 1,016 1,016 975 — Loans to individuals 15 — 89 53 142 112 — Total 58 $ 316 $ 330 $ 10,635 $ 11,281 $ 8,829 $ — 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 |
Allowance for Credit Losses | The following tables provide detail related to the allowance for credit losses for the years ended December 31 . 2019 Commercial, Real estate Residential Commercial Loans to Total (dollars in thousands) Allowance for credit losses: Originated Loans: Beginning balance $ 19,235 $ 2,002 $ 3,934 $ 18,382 $ 4,033 $ 47,586 Charge-offs (2,667 ) — (986 ) (632 ) (5,747 ) (10,032 ) Recoveries 245 158 246 189 611 1,449 Provision (credit) 3,408 398 897 1,792 6,087 12,582 Ending balance 20,221 2,558 4,091 19,731 4,984 51,585 Acquired Loans: Beginning balance $ 139 $ — $ 35 $ 4 $ — $ 178 Charge-offs (726 ) — (56 ) (1,376 ) (84 ) (2,242 ) Recoveries 81 — 69 — 15 165 Provision (credit) 519 — (46 ) 1,409 69 1,951 Ending balance 13 — 2 37 — 52 Total ending balance $ 20,234 $ 2,558 $ 4,093 $ 19,768 $ 4,984 $ 51,637 Ending balance: individually evaluated for impairment $ 1,580 $ — $ 1 $ 851 $ — $ 2,432 Ending balance: collectively evaluated for impairment 18,654 2,558 4,092 18,917 4,984 49,205 Loans: Ending balance 1,241,853 449,039 1,681,362 2,117,519 699,375 6,189,148 Ending balance: individually evaluated for impairment 9,246 — 1,741 6,846 — 17,833 Ending balance: collectively evaluated for impairment 1,232,607 449,039 1,679,621 2,110,673 699,375 6,171,315 2018 Commercial, Real estate Residential Commercial Loans to Total (dollars in thousands) Allowance for credit losses: Originated Loans: Beginning balance $ 23,418 $ 1,349 $ 2,753 $ 17,328 $ 3,404 $ 48,252 Charge-offs (5,201 ) — (1,217 ) (3,930 ) (4,554 ) (14,902 ) Recoveries 746 135 233 153 579 1,846 Provision (credit) 272 518 2,165 4,831 4,604 12,390 Ending balance 19,235 2,002 3,934 18,382 4,033 47,586 Acquired Loans: Beginning balance $ 11 $ — $ 6 $ 29 $ — $ 46 Charge-offs (93 ) — (96 ) — (22 ) (211 ) Recoveries 42 6 128 — 26 202 Provision (credit) 179 (6 ) (3 ) (25 ) (4 ) 141 Ending balance 139 — 35 4 — 178 Total ending balance $ 19,374 $ 2,002 $ 3,969 $ 18,386 $ 4,033 $ 47,764 Ending balance: individually evaluated for impairment $ 928 $ — $ 107 $ 596 $ — $ 1,631 Ending balance: collectively evaluated for impairment 18,446 2,002 3,862 17,790 4,033 46,133 Loans: Ending balance 1,138,473 358,978 1,562,405 2,123,544 590,739 5,774,139 Ending balance: individually evaluated for impairment 11,631 — 3,747 5,710 — 21,088 Ending balance: collectively evaluated for impairment 1,126,842 358,978 1,558,658 2,117,834 590,739 5,753,051 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 |
Commitments and Letters of Cr_2
Commitments and Letters of Credit (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 : 2019 2018 (dollars in thousands) Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 1,981,275 $ 1,883,914 Financial standby letters of credit 16,630 18,298 Performance standby letters of credit 23,293 22,027 Commercial letters of credit 783 887 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Premises and Equipment | Premises and equipment are described as follows: Estimated Useful Life 2019 2018 (dollars in thousands) Land Indefinite $ 15,446 $ 15,359 Buildings and improvements 10-50 years 76,965 78,643 Operating lease right of use asset 1-25 years 52,114 — Leasehold improvements 5-40 years 37,716 27,573 Furniture and equipment 3-7 years 71,548 67,735 Software 3-7 years 40,399 38,800 Subtotal 294,188 228,110 Less accumulated depreciation and amortization 156,920 147,636 Total premises and equipment, net $ 137,268 $ 80,474 |
Premises and Equipment Operatin
Premises and Equipment Operating Lease Activity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Lessee, Operating Lease, Disclosure [Table Text Block] | The following table represents the lease costs and other lease information for the year ended December 31, 2019 (dollars in thousands). Operating lease cost classified as occupancy and equipment expense $ 5,328 Weighted average lease term, in years 15.27 Weighted average discount rate 3.43 % Operating cash flows $ 4,656 |
Premises and Equipment Lease Ma
Premises and Equipment Lease Maturity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The following table reconciles future minimum lease payments due under non-cancelable operating leases (those amounts subject to recognition) to the lease liability a s of December 31, 2019 (dollars in thousands): For the twelve months ended 2020 $ 5,199 2021 5,084 2022 4,961 2023 4,939 2024 4,791 Thereafter 44,391 Total future minimum lease payments 69,365 Less remaining imputed interest 16,471 Operating lease liability $ 52,894 |
Goodwill and Other Amortizing_2
Goodwill and Other Amortizing Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 Customer deposit intangibles $ 25,843 $ (11,760 ) $ 14,083 Customer list intangible 2,283 (1,340 ) 943 Total other intangible assets $ 28,126 $ (13,100 ) $ 15,026 December 31, 2018 Customer deposit intangibles $ 20,228 $ (8,877 ) $ 11,351 Customer list intangible 2,283 (1,069 ) 1,214 Total other intangible assets $ 22,511 $ (9,946 ) $ 12,565 |
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) 2020 $ 3,163 $ 230 $ 3,393 2021 2,753 193 2,946 2022 2,343 159 2,502 2023 1,933 127 2,060 2024 1,522 97 1,619 Thereafter 2,369 137 2,506 Total $ 14,083 $ 943 $ 15,026 |
Interest-Bearing Deposits (Tabl
Interest-Bearing Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deposits [Abstract] | |
Components of Interest-Bearing Deposits | Components of interest-bearing deposits at December 31 were as follows: 2019 2018 (dollars in thousands) Interest-bearing demand deposits $ 254,981 $ 180,209 Savings deposits 3,896,536 3,401,354 Time deposits 835,851 850,216 Total interest-bearing deposits $ 4,987,368 $ 4,431,779 |
Scheduled Maturities of Time Deposits | Included in time deposits at December 31, 2019 , were certificates of deposit with the following scheduled maturities (dollars in thousands): 2020 $ 586,365 2021 184,934 2022 34,250 2023 10,389 2024 and thereafter 19,913 Total $ 835,851 |
Short-term Borrowings (Tables)
Short-term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Short-term Debt [Abstract] | |
Summary of Short-Term Borrowings | Short-term borrowings at December 31 were as follows: 2019 2018 2017 Ending Average Average Ending Average Average Ending Average Average (dollars in thousands) Federal funds purchased $ — $ 8,069 2.53 % $ 11,000 $ 8,801 2.05 % $ — $ 6,225 1.24 % Borrowings from FHLB 136,200 278,930 2.62 565,000 467,594 2.12 567,500 710,932 1.18 Securities sold under agreements to repurchase 65,653 104,548 0.75 145,823 142,562 0.44 139,966 150,234 0.24 Total $ 201,853 $ 391,547 2.12 $ 721,823 $ 618,957 1.74 $ 707,466 $ 867,391 1.01 Maximum total at any month-end $ 670,831 $ 811,026 $ 967,259 Weighted average rate at year-end 1.41 % 2.17 % 1.27 % |
Interest Expense on Short-Term Borrowings | Interest expense on short-term borrowings for the years ended December 31 is detailed below: 2019 2018 2017 (dollars in thousands) Federal funds purchased $ 204 $ 180 $ 77 Borrowings from FHLB 7,313 9,929 8,360 Securities sold under agreements to repurchase 781 632 362 Total interest on short-term borrowings $ 8,298 $ 10,741 $ 8,799 |
Subordinated Debentures (Tables
Subordinated Debentures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Subordinated Debentures [Abstract] | |
Subordinated Debentures Outstanding | Subordinated debentures outstanding at December 31 are as follows: 2019 2018 Due Amount Rate Amount Rate (dollars in thousands) Owed to: First Commonwealth Bank 2028-06-01 $ 49,222 4.875% until June 1, 2023, then LIBOR + 1.845% $ 49,131 4.875% until June 1, 2023, then LIBOR + 1.845% First Commonwealth Bank 2033-06-01 49,061 5.50% until June 1, 2028, 48,990 5.50% until June 1, 2028, First Commonwealth Capital Trust II 2034-01-23 30,929 LIBOR + 2.85 30,929 LIBOR + 2.85 First Commonwealth Capital Trust III 2034-04-06 41,238 LIBOR + 2.85 41,238 LIBOR + 2.85 Total $ 170,450 $ 170,288 |
Other Long-term Debt (Tables)
Other Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Other Long-Term Debt | Other long-term debt at December 31 follows: 2019 2018 Amount Weighted Amount Weighted (dollars in thousands) Borrowings from FHLB due: 2019 $ 631 3.83 % 2020 $ 659 3.84 % 655 3.84 2021 50,685 2.32 681 3.84 2022 712 3.85 708 3.85 2023 739 3.86 735 3.85 2024 769 3.86 Thereafter 3,353 3.77 4,141 3.79 Total $ 56,917 $ 7,551 |
Fair Values of Assets and Lia_2
Fair Values of Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 December 31, 2019 Other Investments $ 1,670 Carrying Value N/A N/A Impaired Loans 884 (a) Gas Reserve study Discount rate 10.00% Gas per MMBTU $2.61 - $3.49 (b) Oil per BBL/d $47.09 - $53.14 (b) 2,239 (a) Discounted Cash Flow Discount Rate 3.84% - 9.50% Limited Partnership Investments 5,795 Par Value N/A N/A December 31, 2018 Other Investments 1,670 Carrying Value N/A N/A Impaired Loans 1,104 (a) Gas Reserve study Discount rate 10.00% Gas per MMBTU $2.81 - $3.35 (b) Oil per BBL/d $51.59 - $59.55 (b) 3,249 (a) Discounted Cash Flow Discount Rate 1.90% - 9.50% Limited Partnership Investments 2,696 Par Value N/A N/A (a) 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. (b) |
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: 2019 Level 1 Level 2 Level 3 Total (dollars in thousands) Obligations of U.S. Government Agencies: Mortgage-Backed Securities—Residential $ — $ 8,341 $ — $ 8,341 Mortgage-Backed Securities—Commercial — 189,133 — 189,133 Obligations of U.S. Government-Sponsored Enterprises: Mortgage-Backed Securities—Residential — 661,947 — 661,947 Other Government-Sponsored Enterprises — 1,000 — 1,000 Obligations of States and Political Subdivisions — 17,909 — 17,909 Corporate Securities — 23,962 — 23,962 Total Securities Available for Sale — 902,292 — 902,292 Other Investments — 15,091 1,670 16,761 Loans Held for Sale — 15,989 — 15,989 Other Assets (a) — 21,894 5,795 27,689 Total Assets $ — $ 955,266 $ 7,465 $ 962,731 Other Liabilities (a) $ — $ 21,469 $ — $ 21,469 Total Liabilities $ — $ 21,469 $ — $ 21,469 (a) Hedging and non-hedging interest rate derivatives and limited partnership investments 2018 Level 1 Level 2 Level 3 Total (dollars in thousands) Obligations of U.S. Government Agencies: Mortgage-Backed Securities—Residential $ — $ 9,406 $ — $ 9,406 Mortgage-Backed Securities—Commercial — 167,744 — 167,744 Obligations of U.S. Government-Sponsored Enterprises: Mortgage-Backed Securities—Residential — 673,361 — 673,361 Other Government-Sponsored Enterprises — 10,012 — 10,012 Obligations of States and Political Subdivisions — 27,712 — 27,712 Corporate Securities — 21,012 — 21,012 Total Securities Available for Sale — 909,247 — 909,247 Other Investments — 30,456 1,670 32,126 Loans Held for Sale — 11,881 — 11,881 Other Assets (a) — 1,769 2,696 4,465 Total Assets $ — $ 953,353 $ 4,366 $ 957,719 Other Liabilities (a) $ — $ 2,081 $ — $ 2,081 Total Liabilities $ — $ 2,081 $ — $ 2,081 (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, 2019 : Other Investments Other Assets Total (dollars in thousands) Balance, beginning of year $ 1,670 $ 2,696 $ 4,366 Total gains or losses Included in earnings — 198 198 Included in other comprehensive income — — — Purchases, issuances, sales, and settlements Purchases — 2,956 2,956 Issuances — — — Sales — — — Settlements — (55 ) (55 ) Transfers from Level 3 — — — Transfers into Level 3 — — — Balance, end of year $ 1,670 $ 5,795 $ 7,465 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, 2019 . During the year ended December 31, 2019 , 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, 2018 : Pooled Trust Other Investments Other Assets Total (dollars in thousands) Balance, beginning of year $ 23,646 $ 1,670 $ 2,143 $ 27,459 Total gains or losses Included in earnings 8,102 — — 8,102 Included in other comprehensive income (118 ) — — (118 ) Purchases, issuances, sales, and settlements Purchases — — 601 601 Issuances — — — — Sales (12,289 ) — — (12,289 ) Settlements (19,341 ) — (48 ) (19,389 ) Transfers from Level 3 — — — — Transfers into Level 3 — — — — Balance, end of year $ — $ 1,670 $ 2,696 $ 4,366 |
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: 2019 Level 1 Level 2 Level 3 Total Total (dollars in thousands) Impaired loans $ — $ 12,267 $ 17,518 $ 29,785 $ (2,667 ) Other real estate owned — 2,608 — 2,608 (196 ) Total Assets $ — $ 14,875 $ 17,518 $ 32,393 $ (2,863 ) 2018 Level 1 Level 2 Level 3 Total Total (dollars in thousands) Impaired loans $ — $ 15,076 $ 15,320 $ 30,396 $ (1,778 ) Other real estate owned — 4,035 — 4,035 (593 ) Total Assets $ — $ 19,111 $ 15,320 $ 34,431 $ (2,371 ) |
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: 2019 Fair Value Measurements Using: Carrying Total Level 1 Level 2 Level 3 (dollars in thousands) Financial assets Cash and due from banks $ 102,346 $ 102,346 $ 102,346 $ — $ — Interest-bearing deposits 19,510 19,510 19,510 — — Securities available for sale 902,292 902,292 — 902,292 — Securities held to maturity 337,123 338,718 — 338,718 — Other investments 16,761 16,761 — 15,091 1,670 Loans held for sale 15,989 15,989 — 15,989 — Loans 6,189,148 6,393,872 — 12,267 6,381,605 Financial liabilities Deposits 6,677,615 6,677,595 — 6,677,595 — Short-term borrowings 201,853 201,151 — 201,151 — Long-term debt 56,917 58,051 — 58,051 — Subordinated debt 170,450 171,772 — — 171,772 Capital lease obligation 6,815 6,815 — 6,815 — 2018 Fair Value Measurements Using: Carrying Total Level 1 Level 2 Level 3 (dollars in thousands) Financial assets Cash and due from banks $ 95,934 $ 95,934 $ 95,934 $ — $ — Interest-bearing deposits 3,013 3,013 3,013 — — Securities available for sale 909,247 909,247 — 909,247 — Securities held to maturity 393,855 383,993 — 383,993 — Other investments 32,126 32,126 — 30,456 1,670 Loans held for sale 11,881 11,881 — 11,881 — Loans 5,774,139 5,821,791 — 15,076 5,806,715 Financial liabilities Deposits 5,897,992 5,904,147 — 5,904,147 — Short-term borrowings 721,823 721,532 — 721,532 — Long-term debt 7,551 7,720 — 7,720 — Subordinated debt 170,288 168,067 — — 168,067 Capital lease obligation 7,217 7,217 — 7,217 — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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: 2019 2018 2017 (dollars in thousands) Current tax provision: Federal $ 22,942 $ 21,330 $ 29,071 State 282 298 274 Total current tax provision 23,224 21,628 29,345 Deferred tax provision (benefit): Federal 2,284 3,666 19,237 State 8 (20 ) (21 ) Total deferred tax provision 2,292 3,646 19,216 Total tax provision $ 25,516 $ 25,274 $ 48,561 |
Schedule of Effective Income Tax Rate Reconciliation | The statutory to effective tax rate reconciliation for the years ended December 31 is as follows: 2019 2018 2017 Amount % of Amount % of Amount % of (dollars in thousands) Tax at statutory rate $ 27,478 21 % $ 27,882 21 % $ 36,304 35 % Increase (decrease) resulting from: State income tax, net of federal benefit 229 — 220 — 164 — Income from bank owned life insurance (1,260 ) (1 ) (1,404 ) (1 ) (1,995 ) (2 ) Tax-exempt interest income, net (1,298 ) (1 ) (1,473 ) (1 ) (2,709 ) (3 ) Tax credits (7 ) — (5 ) — (11 ) — Enactment of federal tax reform — — (346 ) — 16,709 17 Other 374 — 400 — 99 — Total tax provision $ 25,516 19 % $ 25,274 19 % $ 48,561 47 % |
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: 2019 2018 (dollars in thousands) Deferred tax assets: Lease liability $ 11,203 $ — Allowance for credit losses 10,937 10,116 Postretirement benefits other than pensions 275 311 Alternative minimum tax credit carryforward 216 216 Unrealized loss on securities available for sale — 3,137 Net operating loss carryforward 2,017 3,636 Writedown of other real estate owned 48 711 Deferred compensation 1,720 1,426 Accrued interest on nonaccrual loans 710 629 Accrued incentives 2,185 2,477 Unfunded loan commitments & other reserves 964 1,064 Deferred rent 28 799 Other 956 1,486 Total deferred tax assets 31,259 26,008 Deferred tax liabilities: Right of use asset $ (10,302 ) $ — Unrealized gain on securities available for sale (1,386 ) — Depreciation of assets (1,470 ) (1,378 ) Other (1,239 ) (1,064 ) Total deferred tax liabilities (14,397 ) (2,442 ) Net deferred tax asset $ 16,862 $ 23,566 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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: 2019 2018 2017 (dollars in thousands) Service cost $ — $ — $ — Interest cost on projected benefit obligation 34 38 49 Amortization of transition obligation — — — Gain amortization (60 ) (35 ) (21 ) Net periodic benefit cost $ (26 ) $ 3 $ 28 |
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: 2019 2018 (dollars in thousands) Change in Benefit Obligation Benefit obligation at beginning of year $ 883 $ 1,188 Service cost — — Interest cost 34 38 Amendments — — Actuarial gain 61 (174 ) Net benefits paid (144 ) (169 ) Benefit obligation at end of year 834 883 Change in Plan Assets Fair value of plan assets at beginning of year — — Actual return on plan assets — — Employer contributions 144 169 Net benefits paid (144 ) (169 ) Fair value of plan assets at end of year — — Funded Status at End of Year 834 883 Unrecognized transition obligation — — Unrecognized net gain 463 584 Amounts recognized in retained earnings $ 1,297 $ 1,467 |
Schedule of Amounts Recognized as Other Liabilities | As of December 31, the funded status of the plan is: 2019 2018 (dollars in thousands) Amounts Recognized in the Statement of Financial Condition as Other liabilities $ 834 $ 883 |
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 ” 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. 2019 2018 2017 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 on securities arising during the period $ 20,625 $ (4,331 ) $ 16,294 $ 2,783 $ (585 ) $ 2,198 $ 7,023 $ (2,458 ) $ 4,565 Reclassification adjustment for gains on securities included in net income (22 ) 5 (17 ) (8,102 ) 1,701 (6,401 ) (5,040 ) 1,764 (3,276 ) Total unrealized gains (losses) on securities 20,603 (4,326 ) 16,277 (5,319 ) 1,116 (4,203 ) 1,983 (694 ) 1,289 Unrealized gains (losses) on derivatives: Unrealized holding gains (losses) on derivatives arising during the period 935 (196 ) 739 326 (68 ) 258 (901 ) 315 (586 ) Reclassification adjustment for losses on derivatives included in net income — — — 10 (3 ) 7 119 (42 ) 77 Total unrealized gains (losses) on derivatives 935 (196 ) 739 336 (71 ) 265 (782 ) 273 (509 ) Unrealized (losses) gains for postretirement obligations: Net (loss) gain (121 ) 25 (96 ) 144 (30 ) 114 94 (20 ) 74 Total unrealized (losses) gains for postretirement obligations (121 ) 25 (96 ) 144 (30 ) 114 94 (20 ) 74 Total other comprehensive income (loss) $ 21,417 $ (4,497 ) $ 16,920 $ (4,839 ) $ 1,015 $ (3,824 ) $ 1,295 $ (441 ) $ 854 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: 2019 2018 2017 (dollars in thousands) Amounts recognized in accumulated other comprehensive income, net of tax: Net (gain) loss $ (366 ) $ (461 ) $ (347 ) Transition obligation — — — Total $ (366 ) $ (461 ) $ (347 ) |
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: 2019 2018 2017 Weighted-Average Assumptions Discount rate 2.88 % 4.11 % 3.37 % Health care cost trend: Initial 5.55 % 6.00 % 6.00 % Health care cost trend: Ultimate 4.75 % 4.75 % 4.75 % Year ultimate reached 2025 2024 2023 |
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: 2019 2018 2017 Weighted-Average Assumptions Discount rate 2.88 % 4.11 % 3.37 % Health care cost trend: Initial 5.55 % 6.00 % 6.00 % Health care cost trend: Ultimate 4.75 % 4.75 % 4.75 % Year ultimate reached 2025 2024 2023 Weighted-average assumptions used to determine the net benefit costs as of December 31 are as follows: 2019 2018 2017 Weighted-Average Assumptions for Net Periodic Cost Discount rate 4.11 % 3.37 % 3.74 % Health care cost trend: Initial 6.00 % 6.00 % 6.00 % Health care cost trend: Ultimate 4.75 % 4.75 % 4.75 % Year ultimate reached 2024 2023 2022 Corridor 10.00 % 10.00 % 10.00 % Recognition period for gains and losses 12.1 12.1 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 $ 14 $ (13 ) Effect on total of service and interest cost components 1 (1 ) |
Schedule of Projected Benefit Payments | As of December 31, 2019 , the projected benefit payments for the next ten years are as follows: Projected Benefit (dollars in thousands) 2020 $ 102 2021 96 2022 89 2023 82 2024 75 2025 - 2029 286 |
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 2020 are as follows (dollars in thousands): Postretirement (dollars in thousands) Net gain $ (52 ) Transition obligation — Total $ (52 ) |
Incentive Compensation Plan (Ta
Incentive Compensation Plan (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [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 2019 , 2018 and 2017 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 February 21, 2019 63,000 $ 14.22 February 22, 2022 1 February 21, 2019 15,000 $ 14.22 February 22, 2022 1 November 26, 2018 2,000 $ 13.82 November 26, 2021 1 May 29, 2018 3,000 15.44 May 29, 2021 1 March 26, 2018 2,000 14.08 March 26, 2021 1 February 26, 2018 77,500 14.49 February 26, 2021 1 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 June 26, 2015 1,000 9.84 June 26, 2018 1 February 20, 2015 10,000 8.45 August 31, 2017 1 February 5, 2015 50,000 8.55 February 5, 2018 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 |
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: 2019 2018 2017 Shares Weighted Shares Weighted Shares Weighted Outstanding, beginning of the year 137,500 $ 13.05 117,000 $ 9.99 247,668 $ 9.34 Granted 78,000 14.22 84,500 14.50 26,000 12.99 Vested (41,000 ) 10.09 (54,000 ) 9.37 (151,668 ) 9.49 Forfeited (3,000 ) 14.40 (10,000 ) 9.34 (5,000 ) 8.55 Outstanding, end of the year 171,500 14.27 137,500 13.05 117,000 9.99 |
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 2019 , 2018 and 2017 . 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 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 February 22, 2018 102,000 3 40 % 100 % 200 % — % 0 December 31, 2020 February 21, 2019 121,900 3 40 % 100 % 200 % — % 0 December 31, 2021 |
Unvested Target Award | The following table summarizes the estimated unvested target share awards for the Plans as of December 31: 2019 2018 2017 Outstanding, beginning of the year 496,603 525,045 426,596 Granted 134,929 130,995 276,442 Issued (188,700 ) (149,480 ) (171,637 ) Forfeited — (9,957 ) (6,356 ) Outstanding, end of the year 442,832 496,603 525,045 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606 for the year ended December 31: 2019 2018 2017 (dollars in thousands) Noninterest Income In-scope of Topic 606: Trust income $ 8,321 $ 7,901 $ 7,098 Service charges on deposit accounts 18,926 18,175 18,579 Insurance and retail brokerage commissions 7,583 7,426 8,807 Card-related interchange income 21,677 20,187 18,780 Gain on sale of other loans and assets 1,062 982 1,005 Other income 3,837 3,708 4,328 Noninterest Income (in-scope of Topic 606) 61,406 58,379 58,597 Noninterest Income (out-of-scope of Topic 606) 24,079 30,258 21,734 Total Noninterest Income $ 85,485 $ 88,637 $ 80,331 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Loans to Related Parties | The following is an analysis of loans to related parties (dollars in thousands): December 31, 2018 $ 15,638 Advances 4,803 Repayments (1,195 ) December 31, 2019 $ 19,246 |
Regulatory Restrictions and C_2
Regulatory Restrictions and Capital Adequacy (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [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 Required to be Considered Well Capital Ratio Capital Ratio Capital Ratio (dollars in thousands) As of December 31, 2019 Total Capital to Risk Weighted Assets First Commonwealth Financial Corporation $ 954,991 14.26 % $ 703,370 10.50 % $ 669,877 10.00 % First Commonwealth Bank 913,863 13.67 702,006 10.50 668,577 10.00 Tier I Capital to Risk Weighted Assets First Commonwealth Financial Corporation $ 800,526 11.95 % $ 569,395 8.50 % $ 535,901 8.00 % First Commonwealth Bank 759,398 11.36 568,291 8.50 534,862 8.00 Tier I Capital to Average Assets First Commonwealth Financial Corporation $ 800,526 10.17 % $ 314,963 4.00 % $ 393,704 5.00 % First Commonwealth Bank 759,398 9.66 314,338 4.00 392,922 5.00 Common Equity Tier I to Risk Weighted Assets First Commonwealth Financial Corporation $ 730,526 10.91 % $ 468,914 7.00 % $ 435,420 6.50 % First Commonwealth Bank 759,398 11.36 468,004 7.00 434,575 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, 2018 Total Capital to Risk Weighted Assets First Commonwealth Financial Corporation $ 918,786 14.65 % $ 619,173 9.88 % $ 658,361 10.50 % $ 627,011 10.00 % First Commonwealth Bank 885,151 14.14 618,213 9.88 657,341 10.50 626,039 10.00 Tier I Capital to Risk Weighted Assets First Commonwealth Financial Corporation $ 767,881 12.25 % $ 493,771 7.88 % $ 532,959 8.50 % $ 501,608 8.00 % First Commonwealth Bank 734,246 11.73 493,005 7.88 532,133 8.50 500,831 8.00 Tier I Capital to Average Assets First Commonwealth Financial Corporation $ 767,881 10.28 % $ 298,856 4.00 % $ 298,856 4.00 % $ 373,570 5.00 % First Commonwealth Bank 734,246 9.84 298,340 4.00 298,340 4.00 372,926 5.00 Common Equity Tier I to Risk Weighted Assets First Commonwealth Financial Corporation $ 697,881 11.13 % $ 399,719 6.38 % $ 438,907 7.00 % $ 407,557 6.50 % First Commonwealth Bank 734,246 11.73 399,100 6.38 438,227 7.00 406,925 6.50 |
Condensed Financial Informati_2
Condensed Financial Information of First Commonwealth Financial Corporation (parent company only) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Statements of Financial Condition | Statements of Financial Condition December 31, 2019 2018 (dollars in thousands) Assets Cash $ 22,889 $ 21,466 Loans 13 14 Investment in subsidiaries 1,086,844 1,014,685 Investment in unconsolidated subsidiary trusts 2,190 2,192 Investment in jointly-owned company 306 280 Premises and equipment, net 3,801 3,519 Receivable from subsidiaries 4,750 — Dividends receivable from subsidiaries 5,097 5,444 Other assets 6,924 5,402 Total assets $ 1,132,814 $ 1,053,002 Liabilities and Shareholders’ Equity Accrued expenses and other liabilities $ 4,983 $ 5,446 Subordinated debentures payable 72,167 72,167 Shareholders’ equity 1,055,664 975,389 Total liabilities and shareholders’ equity $ 1,132,814 $ 1,053,002 |
Statements of Operations | Statements of Income For the years ended December 31, 2019 2018 2017 (dollars in thousands) Interest and dividends $ 8 $ 1 $ 1 Dividends from subsidiaries 55,964 81,851 52,586 Interest expense (3,735 ) (3,722 ) (3,000 ) Other income 6 14 17 Operating expense (4,525 ) (4,047 ) (4,767 ) Income before taxes and equity in undistributed earnings of subsidiaries 47,718 74,097 44,837 Applicable income tax benefits 1,720 1,324 2,557 Income before equity in undistributed earnings of subsidiaries 49,438 75,421 47,394 Equity in undistributed earnings of subsidiaries 55,895 32,077 7,771 Net income $ 105,333 $ 107,498 $ 55,165 |
Statements of Cash Flow | For the years ended December 31, Statements of Cash Flow 2019 2018 2017 (dollars in thousands) Operating Activities Net income $ 105,333 $ 107,498 $ 55,165 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 340 320 322 Net gains on sales of assets (2 ) (7 ) (3 ) Decrease (increase) in prepaid income taxes 629 37 (550 ) Undistributed equity in subsidiaries (55,895 ) (32,077 ) (7,771 ) Distribution from unconsolidated subsidiary — 9,000 — Other net (2,957 ) (1,628 ) 8,767 Net cash provided by operating activities 47,448 83,143 55,930 Investing Activities Net change in loans 1 3 2 Purchases of premises and equipment (586 ) (87 ) (207 ) Proceeds from sale of other assets 2 7 3 Acquisition of affiliate, net of cash received 0 — (250 ) Investment in subsidiaries 0 (17,202 ) (37,690 ) Net cash used in by investing activities (583 ) (17,279 ) (38,142 ) Financing Activities Dividends paid (39,394 ) (34,849 ) (30,513 ) Proceeds from reissuance of treasury stock 211 208 228 Purchase of treasury stock (6,259 ) (26,189 ) (1,458 ) Net cash used in financing activities (45,442 ) (60,830 ) (31,743 ) Net increase (decrease) in cash 1,423 5,034 (13,955 ) Cash at beginning of year 21,466 16,432 30,387 Cash at end of year $ 22,889 $ 21,466 $ 16,432 |
Statement of Accounting Polic_3
Statement of Accounting Policies - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2019USD ($)countySegment | Dec. 31, 2018USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||
Number of counties in which entity provides services | county | 28 | |
Business segments | Segment | 1 | |
Equity investments | 20.00% | |
Loans past due days | 90 days | |
Excess impaired credits | $ 250,000 | |
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 | $ 4,200,000 | $ 3,800,000 |
Acquisition - Narrative (Detail
Acquisition - Narrative (Details) $ in Thousands | Sep. 06, 2019USD ($) | May 01, 2018USD ($)branchshares | Apr. 03, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ (332,468) | $ (705) | $ (3,188) | |||
Goodwill, Acquired During Period | 29,100 | |||||
Merger and acquisition related | 3,536 | 1,637 | $ 10,213 | |||
Goodwill | 303,328 | $ 274,202 | ||||
Santander Bank, N.A. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 329,533 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $ 112,913 | |||||
Business Combination, Acquired Receivables, Gross Contractual Amount | 101,200 | |||||
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Deposits | 471,386 | |||||
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Deposits Gross | 471,000 | |||||
Goodwill, Acquired During Period | 29,126 | |||||
Merger and acquisition related | 3,700 | |||||
Loans | 99,956 | |||||
Business Combination, Acquired Receivables, Fair Value Adjustment | 1,200 | |||||
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Deposits Fair Value Adj | 400 | |||||
Core deposit intangible | $ 5,615 | |||||
Garfield Acquisition Corp [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 17,400 | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 2,745,098 | |||||
Number of Full Service Branches | branch | 5 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $ 209,276 | |||||
Business Combination, Acquired Receivables, Gross Contractual Amount | 183,700 | |||||
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Deposits | 141,281 | |||||
Goodwill, Acquired During Period | 19,022 | |||||
Total consideration received | 58,961 | |||||
Merger and acquisition related | $ 1,600 | |||||
Loans | 184,506 | |||||
Business Combination, Acquired Receivables, Fair Value Adjustment | 4,300 | |||||
Business Combination, Acquired Receivables, Contractual Adjustments | 5,100 | |||||
Core deposit intangible | $ 1,248 |
Acquisition - Summary (Details)
Acquisition - Summary (Details) - USD ($) $ in Thousands | Sep. 06, 2019 | May 01, 2018 | Apr. 03, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Consideration Received | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ (332,468) | $ (705) | $ (3,188) | |||
Fair Value of Liabilities Assumed | ||||||
Goodwill, Acquired During Period | $ 29,100 | |||||
Garfield Acquisition Corp [Member] | ||||||
Consideration Received | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 17,400 | |||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 41,561 | |||||
Cash received | 58,961 | |||||
Total consideration received | 58,961 | |||||
Fair Value of Assets Acquired | ||||||
Cash and cash equivalents | 18,105 | |||||
FHLB Stock | 3,261 | |||||
Loans | 184,506 | |||||
Premises and other equipment | 409 | |||||
Core deposit intangible | 1,248 | |||||
Other assets | 1,747 | |||||
Total assets acquired | 209,276 | |||||
Fair Value of Liabilities Assumed | ||||||
Deposits | 141,281 | |||||
Capital lease obligation | 22,988 | |||||
Other Liabilities | 5,068 | |||||
Total liabilities assumed | 169,337 | |||||
Total Fair Value of Identifiable Net Assets | 39,939 | |||||
Goodwill, Acquired During Period | $ 19,022 | |||||
Santander Bank, N.A. [Member] | ||||||
Consideration Received | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 329,533 | |||||
Fair Value of Assets Acquired | ||||||
Cash and cash equivalents | $ 2,935 | |||||
Loans | 99,956 | |||||
Premises and other equipment | 3,637 | |||||
Core deposit intangible | 5,615 | |||||
Other assets | 770 | |||||
Total assets acquired | 112,913 | |||||
Fair Value of Liabilities Assumed | ||||||
Deposits | 471,386 | |||||
Other Liabilities | 186 | |||||
Total liabilities assumed | 471,572 | |||||
Total Fair Value of Identifiable Net Assets | (358,659) | |||||
Goodwill, Acquired During Period | $ 29,126 |
Supplemental Comprehensive In_3
Supplemental Comprehensive Income Disclosures - Related Tax Effects Allocated to Each Component of Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplemental Comprehensive Income Disclosures [Abstract] | |||
Unrealized holding (losses) gains on securities arising during the period, Pretax Amount | $ 20,625 | $ 2,783 | $ 7,023 |
Less: reclassification adjustment for (gains) losses on securities included in net income, Pretax Amount | (22) | (8,102) | (5,040) |
Total Unrealized (Losses) Gains on Securities, before Tax | 20,603 | (5,319) | 1,983 |
Unrealized holding gains on derivatives arising during the period, Pretax Amount | 935 | 326 | (901) |
Reclassification adjustment for gains on derivatives included in net income, Pretax Amount | 0 | (10) | (119) |
Total unrealized gains on derivatives, Pretax Amount | 935 | 336 | (782) |
Unrealized holding gains on derivatives arising during the period, Tax (Expense) Benefit | (196) | (68) | 315 |
Reclassification adjustment for gains on derivatives included in net income, Tax (Expense) Benefit | 0 | (3) | (42) |
Total unrealized gains on derivatives, Tax (Expense) Benefit | (196) | (71) | 273 |
Unrealized holding gains on derivatives arising during the period, Net of Tax Amount | 739 | 258 | (586) |
Reclassification adjustment for gains on derivatives included in net income, Tax (Expense) Benefit | 0 | 7 | 77 |
Total unrealized gains on derivatives, Tax (Expense) Benefit | 739 | 265 | (509) |
Net (loss) gain, Pretax Amount | (121) | 144 | 94 |
Total Unrealized Gains (Losses) for Postretirement Obligations, Before Tax | (121) | 144 | 94 |
Total other comprehensive (loss) income, Pretax Amount | 21,417 | (4,839) | 1,295 |
Unrealized holding (losses) gains on securities arising during the period, Tax (Expense) Benefit | (4,331) | (585) | (2,458) |
Less: reclassification adjustment for (gains) losses on securities included in net income, Tax (Expense) Benefit | 5 | 1,701 | 1,764 |
Total Unrealized (Losses) Gains on Securities, Tax (Expense) Benefit | (4,326) | 1,116 | (694) |
Net (loss) gain, Tax (Expense) Benefit | 25 | (30) | (20) |
Total Unrealized Gains (Losses) for Postretirement Obligations, Tax (Expense) Benefit | 25 | (30) | (20) |
Total other comprehensive (loss) income, Tax (Expense) Benefit | (4,497) | 1,015 | (441) |
Unrealized holding (losses) gains on securities arising during the period, Net of Tax Amount | 16,294 | 2,198 | 4,565 |
Less: reclassification adjustment for (gains) losses on securities included in net income, Net of Tax Amount | (17) | (6,401) | (3,276) |
Total Unrealized (Losses) Gains on Securities, Net of Tax | 16,277 | (4,203) | 1,289 |
Net gain | (96) | 114 | 74 |
Total Unrealized Gains (Losses) for Postretirement Obligations, Net of Tax | (96) | 114 | 74 |
Total other comprehensive (loss) Income | $ 16,920 | $ (3,824) | $ 854 |
Supplemental Comprehensive In_4
Supplemental Comprehensive Income Disclosures Supplemental Comprehensive Income Disclosures (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income [Line Items] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 0 | ||
Balance at beginning of period | $ (11,341) | $ (6,173) | (7,027) |
Other comprehensive income before reclassification adjustment | 17,033 | 2,456 | 3,979 |
Amounts reclassified from accumulated other comprehensive income (loss) | (17) | (6,394) | (3,199) |
Net gain | (96) | 114 | 74 |
Net other comprehensive income during the period | 16,920 | (3,824) | 854 |
Balance at end of period | 5,579 | (11,341) | (6,173) |
Securities Available for Sale | |||
Accumulated Other Comprehensive Income [Line Items] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | (1,328) | ||
Balance at beginning of period | (6,166) | (7,455) | |
Other comprehensive income before reclassification adjustment | 16,294 | 2,198 | 4,565 |
Amounts reclassified from accumulated other comprehensive income (loss) | (17) | (6,401) | (3,276) |
Net other comprehensive income during the period | 16,277 | (4,203) | 1,289 |
Balance at end of period | 4,580 | (6,166) | |
AOCI, Derivative Qualifying as Hedge, Excluded Component, Parent [Member] | |||
Accumulated Other Comprehensive Income [Line Items] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | (64) | ||
Balance at beginning of period | (306) | 203 | |
Other comprehensive income before reclassification adjustment | 739 | 258 | (586) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 7 | 77 |
Net other comprehensive income during the period | 739 | 265 | (509) |
Balance at end of period | 634 | (306) | |
Post-Retirement Obligation | |||
Accumulated Other Comprehensive Income [Line Items] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | 48 | ||
Balance at beginning of period | 299 | 225 | |
Net gain | (96) | 114 | 74 |
Net other comprehensive income during the period | (96) | 114 | 74 |
Balance at end of period | 365 | 299 | |
Accumulated Other Comprehensive Income (Loss), net [Member] | |||
Accumulated Other Comprehensive Income [Line Items] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | (1,344) | ||
Net other comprehensive income during the period | 16,920 | (3,824) | 854 |
Previously Reported [Member] | |||
Accumulated Other Comprehensive Income [Line Items] | |||
Balance at beginning of period | (11,341) | ||
Balance at end of period | (11,341) | ||
Previously Reported [Member] | Securities Available for Sale | |||
Accumulated Other Comprehensive Income [Line Items] | |||
Balance at beginning of period | (11,697) | ||
Balance at end of period | (11,697) | ||
Previously Reported [Member] | AOCI, Derivative Qualifying as Hedge, Excluded Component, Parent [Member] | |||
Accumulated Other Comprehensive Income [Line Items] | |||
Balance at beginning of period | (105) | ||
Balance at end of period | (105) | ||
Previously Reported [Member] | Post-Retirement Obligation | |||
Accumulated Other Comprehensive Income [Line Items] | |||
Balance at beginning of period | $ 461 | ||
Balance at end of period | 461 | ||
Accounting Standards Update 2018-02 [Member] | |||
Accumulated Other Comprehensive Income [Line Items] | |||
Balance at beginning of period | (7,517) | ||
Balance at end of period | (7,517) | ||
Accounting Standards Update 2018-02 [Member] | Securities Available for Sale | |||
Accumulated Other Comprehensive Income [Line Items] | |||
Balance at beginning of period | (7,494) | ||
Balance at end of period | (7,494) | ||
Accounting Standards Update 2018-02 [Member] | AOCI, Derivative Qualifying as Hedge, Excluded Component, Parent [Member] | |||
Accumulated Other Comprehensive Income [Line Items] | |||
Balance at beginning of period | (370) | ||
Balance at end of period | (370) | ||
Accounting Standards Update 2018-02 [Member] | Post-Retirement Obligation | |||
Accumulated Other Comprehensive Income [Line Items] | |||
Balance at beginning of period | $ 347 | ||
Balance at end of period | $ 347 |
Supplemental Cash Flow Disclo_3
Supplemental Cash Flow Disclosures - Non-cash Investing and Financing Activities (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplemental Cash Flow Information [Abstract] | |||
Real Estate Owned, Transfer to Real Estate Owned | $ 4,723,000 | $ 4,334,000 | $ 3,067,000 |
Cash paid during the year for: | |||
Interest | 56,005,000 | 40,071,000 | 21,552,000 |
Income taxes | 21,787,000 | 23,826,000 | 27,902,000 |
Non-cash investing and financing activities: | |||
Loans transferred to other real estate owned and repossessed assets | 0 | 0 | 1,891,000 |
Fair value of loans transferred from held to maturity to available for sale | 30,359,000 | 37,367,000 | 15,102,000 |
Transfer of Loans Held-for-sale to Portfolio Loans | 482,000 | 0 | 0 |
Gross (decrease) increase in market value adjustment to securities available for sale | 20,604,000 | (5,319,000) | 1,983,000 |
Gross increase (decrease) in market value adjustment to derivatives | 935,000 | 336,000 | (783,000) |
Noncash or Part Noncash Acquisition, Value of Assets Acquired | (361,595,000) | (21,834,000) | (37,070,000) |
Other Significant Noncash Transaction, Consideration Received | 484,000 | 0 | 245,000 |
Treasury stock reissued | 2,531,000 | 2,257,000 | 2,258,000 |
Investments Committed to Purchase, Not Yet Paid | 25,484,000 | 0 | 0 |
Increase in Commitment to Limited Partnership | $ 1,469,000 | $ 0 | $ 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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||
Weighted Average Number of Shares, Deferred Compensation Plans | 37,496 | 37,411 | 37,411 |
Weighted average common shares issued | 113,914,902 | 113,914,902 | 111,809,880 |
Average treasury shares | (15,447,299) | (14,747,687) | (16,463,079) |
Average unearned nonvested shares | (112,320) | (93,641) | (89,334) |
Weighted average common shares and common stock equivalents used to calculate basic earnings per share | 98,317,787 | 99,036,163 | 95,220,056 |
Additional common stock equivalents (nonvested stock) used to calculate diluted earnings per share | 231,957 | 149,939 | 73,570 |
Weighted average common shares and common stock equivalents used to calculate diluted earnings per share | 98,588,164 | 99,223,513 | 95,331,037 |
Weighted Average Number Of Additional Shares Deferred Compensation Plan | 38,420 | 37,411 | 37,411 |
Basic Earnings Per Share (in dollars per share) | $ 1.07 | $ 1.09 | $ 0.58 |
Diluted Earnings Per Share (in dollars per share) | $ 1.07 | $ 1.08 | $ 0.58 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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 | 81,730 | 71,560 | 18,173 |
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, shares | 26,217 | 0 | 0 |
Minimum [Member] | Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Common stock, par value (in dollars per share) | $ 12.99 | $ 8.84 | $ 8.55 |
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Common stock, par value (in dollars per share) | 16.62 | 0 | 0 |
Maximum [Member] | Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Common stock, par value (in dollars per share) | 15.44 | 14.49 | 13.96 |
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Common stock, par value (in dollars per share) | $ 16.62 | $ 0 | $ 0 |
Cash and Due from Banks - Addit
Cash and Due from Banks - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and Due from Banks [Abstract] | ||
Cash or balances held with the Federal Reserve Bank | $ 14.7 | $ 4.9 |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)Derivative | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Derivative [Line Items] | |||
Number of participation agreements for interest rate swaps, participant | Derivative | 31 | ||
Number of participation agreements for interest rate swaps, lead bank | Derivative | 12 | ||
Derivative, Gain (Loss) on Derivative, Net | $ (269) | $ 787 | $ (473) |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 70,000 | 65,000 | |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 70,000 | 65,000 | |
Interest Rate Swap [Member] | Interest Income [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (118) | (590) | 452 |
Interest Rate Swap [Member] | Other Income [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (159) | 0 | 0 |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 4,789 | 1,927 | |
Derivative Liability, Fair Value, Gross Asset | 4,800 | 1,900 | |
Foreign Exchange Contract [Member] | Other Income [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 5 | 15 | 4 |
Forward Contracts [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 30,000 | 15,000 | |
Derivative, Underlying Asset Carrying Value | 9,800 | 6,900 | |
Derivative Liability, Fair Value, Gross Asset | 10,700 | 7,600 | |
Derivative Liability, Notional Amount | 25,500 | 9,900 | |
Forward Contracts [Member] | Other Income [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | (189) | (19) |
Other Income | 106 | $ 0 | $ 0 |
2024 [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 30,000 | ||
2026 [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 40,000 |
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, 2019 | Dec. 31, 2018 | |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Credit value adjustment | $ (272) | $ (3) |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 587,275 | 411,645 |
Not Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 87,188 | 36,111 |
Not Designated as Hedging Instrument [Member] | Interest Rate Collar [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 35,354 | 0 |
Not Designated as Hedging Instrument [Member] | Credit Default Swap, Buying Protection [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 164,632 | 162,139 |
Not Designated as Hedging Instrument [Member] | Credit Default Swap, Selling Protection [Member] | ||
Derivative [Line Items] | ||
Derivative, Sold Protection Notional Amount | (69,011) | (59,315) |
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 25,460 | 9,900 |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Fair value adjustment | 801 | (133) |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 70,000 | 65,000 |
Designated as Hedging Instrument [Member] | Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 30,000 | 15,000 |
Fair value adjustment | (63) | (170) |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 4,789 | 1,927 |
Fair value adjustment | $ (41) | $ (6) |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | $ (269) | $ 787 | $ (473) |
Other Income [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (269) | 787 | (473) |
Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Net Hedge Ineffectiveness Gain (Loss) | (352) | (332) | 0 |
Forward Contracts [Member] | Other Income [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | (189) | (19) |
Other Income | 106 | 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 | (159) | 0 | 0 |
Other Expenses | 7 | 10 | 119 |
Interest Rate Swap [Member] | Interest Income [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (118) | (590) | 452 |
Foreign Exchange Contract [Member] | Other Income [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | $ 5 | $ 15 | $ 4 |
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, 2019 | Dec. 31, 2018 | |
Investment Securities [Line Items] | ||
Amortized Cost | $ 896,495 | $ 924,054 |
Gross Unrealized Gains | 8,906 | 2,998 |
Gross Unrealized Losses | (3,109) | (17,805) |
Securities available for sale | 902,292 | 909,247 |
US States and Political Subdivisions Debt Securities [Member] | ||
Investment Securities [Line Items] | ||
Amortized Cost | 17,738 | 27,592 |
Gross Unrealized Gains | 171 | 126 |
Gross Unrealized Losses | 0 | (6) |
Securities available for sale | 17,909 | 27,712 |
Corporate Securities [Member] | ||
Investment Securities [Line Items] | ||
Amortized Cost | 22,919 | 20,912 |
Gross Unrealized Gains | 1,043 | 321 |
Gross Unrealized Losses | 0 | (221) |
Securities available for sale | 23,962 | 21,012 |
Obligations of U.S. Government-Sponsored Enterprises [Member] | Mortgage - Backed Securities - Residential [Member] | ||
Investment Securities [Line Items] | ||
Amortized Cost | 660,777 | 686,906 |
Gross Unrealized Gains | 4,113 | 1,846 |
Gross Unrealized Losses | (2,943) | (15,391) |
Securities available for sale | 661,947 | 673,361 |
Obligations of U.S. Government-Sponsored Enterprises [Member] | Other Government - Sponsored Enterprises [Member] | ||
Investment Securities [Line Items] | ||
Amortized Cost | 1,000 | 10,000 |
Gross Unrealized Gains | 0 | 12 |
Gross Unrealized Losses | 0 | 0 |
Securities available for sale | 1,000 | 10,012 |
Obligations of U.S. Government [Member] | Mortgage - Backed Securities - Commercial [Member] | ||
Investment Securities [Line Items] | ||
Amortized Cost | 186,316 | 169,633 |
Gross Unrealized Gains | 2,983 | 214 |
Gross Unrealized Losses | (166) | (2,103) |
Securities available for sale | 189,133 | 167,744 |
Obligations of U.S. Government [Member] | Mortgage - Backed Securities - Residential [Member] | ||
Investment Securities [Line Items] | ||
Amortized Cost | 7,745 | 9,011 |
Gross Unrealized Gains | 596 | 479 |
Gross Unrealized Losses | 0 | (84) |
Securities available for sale | $ 8,341 | $ 9,406 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Securities, Available-for-sale [Line Items] | |||
Gross Unrealized Gains (Losses) | $ 3,109 | $ 17,805 | |
Securities available for sale | 902,292 | 909,247 | |
Amortized Cost | 896,495 | 924,054 | |
Held-to-maturity Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Pledged Financial Instruments, Not Separately Reported, Other Debt Securities Available-for-sale or Held-for-investment | 306,800 | 250,300 | |
Available-for-sale Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Pledged Financial Instruments, Not Separately Reported, Other Debt Securities Available-for-sale or Held-for-investment | 584,800 | 636,300 | |
Sales [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale Securities, Gross Realized Losses | 0 | 4,719 | $ 359 |
Available-for-sale Securities, Gross Realized Losses | 7 | 0 | 316 |
Available-for-sale Securities, Gross Realized Gain (Loss), Excluding Other than Temporary Impairments | (7) | 4,719 | 43 |
Calls And Maturities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Gross Gains | 29 | 3,383 | 5,057 |
Available-for-sale Securities, Gross Realized Losses | 0 | 0 | 60 |
Gain Losses Maturities And Impairment | $ 29 | 3,383 | $ 4,997 |
Pre Tsl Xiii [Member] | Calls And Maturities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Gross Gains | 4,300 | ||
Pre TSL VII [Member] | Calls And Maturities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Gross Gains | $ 700 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Estimated Fair Value of Debt Securities Available for Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Investment Securities [Line Items] | |||
Due within 1 year, Amortized Cost | $ 0 | ||
Due after 1 but within 5 years, Amortized Cost | 35,886 | ||
Due after 5 but within 10 years, Amortized Cost | 5,771 | ||
Due after 10 years, Amortized Cost | 0 | ||
Debt securities gross, Amortized Cost | 41,657 | ||
Amortized Cost | 896,495 | $ 924,054 | |
Total debt securities, Amortized Cost | 896,495 | ||
Due within 1 year, Estimated Fair Value | 0 | ||
Due after 1 but within 5 years, Estimated Fair Value | 36,554 | ||
Due after 5 but within 10 years, Estimated Fair Value | 6,317 | ||
Due after 10 years, Estimated Fair Value | 0 | ||
Debt securities gross, Estimated Fair Value | 42,871 | ||
Securities available for sale | 902,292 | $ 909,247 | |
Total debt securities, Estimated Fair Value | 902,292 | ||
Mortgage-Backed Securities [Member] | |||
Investment Securities [Line Items] | |||
Amortized Cost | [1] | 854,838 | |
Securities available for sale | [1] | $ 859,421 | |
[1] | Mortgage Backed Securities include an amortized cost of $194.1 million and a fair value of $197.5 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $660.8 million and a fair value of $661.9 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac. |
Investment Securities - Amort_2
Investment Securities - Amortized Cost and Estimated Fair Value of Debt Securities Available for Sale, Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Investment Securities [Line Items] | ||
Amortized Cost | $ 896,495 | $ 924,054 |
Securities available for sale | 902,292 | $ 909,247 |
US Government Agencies Debt Securities [Member] | ||
Investment Securities [Line Items] | ||
Amortized Cost | 194,100 | |
Securities available for sale | 197,500 | |
Obligations of U.S. Government-Sponsored Enterprises [Member] | ||
Investment Securities [Line Items] | ||
Amortized Cost | 660,800 | |
Securities available for sale | $ 661,900 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Gain (Loss) on Securities [Line Items] | |||
Proceeds from sale | $ 948 | $ 15,939 | $ 143,660 |
Net gains (losses) and impairment | 22 | 8,102 | 5,040 |
Calls And Maturities [Member] | |||
Gain (Loss) on Securities [Line Items] | |||
Gross losses | 0 | 0 | (60) |
Gross gains | 29 | 3,383 | 5,057 |
Other-than-temporary impairment | 0 | 0 | 0 |
Total gain (losses) maturities and impairment | 29 | 3,383 | 4,997 |
Sales [Member] | |||
Gain (Loss) on Securities [Line Items] | |||
Gross losses | (7) | 0 | (316) |
Available-for-sale Securities, Gross Realized Losses | 0 | 4,719 | 359 |
Total gain (losses) from sales transactions | $ (7) | $ 4,719 | $ 43 |
Investment Securities - Amort_3
Investment Securities - Amortized Cost and Fair Values of Debt Securities Held to Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 337,123 | $ 393,855 |
Gross Unrealized Gains | 2,073 | 387 |
Gross Unrealized Losses | (478) | (10,249) |
Estimated Fair Value | 338,718 | 383,993 |
Obligations of U.S. Government-Sponsored Enterprises [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 40,092 | 42,331 |
Gross Unrealized Gains | 554 | 175 |
Gross Unrealized Losses | 0 | (313) |
Estimated Fair Value | 40,646 | 42,193 |
ERROR in label resolution. | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 600 | 400 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 600 | 400 |
Mortgage - Backed Securities - Commercial [Member] | Obligations of U.S. Government [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 51,291 | 55,221 |
Gross Unrealized Gains | 18 | 0 |
Gross Unrealized Losses | (184) | (2,327) |
Estimated Fair Value | 51,125 | 52,894 |
Mortgage - Backed Securities - Commercial [Member] | Obligations of U.S. Government-Sponsored Enterprises [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 12,081 | 13,159 |
Gross Unrealized Gains | 67 | 0 |
Gross Unrealized Losses | 0 | (258) |
Estimated Fair Value | 12,148 | 12,901 |
Mortgage - Backed Securities - Residential [Member] | Obligations of U.S. Government [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 3,392 | 3,635 |
Gross Unrealized Gains | 57 | 0 |
Gross Unrealized Losses | 0 | (97) |
Estimated Fair Value | 3,449 | 3,538 |
Mortgage - Backed Securities - Residential [Member] | Obligations of U.S. Government-Sponsored Enterprises [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 229,667 | 279,109 |
Gross Unrealized Gains | 1,377 | 212 |
Gross Unrealized Losses | (294) | (7,254) |
Estimated Fair Value | $ 230,750 | $ 272,067 |
Investment Securities - Schedul
Investment Securities - Schedule of Debt Securities Expected Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Amortized Cost | |||
Due within 1 year | $ 1,327 | ||
Due after 1 but within 5 years | 7,541 | ||
Due after 5 but within 10 years | 31,824 | ||
Due after 10 years | 0 | ||
Amortized Cost | 40,692 | ||
Debt Securities, Held-to-maturity | 337,123 | $ 393,855 | |
Estimated Fair Value | |||
Due within 1 year | 1,331 | ||
Due after 1 but within 5 years | 7,621 | ||
Due after 5 but within 10 years | 32,294 | ||
Due after 10 years | 0 | ||
Estimated Fair Value | 41,246 | ||
Securities held to maturity, fair value | 338,718 | $ 383,993 | |
Mortgage-Backed Securities [Member] | |||
Amortized Cost | |||
Debt Securities, Held-to-maturity | [1] | 296,431 | |
Estimated Fair Value | |||
Securities held to maturity, fair value | [1] | 297,472 | |
Mortgage-Backed Securities [Member] | US Government Agencies Debt Securities [Member] | |||
Amortized Cost | |||
Debt Securities, Held-to-maturity | 54,700 | ||
Estimated Fair Value | |||
Securities held to maturity, fair value | 54,600 | ||
Mortgage-Backed Securities [Member] | Obligations of U.S. Government-Sponsored Enterprises [Member] | |||
Amortized Cost | |||
Debt Securities, Held-to-maturity | 241,700 | ||
Estimated Fair Value | |||
Securities held to maturity, fair value | $ 242,900 | ||
[1] | Mortgage Backed Securities include an amortized cost of $54.7 million and a fair value of $54.6 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $241.7 million and a fair value of $242.9 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac. |
Impairment of Investment Secu_3
Impairment of Investment Securities - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2019USD ($)Security | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | ||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Number of securities in an unrealized loss positions | Security | 36 | |||
Corporate/Mortgage-Backed Securities, Amortized cost | $ 896,495,000 | $ 924,054,000 | ||
Securities available for sale | 902,292,000 | 909,247,000 | ||
Other than-temporary impairment charge | [1] | 0 | 9,164,000 | $ 0 |
Other investments | 15,100,000 | 30,500,000 | ||
Equity Securities, FV-NI | 1,700,000 | |||
Equity Securities, FV-NI, Gain (Loss) | 0 | |||
Threshold Percentage of Value Decline in Equity Securities to be considered Other than Temporary Impairment | 0 | 0 | ||
Pooled Trust Preferred Collateralized Debt Obligations [Member] | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Other than-temporary impairment charge | $ 0 | 0 | $ 0 | |
Obligations of U.S. Government-Sponsored Enterprises [Member] | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total unrealized losses | 90.00% | |||
Corporate Securities [Member] | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Corporate/Mortgage-Backed Securities, Amortized cost | $ 22,919,000 | 20,912,000 | ||
Securities available for sale | $ 23,962,000 | 21,012,000 | ||
Obligations of U.S. Government-Sponsored Enterprises [Member] | Mortgage - Backed Securities - Residential [Member] | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total unrealized losses | 10.00% | |||
Number of securities in an unrealized loss positions | Security | 25 | |||
Corporate/Mortgage-Backed Securities, Amortized cost | $ 660,777,000 | 686,906,000 | ||
Securities available for sale | $ 661,947,000 | $ 673,361,000 | ||
[1] | Represents the increase in cash flows recognized either as principal payments or interest income during the period. |
Impairment of Investment Secu_4
Impairment of Investment Securities - Schedule of Unrealized Losses and Estimated Fair Values (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule Of Unrealized Losses On Securities [Line Items] | ||
Estimated Fair Value, Less Than 12 Months | $ 166,470 | $ 278,207 |
Available For Sale Securities Continuous Unrealized Income Loss Position Less Than Twelve Months Aggregate Gain Losses | (637) | (3,121) |
Estimated Fair Value, 12 Months or More | 235,380 | 733,222 |
SecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses | (2,950) | (24,933) |
Total Estimated Fair Value | 401,850 | 1,011,429 |
Total Gross Unrealized Losses | (3,587) | (28,054) |
Corporate Securities [Member] | ||
Schedule Of Unrealized Losses On Securities [Line Items] | ||
Estimated Fair Value, Less Than 12 Months | 14,769 | |
Available For Sale Securities Continuous Unrealized Income Loss Position Less Than Twelve Months Aggregate Gain Losses | (214) | |
Estimated Fair Value, 12 Months or More | 3,993 | |
SecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses | (7) | |
Total Estimated Fair Value | 18,762 | |
Total Gross Unrealized Losses | (221) | |
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 | 2,289 | |
Available For Sale Securities Continuous Unrealized Income Loss Position Less Than Twelve Months Aggregate Gain Losses | (41) | |
Estimated Fair Value, 12 Months or More | 5,028 | |
SecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses | (140) | |
Total Estimated Fair Value | 7,317 | |
Total Gross Unrealized Losses | (181) | |
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 | 54,501 | 95,826 |
Available For Sale Securities Continuous Unrealized Income Loss Position Less Than Twelve Months Aggregate Gain Losses | (201) | (925) |
Estimated Fair Value, 12 Months or More | 16,365 | 75,959 |
SecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses | (149) | (3,505) |
Total Estimated Fair Value | 70,866 | 171,785 |
Total Gross Unrealized Losses | (350) | (4,430) |
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 | 111,969 | 156,732 |
Available For Sale Securities Continuous Unrealized Income Loss Position Less Than Twelve Months Aggregate Gain Losses | (436) | (1,856) |
Estimated Fair Value, 12 Months or More | 219,015 | 626,003 |
SecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses | (2,801) | (20,789) |
Total Estimated Fair Value | 330,984 | 782,735 |
Total Gross Unrealized Losses | $ (3,237) | (22,645) |
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 | 0 | |
Available For Sale Securities Continuous Unrealized Income Loss Position Less Than Twelve Months Aggregate Gain Losses | 0 | |
Estimated Fair Value, 12 Months or More | 12,901 | |
SecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses | (258) | |
Total Estimated Fair Value | 12,901 | |
Total Gross Unrealized Losses | (258) | |
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 | 8,591 | |
Available For Sale Securities Continuous Unrealized Income Loss Position Less Than Twelve Months Aggregate Gain Losses | (85) | |
Estimated Fair Value, 12 Months or More | 9,338 | |
SecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses | (234) | |
Total Estimated Fair Value | 17,929 | |
Total Gross Unrealized Losses | $ (319) |
Impairment of Investment Secu_5
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Impairment of Investment Securities Disclosure [Abstract] | ||||||
Document Period End Date | Dec. 31, 2019 | |||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||||||
Balance, beginning | [1] | $ 0 | $ 12,208 | $ 17,056 | ||
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] | 0 | (223) | (890) | ||
Reduction for debt securities called during the period | [2] | 0 | (9,164) | 0 | ||
Balance, ending | 0 | 0 | [1] | 12,208 | [1] | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Securities Called | $ 0 | $ 2,821 | $ 3,958 | |||
[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 Credi_3
Loans and Allowance for Credit Losses - Outstanding Balances of Loan (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 6,189,148 | $ 5,774,139 | $ 5,407,376 |
Commercial, financial, agricultural and other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,241,853 | 1,138,473 | |
Real Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 449,039 | 358,978 | |
Residential Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,681,362 | 1,562,405 | |
Commercial real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 2,117,519 | 2,123,544 | |
Loans To Individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 699,375 | 590,739 | |
Originated Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 5,714,373 | 5,275,296 | |
Originated Loans [Member] | Commercial, financial, agricultural and other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,212,026 | 1,100,947 | |
Originated Loans [Member] | Real Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 442,777 | 353,008 | |
Originated Loans [Member] | Residential Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,415,808 | 1,313,645 | |
Originated Loans [Member] | Commercial real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,958,346 | 1,922,349 | |
Originated Loans [Member] | Loans To Individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 685,416 | 585,347 | |
Acquired Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 474,775 | 498,843 | |
Acquired Loans [Member] | Commercial, financial, agricultural and other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 29,827 | 37,526 | |
Acquired Loans [Member] | Real Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 6,262 | 5,970 | |
Acquired Loans [Member] | Residential Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 265,554 | 248,760 | |
Acquired Loans [Member] | Commercial real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 159,173 | 201,195 | |
Acquired Loans [Member] | Loans To Individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 13,959 | $ 5,392 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Credit Risk Profile by Creditworthiness (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Originated Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | $ 5,714,373 | $ 5,275,296 |
Originated Loans [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 5,624,757 | 5,160,953 |
Originated Loans [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 43,393 | 79,294 |
Originated Loans [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 46,223 | 35,049 |
Originated Loans [Member] | Doubtful [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Originated Loans [Member] | Total Non-Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 89,616 | 114,343 |
Originated Loans [Member] | Commercial, financial, agricultural and other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 1,212,026 | 1,100,947 |
Originated Loans [Member] | Commercial, financial, agricultural and other [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 1,171,363 | 1,055,394 |
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 | 29,359 | 33,723 |
Originated Loans [Member] | Commercial, financial, agricultural and other [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 11,304 | 11,830 |
Originated 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 |
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 | 40,663 | 45,553 |
Originated Loans [Member] | Real Estate Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 442,777 | 353,008 |
Originated Loans [Member] | Real Estate Construction [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 442,751 | 337,367 |
Originated Loans [Member] | Real Estate Construction [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 26 | 15,641 |
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 | 26 | 15,641 |
Originated Loans [Member] | Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 1,415,808 | 1,313,645 |
Originated Loans [Member] | Residential Real Estate [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 1,406,845 | 1,302,912 |
Originated Loans [Member] | Residential Real Estate [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 475 | 1,026 |
Originated Loans [Member] | Residential Real Estate [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 8,488 | 9,707 |
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 | 8,963 | 10,733 |
Originated Loans [Member] | Commercial real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 1,958,346 | 1,922,349 |
Originated Loans [Member] | Commercial real estate [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 1,918,690 | 1,880,139 |
Originated Loans [Member] | Commercial real estate [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 13,533 | 28,904 |
Originated Loans [Member] | Commercial real estate [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 26,123 | 13,306 |
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 | 39,656 | 42,210 |
Originated Loans [Member] | Loans To Individuals [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 685,416 | 585,347 |
Originated Loans [Member] | Loans To Individuals [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 685,108 | 585,141 |
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 | 308 | 206 |
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 | 308 | 206 |
Acquired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 474,775 | 498,843 |
Acquired Loans [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 463,784 | 485,951 |
Acquired Loans [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 5,183 | 7,700 |
Acquired Loans [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 5,808 | 5,192 |
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 | 10,991 | 12,892 |
Acquired Loans [Member] | Commercial, financial, agricultural and other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 29,827 | 37,526 |
Acquired Loans [Member] | Commercial, financial, agricultural and other [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 27,696 | 31,399 |
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 | 2,009 | 5,890 |
Acquired Loans [Member] | Commercial, financial, agricultural and other [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 122 | 237 |
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 | 2,131 | 6,127 |
Acquired Loans [Member] | Real Estate Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 6,262 | 5,970 |
Acquired Loans [Member] | Real Estate Construction [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 5,697 | 5,337 |
Acquired Loans [Member] | Real Estate Construction [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 565 | 633 |
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 | 565 | 633 |
Acquired Loans [Member] | Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 265,554 | 248,760 |
Acquired Loans [Member] | Residential Real Estate [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 262,630 | 245,637 |
Acquired Loans [Member] | Residential Real Estate [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 537 | 736 |
Acquired Loans [Member] | Residential Real Estate [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 2,387 | 2,387 |
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 | 2,924 | 3,123 |
Acquired Loans [Member] | Commercial real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 159,173 | 201,195 |
Acquired Loans [Member] | Commercial real estate [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 153,814 | 198,201 |
Acquired Loans [Member] | Commercial real estate [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 2,072 | 441 |
Acquired Loans [Member] | Commercial real estate [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 3,287 | 2,553 |
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 | 5,359 | 2,994 |
Acquired Loans [Member] | Loans To Individuals [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 13,959 | 5,392 |
Acquired Loans [Member] | Loans To Individuals [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 13,947 | 5,377 |
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 | 12 | 15 |
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 | $ 12 | $ 15 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2019USD ($)Contract | Dec. 31, 2018USD ($)Contract | Dec. 31, 2017USD ($)Contract | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non Accrual Status Of Loans After Number Of Days Past Due | 90 days | ||
Loans Receivable Held-for-sale, Amount | $ 15,989,000 | $ 11,881,000 | |
Provision for credit losses | 14,533,000 | 12,531,000 | $ 5,087,000 |
Charge-offs | $ 12,300,000 | $ 15,100,000 | |
Number of loans modified | Contract | 38 | 58 | 41 |
Total amount of loan modified | $ 1,928,000 | $ 8,829,000 | $ 8,274,000 |
Total gains or losses included in earnings | 198,000 | 8,102,000 | |
Loans with modification to rate and payment due to amortization | $ 800,000 | 300,000 | 300,000 |
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 | $ 1,700,000 | 1,600,000 | |
Loans To Individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non Accrual Status Of Loans After Number Of Days Past Due | 150 days | ||
Nonaccrual Commercial Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable Held-for-sale, Amount | $ 0 | 0 | |
Gain (loss) on sale of impaired loans | 400,000 | $ 1,800,000 | $ 21,000 |
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Impaired Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Off balance sheet reserve to nonperforming loans | $ 12,000 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Age Analysis of Past Due Loans by Segment (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 6,189,148 | $ 5,774,139 | $ 5,407,376 |
Loans To Individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 699,375 | 590,739 | 549,659 |
Real Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 449,039 | 358,978 | 248,868 |
Commercial, financial, agricultural and other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,241,853 | 1,138,473 | 1,163,383 |
Residential Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,681,362 | 1,562,405 | 1,426,370 |
Commercial real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 2,117,519 | 2,123,544 | $ 2,019,096 |
Originated Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 34,741 | 30,100 | |
Current | 5,679,632 | 5,245,196 | |
Loans | 5,714,373 | 5,275,296 | |
Originated Loans [Member] | Loans To Individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 6,328 | 3,763 | |
Current | 679,088 | 581,584 | |
Loans | 685,416 | 585,347 | |
Originated Loans [Member] | Real Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 207 | 212 | |
Current | 442,570 | 352,796 | |
Loans | 442,777 | 353,008 | |
Originated Loans [Member] | Commercial, financial, agricultural and other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 9,368 | 10,692 | |
Current | 1,202,658 | 1,090,255 | |
Loans | 1,212,026 | 1,100,947 | |
Originated Loans [Member] | Residential Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 11,888 | 11,435 | |
Current | 1,403,920 | 1,302,210 | |
Loans | 1,415,808 | 1,313,645 | |
Originated Loans [Member] | Commercial real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 6,950 | 3,998 | |
Current | 1,951,396 | 1,918,351 | |
Loans | 1,958,346 | 1,922,349 | |
Originated Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 8,643 | 6,893 | |
Originated Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Loans To Individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 4,070 | 2,362 | |
Originated Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Real Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 198 | 212 | |
Originated Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Commercial, financial, agricultural and other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 391 | 130 | |
Originated Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Residential Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 3,757 | 3,697 | |
Originated Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Commercial real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 227 | 492 | |
Originated Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 1,940 | 1,558 | |
Originated Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Loans To Individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 1,020 | 532 | |
Originated Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Real Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Originated Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Commercial, financial, agricultural and other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 57 | 247 | |
Originated Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Residential Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 749 | 710 | |
Originated Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Commercial real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 114 | 69 | |
Originated Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 1,816 | 1,544 | |
Originated Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Loans To Individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 931 | 662 | |
Originated Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Real Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 9 | 0 | |
Originated Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial, financial, agricultural and other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 140 | 92 | |
Originated Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 736 | 790 | |
Originated Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Originated Loans [Member] | Nonaccrual Commercial Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 22,342 | 20,105 | |
Originated Loans [Member] | Nonaccrual Commercial Loans [Member] | Loans To Individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 307 | 207 | |
Originated Loans [Member] | Nonaccrual Commercial Loans [Member] | Real Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Originated Loans [Member] | Nonaccrual Commercial Loans [Member] | Commercial, financial, agricultural and other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 8,780 | 10,223 | |
Originated Loans [Member] | Nonaccrual Commercial Loans [Member] | Residential Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 6,646 | 6,238 | |
Originated Loans [Member] | Nonaccrual Commercial Loans [Member] | Commercial real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 6,609 | 3,437 | |
Acquired Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 3,385 | 3,512 | |
Current | 471,390 | 495,331 | |
Loans | 474,775 | 498,843 | |
Acquired Loans [Member] | Loans To Individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 223 | 84 | |
Current | 13,736 | 5,308 | |
Loans | 13,959 | 5,392 | |
Acquired Loans [Member] | Real Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 0 | 0 | |
Current | 6,262 | 5,970 | |
Loans | 6,262 | 5,970 | |
Acquired Loans [Member] | Commercial, financial, agricultural and other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 76 | 205 | |
Current | 29,751 | 37,321 | |
Loans | 29,827 | 37,526 | |
Acquired Loans [Member] | Residential Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 2,681 | 2,181 | |
Current | 262,873 | 246,579 | |
Loans | 265,554 | 248,760 | |
Acquired Loans [Member] | Commercial real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 405 | 1,042 | |
Current | 158,768 | 200,153 | |
Loans | 159,173 | 201,195 | |
Acquired Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 392 | 273 | |
Acquired Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Loans To Individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 87 | 46 | |
Acquired Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Real Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Acquired Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Commercial, financial, agricultural and other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 1 | 1 | |
Acquired Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Residential Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 304 | 226 | |
Acquired Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Commercial real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Acquired Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 403 | 36 | |
Acquired Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Loans To Individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 89 | 12 | |
Acquired Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Real Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Acquired Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Commercial, financial, agricultural and other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Acquired Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Residential Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 207 | 24 | |
Acquired Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Commercial real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 107 | 0 | |
Acquired Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 257 | 38 | |
Acquired Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Loans To Individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 35 | 11 | |
Acquired Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Real Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Acquired Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial, financial, agricultural and other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 1 | 0 | |
Acquired Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 221 | 27 | |
Acquired Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Acquired Loans [Member] | Nonaccrual Commercial Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 2,333 | 3,165 | |
Acquired Loans [Member] | Nonaccrual Commercial Loans [Member] | Loans To Individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 12 | 15 | |
Acquired Loans [Member] | Nonaccrual Commercial Loans [Member] | Real Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Acquired Loans [Member] | Nonaccrual Commercial Loans [Member] | Commercial, financial, agricultural and other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 74 | 204 | |
Acquired Loans [Member] | Nonaccrual Commercial Loans [Member] | Residential Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | 1,949 | 1,904 | |
Acquired Loans [Member] | Nonaccrual Commercial Loans [Member] | Commercial real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Past Due | $ 298 | $ 1,042 |
Loans and Allowance for Credi_7
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Originated Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | $ 29,698 | $ 28,735 | |
Unpaid Principal Balance | 39,122 | 38,787 | |
Related Allowance | 2,432 | 1,500 | |
Average Recorded Investment | 27,154 | 41,386 | $ 38,171 |
Interest Income Recognized | 684 | 1,098 | 1,451 |
Originated Loans [Member] | Commercial Financial Agricultural And Other With No Related Allowance [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 1,848 | 8,735 | |
Unpaid Principal Balance | 6,997 | 16,442 | |
Average Recorded Investment | 2,411 | 18,480 | 10,282 |
Interest Income Recognized | 66 | 602 | 394 |
Originated Loans [Member] | Real Estate Construction With No Related Allowance [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 0 | 0 | |
Unpaid Principal Balance | 0 | 0 | |
Average Recorded Investment | 0 | 0 | 0 |
Interest Income Recognized | 0 | 0 | 0 |
Originated Loans [Member] | Residential real estate with no related allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 10,372 | 10,726 | |
Unpaid Principal Balance | 12,437 | 12,571 | |
Average Recorded Investment | 10,819 | 10,651 | 11,366 |
Interest Income Recognized | 365 | 271 | 355 |
Originated Loans [Member] | Commercial Real Estate With No Related Allowance [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 3,015 | 3,599 | |
Unpaid Principal Balance | 3,210 | 3,812 | |
Average Recorded Investment | 7,455 | 7,919 | 6,469 |
Interest Income Recognized | 156 | 177 | 583 |
Originated Loans [Member] | Loans To Individuals With No Related Allowance [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 406 | 281 | |
Unpaid Principal Balance | 640 | 408 | |
Average Recorded Investment | 371 | 310 | 353 |
Interest Income Recognized | 17 | 11 | 19 |
Originated Loans [Member] | Subtotal with no related allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 15,641 | 23,341 | |
Unpaid Principal Balance | 23,284 | 33,233 | |
Average Recorded Investment | 21,056 | 37,360 | 28,470 |
Interest Income Recognized | 604 | 1,061 | 1,351 |
Originated Loans [Member] | Commercial, financial, agricultural and other With an allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 8,290 | 3,042 | |
Unpaid Principal Balance | 10,032 | 3,181 | |
Related Allowance | 1,580 | 797 | |
Average Recorded Investment | 4,110 | 2,531 | 9,391 |
Interest Income Recognized | 77 | 20 | 96 |
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 | 0 |
Interest Income Recognized | 0 | 0 | 0 |
Originated Loans [Member] | Residential real estate With an allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 474 | 486 | |
Unpaid Principal Balance | 498 | 495 | |
Related Allowance | 1 | 107 | |
Average Recorded Investment | 241 | 504 | 167 |
Interest Income Recognized | 0 | 13 | 0 |
Originated Loans [Member] | Commercial real estate With an allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 5,293 | 1,866 | |
Unpaid Principal Balance | 5,308 | 1,878 | |
Related Allowance | 851 | 596 | |
Average Recorded Investment | 1,747 | 991 | 143 |
Interest Income Recognized | 3 | 4 | 4 |
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 | 0 |
Interest Income Recognized | 0 | 0 | 0 |
Originated Loans [Member] | Subtotal With an allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 14,057 | 5,394 | |
Unpaid Principal Balance | 15,838 | 5,554 | |
Related Allowance | 2,432 | 1,500 | |
Average Recorded Investment | 6,098 | 4,026 | 9,701 |
Interest Income Recognized | 80 | 37 | 100 |
Acquired Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 2,519 | 3,292 | |
Unpaid Principal Balance | 2,993 | 4,877 | |
Related Allowance | 0 | 131 | |
Average Recorded Investment | 5,225 | 3,712 | 3,406 |
Interest Income Recognized | 26 | 15 | 0 |
Acquired Loans [Member] | Commercial Financial Agricultural And Other With No Related Allowance [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 73 | 73 | |
Unpaid Principal Balance | 73 | 73 | |
Average Recorded Investment | 2,479 | 214 | 476 |
Interest Income Recognized | 0 | 10 | 0 |
Acquired Loans [Member] | Real Estate Construction With No Related Allowance [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 0 | 0 | |
Unpaid Principal Balance | 0 | 0 | |
Average Recorded Investment | 0 | 0 | 25 |
Interest Income Recognized | 0 | 0 | 0 |
Acquired Loans [Member] | Residential real estate with no related allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 2,136 | 2,031 | |
Unpaid Principal Balance | 2,585 | 2,604 | |
Average Recorded Investment | 1,986 | 1,906 | 535 |
Interest Income Recognized | 8 | 5 | 0 |
Acquired Loans [Member] | Commercial Real Estate With No Related Allowance [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 298 | 1,042 | |
Unpaid Principal Balance | 320 | 2,052 | |
Average Recorded Investment | 747 | 1,565 | 2,135 |
Interest Income Recognized | 18 | 0 | 0 |
Acquired Loans [Member] | Loans To Individuals With No Related Allowance [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 12 | 15 | |
Unpaid Principal Balance | 15 | 17 | |
Average Recorded Investment | 13 | 16 | 6 |
Interest Income Recognized | 0 | 0 | 0 |
Acquired Loans [Member] | Subtotal with no related allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 2,519 | 3,161 | |
Unpaid Principal Balance | 2,993 | 4,746 | |
Average Recorded Investment | 5,225 | 3,701 | 3,177 |
Interest Income Recognized | 26 | 15 | 0 |
Acquired Loans [Member] | Commercial, financial, agricultural and other With an allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 0 | 131 | |
Unpaid Principal Balance | 0 | 131 | |
Related Allowance | 0 | 131 | |
Average Recorded Investment | 0 | 11 | 0 |
Interest Income Recognized | 0 | 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 | 0 |
Interest Income Recognized | 0 | 0 | 0 |
Acquired Loans [Member] | Residential real estate 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 | 74 |
Interest Income Recognized | 0 | 0 | 0 |
Acquired Loans [Member] | Commercial real estate 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 | 155 |
Interest Income Recognized | 0 | 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 | 0 |
Interest Income Recognized | 0 | 0 | 0 |
Acquired Loans [Member] | Subtotal With an allowance recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 0 | 131 | |
Unpaid Principal Balance | 0 | 131 | |
Related Allowance | 0 | 131 | |
Average Recorded Investment | 0 | 11 | 229 |
Interest Income Recognized | $ 0 | $ 0 | $ 0 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Troubled Debt Restructured Loans and Commitments (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Loans and Leases Receivable Disclosure [Abstract] | |||
Accrual status | $ 7,542 | $ 8,757 | $ 11,563 |
Nonaccrual status | 6,037 | 11,761 | 11,222 |
Total | 13,579 | 20,518 | 22,785 |
Letters of Credit Outstanding, Amount | 60 | 60 | 60 |
Unused lines of credit | $ 163 | $ 1,027 | $ 54 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Troubled Debt Restructurings Identified During Period (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)Contract | Dec. 31, 2018USD ($)Contract | Dec. 31, 2017USD ($)Contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | Contract | 38 | 58 | 41 |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 8,302 | $ 11,281 | $ 11,054 |
Financing Receivable, Troubled Debt Restructuring | 1,928 | 8,829 | 8,274 |
Financing Receivable Troubled Debt Restructuring Specific Reserve | 0 | 0 | 596 |
Contractual Payment Modification [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Premodification | 7,525 | 10,635 | 1,878 |
Contractual Interest Rate Reduction [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Premodification | 760 | 330 | 2,095 |
Extended Maturity [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 17 | $ 316 | $ 7,081 |
Commercial Loan [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | Contract | 2 | 3 | 6 |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 156 | $ 8,324 | $ 9,561 |
Financing Receivable, Troubled Debt Restructuring | 154 | 6,104 | 6,946 |
Financing Receivable Troubled Debt Restructuring Specific Reserve | 0 | 0 | 566 |
Commercial Loan [Member] | Contractual Payment Modification [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Premodification | 156 | 8,250 | 987 |
Commercial Loan [Member] | Contractual Interest Rate Reduction [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Premodification | 0 | 0 | 1,806 |
Commercial Loan [Member] | Extended Maturity [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 0 | $ 74 | $ 6,768 |
Residential Real Estate [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | Contract | 20 | 37 | 20 |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 1,186 | $ 1,799 | $ 968 |
Financing Receivable, Troubled Debt Restructuring | 1,059 | 1,638 | 851 |
Financing Receivable Troubled Debt Restructuring Specific Reserve | 0 | 0 | 1 |
Residential Real Estate [Member] | Contractual Payment Modification [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Premodification | 965 | 1,316 | 573 |
Residential Real Estate [Member] | Contractual Interest Rate Reduction [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Premodification | 204 | 241 | 261 |
Residential Real Estate [Member] | Extended Maturity [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 17 | $ 242 | $ 134 |
Commercial Real Estate [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | Contract | 5 | 3 | 5 |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 6,817 | $ 1,016 | $ 448 |
Financing Receivable, Troubled Debt Restructuring | 594 | 975 | 412 |
Financing Receivable Troubled Debt Restructuring Specific Reserve | 0 | 0 | 29 |
Commercial Real Estate [Member] | Contractual Payment Modification [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Premodification | 6,261 | 1,016 | 269 |
Commercial Real Estate [Member] | Contractual Interest Rate Reduction [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Premodification | 556 | 0 | 0 |
Commercial Real Estate [Member] | Extended Maturity [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 0 | $ 0 | $ 179 |
Loans To Individuals [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | Contract | 11 | 15 | 10 |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 143 | $ 142 | $ 77 |
Financing Receivable, Troubled Debt Restructuring | 121 | 112 | 65 |
Financing Receivable Troubled Debt Restructuring Specific Reserve | 0 | 0 | 0 |
Loans To Individuals [Member] | Contractual Payment Modification [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Premodification | 143 | 53 | 49 |
Loans To Individuals [Member] | Contractual Interest Rate Reduction [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Premodification | 0 | 89 | 28 |
Loans To Individuals [Member] | Extended Maturity [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 0 | $ 0 | $ 0 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Restructured Loans that are Considered to be in Default (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)loan | Dec. 31, 2018USD ($)loan | Dec. 31, 2017USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | loan | 0 | 1 | 1 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ | $ 0 | $ 49 | $ 2 |
Residential Portfolio Segment [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | loan | 0 | 1 | 0 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ | $ 0 | $ 49 | $ 0 |
Loans To Individuals [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | loan | 0 | 0 | 1 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ | $ 0 | $ 0 | $ 2 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses - Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | $ 47,764 | $ 48,298 | |
Charge-offs | (12,300) | (15,100) | |
Provision for credit losses | 14,533 | 12,531 | $ 5,087 |
Ending Balance | 51,637 | 47,764 | 48,298 |
Ending balance: individually evaluated for impaired | 2,432 | 1,631 | 3,746 |
Ending balance: collectively evaluated for impaired | 49,205 | 46,133 | 44,552 |
Ending balance | 6,189,148 | 5,774,139 | 5,407,376 |
Ending balance: individually evaluated for impaired | 17,833 | 21,088 | 35,151 |
Ending balance: collectively evaluated for impaired | 6,171,315 | 5,753,051 | 5,372,225 |
Commercial, financial, agricultural and other [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 19,374 | 23,429 | |
Ending Balance | 20,234 | 19,374 | 23,429 |
Ending balance: individually evaluated for impaired | 1,580 | 928 | 3,478 |
Ending balance: collectively evaluated for impaired | 18,654 | 18,446 | 19,951 |
Ending balance | 1,241,853 | 1,138,473 | 1,163,383 |
Ending balance: individually evaluated for impaired | 9,246 | 11,631 | 22,450 |
Ending balance: collectively evaluated for impaired | 1,232,607 | 1,126,842 | 1,140,933 |
Real Estate Construction [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 2,002 | 1,349 | |
Ending Balance | 2,558 | 2,002 | 1,349 |
Ending balance: individually evaluated for impaired | 0 | 0 | 0 |
Ending balance: collectively evaluated for impaired | 2,558 | 2,002 | 1,349 |
Ending balance | 449,039 | 358,978 | 248,868 |
Ending balance: individually evaluated for impaired | 0 | 0 | 0 |
Ending balance: collectively evaluated for impaired | 449,039 | 358,978 | 248,868 |
Residential Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 3,969 | 2,759 | |
Ending Balance | 4,093 | 3,969 | 2,759 |
Ending balance: individually evaluated for impaired | 1 | 107 | 111 |
Ending balance: collectively evaluated for impaired | 4,092 | 3,862 | 2,648 |
Ending balance | 1,681,362 | 1,562,405 | 1,426,370 |
Ending balance: individually evaluated for impaired | 1,741 | 3,747 | 6,698 |
Ending balance: collectively evaluated for impaired | 1,679,621 | 1,558,658 | 1,419,672 |
Commercial real estate [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 18,386 | 17,357 | |
Ending Balance | 19,768 | 18,386 | 17,357 |
Ending balance: individually evaluated for impaired | 851 | 596 | 157 |
Ending balance: collectively evaluated for impaired | 18,917 | 17,790 | 17,200 |
Ending balance | 2,117,519 | 2,123,544 | 2,019,096 |
Ending balance: individually evaluated for impaired | 6,846 | 5,710 | 6,003 |
Ending balance: collectively evaluated for impaired | 2,110,673 | 2,117,834 | 2,013,093 |
Loans To Individuals [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 4,033 | 3,404 | |
Ending Balance | 4,984 | 4,033 | 3,404 |
Ending balance: individually evaluated for impaired | 0 | 0 | 0 |
Ending balance: collectively evaluated for impaired | 4,984 | 4,033 | 3,404 |
Ending balance | 699,375 | 590,739 | 549,659 |
Ending balance: individually evaluated for impaired | 0 | 0 | 0 |
Ending balance: collectively evaluated for impaired | 699,375 | 590,739 | 549,659 |
Originated Loans [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 47,586 | 48,252 | 50,166 |
Charge-offs | (10,032) | (14,902) | (11,997) |
Recoveries | 1,449 | 1,846 | 5,403 |
Provision for credit losses | 12,582 | 12,390 | 4,680 |
Ending Balance | 51,585 | 47,586 | 48,252 |
Ending balance | 5,714,373 | 5,275,296 | |
Originated Loans [Member] | Commercial, financial, agricultural and other [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 19,235 | 23,418 | 35,974 |
Charge-offs | (2,667) | (5,201) | (6,176) |
Recoveries | 245 | 746 | 3,900 |
Provision for credit losses | 3,408 | 272 | (10,280) |
Ending Balance | 20,221 | 19,235 | 23,418 |
Ending balance | 1,212,026 | 1,100,947 | |
Originated Loans [Member] | Real Estate Construction [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 2,002 | 1,349 | 577 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 158 | 135 | 465 |
Provision for credit losses | 398 | 518 | 307 |
Ending Balance | 2,558 | 2,002 | 1,349 |
Ending balance | 442,777 | 353,008 | |
Originated Loans [Member] | Residential Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 3,934 | 2,753 | 2,492 |
Charge-offs | (986) | (1,217) | (1,261) |
Recoveries | 246 | 233 | 304 |
Provision for credit losses | 897 | 2,165 | 1,218 |
Ending Balance | 4,091 | 3,934 | 2,753 |
Ending balance | 1,415,808 | 1,313,645 | |
Originated Loans [Member] | Commercial real estate [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 18,382 | 17,328 | 6,619 |
Charge-offs | (632) | (3,930) | (340) |
Recoveries | 189 | 153 | 274 |
Provision for credit losses | 1,792 | 4,831 | 10,775 |
Ending Balance | 19,731 | 18,382 | 17,328 |
Ending balance | 1,958,346 | 1,922,349 | |
Originated Loans [Member] | Loans To Individuals [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 4,033 | 3,404 | 4,504 |
Charge-offs | (5,747) | (4,554) | (4,220) |
Recoveries | 611 | 579 | 460 |
Provision for credit losses | 6,087 | 4,604 | 2,660 |
Ending Balance | 4,984 | 4,033 | 3,404 |
Ending balance | 685,416 | 585,347 | |
Acquired Loans [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 178 | 46 | 19 |
Charge-offs | (2,242) | (211) | (512) |
Recoveries | 165 | 202 | 132 |
Provision for credit losses | 1,951 | 141 | 407 |
Ending Balance | 52 | 178 | 46 |
Ending balance | 474,775 | 498,843 | |
Acquired Loans [Member] | Commercial, financial, agricultural and other [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 139 | 11 | 0 |
Charge-offs | (726) | (93) | (458) |
Recoveries | 81 | 42 | 1 |
Provision for credit losses | 519 | 179 | 468 |
Ending Balance | 13 | 139 | 11 |
Ending balance | 29,827 | 37,526 | |
Acquired Loans [Member] | Real Estate Construction [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 0 | 0 | 0 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 6 | 5 |
Provision for credit losses | 0 | (6) | (5) |
Ending Balance | 0 | 0 | 0 |
Ending balance | 6,262 | 5,970 | |
Acquired Loans [Member] | Residential Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 35 | 6 | 19 |
Charge-offs | (56) | (96) | (26) |
Recoveries | 69 | 128 | 67 |
Provision for credit losses | (46) | (3) | (54) |
Ending Balance | 2 | 35 | 6 |
Ending balance | 265,554 | 248,760 | |
Acquired Loans [Member] | Commercial real estate [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 4 | 29 | 0 |
Charge-offs | (1,376) | 0 | 0 |
Recoveries | 0 | 0 | 4 |
Provision for credit losses | 1,409 | (25) | 25 |
Ending Balance | 37 | 4 | 29 |
Ending balance | 159,173 | 201,195 | |
Acquired Loans [Member] | Loans To Individuals [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 0 | 0 | 0 |
Charge-offs | (84) | (22) | (28) |
Recoveries | 15 | 26 | 55 |
Provision for credit losses | 69 | (4) | (27) |
Ending Balance | 0 | 0 | $ 0 |
Ending balance | $ 13,959 | $ 5,392 |
Commitments and Letters of Cr_3
Commitments and Letters of Credit - Notional Amount of Commitments and Letter of Credit Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Loss Contingencies [Line Items] | |||
Commitments Net | $ 223 | $ 1,087 | $ 114 |
Commitments to extend credit | |||
Loss Contingencies [Line Items] | |||
Financial instrument of credit risk | 1,981,275 | 1,883,914 | |
Financial standby letters of credit | |||
Loss Contingencies [Line Items] | |||
Financial instrument of credit risk | 16,630 | 18,298 | |
Performance standby letters of credit | |||
Loss Contingencies [Line Items] | |||
Financial instrument of credit risk | 23,293 | 22,027 | |
Commercial letters of credit | |||
Loss Contingencies [Line Items] | |||
Financial instrument of credit risk | $ 783 | $ 887 |
Commitments and Letters of Cr_4
Commitments and Letters of Credit - Additional Information (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Loss Contingencies [Line Items] | ||
Notional amount of financial standby letters of credit | $ 900,000 | |
Notional amount of performance standby letters of credit | 7,000,000 | |
Notional amount of commercial letters of credit | 0 | |
Financial instrument of credit risk | 100,000 | $ 200,000 |
Unused commitments and letters of credit [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment liability | $ 4,500,000 | $ 5,000,000 |
Premises and Equipment - Schedu
Premises and Equipment - Schedule of Premises and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 294,188 | $ 228,110 |
Less accumulated depreciation and amortization | 156,920 | 147,636 |
Total premises and equipment | 137,268 | 80,474 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | 15,446 | 15,359 |
Buildings and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 76,965 | 78,643 |
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 | |
Property Subject to Operating Lease [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 52,114 | 0 |
Property Subject to Operating Lease [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 1 year | |
Property Subject to Operating Lease [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 25 years | |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 37,716 | 27,573 |
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 | $ 71,548 | 67,735 |
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 | $ 40,399 | $ 38,800 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Operating Lease, Liability | $ 52,894 | ||
Operating Leases, Rent Expense, Contingent Rentals | 4,900 | $ 4,100 | $ 2,700 |
Premises and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation included in noninterest expense | 10,500 | $ 9,500 | $ 9,000 |
Property Subject to Operating Lease [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation included in noninterest expense | 3,500 | ||
Accounting Standards Update 2016-02 [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Operating Lease, Right-of-Use Asset | 38,500 | ||
Operating Lease, Liability | $ 41,800 |
Premises and Equipment Operat_2
Premises and Equipment Operating Lease Table (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)Rate | |
Lease Expense and Cash Flows [Abstract] | |
Operating Lease, Right-of-Use Asset | $ 5,328 |
Operating Lease, Weighted Average Remaining Lease Term | 15 years 3 months 7 days |
Operating Lease, Weighted Average Discount Rate, Percent | Rate | 3.43% |
Operating Leases, Rent Expense, Contingent Rentals | $ 4,656 |
Premises and Equipment Schedule
Premises and Equipment Schedule of Lease Maturities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 5,199 |
Operating Leases, Future Minimum Payments, Due in Two Years | 5,084 |
Operating Leases, Future Minimum Payments, Due in Three Years | 4,961 |
Operating Leases, Future Minimum Payments, Due in Four Years | 4,939 |
Operating Leases, Future Minimum Payments, Due in Five Years | 4,791 |
Operating Leases, Future Minimum Payments, Due Thereafter | 44,391 |
Operating Leases, Future Minimum Payments Due | 69,365 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 16,471 |
Operating Lease, Liability | $ 52,894 |
Goodwill and Other Amortizing_3
Goodwill and Other Amortizing Intangible Assets - Additional Information (Detail) - USD ($) | Sep. 06, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill And Other Intangibles [Line Items] | ||||
Goodwill | $ 303,328,000 | $ 274,202,000 | ||
Goodwill, Acquired During Period | 29,100,000 | |||
Impairment charges on goodwill | 0 | 0 | $ 0 | |
Servicing Asset | 1,300,000 | 500,000 | ||
Total amortization | 13,100,000 | 9,946,000 | ||
Intangible amortization | 3,344,000 | 3,217,000 | 3,081,000 | |
Servicing Asset at Amortized Cost, Amortization | $ 200,000 | 100,000 | ||
Customer deposit intangibles | ||||
Goodwill And Other Intangibles [Line Items] | ||||
Core deposits remaining amortization period | 9 years 8 months 12 days | |||
Core deposits weighted average amortization period | 8 years 1 month 6 days | |||
Total amortization | $ 11,760,000 | 8,877,000 | ||
Customer list intangible | ||||
Goodwill And Other Intangibles [Line Items] | ||||
Core deposits remaining amortization period | 9 years 8 months 12 days | |||
Core deposits weighted average amortization period | 7 years 10 months 24 days | |||
Total amortization | $ 1,340,000 | 1,069,000 | ||
Customer-Related Intangible Assets [Member] | ||||
Goodwill And Other Intangibles [Line Items] | ||||
Intangible amortization | $ 3,200,000 | $ 3,100,000 | $ 3,100,000 | |
Santander Bank, N.A. [Member] | ||||
Goodwill And Other Intangibles [Line Items] | ||||
Goodwill, Acquired During Period | $ 29,126,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 5,615,000 |
Goodwill and Other Amortizing_4
Goodwill and Other Amortizing Intangible Assets - Summarized Other Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | $ 28,126 | $ 22,511 |
Accumulated Amortization | (13,100) | (9,946) |
Net Intangible Assets | 15,026 | 12,565 |
Customer deposit intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 25,843 | 20,228 |
Accumulated Amortization | (11,760) | (8,877) |
Net Intangible Assets | 14,083 | 11,351 |
Customer list intangible | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 2,283 | 2,283 |
Accumulated Amortization | (1,340) | (1,069) |
Net Intangible Assets | $ 943 | $ 1,214 |
Goodwill and Other Amortizing_5
Goodwill and Other Amortizing Intangible Assets - Estimated Amortization Expense of Core Deposit Intangibles (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill And Other Intangibles [Line Items] | ||
2016 | $ 3,393 | |
2017 | 2,946 | |
2018 | 2,502 | |
2019 | 2,060 | |
2020 | 1,619 | |
Thereafter | 2,506 | |
Net Intangible Assets | 15,026 | $ 12,565 |
Customer list intangible | ||
Goodwill And Other Intangibles [Line Items] | ||
2016 | 230 | |
2017 | 193 | |
2018 | 159 | |
2019 | 127 | |
2020 | 97 | |
Thereafter | 137 | |
Net Intangible Assets | 943 | 1,214 |
Customer deposit intangibles | ||
Goodwill And Other Intangibles [Line Items] | ||
2016 | 3,163 | |
2017 | 2,753 | |
2018 | 2,343 | |
2019 | 1,933 | |
2020 | 1,522 | |
Thereafter | 2,369 | |
Net Intangible Assets | $ 14,083 | $ 11,351 |
Interest-Bearing Deposits - Com
Interest-Bearing Deposits - Components of Interest-Bearing Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deposits [Abstract] | ||
Interest-bearing demand deposits | $ 254,981 | $ 180,209 |
Savings deposits | 3,896,536 | 3,401,354 |
Time deposits | 835,851 | 850,216 |
Total interest-bearing deposits | $ 4,987,368 | $ 4,431,779 |
Interest-Bearing Deposits - Add
Interest-Bearing Deposits - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deposits [Abstract] | |||
Interest-bearing demand deposit, money market | $ 1,100 | $ 952.1 | |
Certificates of deposit in denominations of $100 thousand or more | 143.9 | 140.2 | |
Interest expense related to certificates of deposit $100 thousand or greater | $ 3.3 | $ 1.6 | $ 0.5 |
Interest-Bearing Deposits - Sch
Interest-Bearing Deposits - Scheduled Maturities of Time Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deposits [Abstract] | ||
2017 | $ 586,365 | |
2018 | 184,934 | |
2019 | 34,250 | |
2020 | 10,389 | |
2021 and thereafter | 19,913 | |
Total | $ 835,851 | $ 850,216 |
Short-term Borrowings - Summary
Short-term Borrowings - Summary of Short-Term Borrowings (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Short-term Debt [Line Items] | |||
Ending Balance | $ 201,853 | $ 721,823 | $ 707,466 |
Average Balance | $ 391,547 | $ 618,957 | $ 867,391 |
Average Rate | 2.12% | 1.74% | 1.01% |
Federal funds purchased | |||
Short-term Debt [Line Items] | |||
Ending Balance | $ 0 | $ 11,000 | $ 0 |
Average Balance | $ 8,069 | $ 8,801 | $ 6,225 |
Average Rate | 2.53% | 2.05% | 1.24% |
Borrowings from FHLB | |||
Short-term Debt [Line Items] | |||
Ending Balance | $ 136,200 | $ 565,000 | $ 567,500 |
Average Balance | $ 278,930 | $ 467,594 | $ 710,932 |
Average Rate | 2.62% | 2.12% | 1.18% |
Securities sold under agreements to repurchase | |||
Short-term Debt [Line Items] | |||
Ending Balance | $ 65,653 | $ 145,823 | $ 139,966 |
Average Balance | $ 104,548 | $ 142,562 | $ 150,234 |
Average Rate | 0.75% | 0.44% | 0.24% |
Maximum [Member] | |||
Short-term Debt [Line Items] | |||
Ending Balance | $ 670,831 | $ 811,026 | $ 967,259 |
Weighted Average [Member] | |||
Short-term Debt [Line Items] | |||
Average Rate | 1.41% | 2.17% | 1.27% |
Short-term Borrowings - Interes
Short-term Borrowings - Interest Expense on Short-Term Borrowings (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest On Short Term Borrowings [Line Items] | |||
Total interest on short-term borrowings | $ 8,298 | $ 10,741 | $ 8,799 |
Federal funds purchased | |||
Interest On Short Term Borrowings [Line Items] | |||
Total interest on short-term borrowings | 204 | 180 | 77 |
Borrowings from FHLB | |||
Interest On Short Term Borrowings [Line Items] | |||
Total interest on short-term borrowings | 7,313 | 9,929 | 8,360 |
Securities sold under agreements to repurchase | |||
Interest On Short Term Borrowings [Line Items] | |||
Total interest on short-term borrowings | $ 781 | $ 632 | $ 362 |
Subordinated Debentures - Subor
Subordinated Debentures - Subordinated Debentures Outstanding (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | May 21, 2018 | |
Subordinated Borrowing [Line Items] | |||
Subordinated Debentures outstanding, Amount | $ 170,450 | $ 170,288 | |
First Commonwealth Bank due 2028 [Member] | |||
Subordinated Borrowing [Line Items] | |||
Subordinated Debentures outstanding, Due | Jun. 1, 2028 | ||
Subordinated Debentures outstanding, Amount | $ 49,222 | 49,131 | |
First Commonwealth Bank due 2033 [Member] | |||
Subordinated Borrowing [Line Items] | |||
Subordinated Debentures outstanding, Due | Jun. 1, 2033 | ||
Subordinated Debentures outstanding, Amount | $ 49,061 | 48,990 | |
First Commonwealth Capital Trust II [Member] | |||
Subordinated Borrowing [Line Items] | |||
Subordinated Debentures outstanding, Due | Jan. 23, 2034 | ||
Subordinated Debentures outstanding, Amount | $ 30,929 | 30,929 | |
First Commonwealth Capital Trust III [Member] | |||
Subordinated Borrowing [Line Items] | |||
Subordinated Debentures outstanding, Due | Apr. 6, 2034 | ||
Subordinated Debentures outstanding, Amount | $ 41,238 | $ 41,238 | |
First Commonwealth Bank 2028 [Member] | |||
Subordinated Borrowing [Line Items] | |||
Subordinated Debentures outstanding, Amount | $ 50,000 | ||
First Commonwealth Bank 2033 [Member] | |||
Subordinated Borrowing [Line Items] | |||
Subordinated Debentures outstanding, Amount | $ 50,000 | ||
Subordinated Debt [Member] | LIBOR [Member] | First Commonwealth Capital Trust II [Member] | |||
Subordinated Borrowing [Line Items] | |||
Variable interest rate | 2.85% | 2.85% | |
Subordinated Debt [Member] | LIBOR [Member] | First Commonwealth Capital Trust III [Member] | |||
Subordinated Borrowing [Line Items] | |||
Variable interest rate | 2.85% | 2.85% | |
Subordinated Debt [Member] | LIBOR [Member] | First Commonwealth Bank 2028 [Member] | |||
Subordinated Borrowing [Line Items] | |||
Variable interest rate | 1.845% | 1.845% | |
Debt Instrument, Interest Rate During Period | 4.88% | 4.88% | |
Subordinated Debt [Member] | LIBOR [Member] | First Commonwealth Bank 2033 [Member] | |||
Subordinated Borrowing [Line Items] | |||
Variable interest rate | 2.37% | 2.37% | |
Debt Instrument, Interest Rate During Period | 5.50% | 5.50% |
Subordinated Debentures - Addit
Subordinated Debentures - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)trustRate | Dec. 31, 2018USD ($)Rate | May 21, 2018USD ($) | |
Subordinated Borrowing [Line Items] | |||
Subordinated Debentures outstanding, Amount | $ 170,450 | $ 170,288 | |
Number of trusts | trust | 2 | ||
First Commonwealth Bank 2028 [Member] | |||
Subordinated Borrowing [Line Items] | |||
Subordinated Debentures outstanding, Amount | $ 50,000 | ||
Deferred finance costs | $ 900 | ||
First Commonwealth Bank 2033 [Member] | |||
Subordinated Borrowing [Line Items] | |||
Subordinated Debentures outstanding, Amount | $ 50,000 | ||
Deferred finance costs | 1,100 | ||
First Commonwealth Capital Trust III [Member] | |||
Subordinated Borrowing [Line Items] | |||
Subordinated Debentures outstanding, Amount | $ 41,238 | 41,238 | |
Redemption price as percentage of principal amount | 100.00% | ||
Deferred finance costs | $ 630 | ||
First Commonwealth Capital Trust II [Member] | |||
Subordinated Borrowing [Line Items] | |||
Subordinated Debentures outstanding, Amount | $ 30,929 | $ 30,929 | |
Redemption price as percentage of principal amount | 100.00% | ||
Deferred finance costs | $ 471 | ||
LIBOR [Member] | Subordinated Debt [Member] | First Commonwealth Bank 2028 [Member] | |||
Subordinated Borrowing [Line Items] | |||
Debt Instrument, Interest Rate During Period | Rate | 4.88% | 4.88% | |
Variable interest rate | 1.845% | 1.845% | |
LIBOR [Member] | Subordinated Debt [Member] | First Commonwealth Bank 2033 [Member] | |||
Subordinated Borrowing [Line Items] | |||
Debt Instrument, Interest Rate During Period | Rate | 5.50% | 5.50% | |
Variable interest rate | 2.37% | 2.37% | |
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, 2019 | Dec. 31, 2018 |
Amount | ||
Long-term debt | $ 56,917 | $ 7,551 |
Borrowings from FHLB [Member] | ||
Amount | ||
2015 | 659 | 631 |
2016 | 50,685 | 655 |
2017 | 712 | 681 |
2018 | 739 | 708 |
2019 | 769 | 735 |
Thereafter | $ 3,353 | $ 4,141 |
2015, Weighted Average Contractual Rate | 3.84% | 3.83% |
2016, Weighted Average Contractual Rate | 2.32% | 3.84% |
2017, Weighted Average Contractual Rate | 3.85% | 3.84% |
2018, Weighted Average Contractual Rate | 3.86% | 3.85% |
2019, Weighted Average Contractual Rate | 3.86% | 3.85% |
Thereafter, Weighted Average Contractual Rate | 3.77% | 3.79% |
Fair Values of Assets and Lia_3
Fair Values of Assets and Liabilities - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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 | $ (198,000) | $ (8,102,000) | |
Interest rate swaps transferred into Level 3 from Level 2 | 0 | 0 | |
Corporate securities transferred from Level 3 to Level 2 | 0 | 0 | |
Impaired loans considered to be credit risk of non-collection | 250,000 | ||
Updated appraisal requirement floor | 250,000 | ||
Other real estate owned | 2,228,000 | 3,935,000 | |
Financial instrument of credit risk | 100,000 | 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 | 14,533,000 | 12,531,000 | $ 5,087,000 |
Securities available for sale | 902,292,000 | 909,247,000 | |
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 | (8,102,000) | ||
Interest rate swaps transferred into Level 3 from Level 2 | 0 | ||
Corporate securities transferred from Level 3 to Level 2 | 0 | ||
Other Assets [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Total gains or losses included in earnings | (198,000) | 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 Lia_4
Fair Values of Assets and Liabilities - Quantitative Inputs and Assumptions Used in Level 3 Fair Value Measurements (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Assets, Fair Value Disclosure | $ 962,731,000 | $ 957,719,000 |
Other Assets, Fair Value Disclosure | 27,689,000 | 4,465,000 |
Other investments | 16,761,000 | 32,126,000 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Assets, Fair Value Disclosure | 955,266,000 | 953,353,000 |
Other Assets, Fair Value Disclosure | 21,894,000 | 1,769,000 |
Other investments | 15,091,000 | 30,456,000 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Assets, Fair Value Disclosure | 7,465,000 | 4,366,000 |
Other Assets, Fair Value Disclosure | $ 5,795,000 | $ 2,696,000 |
Other Assets [Member] | Par Value [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Equity Securities, FV-NI, Measurement Input [Extensible List] | Par Value | Par Value |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Other investments | $ 1,670,000 | $ 1,670,000 |
Equity Securities [Member] | Par Value [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Equity Securities, FV-NI, Measurement Input [Extensible List] | Carrying Value | Carrying Value |
Impaired Loans [Member] | Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Assets, Fair Value Disclosure | $ 2,239,000 | $ 3,249,000 |
Equity Securities, FV-NI, Measurement Input [Extensible List] | Discounted Cash Flow | Discounted Cash Flow |
Impaired Loans [Member] | Reserve [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Assets, Fair Value Disclosure | $ 884,000 | $ 1,104,000 |
Equity Securities, FV-NI, Measurement Input [Extensible List] | Gas Reserve study | Gas Reserve study |
Impaired Loans [Member] | Discount Rates [Member] | Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Equity Securities, FV-NI, Measurement Input [Extensible List] | Discount Rate | Discount Rate |
Impaired Loans [Member] | Discount Rates [Member] | Reserve [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Equity Securities, FV-NI, Measurement Input [Extensible List] | Discount rate | Discount rate |
Impaired Loans [Member] | Gas Per Million Cubic Feet [Member] | Reserve [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Equity Securities, FV-NI, Measurement Input [Extensible List] | Gas per MMBTU | Gas per MMBTU |
Impaired Loans [Member] | Oil Per Barrels Per Day [Member] | Reserve [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Equity Securities, FV-NI, Measurement Input [Extensible List] | Oil per BBL/d | Oil per BBL/d |
Fair Value, Nonrecurring [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Assets, Fair Value Disclosure | $ 32,393,000 | $ 34,431,000 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Assets, Fair Value Disclosure | 14,875,000 | 19,111,000 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Assets, Fair Value Disclosure | $ 17,518,000 | $ 15,320,000 |
Maximum [Member] | Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair Value Input, Discount Rate | 9.50% | 9.50% |
Maximum [Member] | Gas Per Million Cubic Feet [Member] | Reserve [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair Value Weighted Average Inputs Price | $ 3.49 | $ 3.35 |
Maximum [Member] | Oil Per Barrels Per Day [Member] | Reserve [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair Value Weighted Average Inputs Price | $ 53.14 | $ 59.55 |
Weighted Average [Member] | Impaired Loans [Member] | Reserve [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair Value Input, Discount Rate | 10.00% | 10.00% |
Minimum [Member] | Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair Value Input, Discount Rate | 3.84% | 1.90% |
Minimum [Member] | Gas Per Million Cubic Feet [Member] | Reserve [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair Value Weighted Average Inputs Price | $ 2.61 | $ 2.81 |
Minimum [Member] | Oil Per Barrels Per Day [Member] | Reserve [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair Value Weighted Average Inputs Price | $ 47.09 | $ 51.59 |
Fair Values of Assets and Lia_5
Fair Values of Assets and Liabilities - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | $ 902,292 | $ 909,247 |
Other investments | 15,100 | 30,500 |
Other Investments | 16,761 | 32,126 |
Loans Held for Sale | 15,989 | 11,881 |
Other Assets | 27,689 | 4,465 |
Total Assets | (962,731) | (957,719) |
Other Liabilities | 21,469 | 2,081 |
Total Liabilities | 21,469 | 2,081 |
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 | 8,341 | 9,406 |
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 | 189,133 | 167,744 |
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 | 661,947 | 673,361 |
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 | 1,000 | 10,012 |
Obligations of States and Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 17,909 | 27,712 |
Corporate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 23,962 | 21,012 |
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 | |
Other Investments | 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 | 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] | 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 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 902,292 | 909,247 |
Other Investments | 15,091 | 30,456 |
Loans Held for Sale | 15,989 | 11,881 |
Other Assets | 21,894 | 1,769 |
Total Assets | (955,266) | (953,353) |
Other Liabilities | 21,469 | 2,081 |
Total Liabilities | 21,469 | 2,081 |
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 | 8,341 | 9,406 |
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 | 189,133 | 167,744 |
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 | 661,947 | 673,361 |
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 | 1,000 | 10,012 |
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 | 17,909 | 27,712 |
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 | 23,962 | 21,012 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value of Available for Sale | 0 | 0 |
Loans Held for Sale | 0 | 0 |
Other Assets | 5,795 | 2,696 |
Total Assets | (7,465) | (4,366) |
Other Liabilities | 0 | 0 |
Total Liabilities | 0 | 0 |
Level 3 [Member] | Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other Investments | 1,670 | 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 | 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] | 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 |
Fair Values of Assets and Lia_6
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, 2019 | Dec. 31, 2018 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | $ (902,292) | $ (909,247) |
Assets, Fair Value Disclosure | 962,731 | 957,719 |
Balance, beginning of period | 4,366 | 27,459 |
Total gains or losses included in earnings | 198 | 8,102 |
Total gains or losses included in other comprehensive income | 0 | (118) |
Purchases | 2,956 | 601 |
Issuances | 0 | 0 |
Sales | 0 | (12,289) |
Settlements | (55) | (19,389) |
Transfers from Level 3 | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Balance, end of period | 7,465 | 4,366 |
Other Investments | 16,761 | 32,126 |
Loans Held-for-sale, Fair Value Disclosure | 15,989 | 11,881 |
Other Assets, Fair Value Disclosure | 27,689 | 4,465 |
Other Liabilities, Fair Value Disclosure | 21,469 | 2,081 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 21,469 | 2,081 |
Pooled Trust Preferred Collateralized Debt Obligations [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance, beginning of period | 0 | 23,646 |
Total gains or losses included in earnings | 8,102 | |
Total gains or losses included in other comprehensive income | (118) | |
Purchases | 0 | |
Issuances | 0 | |
Sales | (12,289) | |
Settlements | (19,341) | |
Transfers from Level 3 | 0 | |
Transfers into Level 3 | 0 | |
Balance, end of period | 0 | |
Equity Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance, beginning of period | 1,670 | 1,670 |
Total gains or losses included in earnings | 0 | 0 |
Total gains or losses included in other comprehensive income | 0 | 0 |
Purchases | 0 | 0 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Transfers from Level 3 | 0 | 0 |
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 | 2,696 | 2,143 |
Total gains or losses included in earnings | 198 | 0 |
Total gains or losses included in other comprehensive income | 0 | 0 |
Purchases | 2,956 | 601 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | 55 | (48) |
Transfers from Level 3 | 0 | 0 |
Transfers into Level 3 | 0 | |
Balance, end of period | 5,795 | 2,696 |
Corporate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale, at fair value | (23,962) | (21,012) |
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 | (8,341) | (9,406) |
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 | (189,133) | (167,744) |
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 | (661,947) | (673,361) |
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 | (1,000) | (10,012) |
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 | (17,909) | (27,712) |
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 |
Other Investments | 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] | 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 | 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] | 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 |
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 | (902,292) | (909,247) |
Assets, Fair Value Disclosure | 955,266 | 953,353 |
Other Investments | 15,091 | 30,456 |
Loans Held-for-sale, Fair Value Disclosure | 15,989 | 11,881 |
Other Assets, Fair Value Disclosure | 21,894 | 1,769 |
Other Liabilities, Fair Value Disclosure | 21,469 | 2,081 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 21,469 | 2,081 |
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 | (23,962) | (21,012) |
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 | (8,341) | (9,406) |
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 | (189,133) | (167,744) |
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 | (661,947) | (673,361) |
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 | (1,000) | (10,012) |
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 | (17,909) | (27,712) |
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 | 0 | 0 |
Assets, Fair Value Disclosure | 7,465 | 4,366 |
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 |
Other Assets, Fair Value Disclosure | 5,795 | 2,696 |
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] | ||
Other Investments | 1,670 | 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] | 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 | 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] | 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 Values of Assets and Lia_7
Fair Values of Assets and Liabilities - Schedule of Assets Measured on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | $ 962,731 | $ 957,719 |
Fair Value, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 29,785 | 30,396 |
Fair Value Measurement Of Assets On Nonrecurring Basis Net Losses On Impaired Loans | (2,667) | (1,778) |
Other Real Estate Owned Assets Fair Value | 2,608 | 4,035 |
Fair Value Measurement Of Assets On Nonrecurring Basis Net Losses On Other Real Estate Owned | (196) | (593) |
Total Assets | 32,393 | 34,431 |
Fair Value Measurement Of Assets On Nonrecurring Basis Net Loss | (2,863) | (2,371) |
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, 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 | 955,266 | 953,353 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 12,267 | 15,076 |
Other Real Estate Owned Assets Fair Value | 2,608 | 4,035 |
Total Assets | 14,875 | 19,111 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | 7,465 | 4,366 |
Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 17,518 | 15,320 |
Other Real Estate Owned Assets Fair Value | 0 | 0 |
Total Assets | $ 17,518 | $ 15,320 |
Fair Values of Assets and Lia_8
Fair Values of Assets and Liabilities - Carrying Amounts and Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Cash and due from banks | $ 102,346 | $ 95,934 | |
Interest-bearing deposits | 19,510 | 3,013 | |
Securities available for sale | 902,292 | 909,247 | |
Debt Securities, Held-to-maturity | 337,123 | 393,855 | |
Other investments | 16,761 | 32,126 | |
Loans | 6,189,148 | 5,774,139 | $ 5,407,376 |
Deposits | 6,677,615 | 5,897,992 | |
Short-term borrowings | 201,853 | 721,823 | $ 707,466 |
Long-term debt | 56,917 | 7,551 | |
Subordinated Debentures outstanding, Amount | 170,450 | 170,288 | |
Capital Lease Obligations, Current | 6,815 | 7,217 | |
Level 1 [Member] | |||
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Securities available for sale | 0 | 0 | |
Other investments | 0 | ||
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Securities available for sale | 902,292 | 909,247 | |
Other investments | 15,091 | 30,456 | |
Level 3 [Member] | |||
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Securities available for sale | 0 | 0 | |
Carrying Amount [Member] | |||
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Cash and due from banks | 102,346 | 95,934 | |
Interest-bearing deposits | 19,510 | 3,013 | |
Securities available for sale | 902,292 | 909,247 | |
Debt Securities, Held-to-maturity | 337,123 | 393,855 | |
Other investments | 16,761 | 32,126 | |
Loans held for sale | 15,989 | 11,881 | |
Loans | 6,189,148 | 5,774,139 | |
Deposits | 6,677,615 | 5,897,992 | |
Short-term borrowings | 201,853 | 721,823 | |
Long-term debt | 56,917 | 7,551 | |
Subordinated Debentures outstanding, Amount | 170,450 | 170,288 | |
Capital Lease Obligations, Current | 6,815 | 7,217 | |
Estimated Fair Value [Member] | |||
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Cash and due from banks | 102,346 | 95,934 | |
Interest-bearing deposits | 19,510 | 3,013 | |
Securities available for sale | 902,292 | 909,247 | |
Debt Securities, Held-to-maturity | 338,718 | 383,993 | |
Other investments | 16,761 | 32,126 | |
Loans held for sale | 15,989 | 11,881 | |
Loans | 6,393,872 | 5,821,791 | |
Deposits | 6,677,595 | 5,904,147 | |
Short-term borrowings | 201,151 | 721,532 | |
Long-term debt | 58,051 | 7,720 | |
Subordinated Debentures outstanding, Amount | 171,772 | 168,067 | |
Capital Lease Obligations, Current | 6,815 | 7,217 | |
Estimated Fair Value [Member] | Level 1 [Member] | |||
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Cash and due from banks | 102,346 | 95,934 | |
Interest-bearing deposits | 19,510 | 3,013 | |
Securities available for sale | 0 | 0 | |
Debt Securities, Held-to-maturity | 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 Debentures outstanding, Amount | 0 | 0 | |
Capital Lease Obligations, Current | 0 | 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 | 902,292 | 909,247 | |
Debt Securities, Held-to-maturity | 338,718 | 383,993 | |
Other investments | 15,091 | 30,456 | |
Loans held for sale | 15,989 | 11,881 | |
Loans | 12,267 | 15,076 | |
Deposits | 6,677,595 | 5,904,147 | |
Short-term borrowings | 201,151 | 721,532 | |
Long-term debt | 58,051 | 7,720 | |
Subordinated Debentures outstanding, Amount | 0 | 0 | |
Capital Lease Obligations, Current | 6,815 | 7,217 | |
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 | 0 | 0 | |
Debt Securities, Held-to-maturity | 0 | 0 | |
Other investments | 1,670 | 1,670 | |
Loans held for sale | 0 | 0 | |
Loans | 6,381,605 | 5,806,715 | |
Deposits | 0 | 0 | |
Short-term borrowings | 0 | 0 | |
Long-term debt | 0 | 0 | |
Subordinated Debentures outstanding, Amount | 171,772 | 168,067 | |
Capital Lease Obligations, Current | $ 0 | $ 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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Federal | $ 22,942 | $ 21,330 | $ 29,071 |
State | 282 | 298 | 274 |
Total current tax provision | 23,224 | 21,628 | 29,345 |
Deferred State and Local Income Tax Expense (Benefit) | 2,284 | 3,666 | 19,237 |
Deferred State and Local Income Tax Expense (Benefit) | 8 | (20) | (21) |
Deferred Income Tax Expense (Benefit) | 2,292 | 3,646 | 19,216 |
Total tax provision (benefit), Amount | $ 25,516 | $ 25,274 | $ 48,561 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||
Tax at statutory rate, Amount | $ 27,478 | $ 27,882 | $ 36,304 |
Income Tax Reconciliation, Bank Owned Life Insurance Income | (1,260) | (1,404) | (1,995) |
Tax-exempt interest income, net, Amount | (1,298) | (1,473) | (2,709) |
Tax credits, Amount | (7) | (5) | (11) |
Other, Amount | 374 | 400 | 99 |
Total tax provision (benefit), Amount | $ 25,516 | $ 25,274 | $ 48,561 |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||
Tax at statutory rate, Pretax Income | 21.00% | 21.00% | 35.00% |
Income from bank owned life insurance, Pretax Income | (1.00%) | (1.00%) | (2.00%) |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | $ 229 | $ 220 | $ 164 |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 0.00% | 0.00% | 0.00% |
Tax-exempt interest income, net, Pretax Income | (1.00%) | (1.00%) | (3.00%) |
Tax credits, Pretax Income | 0.00% | 0.00% | 0.00% |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 0 | $ 346 | $ (16,709) |
Effective Income Tax Rate Reconciliation, Deduction, Percent | 0.00% | 0.00% | (17.00%) |
Other, Pretax Income | 0.00% | 0.00% | 0.00% |
Total tax provision (benefit), Pretax Income | 19.00% | 19.00% | 47.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Operating Loss Carryforwards | $ 9,300,000 | ||
Unrecognized Tax Benefits | $ 0 | ||
Federal statutory rate | 21.00% | 21.00% | 35.00% |
Annual effective income tax rate, percentage | 19.00% | 19.00% | 47.00% |
Net deferred tax asset | $ 16,862,000 | $ 23,566,000 | |
Alternative minimum tax credit carryforward | 216,000 | 216,000 | |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 0 | $ 346,000 | $ (16,709,000) |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Deferred Tax Asset, Tax Deferred Expense, Lease Liability | $ 11,203 | $ 0 |
Deferred Tax Assets, Gross [Abstract] | ||
Allowance for credit losses | 10,937 | 10,116 |
Postretirement benefits other than pensions | 275 | 311 |
Alternative minimum tax credit carryforward | 216 | 216 |
Unrealized loss on securities available for sale | 0 | 3,137 |
Deferred Tax Assets, Operating Loss Carryforwards | 2,017 | 3,636 |
Writedown of other real estate owned | 48 | 711 |
Deferred compensation | 1,720 | 1,426 |
Accrued interest on nonaccrual loans | 710 | 629 |
Accrued incentives | 2,185 | 2,477 |
Unfunded loan commitments & other reserves | 964 | 1,064 |
Deferred rent | 28 | 799 |
Other | 956 | 1,486 |
Total deferred tax assets | 31,259 | 26,008 |
Deferred tax liabilities: | ||
Deferred Tax Liabilities, Leasing Arrangements | 10,302 | 0 |
Net Unrealized Gain On Investment Securities Available For Sale | 1,386 | 0 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (1,470) | (1,378) |
Other | (1,239) | (1,064) |
Total deferred tax liabilities | (14,397) | (2,442) |
Net deferred tax asset | $ 16,862 | $ 23,566 |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employer contribution | 6.00% | ||
Employee contribution | 80.00% | ||
Plan expense | $ 3,600 | $ 3,200 | $ 2,800 |
Retirement Plan expense | $ 0 | $ 0 | $ 0 |
Minimum [Member] | |||
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost on projected benefit obligation | 34 | 38 | 49 |
Amortization of transition obligation | 0 | 0 | 0 |
Gain amortization | (60) | (35) | (21) |
Net periodic benefit cost | $ (26) | $ 3 | $ 28 |
Retirement Plans - Schedule o_2
Retirement Plans - Schedule of Changes in Benefit Obligations and Plan Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 34 | 38 | 49 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Funded Status at End of Year | 834 | 883 | |
Unrecognized transition obligation | 0 | 0 | |
Unrecognized net gain | 463 | 584 | |
Amounts recognized in retained earnings | 1,297 | 1,467 | |
Change in Benefit Obligation [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 883 | 1,188 | |
Service cost | 0 | 0 | |
Interest cost | 34 | 38 | |
Amendments | 0 | 0 | |
Actuarial gain | 61 | (174) | |
Net benefits paid | (144) | (169) | |
Benefit obligation at end of year | 834 | 883 | 1,188 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Net benefits paid | (144) | (169) | |
Change In Plan Assets [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Net benefits paid | (144) | (169) | |
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 | 144 | 169 | |
Net benefits paid | (144) | (169) | |
Fair value of plan assets at end of year | $ 0 | $ 0 | $ 0 |
Retirement Plans - Schedule o_3
Retirement Plans - Schedule of Amounts Recognized as Other Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Retirement Benefits [Abstract] | ||
Amounts Recognized in the Statement of Financial Condition as Other liabilities | $ 834 | $ 883 |
Retirement Plans - Schedule o_4
Retirement Plans - Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net (gain) loss | $ (366) | $ (461) | $ (347) |
Transition obligation | 0 | 0 | 0 |
Total | (366) | $ (461) | $ (347) |
Postretirement Benefit Costs [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net (gain) loss | (52) | ||
Transition obligation | 0 | ||
Total | $ (52) |
Retirement Plans - Schedule o_5
Retirement Plans - Schedule of Weighted-Average Assumptions Used to Determine Benefit Obligation (Detail) - Benefit Obligation [Member] | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net Periodic Benefit Cost Assumptions [Line Items] | |||
Discount rate | 2.88% | 4.11% | 3.37% |
Health care cost trend: Initial | 5.55% | 6.00% | 6.00% |
Health care cost trend: Ultimate | 4.75% | 4.75% | 4.75% |
Year ultimate reached | 2025 | 2024 | 2023 |
Retirement Plans - Schedule o_6
Retirement Plans - Schedule of Weighted-Average Assumptions Used to Determine Net Periodic Cost (Detail) - Net Periodic Cost [Member] | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net Periodic Benefit Cost Assumptions [Line Items] | |||
Discount rate | 4.11% | 3.37% | 3.74% |
Health care cost trend: Initial | 6.00% | 6.00% | 6.00% |
Health care cost trend: Ultimate | 4.75% | 4.75% | 4.75% |
Year ultimate reached | 2024 | 2023 | 2022 |
Corridor | 10.00% | 10.00% | 10.00% |
Recognition period for gains and losses | 12 years 1 month 6 days | 12 years 1 month 6 days | 11 years |
Retirement Plans - Schedule o_7
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, 2019USD ($) | |
Retirement Benefits [Abstract] | |
Effect on total of service and interest cost components, One-Percentage-Point Increase | $ 14 |
Effect on postretirement benefit obligation, One-Percentage-Point Increase | 1 |
Effect on total of service and interest cost components, One-Percentage-Point Decrease | (13) |
Effect on postretirement benefit obligation, One-Percentage-Point Decrease | $ (1) |
Retirement Plans - Schedule o_8
Retirement Plans - Schedule of Projected Benefit Payments (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2016 | $ 102 |
2017 | 96 |
2018 | 89 |
2019 | 82 |
2020 | 75 |
2021 - 2025 | $ 286 |
Incentive Compensation Plan - A
Incentive Compensation Plan - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Feb. 21, 2019 | Nov. 26, 2018 | May 29, 2018 | Mar. 26, 2018 | Feb. 28, 2018 | Feb. 26, 2018 | 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. 05, 2015 | Jan. 26, 2015 | Jan. 15, 2015 | Nov. 18, 2014 | Apr. 08, 2014 | Mar. 25, 2014 | Mar. 05, 2014 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||
Grant Price (in dollars per share) | $ 14.22 | $ 14.50 | $ 12.99 | ||||||||||||||||||||||||||
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 | 0 years | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,930,128 | ||||||||||||||||||||||||||||
Performance Based Stock Awards Vesting Period | 3 years | 3 years | 3 years | 3 years | 5 years | 3 years | |||||||||||||||||||||||
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% | ||||||||||||||||||||||||
Performance Shares Awards As Percentage Of Target | 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% | ||||||||||||||||||||||||
Executive Officer [Member] | |||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||
Shares issued (in shares) | 63,000 | ||||||||||||||||||||||||||||
Grant Price (in dollars per share) | $ 14.22 | ||||||||||||||||||||||||||||
Vesting Date | Feb. 22, 2022 | ||||||||||||||||||||||||||||
Vesting period of restricted stock | 1 year | ||||||||||||||||||||||||||||
Restricted Stock [Member] | |||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||
Shares issued (in shares) | 15,000 | 2,000 | 3,000 | 2,000 | 77,500 | 15,000 | 10,000 | 33,000 | 10,000 | 5,000 | 20,000 | 10,000 | 1,000 | 10,000 | 20,000 | 3,500 | 27,500 | 46,000 | 5,000 | ||||||||||
Grant Price (in dollars per share) | $ 14.22 | $ 13.82 | $ 15.44 | $ 14.08 | $ 14.49 | $ 13.96 | $ 10.09 | $ 10.02 | $ 9.34 | $ 8.84 | $ 8.84 | $ 8.84 | $ 9.18 | $ 9.84 | $ 8.45 | $ 8.38 | $ 9.26 | $ 8.89 | $ 9.18 | $ 8.75 | |||||||||
Vesting Date | Feb. 22, 2022 | Nov. 26, 2021 | May 29, 2021 | Mar. 26, 2021 | Feb. 26, 2021 | Dec. 19, 2019 | Sep. 30, 2019 | Sep. 19, 2019 | Jun. 7, 2019 | Mar. 1, 2019 | Aug. 31, 2017 | Mar. 1, 2019 | Jun. 26, 2018 | Aug. 31, 2017 | Jan. 15, 2017 | Nov. 17, 2017 | Apr. 8, 2017 | Mar. 24, 2017 | Mar. 4, 2017 | ||||||||||
Share-based Payment Arrangement, Expense | $ 2.7 | $ 2.6 | $ 3.8 | ||||||||||||||||||||||||||
Unrecognized compensation cost related to unvested restricted stock | $ 3.1 | ||||||||||||||||||||||||||||
Vesting period of restricted stock | 1 year | 1 year | 1 year | 1 year | 1 year | 1 year | 3 years | 1 year | 3 years | 1 year | 1 year | 1 year | 1 year | 1 year | 1 year | 1 year | 1 year | 3 years | 1 year | 1 year | |||||||||
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 | ||||||||||||||||||||||||||||
Grant Price (in dollars per share) | $ 8.55 | ||||||||||||||||||||||||||||
Vesting Date | Feb. 5, 2018 | ||||||||||||||||||||||||||||
Vesting period of restricted stock | 1 year | ||||||||||||||||||||||||||||
Time [Member] | |||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||
Grant Price (in dollars per share) | $ 14.22 | $ 14.17 | $ 13.29 | ||||||||||||||||||||||||||
Component 3 [Member] | |||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||
Grant Price (in dollars per share) | 13.07 | 13.25 | |||||||||||||||||||||||||||
Component 2 [Member] | |||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||
Grant Price (in dollars per share) | $ 16.62 | $ 15.83 | $ 15.09 | ||||||||||||||||||||||||||
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 | Aug. 31, 2017 | ||||||||||||||||||||||||||||
Vesting period of restricted stock | 1 year | ||||||||||||||||||||||||||||
March 24, 2017 Grant 4 [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 | ||||||||||||||||||||||||||||
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 | Mar. 24, 2020 | ||||||||||||||||||||||||||||
Vesting period of restricted stock | 1 year | ||||||||||||||||||||||||||||
March 24, 2017 Grant 1 [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 | ||||||||||||||||||||||||||||
Vesting period of restricted stock | 1 year |
Incentive Compensation Plan - U
Incentive Compensation Plan - Unvested Service-Based Restricted Stock Awards (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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 | 137,500 | 117,000 | 247,668 |
Granted, Shares | 78,000 | 84,500 | 26,000 |
Vested, Shares | (41,000) | (54,000) | (151,668) |
Forfeited, Shares | (3,000) | (10,000) | (5,000) |
Outstanding, end of the year, Shares | 171,500 | 137,500 | 117,000 |
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 | $ 13.05 | $ 9.99 | $ 9.34 |
Grant Price (in dollars per share) | 14.22 | 14.50 | 12.99 |
Vested, Weighted Average Grant Date Fair Value | 10.09 | 9.37 | 9.49 |
Forfeited, Weighted Average Grant Date Fair Value | 14.40 | 9.34 | 8.55 |
Outstanding, end of the year, Weighted Average Grant Date Fair Value | $ 14.27 | $ 13.05 | $ 9.99 |
Incentive Compensation Plan Inc
Incentive Compensation Plan Incentive Compensation Plan - Restricted Stock Awards Estimated to be Granted on a Performance Award (Details) - $ / shares | Feb. 21, 2019 | Nov. 26, 2018 | May 29, 2018 | Mar. 26, 2018 | Feb. 28, 2018 | Feb. 26, 2018 | 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. 05, 2015 | Jan. 26, 2015 | Jan. 15, 2015 | Nov. 18, 2014 | Apr. 08, 2014 | Mar. 25, 2014 | Mar. 05, 2014 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
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% | ||||||||||||||||||||||||
Performance Shares Awards As Percentage Of Target | 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% | ||||||||||||||||||||||||
Vesting period of restricted stock | 0 years | 0 years | 0 years | 0 years | 0 years | 0 years | |||||||||||||||||||||||
Performance Based Stock Awards Vesting Period | 3 years | 3 years | 3 years | 3 years | 5 years | 3 years | |||||||||||||||||||||||
Grant Price (in dollars per share) | $ 14.22 | $ 14.50 | $ 12.99 | ||||||||||||||||||||||||||
Restricted Stock [Member] | |||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||
Vesting period of restricted stock | 1 year | 1 year | 1 year | 1 year | 1 year | 1 year | 3 years | 1 year | 3 years | 1 year | 1 year | 1 year | 1 year | 1 year | 1 year | 1 year | 1 year | 3 years | 1 year | 1 year | |||||||||
Common stock issued to executive | 15,000 | 2,000 | 3,000 | 2,000 | 77,500 | 15,000 | 10,000 | 33,000 | 10,000 | 5,000 | 20,000 | 10,000 | 1,000 | 10,000 | 20,000 | 3,500 | 27,500 | 46,000 | 5,000 | ||||||||||
Grant Price (in dollars per share) | $ 14.22 | $ 13.82 | $ 15.44 | $ 14.08 | $ 14.49 | $ 13.96 | $ 10.09 | $ 10.02 | $ 9.34 | $ 8.84 | $ 8.84 | $ 8.84 | $ 9.18 | $ 9.84 | $ 8.45 | $ 8.38 | $ 9.26 | $ 8.89 | $ 9.18 | $ 8.75 | |||||||||
Vesting Date | Feb. 22, 2022 | Nov. 26, 2021 | May 29, 2021 | Mar. 26, 2021 | Feb. 26, 2021 | Dec. 19, 2019 | Sep. 30, 2019 | Sep. 19, 2019 | Jun. 7, 2019 | Mar. 1, 2019 | Aug. 31, 2017 | Mar. 1, 2019 | Jun. 26, 2018 | Aug. 31, 2017 | Jan. 15, 2017 | Nov. 17, 2017 | Apr. 8, 2017 | Mar. 24, 2017 | Mar. 4, 2017 | ||||||||||
Restricted Stock [Member] | Long Term Incentive Plan [Member] | |||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||
Vesting period of restricted stock | 1 year | ||||||||||||||||||||||||||||
Common stock issued to executive | 50,000 | ||||||||||||||||||||||||||||
Grant Price (in dollars per share) | $ 8.55 | ||||||||||||||||||||||||||||
Vesting Date | Feb. 5, 2018 | ||||||||||||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | Executive Officer [Member] | |||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||
Common stock issued to executive | 121,900,000 | 102,000,000 | 93,500,000 | 160,650,000 | 60,000,000 | 125,000,000 |
Incentive Compensation Plan -_2
Incentive Compensation Plan - Unvested Target Award (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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 | 137,500 | 117,000 | 247,668 |
Granted, Shares | 78,000 | 84,500 | 26,000 |
Vested, Shares | (41,000) | (54,000) | (151,668) |
Forfeited, Shares | (3,000) | (10,000) | (5,000) |
Outstanding, end of the year, Shares | 171,500 | 137,500 | 117,000 |
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 | 496,603 | 525,045 | 426,596 |
Granted, Shares | 134,929 | 130,995 | 276,442 |
Vested, Shares | (188,700) | (149,480) | (171,637) |
Forfeited, Shares | 0 | (9,957) | (6,356) |
Outstanding, end of the year, Shares | 442,832 | 496,603 | 525,045 |
Contingent Liabilities - Additi
Contingent Liabilities - Additional Information (Detail) | Dec. 31, 2019USD ($) |
Minimum [Member] | |
Loss Contingencies [Line Items] | |
Range of reasonably possible losses | $ 0 |
Maximum [Member] | |
Loss Contingencies [Line Items] | |
Range of reasonably possible losses | $ 1,000,000 |
Revenue Recognition Additional
Revenue Recognition Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | ||
Incentive Revenue | $ 0.5 | |
Brokerage Commissions Revenue | $ 3 | $ 2.5 |
Revenue Recognition In Scope an
Revenue Recognition In Scope and Out of Scope Revenue Streams (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||
Fees and Commissions on Debit Cards | $ 21,677 | $ 20,187 | $ 18,780 |
Noninterest Income | 85,485 | 88,637 | 80,331 |
Trust income | 8,321 | 7,901 | 7,098 |
Service charges on deposit accounts | 18,926 | 18,175 | 18,579 |
Insurance and retail brokerage commissions | 7,583 | 7,426 | 8,807 |
Other income | 7,268 | 6,790 | 7,677 |
Out-Of-Scope of Topic 606 [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Noninterest Income | 24,079 | 30,258 | 21,734 |
In-Scope of Topic 606 [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 1,062 | 982 | 1,005 |
Noninterest Income | 61,406 | 58,379 | 58,597 |
Other income | $ 3,837 | $ 3,708 | $ 4,328 |
Related Party Transactions - Lo
Related Party Transactions - Loans to Related Parties (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Loans and Leases Receivable, Related Parties [Roll Forward] | |
Beginning balance | $ 15,638 |
Advances | 4,803 |
Repayments | (1,195) |
Ending balance | $ 19,246 |
Regulatory Restrictions and C_3
Regulatory Restrictions and Capital Adequacy - Schedule of Capital Amount and Ratio Considered to be Capitalized (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
First Commonwealth Financial Corporation | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Common Equity to Risk Weighted Assets | $ 730,526 | $ 697,881 |
Tier 1 Common Equity to Risk Weighted Assets | 10.91% | 11.13% |
Tier 1 Common Equity Required to be Well Capitalized | $ 435,420 | $ 407,557 |
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 | $ 759,398 | $ 734,246 |
Tier 1 Common Equity to Risk Weighted Assets | 11.36% | 11.73% |
Tier 1 Common Equity Required to be Well Capitalized | $ 434,575 | $ 406,925 |
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 | $ 954,991 | $ 918,786 |
Tier I Capital to Risk Weighted Assets | 800,526 | 767,881 |
Tier I Capital to Average Assets | $ 800,526 | $ 767,881 |
Total Capital to Risk Weighted Assets, Ratio | 14.26% | 14.65% |
Tier I Capital to Risk Weighted Assets, Ratio | 11.95% | 12.25% |
Tier I Capital to Average Assets, Ratio | 10.17% | 10.28% |
Actual | First Commonwealth Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets | $ 913,863 | $ 885,151 |
Tier I Capital to Risk Weighted Assets | 759,398 | 734,246 |
Tier I Capital to Average Assets | $ 759,398 | $ 734,246 |
Total Capital to Risk Weighted Assets, Ratio | 13.67% | 14.14% |
Tier I Capital to Risk Weighted Assets, Ratio | 11.36% | 11.73% |
Tier I Capital to Average Assets, Ratio | 9.66% | 9.84% |
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 | $ 619,173 | |
Tier I Capital to Risk Weighted Assets, Regulatory Minimum Capital Amount | 493,771 | |
Tier I Capital to Average Assets, Regulatory Minimum Capital Amount | 298,856 | |
Tier 1 Common Equity Required for Capital Adequacy | $ 399,719 | |
Total Capital to Risk Weighted Assets, Regulatory Minimum Ratio | 9.88% | |
Tier I Capital to Risk Weighted Assets, Regulatory Minimum Ratio | 7.88% | |
Tier I Capital to Average Assets, Regulatory Minimum Ratio | 4.00% | |
Tier 1 Common Equity Required for Capital Adequacy to Risk Weighted Assets | 6.38% | |
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 | $ 618,213 | |
Tier I Capital to Risk Weighted Assets, Regulatory Minimum Capital Amount | 493,005 | |
Tier I Capital to Average Assets, Regulatory Minimum Capital Amount | 298,340 | |
Tier 1 Common Equity Required for Capital Adequacy | $ 399,100 | |
Total Capital to Risk Weighted Assets, Regulatory Minimum Ratio | 9.88% | |
Tier I Capital to Risk Weighted Assets, Regulatory Minimum Ratio | 7.88% | |
Tier I Capital to Average Assets, Regulatory Minimum Ratio | 4.00% | |
Tier 1 Common Equity Required for Capital Adequacy to Risk Weighted Assets | 6.38% | |
Minimum Capital Required | First Commonwealth Financial Corporation | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Regulatory Minimum Capital Amount | $ 703,370 | $ 658,361 |
Tier I Capital to Risk Weighted Assets, Regulatory Minimum Capital Amount | 569,395 | 532,959 |
Tier I Capital to Average Assets, Regulatory Minimum Capital Amount | 314,963 | 298,856 |
Tier 1 Common Equity Required for Capital Adequacy | $ 468,914 | $ 438,907 |
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 | First Commonwealth Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Regulatory Minimum Capital Amount | $ 702,006 | $ 657,341 |
Tier I Capital to Risk Weighted Assets, Regulatory Minimum Capital Amount | 568,291 | 532,133 |
Tier I Capital to Average Assets, Regulatory Minimum Capital Amount | 314,338 | 298,340 |
Tier 1 Common Equity Required for Capital Adequacy | $ 468,004 | $ 438,227 |
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 | $ 535,901 | $ 501,608 |
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 | $ 393,704 | $ 373,570 |
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 | $ 669,877 | $ 627,011 |
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 | $ 534,862 | $ 500,831 |
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 | $ 392,922 | $ 372,926 |
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 | $ 668,577 | $ 626,039 |
Total Capital to Risk Weighted Assets, Well Capitalized Regulatory Guidelines | 10.00% | 10.00% |
Regulatory Restrictions and C_4
Regulatory Restrictions and Capital Adequacy Regulatory Restrictions and Capital Adequacy - Additional Items (Details) $ in Millions | May 21, 2018USD ($) |
Additional Items [Abstract] | |
Subordinated Long-term Debt, Noncurrent | $ 100 |
Capital - Additional Informatio
Capital - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | 48 Months Ended | ||||||||
Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2016 | Mar. 04, 2019 | Oct. 24, 2018 | Feb. 17, 2016 | Jan. 27, 2015 | Jan. 28, 2014 | Jan. 29, 2013 | Jun. 19, 2012 | |
Disclosure Capital Additional Information [Abstract] | ||||||||||
Announcement of common stock repurchase program | $ 25 | $ 25 | $ 25 | $ 25 | $ 25 | $ 25 | $ 50 | |||
Stock repurchased (in shares) | 393,946 | 1,843,373 | 16,665,735 | |||||||
Average price per share | $ 12.71 | $ 13.58 | $ 7.55 |
Condensed Financial Informati_3
Condensed Financial Information of First Commonwealth Financial Corporation (Parent Company Only) - Statements of Financial Condition (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||||
Loans | $ 6,137,511 | $ 5,726,375 | ||
Premises and equipment, net | 137,268 | 80,474 | ||
Other assets | 97,328 | 68,409 | ||
Total assets | 8,308,773 | 7,828,255 | ||
Liabilities and Shareholders' Equity | ||||
Subordinated Debentures outstanding, Amount | 170,450 | 170,288 | ||
Shareholders' equity | 1,055,665 | 975,389 | $ 888,127 | $ 749,929 |
Total liabilities and shareholders’ equity | 8,308,773 | 7,828,255 | ||
Parent Company [Member] | ||||
Assets | ||||
Cash | 22,889 | 21,466 | ||
Loans | 13 | 14 | ||
Investment in subsidiaries | 1,086,844 | 1,014,685 | ||
Investment in unconsolidated subsidiary trusts | 2,190 | 2,192 | ||
Investment in Jointly-Owned Company | 306 | 280 | ||
Premises and equipment, net | 3,801 | 3,519 | ||
Receivables From Subsidiaries | 4,750 | 0 | ||
Dividends receivable from subsidiaries | 5,097 | 5,444 | ||
Other assets | 6,924 | 5,402 | ||
Total assets | 1,132,814 | 1,053,002 | ||
Liabilities and Shareholders' Equity | ||||
Accrued expenses and other liabilities | 4,983 | 5,446 | ||
Subordinated Debentures outstanding, Amount | 72,167 | 72,167 | ||
Shareholders' equity | 1,055,664 | 975,389 | ||
Total liabilities and shareholders’ equity | $ 1,132,814 | $ 1,053,002 |
Condensed Financial Informati_4
Condensed Financial Information of First Commonwealth Financial Corporation (Parent Company Only) - Statements of Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | |||
Interest and dividends | $ 325,264 | $ 292,257 | $ 250,550 |
Interest expense | (55,402) | (40,035) | (21,770) |
Other income | 7,268 | 6,790 | 7,677 |
Applicable income tax (provision) benefits | (25,516) | (25,274) | (48,561) |
Net Income | 105,333 | 107,498 | 55,165 |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest and dividends | 8 | 1 | 1 |
Dividends from subsidiaries | 55,964 | 81,851 | 52,586 |
Interest expense | (3,735) | (3,722) | (3,000) |
Other income | 6 | 14 | 17 |
Operating expense | (4,525) | (4,047) | (4,767) |
Income (loss) before taxes and equity in undistributed earnings of subsidiaries | 47,718 | 74,097 | 44,837 |
Applicable income tax (provision) benefits | 1,720 | 1,324 | 2,557 |
Income (loss) before equity in undistributed earnings of subsidiaries | 49,438 | 75,421 | 47,394 |
Equity in undistributed (loss) earnings of subsidiaries | 55,895 | 32,077 | 7,771 |
Net Income | $ 105,333 | $ 107,498 | $ 55,165 |
Condensed Financial Informati_5
Condensed Financial Information of First Commonwealth Financial Corporation (parent company only) - Statements of Cash Flow (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Activities | |||
Net Income | $ 105,333 | $ 107,498 | $ 55,165 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 10,370 | 8,046 | 8,997 |
Other net | (14,310) | 11,695 | 10,997 |
Net cash provided by operating activities | 107,632 | 135,263 | 88,305 |
Investing Activities | |||
Net cash provided by (used in) investing activities | (122,942) | 347,748 | 52,797 |
Financing Activities | |||
Dividends paid | (39,394) | (34,849) | (30,513) |
Proceeds from reissuance of treasury stock | 211 | 208 | 228 |
Purchase of treasury stock | (6,259) | (26,189) | (1,458) |
Net cash (used in) provided by financing activities | (207,665) | 204,140 | (43,893) |
Net increase (decrease) in cash and cash equivalents | 22,909 | (8,345) | (8,385) |
Cash and cash equivalents at January 1 | 98,947 | 107,292 | 115,677 |
Cash and cash equivalents at December 31 | 121,856 | 98,947 | 107,292 |
Parent Company [Member] | |||
Operating Activities | |||
Net Income | 105,333 | 107,498 | 55,165 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 340 | 320 | 322 |
Net gains on sales of assets | (2) | (7) | (3) |
Decrease (increase) in prepaid income taxes | 629 | 37 | (550) |
Undistributed equity in subsidiaries | (55,895) | (32,077) | (7,771) |
Proceeds from Equity Method Investment, Distribution | 0 | 9,000 | 0 |
Other net | (2,957) | (1,628) | 8,767 |
Net cash provided by operating activities | 47,448 | 83,143 | 55,930 |
Investing Activities | |||
Net change in loans | 1 | 3 | 2 |
Payments to Acquire Property and Equipment | (586) | (87) | (207) |
Proceeds from sale of other assets | 2 | 7 | 3 |
Payments to Acquire Interest in Subsidiaries and Affiliates | 0 | 0 | (250) |
Payments to Acquire Additional Interest in Subsidiaries | 0 | (17,202) | (37,690) |
Net cash provided by (used in) investing activities | (583) | 17,279 | 38,142 |
Financing Activities | |||
Dividends paid | (39,394) | (34,849) | (30,513) |
Proceeds from reissuance of treasury stock | 211 | 208 | 228 |
Purchase of treasury stock | (6,259) | (26,189) | (1,458) |
Net cash (used in) provided by financing activities | (45,442) | (60,830) | (31,743) |
Net increase (decrease) in cash and cash equivalents | 1,423 | 5,034 | (13,955) |
Cash and cash equivalents at January 1 | 21,466 | 16,432 | 30,387 |
Cash and cash equivalents at December 31 | $ 22,889 | $ 21,466 | $ 16,432 |
Condensed Financial Informati_6
Condensed Financial Information of First Commonwealth Financial Corporation (Parent Company Only) - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Information Disclosure [Abstract] | |||
Cash Dividends Declared per Common Share (in dollars per share) | $ 0.40 | $ 0.35 | $ 0.32 |
Line of credit | $ 20,000,000 | ||
Borrowings | $ 0 | $ 0 | $ 0 |