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First Commonwealth Financial Corp
FCF
#4861
Rank
$1.82 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$17.88
Share price
0.62%
Change (1 day)
28.82%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. First Commonwealth Financial Corp
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2021 Q1

First Commonwealth Financial Corp - 10-Q quarterly report FY2021 Q1


Text size:
10-Qfalse2021-03-312021Q1FIRST COMMONWEALTH FINANCIAL CORP /PA/00007125371570112/3196,209,541FalseFalseFalseYesFalseTrue10.002.002.0050.0050.0010.001.461.4836.0036.007365,149nononono0.10.10.1P3YP30Y00007125372021-01-012021-03-31xbrli:shares00007125372021-05-06iso4217:USD00007125372021-03-3100007125372020-12-31iso4217:USDxbrli:shares00007125372020-01-012020-03-310000712537us-gaap:CommonStockMember2020-12-310000712537us-gaap:AdditionalPaidInCapitalMember2020-12-310000712537us-gaap:RetainedEarningsMember2020-12-310000712537us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000712537us-gaap:TreasuryStockMember2020-12-310000712537us-gaap:RetainedEarningsMember2021-01-012021-03-310000712537us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000712537us-gaap:CommonStockMember2021-01-012021-03-310000712537us-gaap:TreasuryStockMember2021-01-012021-03-310000712537us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310000712537us-gaap:CommonStockMember2021-03-310000712537us-gaap:AdditionalPaidInCapitalMember2021-03-310000712537us-gaap:RetainedEarningsMember2021-03-310000712537us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310000712537us-gaap:TreasuryStockMember2021-03-310000712537us-gaap:CommonStockMember2019-12-310000712537us-gaap:AdditionalPaidInCapitalMember2019-12-310000712537us-gaap:RetainedEarningsMember2019-12-310000712537us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000712537us-gaap:TreasuryStockMember2019-12-3100007125372019-12-310000712537us-gaap:RetainedEarningsMember2020-01-012020-03-310000712537us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310000712537us-gaap:CommonStockMember2020-01-012020-03-310000712537us-gaap:TreasuryStockMember2020-01-012020-03-310000712537us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310000712537us-gaap:CommonStockMember2020-03-310000712537us-gaap:AdditionalPaidInCapitalMember2020-03-310000712537us-gaap:RetainedEarningsMember2020-03-310000712537us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310000712537us-gaap:TreasuryStockMember2020-03-3100007125372020-03-310000712537us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-12-310000712537us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-310000712537us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-12-310000712537us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-12-310000712537us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-12-310000712537us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2019-12-310000712537us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-012021-03-310000712537us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-03-310000712537us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-01-012020-03-310000712537us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-01-012020-03-310000712537us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-01-012021-03-310000712537us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-01-012020-03-310000712537us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-03-310000712537us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-03-310000712537us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-03-310000712537us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-03-310000712537us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-03-310000712537us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-03-310000712537us-gaap:RestrictedStockMember2021-01-012021-03-310000712537us-gaap:RestrictedStockMembersrt:MinimumMember2021-01-012021-03-310000712537srt:MaximumMemberus-gaap:RestrictedStockMember2021-01-012021-03-310000712537us-gaap:RestrictedStockMember2020-01-012020-03-310000712537us-gaap:RestrictedStockMembersrt:MinimumMember2020-01-012020-03-310000712537srt:MaximumMemberus-gaap:RestrictedStockMember2020-01-012020-03-310000712537fcf:RestrictedStockUnitsMember2021-01-012021-03-310000712537srt:MinimumMemberfcf:RestrictedStockUnitsMember2021-01-012021-03-310000712537srt:MaximumMemberfcf:RestrictedStockUnitsMember2021-01-012021-03-310000712537fcf:RestrictedStockUnitsMember2020-01-012020-03-310000712537srt:MinimumMemberfcf:RestrictedStockUnitsMember2020-01-012020-03-310000712537srt:MaximumMemberfcf:RestrictedStockUnitsMember2020-01-012020-03-310000712537us-gaap:CommitmentsToExtendCreditMember2021-03-310000712537us-gaap:CommitmentsToExtendCreditMember2020-12-310000712537us-gaap:FinancialStandbyLetterOfCreditMember2021-03-310000712537us-gaap:FinancialStandbyLetterOfCreditMember2020-12-310000712537us-gaap:PerformanceGuaranteeMember2021-03-310000712537us-gaap:PerformanceGuaranteeMember2020-12-310000712537fcf:CommercialLettersOfCreditMember2021-03-310000712537fcf:CommercialLettersOfCreditMember2020-12-310000712537srt:MinimumMember2021-03-310000712537srt:MaximumMember2021-03-310000712537fcf:USGovernm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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 
ýQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
Or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to            
Commission File Number 001-11138
First Commonwealth Financial Corporation
(Exact name of registrant as specified in its charter)
Pennsylvania25-1428528
(State or other jurisdiction of(I.R.S. Employer
incorporation or organization)Identification No.)
601 Philadelphia Street
IndianaPA15701
(Address of principal executive offices)(Zip Code)
724-349-7220
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Indicate by a check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer  x    Accelerated filer  ¨    Smaller reporting company ☐ Emerging growth company  ☐
Non-accelerated filer  ¨ (Do not check if a smaller reporting company) 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No x
The number of shares outstanding of issuer’s common stock, $1.00 par value, as of May 6, 2021, was 96,209,541.



FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
FORM 10-Q
INDEX
 
  PAGE
PART I.
ITEM 1.
Consolidated Statements of Financial Condition (Unaudited)
3
Consolidated Statements of Income (Unaudited)
4
Consolidated Statements of Comprehensive Income (Unaudited)
5
Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)
6
Consolidated Statements of Cash Flows (Unaudited)
7
Notes to the Unaudited Consolidated Financial Statements
8
ITEM 2.
45
ITEM 3.
63
ITEM 4.
63
PART II.
ITEM 1.
64
ITEM 1A.
64
ITEM 2.
64
ITEM 3.
64
ITEM 4.
64
ITEM 5.
64
ITEM 6.
65
66

2



ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (unaudited)

March 31, 2021December 31, 2020
(Unaudited)
 (dollars in thousands, except share data)
Assets
Cash and due from banks$83,989 $100,009 
Interest-bearing bank deposits420,645 256,572 
Securities available for sale, at fair value1,043,258 831,223 
Securities held to maturity, at amortized cost (Fair value of $408,118 and $369,851 at March 31, 2021 and December 31, 2020, respectively)
407,833 361,844 
Other investments13,445 12,227 
Loans held for sale20,604 33,436 
Loans:
Portfolio loans6,736,894 6,761,183 
Allowance for credit losses(96,763)(101,309)
Net loans6,640,131 6,659,874 
Premises and equipment, net(1)
122,326 125,517 
Other real estate owned916 1,215 
Goodwill303,328 303,328 
Amortizing intangibles, net12,820 13,492 
Bank owned life insurance225,027 225,952 
Other assets122,667 143,415 
Total assets$9,416,989 $9,068,104 
Liabilities
Deposits (all domestic):
Noninterest-bearing$2,616,303 $2,319,958 
Interest-bearing5,252,953 5,118,708 
Total deposits7,869,256 7,438,666 
Short-term borrowings110,762 117,373 
Subordinated debentures170,653 170,612 
Other long-term debt56,089 56,258 
Capital lease obligation6,270 6,385 
Total long-term debt233,012 233,255 
Other liabilities116,479 210,193 
Total liabilities8,329,509 7,999,487 
Shareholders’ Equity
Preferred stock, $1 par value per share, 3,000,000 shares authorized, none issued
— — 
Common stock, $1 par value per share, 200,000,000 shares authorized; 113,914,902 shares issued at March 31, 2021 and December 31, 2020, and 96,248,476 and 96,130,751 shares outstanding at March 31, 2021 and December 31, 2020, respectively
113,915 113,915 
Additional paid-in capital495,720 494,683 
Retained earnings625,806 596,614 
Accumulated other comprehensive income, net6,198 17,233 
Treasury stock (17,666,426 and 17,784,151 shares at March 31, 2021 and December 31, 2020, respectively)
(154,159)(153,828)
Total shareholders’ equity1,087,480 1,068,617 
Total liabilities and shareholders’ equity$9,416,989 $9,068,104 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
3


ITEM 1. Financial Statements and Supplementary Data (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
For the Three Months Ended
 March 31,
 20212020
(dollars in thousands, except share data)
Interest Income
Interest and fees on loans$68,313 $71,740 
Interest and dividends on investments:
Taxable interest5,364 6,973 
Interest exempt from federal income taxes164 315 
Dividends143 264 
Interest on bank deposits77 37 
Total interest income74,061 79,329 
Interest Expense
Interest on deposits2,052 8,449 
Interest on short-term borrowings31 588 
Interest on subordinated debentures2,128 2,146 
Interest on other long-term debt346 355 
Interest on lease obligations62 67 
Total interest expense4,619 11,605 
Net Interest Income69,442 67,724 
Provision for credit losses(4,390)30,967 
Net Interest Income after Provision for Credit Losses73,832 36,757 
Noninterest Income
Net securities gains6 19 
Trust income2,516 2,111 
Service charges on deposit accounts4,047 4,745 
Insurance and retail brokerage commissions2,172 1,995 
Income from bank owned life insurance1,951 1,616 
Gain on sale of mortgage loans5,046 2,546 
Gain on sale of other loans and assets1,690 699 
Card-related interchange income6,427 5,262 
Derivatives mark to market1,430 (1,741)
Swap fee income146 214 
Other income1,924 1,807 
Total noninterest income27,355 19,273 
Noninterest Expense
Salaries and employee benefits28,671 29,977 
Net occupancy4,773 4,973 
Furniture and equipment3,948 3,778 
Data processing3,052 2,467 
Advertising and promotion1,324 1,150 
Contributions731 472 
Pennsylvania shares tax832 738 
Intangible amortization866 934 
Other professional fees and services751 898 
FDIC insurance696 28 
Loss on sale or write-down of assets9 213 
Litigation and operational losses479 390 
COVID-19 related74 23 
Branch consolidation40 — 
Other operating5,613 4,230 
Total noninterest expense51,859 50,271 
Income Before Income Taxes49,328 5,759 
Income tax provision9,558 1,032 
Net Income$39,770 $4,727 
Average Shares Outstanding96,026,866 98,123,627 
Average Shares Outstanding Assuming Dilution96,233,647 98,361,494 
Per Share Data: Basic Earnings per Share
$0.41 $0.05 
 Diluted Earnings per Share$0.41 $0.05 
Cash Dividends Declared per Common Share$0.11 $0.11 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
4


ITEM 1. Financial Statements and Supplementary Data (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
 
For the Three Months Ended
 March 31,
 20212020
 (dollars in thousands)
Net Income$39,770 $4,727 
Other comprehensive (loss) income, before tax benefit (expense):
Unrealized holding (losses) gains on securities arising during the period(15,804)19,503 
Less: reclassification adjustment for gains on securities included in net income(6)(19)
Unrealized holding gains (losses) on derivatives arising during the period1,842 (4,581)
Total other comprehensive (loss) income, before tax benefit (expense)(13,968)14,903 
Income tax benefit (expense) related to items of other comprehensive (loss) income2,933 (3,130)
Total other comprehensive (loss) income(11,035)11,773 
Comprehensive Income$28,735 $16,500 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
5


ITEM 1. Financial Statements and Supplementary Data (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

Shares
Outstanding		Common
Stock		Additional
Paid-in-
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss),
net		Treasury
Stock		Total
Shareholders’
Equity
 (dollars in thousands, except share and per share data)
Balance at December 31, 202096,130,751 $113,915 $494,683 $596,614 $17,233 $(153,828)$1,068,617 
Net income39,770 39,770 
Other comprehensive loss(11,035)(11,035)
Cash dividends declared ($0.11 per share)
(10,578)(10,578)
Treasury stock acquired(123,395)(1,643)(1,643)
Treasury stock reissued158,531 681 — 1,360 2,041 
Restricted stock82,589 — 356 — (48)308 
Balance at March 31, 202196,248,476 $113,915 $495,720 $625,806 $6,198 $(154,159)$1,087,480 

 Shares
Outstanding		Common
Stock		Additional
Paid-in-
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss),
net		Treasury
Stock		Total
Shareholders’
Equity
 (dollars in thousands, except share and per share data)
Balance at December 31, 201998,311,840 $113,915 $493,737 $577,348 $5,579 $(134,914)$1,055,665 
Net income4,727 4,727 
Other comprehensive income11,773 11,773 
Cash dividends declared ($0.11 per share)
(10,819)(10,819)
Treasury stock acquired(430,896)(5,220)(5,220)
Treasury stock reissued134,452 444 — 1,150 1,594 
Restricted stock— — — — 204 204 
Balance at March 31, 202098,015,396 $113,915 $494,181 $571,256 $17,352 $(138,780)$1,057,924 

ITEM 1. Financial Statements and Supplementary Data (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)




The accompanying notes are an integral part of these unaudited consolidated financial statements.
6


ITEM 1. Financial Statements and Supplementary Data (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
For the Three Months Ended
 March 31,
 20212020
Operating Activities(dollars in thousands)
Net income$39,770 $4,727 
Adjustment to reconcile net income to net cash provided by operating activities:
Provision for credit losses(4,390)30,967 
Deferred tax expense (benefit)3,859 (3,551)
Depreciation and amortization3,003 2,926 
Net gains on securities and other assets(8,452)(1,645)
Net amortization of premiums and discounts on securities1,268 1,310 
Income from increase in cash surrender value of bank owned life insurance(1,621)(1,610)
Decrease (increase) in interest receivable1,899 (761)
Mortgage loans originated for sale(121,280)(65,236)
Proceeds from sale of mortgage loans140,780 61,777 
Increase in interest payable1,128 1,122 
Increase in income taxes payable5,626 4,528 
Other-net(10,360)(1,438)
Net cash provided by operating activities51,230 33,116 
Investing Activities
Transactions with securities held to maturity:
Proceeds from maturities and redemptions28,936 18,504 
Purchases(135,130)— 
Transactions with securities available for sale:
Proceeds from maturities and redemptions206,993 50,107 
Purchases(435,563)(127,368)
Purchases of FHLB stock(1,558)(18,682)
Proceeds from the redemption of FHLB stock340 16,028 
Proceeds from bank owned life insurance2,931 557 
Proceeds from sale of loans15,483 7,960 
Proceeds from sale of other assets 2,226 1,361 
Net decrease (increase) in loans2,970 (140,013)
Purchases of premises and equipment and other assets(2,322)(3,654)
Net cash used in investing activities(314,694)(195,200)
Financing Activities
Net increase in federal funds purchased— 27,000 
Net decrease in other short-term borrowings(6,611)(81,882)
Net increase in deposits430,633 245,591 
Repayments of other long-term debt(169)(162)
Repayments of capital lease obligation(115)(105)
Dividends paid(10,578)(10,819)
Purchase of treasury stock(1,643)(5,220)
Net cash provided by financing activities411,517 174,403 
Net increase in cash and cash equivalents148,053 12,319 
Cash and cash equivalents at January 1356,581 121,856 
Cash and cash equivalents at March 31$504,634 $134,175 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
7

ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Note 1 Basis of Presentation
The accounting and reporting policies of First Commonwealth Financial Corporation and its subsidiaries (“First Commonwealth” or the “Company”) conform with generally accepted accounting principles in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates, assumptions and judgments that affect the amounts reported in the financial statements and accompanying notes. Actual realized amounts could differ from those estimates. In the opinion of management, the unaudited interim consolidated financial statements include all adjustments (consisting of only normal recurring adjustments) necessary for a fair presentation of First Commonwealth’s financial position, results of operations, comprehensive income, cash flows and changes in shareholders’ equity as of and for the periods presented. Certain information and Note disclosures normally included in Consolidated Financial Statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC.
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.
The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the full year of 2021. These interim financial statements should be read in conjunction with First Commonwealth’s 2020 Annual Report on Form 10-K.

Note 2 Supplemental Comprehensive Income Disclosures
The following table identifies the related tax effects allocated to each component of other comprehensive income (“OCI”) in the unaudited Consolidated Statements of Comprehensive Income. Reclassification adjustments related to securities available for sale are included in the "Net securities gains" line and reclassification adjustments related to losses on derivatives are included in the "Other operating" line in the unaudited Consolidated Statements of Income.
For the Three Months Ended March 31,
20212020
Pretax AmountTax (Expense) BenefitNet of Tax AmountPretax AmountTax (Expense) BenefitNet of Tax Amount
(dollars in thousands)
Unrealized (losses) gains on securities:
Unrealized holding (losses) gains on securities arising during the period$(15,804)$3,319 $(12,485)$19,503 $(4,096)$15,407 
Reclassification adjustment for gains on securities included in net income(6)1 (5)(19)4 (15)
Total unrealized (losses) gains on securities(15,810)3,320 (12,490)19,484 (4,092)15,392 
Unrealized gains (losses) on derivatives:
Unrealized holding gains (losses) on derivatives arising during the period1,842 (387)1,455 (4,581)962 (3,619)
Reclassification adjustment for losses on derivatives included in net income— — — — — — 
Total unrealized gains (losses) on derivatives1,842 (387)1,455 (4,581)962 (3,619)
Total other comprehensive (loss) income$(13,968)$2,933 $(11,035)$14,903 $(3,130)$11,773 



8
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)


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

20212020
 Securities Available for SalePost-Retirement ObligationDerivativesAccumulated Other Comprehensive Income (Loss)Securities Available for SalePost-Retirement ObligationDerivativesAccumulated Other Comprehensive Income (Loss)
 (dollars in thousands)
Balance at December 31$20,310 $(182)$(2,895)$17,233 $4,580 $365 $634 $5,579 
Other comprehensive (loss) income before reclassification adjustment(12,485)— 1,455 (11,030)15,407 — (3,619)11,788 
Amounts reclassified from accumulated other comprehensive (loss) income(5)— — (5)(15)— — (15)
Net other comprehensive (loss) income during the period(12,490)— 1,455 (11,035)15,392 — (3,619)11,773 
Balance at March 31$7,820 $(182)$(1,440)$6,198 $19,972 $365 $(2,985)$17,352 

Note 3 Supplemental Cash Flow Disclosures
The following table presents information related to cash paid during the period for interest and income taxes, as well as detail on non-cash investing and financing activities for the three months ended March 31:
20212020
(dollars in thousands)
Cash paid during the period for:
Interest$3,483 $10,551 
Income taxes32 80 
Non-cash investing and financing activities:
Loans transferred to other real estate owned and repossessed assets944 1,961 
Loans transferred from held to maturity to held for sale17,749 10,858 
Loans transferred from available for sale to held to maturity— 385 
Gross (decrease) increase in market value adjustment to securities available for sale(15,810)19,484 
Gross increase (decrease) in market value adjustment to derivatives1,842 (4,581)
Noncash treasury stock reissuance2,041 1,594 
Proceeds from death benefit on bank owned life insurance not received(384)(356)

9
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 4 Earnings per Share
The following table summarizes the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computations:
For the Three Months Ended March 31,
20212020
Weighted average common shares issued113,914,902 113,914,902 
Average treasury stock shares(17,718,410)(15,672,850)
Average deferred compensation shares(55,544)(38,453)
Average unearned nonvested shares(114,082)(79,972)
Weighted average common shares and common stock equivalents used to calculate basic earnings per share
96,026,866 98,123,627 
Additional common stock equivalents (nonvested stock) used to calculate diluted earnings per share
151,200 196,441 
Additional common stock equivalents (deferred compensation) used to calculate diluted earnings per share
55,581 41,426 
Weighted average common shares and common stock equivalents used to calculate diluted earnings per share
96,233,647 98,361,494 
Basic Earnings per Share$0.41 $0.05 
Diluted Earnings per Share$0.41 $0.05 
The following table shows the number of shares and the price per share related to common stock equivalents that were not included in the computation of diluted earnings per share for the three months ended March 31 because to do so would have been antidilutive.
20212020
Price RangePrice Range
SharesFromToSharesFromTo
Restricted Stock79,497 $13.72 $14.22 75,208 $13.82 $15.44 
Restricted Stock Units16,730 $16.41 $16.41 42,509 $13.72 $15.37 

Note 5 Commitments and Contingent Liabilities
Commitments and Letters of Credit
Standby letters of credit and commercial letters of credit are conditional commitments issued by First Commonwealth to guarantee the performance of a customer to a third party. The contract or notional amount of these instruments reflects the maximum amount of future payments that First Commonwealth could be required to pay under the guarantees if there were a total default by the guaranteed parties, without consideration of possible recoveries under recourse provisions or from collateral held or pledged. In addition, many of these commitments are expected to expire without being drawn upon; therefore, the total commitment amounts do not necessarily represent future cash requirements.
The following table identifies the notional amount of those instruments at:
March 31, 2021December 31, 2020
 (dollars in thousands)
Financial instruments whose contract amounts represent credit risk:
Commitments to extend credit$2,136,708 $2,097,628 
Financial standby letters of credit16,331 15,988 
Performance standby letters of credit17,393 16,864 
Commercial letters of credit766 783 
 
The notional amounts outstanding as of March 31, 2021 include amounts issued in 2021 of $0.2 million in performance standby letters of credit and $0.1 million in financial standby letters of credit. There were no commercial letters of credit issued in 2021. A liability of $0.1 million has been recorded as of both March 31, 2021 and December 31, 2020, which represents the estimated
10
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

fair value of letters of credit issued. The fair value of letters of credit is estimated based on the unrecognized portion of fees received at the time the commitment was issued.
Unused commitments and letters of credit provide exposure to future credit loss in the event of nonperformance by the borrower or guaranteed parties. Management’s evaluation of the credit risk related to these commitments resulted in the recording of a liability of $4.3 million and $7.4 million as of March 31, 2021 and December 31, 2020, respectively. This liability is reflected in "Other liabilities" in the unaudited Consolidated Statements of Financial Condition. The credit risk evaluation incorporates the expected loss percentage calculated for comparable loan categories as part of the allowance for credit losses for loans as well as estimated utilization for each loan category.
Legal Proceedings
First Commonwealth and its subsidiaries are subject in the normal course of business to various pending and threatened legal proceedings in which claims for monetary damages are asserted. As of March 31, 2021, 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.
First Commonwealth Bank was named a defendant in an action that commenced on October 14, 2020 in the Court of Common Pleas of Allegheny County, Pennsylvania. The plaintiffs allege that the Bank violated the Pennsylvania Commercial Code by failing to provide accurate and complete notices of repossession and post-sale notices to certain Pennsylvania customers whose motor vehicles were repossessed and later sold at public sales. Plaintiffs seek to pursue the action as a statewide class action on behalf of themselves and other allegedly similarly situated defaulting borrowers who had their motor vehicles repossessed and seeks to recover statutory damages. The Bank intends to vigorously defend against the plaintiffs’ claims and any request for class certification. The plaintiffs have not made any formal or specific financial demand and due to the preliminary status of this case any possible loss cannot be reasonably estimated at this time and is not included in the range set forth in the preceding paragraph. The Bank filed preliminary objections seeking the dismissal of the action. On May 4, 2021, the Court issued an order sustaining the Bank’s preliminary objections and dismissing the plaintiffs’ complaint with prejudice. This order remains subject to appeal by the plaintiffs.
11
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 6 Investment Securities
Securities Available for Sale
Below is an analysis of the amortized cost and estimated fair values of securities available for sale at:
 March 31, 2021December 31, 2020
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value		Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
 (dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential$6,067 $623 $— $6,690 $6,492 $738 $— $7,230 
Mortgage-Backed Securities – Commercial268,890 4,597 (586)272,901 182,823 8,357 — 191,180 
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential724,611 11,082 (7,025)728,668 481,109 14,924 — 496,033 
Other Government-Sponsored Enterprises1,000 — (25)975 100,996 2 — 100,998 
Obligations of States and Political Subdivisions9,647 132 (214)9,565 11,154 243 — 11,397 
Corporate Securities23,146 1,388 (75)24,459 22,941 1,444 — 24,385 
Total Securities Available for Sale$1,033,361 $17,822 $(7,925)$1,043,258 $805,515 $25,708 $— $831,223 

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.
12
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The amortized cost and estimated fair value of debt securities available for sale at March 31, 2021, by contractual maturity, are shown below.
Amortized
Cost		Estimated
Fair Value
 (dollars in thousands)
Due within 1 year$5,000 $5,086 
Due after 1 but within 5 years12,870 13,670 
Due after 5 but within 10 years15,923 16,243 
Due after 10 years— — 
33,793 34,999 
Mortgage-Backed Securities (a)999,568 1,008,259 
Total Debt Securities$1,033,361 $1,043,258 
 
(a)Mortgage-backed and collateralized mortgage securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds. Mortgage-Backed Securities include an amortized cost of $275.0 million and a fair value of $279.6 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $724.6 million and a fair value of $728.7 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.
 
Proceeds from sales, gross gains (losses) realized on sales, maturities and other-than-temporary impairment charges related to securities available for sale were as follows for the three months ended March 31:
20212020
 (dollars in thousands)
Proceeds from sales$— $— 
Gross gains (losses) realized:
Sales transactions:
Gross gains$— $— 
Gross losses— — 
— — 
Maturities
Gross gains6 19 
Gross losses— — 
6 19 
Net gains and impairment$6 $19 
Securities available for sale with an estimated fair value of $621.9 million and $792.1 million were pledged as of March 31, 2021 and December 31, 2020, respectively, to secure public deposits and for other purposes required or permitted by law.
13
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Securities Held to Maturity
Below is an analysis of the amortized cost and fair values of debt securities held to maturity at:
 March 31, 2021December 31, 2020
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value		Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
 (dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential$2,679 $123 $— $2,802 $2,766 $138 $— $2,904 
Mortgage-Backed Securities- Commercial58,484 992 (512)58,964 36,799 1,441 — 38,240 
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential279,970 4,134 (3,763)280,341 277,351 5,389 (10)282,730 
Mortgage-Backed Securities – Commercial9,121 316 — 9,437 9,737 344 — 10,081 
Obligations of States and Political Subdivisions35,109 484 (264)35,329 34,391 705 — 35,096 
Debt Securities Issued by Foreign Governments800 — — 800 800 — — 800 
Total Securities Held to Maturity$407,833 $6,049 $(5,764)$408,118 $361,844 $8,017 $(10)$369,851 
The amortized cost and estimated fair value of debt securities held to maturity at March 31, 2021, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or prepayment penalties.
Amortized
Cost		Estimated
Fair Value
 (dollars in thousands)
Due within 1 year$2,887 $2,904 
Due after 1 but within 5 years5,117 5,179 
Due after 5 but within 10 years45,774 44,717 
Due after 10 years3,801 3,774 
57,579 56,574 
Mortgage-Backed Securities (a)350,254 351,544 
Total Debt Securities$407,833 $408,118 
(a)Mortgage-backed and collateralized mortgage securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds. Mortgage-Backed Securities include an amortized cost of $61.2 million and a fair value of $61.8 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $289.1 million and a fair value of $289.8 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 $305.8 million and $228.1 million were pledged as of March 31, 2021 and December 31, 2020, respectively, to secure public deposits and for other purposes required or permitted by law.
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
14
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

restrictions, FHLB stock is unlike other investment securities insofar as there is no trading market for FHLB stock and the transfer price is determined by FHLB membership rules and not by market participants. As of March 31, 2021 and December 31, 2020, our FHLB stock totaled $11.8 million and $10.6 million, respectively, and is included in “Other investments” on the unaudited Consolidated Statements of Financial Condition.
FHLB stock is held as a long-term investment and its value is determined based on the ultimate recoverability of the par value. First Commonwealth evaluates impairment quarterly and has concluded that the par value of its investment in FHLB stock will be recovered. Accordingly, no impairment charge was recorded on these securities during the three months ended March 31, 2021.
As of both March 31, 2021 and December 31, 2020, "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. During the three-months ended March 31, 2021 and 2020, there were no gains or losses recognized through earnings on equity securities. On a quarterly basis, management evaluates equity securities by reviewing the severity and duration of decline in estimated fair value, research reports, analysts’ recommendations, credit rating changes, news stories, annual reports, regulatory filings, impact of interest rate changes and other relevant information.
Impairment of Investment Securities
We review our investment portfolio on a quarterly basis for indications of impairment. For available for sale securities the
review includes analyzing 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. Held-to-maturity securities are
evaluated for impairment on a quarterly basis using historical probability of default and loss given default information specific
to the investment category. If this evaluation determines that credit losses exist an allowance for credit loss is recorded and
included in earnings as a component of credit loss expense.
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.
The following table presents the gross unrealized losses and estimated fair values at March 31, 2021 for both available for sale and held to maturity securities by investment category and time frame for which securities have been in a continuous unrealized loss position:
 
 Less Than 12 Months12 Months or MoreTotal
 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$91,266 $(1,098)$— $— $91,266 $(1,098)
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential481,498 (10,788)— — 481,498 (10,788)
Other Government-Sponsored Enterprises21,421 (1,250)— — 21,421 (1,250)
Obligations of States and Political Subdivisions16,919 (478)— — 16,919 (478)
Corporate Securities5,125 (75)— — 5,125 (75)
Total Securities$616,229 $(13,689)$— $— $616,229 $(13,689)
    
At March 31, 2021, fixed income securities issued by U.S. Government-sponsored enterprises comprised 88% of total unrealized losses due to changes in market interest rates. At March 31, 2021, there are 49 debt securities in an unrealized loss position.
15
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following table presents the gross unrealized losses and estimated fair values at December 31, 2020 by investment category and time frame for which securities have been in a continuous unrealized loss position:
 Less Than 12 Months12 Months or MoreTotal
 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-Sponsored Enterprises:
Mortgage-Backed Securities – Residential$3,755 $(10)$— $— $3,755 $(10)
Total Securities$3,755 $(10)$— $— $3,755 $(10)
As of March 31, 2021, our corporate securities had an amortized cost and an estimated fair value of $23.1 million and $24.5 million, respectively. As of December 31, 2020, our corporate securities had an amortized cost and estimated fair value of $22.9 million and $24.4 million, respectively. Corporate securities are comprised of debt issued by large regional banks. There was one corporate security in an unrealized loss position as of March 31, 2021 and none as of December 31, 2020. When unrealized losses exist, management reviews each of the issuer’s asset quality, earnings trends and capital position to determine whether the unrealized loss position is a result of credit losses. All interest payments on the corporate securities are being made as contractually required.
There was no expected credit related impairment recognized on investment securities during the three months ended March 31, 2021 and 2020.
Note 7 Loans and Allowance for Credit Losses
Loans are presented in the Consolidated Statements of Financial Condition net of deferred fees and costs, and discounts related to purchased loans. Net deferred fees were $8.3 million and $6.0 million as of March 31, 2021 and December 31, 2020, respectively, and discounts on purchased loans were $6.8 million and $7.0 million at March 31, 2021 and December 31, 2020, respectively. The following table provides outstanding balances related to each of our loan types:
 
March 31, 2021December 31, 2020
 (dollars in thousands)
Commercial, financial, agricultural and other$1,555,671 $1,555,986 
Time and demand1,541,280 1,541,382 
Commercial credit cards14,391 14,604 
Real estate construction404,580 427,221 
Residential real estate1,756,615 1,750,592 
Residential first lien1,152,314 1,144,323 
Residential junior lien/home equity604,301 606,269 
Commercial real estate2,167,506 2,211,569 
Multifamily363,604 371,239 
Nonowner occupied1,393,968 1,421,151 
Owner occupied409,934 419,179 
Loans to individuals852,522 815,815 
Automobile759,061 712,800 
Consumer credit cards10,901 12,360 
Consumer other82,560 90,655 
Total loans$6,736,894 $6,761,183 
In the table above, Commercial, financial, agricultural and other loans at March 31, 2021 and December 31, 2020 includes $478.5 million and $478.9 million, respectively, in Paycheck Protection Program ("PPP") loans for small businesses who meet the necessary eligibility requirements. PPP loans are 100% guaranteed by the Small Business Administration ("SBA") under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") and are forgivable, in whole or in part, if the proceeds are used for payroll and other permitted purposes in accordance with the PPP requirements. Because PPP loans are fully guaranteed by the SBA, there is no allowance for credit losses recognized for these loans. Although the Company believes that
16
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

the majority of these loans will ultimately be forgiven by the SBA in accordance with the terms of the program, there could be risks and liability to the Company associated with participation in the program.
On March 27, 2020, the CARES Act was signed into law, providing banking organizations with optional, temporary relief from complying with CECL. The Company elected to defer its adoption of CECL until the fourth quarter 2020. At the end of the deferral period, CECL was adopted effective January 1, 2020. The allowance for credit losses for the interim period ending March 31, 2020, was calculated in accordance with previously applicable GAAP.
First Commonwealth’s loan portfolio includes five primary loan categories. When calculating the allowance for credit losses these categories are classified into eleven portfolio segments. The composition of loans by portfolio segment includes:
Commercial, financial, agricultural and other
Time & Demand - Consists primarily of commercial and industrial loans. This category consists of loans that are typically cash flow dependent and therefore have different risk and loss characteristics than other commercial loans. Loans in this category include revolving and term structures with fixed and variable interest rates. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of national unemployment and economic conditions measured by GDP.
Commercial Credit Cards - Consists of unsecured credit cards for commercial customers. These commercial credit cards have separate characteristics outside of normal commercial non-real estate loans, as they tend to have shorter overall duration. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of national unemployment and economic conditions measured by GDP.
Real estate construction
Includes both 1-4 family and commercial construction loans. The risk and loss characteristics of the construction category are different than other real estate secured categories due to the collateral being at various stages of completion. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of national unemployment and measures of completed construction projects.
Residential real estate
Residential first lien - Consists of loans with collateral of 1-4 family residencies with a senior lien position. The risk and loss characteristics are unique for this group because the collateral for these loans are the borrower’s primary residence. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of national unemployment and residential property values.
Residential Junior Lien/Home Equity - Consists of loans with collateral of 1-4 family residencies with an open end line of credit or junior lien position. The junior lien position for the majority of these loans provides a higher risk of loss than other residential real estate loans. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of national unemployment and residential property values.
Commercial real estate
Multifamily - Consists of loans secured by commercial multifamily properties. Real estate related to rentals to consumers could provide unique risk and loss characteristics. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of commercial real estate values and rental vacancy.
Nonowner Occupied - Consists of loans secured by commercial real estate non-owner occupied and provides different loss characteristics than other real estate categories. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of national unemployment and economic conditions measured by GDP.
Owner Occupied - Consists of loans secured by commercial real estate owner occupied properties. The risk and loss characteristics of this category were considered different than other real estate categories because it is owner occupied and would impact the ability to conduct business. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of national unemployment and economic conditions measured by GDP.
Loans to individuals
Automobile - Consists of both direct and indirect loans with automobiles and recreational vehicles held as collateral. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of consumer sentiment and automobile retention value.
17
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Consumer Credit Cards – Consists of unsecured consumer credit cards The primary macroeconomic drivers for estimating credit losses for this category include forecasts of consumer sentiment and economic conditions measured by GDP.
Other Consumer - Consists of lines of credit, student loans and other consumer loans, not secured by real estate or autos. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of consumer sentiment and the level of household debt.
The allowance for credit losses is calculated by pooling loans of similar credit risk characteristics and applying a discounted cash flow methodology after incorporating probability of default and loss given default estimates. Probability of default represents an estimate of the likelihood of default and loss given default measures the expected loss upon default. Inputs impacting the expected losses include a forecast of macroeconomic factors, using a weighted forecast from a nationally recognized firm. Our model incorporates a one-year forecast of macroeconomic factors, after which the factors revert back to the historical mean over a one-year period. The most significant macroeconomic factor used in estimating credit losses is the national unemployment rate. The forecasted value for national unemployment at March 31, 2021 was 6.24% and during the one-year forecast period it was projected to average 5.54%, with a peak of 6.02%.
Credit Quality Information
As part of the on-going monitoring of credit quality within the loan portfolio, the following credit worthiness categories are used in grading our loans:
Pass  Acceptable levels of risk exist in the relationship. Includes all loans not classified as OAEM, substandard or doubtful.
Other Assets Especially Mentioned (OAEM)Potential weaknesses that deserve management’s close attention. The potential weaknesses may result in deterioration of the repayment prospects or weaken the Company’s credit position at some future date. The credit risk may be relatively minor, yet constitute an undesirable risk in light of the circumstances surrounding the specific credit. No loss of principal or interest is expected.
SubstandardWell-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.
DoubtfulLoans 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 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. 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.
18
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following tables represent our credit risk profile by creditworthiness:
 March 31, 2021
Non-Pass
PassOAEMSubstandardDoubtfulLossTotal Non-PassTotal
(dollars in thousands)
Commercial, financial, agricultural and other$1,499,180 $36,188 $20,303 $— $— $56,491 $1,555,671 
Time and demand1,484,789 36,188 20,303 — — 56,491 1,541,280 
Commercial credit cards14,391 — — — — — 14,391 
Real estate construction404,044 482 54 — — 536 404,580 
Residential real estate1,747,310 1,678 7,627 — — 9,305 1,756,615 
Residential first lien1,146,787 1,562 3,965 — — 5,527 1,152,314 
Residential junior lien/home equity600,523 116 3,662 — — 3,778 604,301 
Commercial real estate1,962,008 161,769 43,729 — — 205,498 2,167,506 
Multifamily362,937 128 539 — — 667 363,604 
Nonowner occupied1,206,587 150,850 36,531 — — 187,381 1,393,968 
Owner occupied392,484 10,791 6,659 — — 17,450 409,934 
Loans to individuals852,209 — 313 — — 313 852,522 
Automobile758,824 — 237 — — 237 759,061 
Consumer credit cards10,901 — — — — — 10,901 
Consumer other82,484 — 76 — — 76 82,560 
Total loans$6,464,751 $200,117 $72,026 $— $— $272,143 $6,736,894 
 
 December 31, 2020
Non-Pass
PassOAEMSubstandardDoubtfulLossTotal Non-PassTotal
(dollars in thousands)
Commercial, financial, agricultural and other$1,491,916 $48,233 $15,837 $— $— $64,070 $1,555,986 
Time and demand1,477,312 48,233 15,837 — — 64,070 1,541,382 
Commercial credit cards14,604 — — — — — 14,604 
Real estate construction426,663 504 54 — — 558 427,221 
Residential real estate1,740,992 1,902 7,698 — — 9,600 1,750,592 
Residential first lien1,138,409 1,780 4,134 — — 5,914 1,144,323 
Residential junior lien/home equity602,583 122 3,564 — — 3,686 606,269 
Commercial real estate1,983,258 175,995 52,316 — — 228,311 2,211,569 
Multifamily369,883 131 1,225 — — 1,356 371,239 
Nonowner occupied1,216,252 161,336 43,563 — — 204,899 1,421,151 
Owner occupied397,123 14,528 7,528 — — 22,056 419,179 
Loans to individuals815,541 — 274 — — 274 815,815 
Automobile712,539 — 261 — — 261 712,800 
Consumer credit cards12,360 — — — — — 12,360 
Consumer other90,642 — 13 — — 13 90,655 
Total loans$6,458,370 $226,634 $76,179 $— $— $302,813 $6,761,183 

19
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following table summarizes the loan risk rating category by loan type including term loans on an amortized cost basis by origination year:
March 31, 2021
Term LoansRevolving Loans
20212020201920182017PriorTotal
(dollars in thousands)
Time and demand$257,058 $396,576 $189,596 $122,119 $66,911 $144,948 $364,072 $1,541,280 
Pass257,058 396,448 186,044 121,121 58,332 122,354 343,432 1,484,789 
OAEM— 92 3,182 407 2,208 14,292 16,007 36,188 
Substandard— 36 370 591 6,371 8,302 4,633 20,303 
Commercial credit cards— — — — — — 14,391 14,391 
Pass— — — — — — 14,391 14,391 
Real estate construction9,316 180,780 126,114 70,292 14,708 1,726 1,644 404,580 
Pass9,316 180,780 126,114 70,292 14,708 1,442 1,392 404,044 
OAEM— — — — — 230 252 482 
Substandard— — — — — 54 — 54 
Residential first lien83,849 331,249 165,945 122,959 99,601 346,732 1,979 1,152,314 
Pass83,849 331,226 165,945 122,578 99,536 341,751 1,902 1,146,787 
OAEM— — — 79 — 1,406 77 1,562 
Substandard— 23 — 302 65 3,575 — 3,965 
Residential junior lien/home equity6,749 2,922 5,294 4,154 1,801 7,763 575,618 604,301 
Pass6,749 2,922 5,211 4,154 1,801 7,522 572,164 600,523 
OAEM— — — — — 106 10 116 
Substandard— — 83 — — 135 3,444 3,662 
Multifamily7,020 76,288 16,794 70,837 79,170 112,089 1,406 363,604 
Pass7,020 76,288 16,794 70,837 79,170 111,422 1,406 362,937 
OAEM— — — — — 128 — 128 
Substandard— — — — — 539 — 539 
Nonowner occupied19,627 99,280 202,069 166,231 206,739 693,120 6,902 1,393,968 
Pass19,627 99,280 196,474 156,236 164,325 564,024 6,621 1,206,587 
OAEM— — 5,595 9,995 35,497 99,636 127 150,850 
Substandard— — — — 6,917 29,460 154 36,531 
Owner occupied13,323 57,587 66,580 55,783 39,600 172,403 4,658 409,934 
Pass13,323 55,839 65,010 53,992 38,257 161,623 4,440 392,484 
OAEM— 1,748 672 986 1,319 6,033 33 10,791 
Substandard— — 898 805 24 4,747 185 6,659 
Automobile116,255 329,579 181,901 82,762 36,407 12,157 — 759,061 
Pass116,255 329,579 181,809 82,745 36,378 12,058 — 758,824 
Substandard— — 92 17 29 99 — 237 
Consumer credit cards— — — — — — 10,901 10,901 
Pass— — — — — — 10,901 10,901 
Consumer other1,087 6,882 12,760 9,023 1,523 6,600 44,685 82,560 
Pass1,087 6,882 12,760 9,023 1,523 6,554 44,655 82,484 
Substandard— — — — — 46 30 76 
Total$514,284 $1,481,143 $967,053 $704,160 $546,460 $1,497,538 $1,026,256 $6,736,894 


20
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

December 31, 2020
Term LoansRevolving Loans
20202019201820172016PriorTotal
(dollars in thousands)
Time and demand$598,053 $193,601 $142,224 $72,277 $74,228 $83,313 $377,686 $1,541,382 
Pass597,405 189,834 140,473 63,137 68,007 65,418 353,038 1,477,312 
OAEM93 3,373 972 8,820 6,182 8,043 20,750 48,233 
Substandard555 394 779 320 39 9,852 3,898 15,837 
Commercial credit cards— — — — — — 14,604 14,604 
Pass— — — — — — 14,604 14,604 
Real estate construction150,493 133,195 104,167 34,803 389 1,009 3,165 427,221 
Pass150,493 133,195 104,167 34,803 389 709 2,907 426,663 
OAEM— — — — — 246 258 504 
Substandard— — — — — 54 — 54 
Residential first lien316,052 184,550 142,823 110,365 91,495 297,057 1,981 1,144,323 
Pass316,028 184,533 142,467 110,260 91,059 292,158 1,904 1,138,409 
OAEM— — 83 — 100 1,520 77 1,780 
Substandard24 17 273 105 336 3,379 — 4,134 
Residential junior lien/home equity3,055 5,783 4,545 2,005 1,303 7,127 582,451 606,269 
Pass3,055 5,698 4,545 2,005 1,303 6,909 579,068 602,583 
OAEM— — — — — 112 10 122 
Substandard— 85 — — — 106 3,373 3,564 
Multifamily76,249 16,287 69,439 66,963 34,383 106,328 1,590 371,239 
Pass76,249 16,287 69,439 66,963 34,383 104,972 1,590 369,883 
OAEM— — — — — 131 — 131 
Substandard— — — — — 1,225 — 1,225 
Nonowner occupied105,861 199,280 161,018 214,915 217,883 518,052 4,142 1,421,151 
Pass105,861 190,301 139,643 181,659 175,148 419,900 3,740 1,216,252 
OAEM— 8,979 21,375 26,339 37,762 66,752 129 161,336 
Substandard— — — 6,917 4,973 31,400 273 43,563 
Owner occupied59,519 72,313 61,079 40,796 27,415 152,555 5,502 419,179 
Pass58,551 70,726 55,478 39,351 26,359 141,376 5,282 397,123 
OAEM968 684 4,736 1,421 114 6,572 33 14,528 
Substandard— 903 865 24 942 4,607 187 7,528 
Automobile350,293 202,923 96,355 45,218 14,285 3,726 — 712,800 
Pass350,293 202,827 96,336 45,187 14,255 3,641 — 712,539 
Substandard— 96 19 31 30 85 — 261 
Consumer credit cards— — — — — — 12,360 12,360 
Pass— — — — — — 12,360 12,360 
Consumer other7,814 14,464 10,752 1,965 711 6,383 48,566 90,655 
Pass7,814 14,464 10,752 1,965 711 6,373 48,563 90,642 
Substandard— — — — — 10 3 13 
Total$1,667,389 $1,022,396 $792,402 $589,307 $462,092 $1,175,550 $1,052,047 $6,761,183 


21
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Portfolio Risks
The credit quality of our loan portfolio can potentially represent significant risk to our earnings, capital and liquidity. First Commonwealth devotes substantial resources to 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 three months ended March 31, 2021 and 2020 were $3.3 million and $3.5 million, respectively.
Age Analysis of Past Due Loans by Segment
The following tables delineate the aging analysis of the recorded investments in past due loans as of March 31, 2021 and December 31, 2020. Also included in these tables are loans that are 90 days or more past due and still accruing because they are well-secured and in the process of collection.
 March 31, 2021
 30 - 59 days past due60 - 89 days past due90 days or greater and still accruingNonaccrualTotal past due and nonaccrualCurrentTotal
 (dollars in thousands)
Commercial, financial, agricultural and other$155 $31 $6 $8,729 $8,921 $1,546,750 $1,555,671 
Time and demand78 19 — 8,729 8,826 1,532,454 1,541,280 
Commercial credit cards77 112 6 — 95 14,296 14,391 
Real estate construction— — — 54 54 404,526 404,580 
Residential real estate3,407 681 482 6,806 11,376 1,745,239 1,756,615 
Residential first lien1,703 378 228 3,367 5,676 1,146,638 1,152,314 
Residential junior lien/home equity1,704 303 254 3,439 5,700 598,601 604,301 
Commercial real estate671 154 — 27,782 28,607 2,138,899 2,167,506 
Multifamily— — — 459 459 363,145 363,604 
Nonowner occupied154 102 — 25,018 25,274 1,368,694 1,393,968 
Owner occupied517 52 — 2,305 2,874 407,060 409,934 
Loans to individuals1,198 540 591 313 2,642 849,880 852,522 
Automobile775 1266 87 237 1,365 757,696 759,061 
Consumer credit cards58 56 42 — 156 10,745 10,901 
Consumer other365 218 462 76 1,121 81,439 82,560 
Total loans$5,431 $1,406 $1,079 $43,684 $51,600 $6,685,294 $6,736,894 
 
22
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

 December 31, 2020
 30 - 59 days past due60 - 89 days past due90 days or greater and still accruingNonaccrualTotal past due and nonaccrual CurrentTotal
 (dollars in thousands)
Commercial, financial, agricultural and other$146 $62 $112 $3,317 $3,637 $1,552,349 $1,555,986 
Time and demand97 28 23 3,317 3,465 1,537,917 1,541,382 
Commercial credit cards49 134 89 — 172 14,432 14,604 
Real estate construction936 — — 54 990 426,231 427,221 
Residential real estate3,883 1,492 769 6,824 12,968 1,737,624 1,750,592 
Residential first lien1,775 660 267 3,489 6,191 1,138,132 1,144,323 
Residential junior lien/home equity2,108 832 502 3,335 6,777 599,492 606,269 
Commercial real estate237 160 3 35,072 35,472 2,176,097 2,211,569 
Multifamily— — — 460 460 370,779 371,239 
Nonowner occupied18 104 — 31,822 31,944 1,389,207 1,421,151 
Owner occupied219 56 3 2,790 3,068 416,111 419,179 
Loans to individuals2,870 852 639 274 4,635 811,180 815,815 
Automobile2,090 1417 94 261 2,862 709,938 712,800 
Consumer credit cards52 39 123 — 214 12,146 12,360 
Consumer other728 396 422 13 1,559 89,096 90,655 
Total loans$8,072 $2,566 $1,523 $45,541 $57,702 $6,703,481 $6,761,183 
Nonaccrual Loans
The previous tables summarize nonaccrual loans by loan segment. The Company generally places loans on nonaccrual status when the full and timely collection of interest or principal becomes uncertain, when part of the principal balance has been charged off and no restructuring has occurred, or the loans reach a certain number of days past due. Generally, loans 90 days or more past due are placed on nonaccrual status, except for consumer loans, which are placed on nonaccrual status at 150 days past due.
When a loan is placed on nonaccrual, the accrued unpaid interest receivable is reversed against interest income and all future payments received are applied as a reduction to the loan principal. Generally, the loan is returned to accrual status when (a) all delinquent interest and principal becomes current under the terms of the loan agreement or (b) the loan is both well-secured and in the process of collection and collectability is no longer in doubt.
Nonperforming Loans
Management considers loans to be nonperforming 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. Nonperforming loans include nonaccrual loans and all troubled debt restructured loans. When management identifies a loan as nonperforming, the credit loss is measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, except when the sole source for repayment of the loan is the operation or liquidation of collateral. When the loan is collateral dependent, the appraised value less estimated cost to sell is utilized. If management determines the value of the loan is less than the recorded investment in the loan, a credit loss is recognized through an allowance estimate or a charge-off to the allowance for credit losses.
When the ultimate collectability of the total principal of a nonperforming 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 a nonperforming loan is not in doubt and the loan is on nonaccrual status, contractual interest is credited to interest income when received under the cash basis method.
At March 31, 2021, there were no nonperforming loans held for sale. At December 31, 2020, there was one nonperforming loan totaling $13 thousand. During the three months ended March 31, 2021, a $5.0 million nonperforming relationship was
23
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

transferred to held for sale and sold resulting in a $0.4 million gain. During the three months ended March 31, 2020, there were no gains recognized on the sale of nonperforming loans.
The following tables include the recorded investment and unpaid principal balance for nonperforming loans with the associated allowance amount, if applicable, as of March 31, 2021 and December 31, 2020. Also presented are the average recorded investment in nonperforming loans and the related amount of interest recognized while the loan was considered nonperforming. Average balances are calculated using month-end balances of the loans for the period reported and are included in the table below based on their period-end allowance position.
 March 31, 2021December 31, 2020
 Recorded
investment		Unpaid
principal
balance		Related
allowance		Recorded
investment		Unpaid
principal
balance		Related
allowance
 (dollars in thousands)
With no related allowance recorded:
Commercial, financial, agricultural and other$1,780 $7,659 $2,025 $2,725 
Time and demand1,780 7,659 2,025 2,725 
Real estate construction54 53 54 53 
Residential real estate10,814 13,199 10,939 13,258 
Residential first lien5,856 7,402 6,062 7,575 
Residential junior lien/home equity4,958 5,797 4,877 5,683 
Commercial real estate20,653 22,754 20,650 23,641 
Multifamily— — 1 82 
Nonowner occupied18,125 19,933 16,786 19,459 
Owner occupied2,528 2,821 3,863 4,100 
Loans to individuals505 546 418 447 
Automobile429 465 405 430 
Consumer other76 81 13 17 
Subtotal33,806 44,211 34,086 40,124 
With an allowance recorded:
Commercial, financial, agricultural and other8,957 9,038 2,506 4,210 9,377 1,268 
Time and demand8,957 9,038 2,506 4,210 9,377 1,268 
Real estate construction— — — — — — 
Residential real estate— — — — — — 
Residential first lien— — — — — — 
Residential junior lien/home equity— — — — — — 
Commercial real estate7,618 7,693 601 15,757 15,830 3,638 
Multifamily459 473 115 459 470 116 
Nonowner occupied6,917 6,979 459 15,060 15,122 3,508 
Owner occupied242 241 27 238 238 14 
Loans to individuals— — — — — — 
Automobile— — — — — — 
Consumer other— — — — — — 
Subtotal16,575 16,731 3,107 19,967 25,207 4,906 
Total$50,381 $60,942 $3,107 $54,053 $65,331 $4,906 


24
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)


 For the Three Months Ended March 31,
 20212020
Total LoansOriginated LoansAcquired Loans
 Average
recorded
investment		Interest
income
recognized		Average
recorded
investment		Interest
income
recognized		Average
recorded
investment		Interest
income
recognized
 (dollars in thousands)
With no related allowance recorded:
Commercial, financial, agricultural and other$2,280 $11 $925 $4 $74 $— 
Time and demand2,280 11 
Real estate construction54 — — — — — 
Residential real estate10,892 63 10,529 78 2,090 2 
Residential first lien5,982 45 
Residential junior lien/home equity4,910 18 
Commercial real estate25,739 22 4,086 22 229 — 
Multifamily— — 
Nonowner occupied22,593 7 
Owner occupied3,146 15 
Loans to individuals479 2 445 3 12 — 
Automobile437 2 
Consumer other42 — 
Subtotal39,444 98 15,985 107 2,405 2 
With an allowance recorded:
Commercial, financial, agricultural and other4,895 18 7,838 18 — — 
Time and demand4,895 18 
Real estate construction— — — — — — 
Residential real estate— — 325 — — — 
Residential first lien— — 
Residential junior lien/home equity— — 
Commercial real estate7,462 — 13,114 1 616 — 
Multifamily464 — 
Nonowner occupied6,917 — 
Owner occupied81 — 
Loans to individuals— — — — — — 
Automobile— — 
Consumer other— — 
Subtotal12,357 18 21,277 19 616 — 
Total$51,801 $116 $37,262 $126 $3,021 $2 
Unfunded commitments related to nonperforming loans were $0.2 million at both March 31, 2021 and December 31, 2020. After consideration of the requirements to draw and available collateral related to these commitments, a reserve of $6 thousand and $26 thousand was established for these off balance sheet exposures at March 31, 2021 and December 31, 2020, respectively.
25
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Troubled debt restructured loans are those loans whose terms have been renegotiated to provide a reduction or deferral of principal or interest as result of the financial difficulties experienced by the borrower, who could not obtain comparable terms from alternative financing sources. Troubled debt restructured loans are considered to be nonperforming loans.
In March 2020, the Company began offering short-term loan modifications to assist borrowers during the COVID-19 national emergency. These modifications typically provide for the deferral of both principal and interest for 90 days. The CARES Act, along with a joint agency statement issued by banking regulators, provides that short-term modifications, meeting certain criteria and in response to COVID-19, do not need to be accounted for as a troubled debt restructured loans. Additionally, short-term loan modifications that are not accounted for as a troubled debt restructured loan, in accordance with the CARES Act, would remain classified as current during the deferral period and therefore are not reflected in the past due loan tables provided on the prior page. As of March 31, 2021, loans with an aggregate principal balance of $136.6 million were in a forbearance period granted under the CARES Act.
The following table provides detail as to the total troubled debt restructured loans and total commitments outstanding on troubled debt restructured loans:
March 31, 2021December 31, 2020
 (dollars in thousands)
Troubled debt restructured loans
Accrual status$6,697 $8,512 
Nonaccrual status20,628 14,740 
Total$27,325 $23,252 
Commitments
Letters of credit$60 $60 
Unused lines of credit12 11 
Total$72 $71 
The following tables provide detail, including specific reserves and reasons for modification, related to loans identified as troubled debt restructurings:
 For the Three Months Ended March 31, 2021
  Type of Modification   
 Number
of
Contracts		Extend
Maturity		Modify
Rate		Modify
Payments		Total
Pre-Modification
Outstanding
Recorded
Investment		Post-
Modification
Outstanding
Recorded
Investment		Specific
Reserve
 (dollars in thousands)
Commercial, financial, agricultural and other2 $6,373 $— $— $6,373 $6,339 $1,190 
Time and demand2 6,373 — — 6,373 6,339 1,190 
Residential real estate3 — 105 14 119 119 — 
Residential first lien2 — 105 — 105 106 — 
Residential junior lien/home equity1 — — 14 14 13 — 
Loans to individuals2 — 64 — 64 61 — 
Automobile2 — 64 — 64 61 — 
Total7 $6,373 $169 $14 $6,556 $6,519 $1,190 

26
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

 For the Three Months Ended March 31, 2020
  Type of Modification   
 Number
of
Contracts		Extend
Maturity		Modify
Rate		Modify
Payments		Total
Pre-Modification
Outstanding
Recorded
Investment		Post-
Modification
Outstanding
Recorded
Investment		Specific
Reserve
 (dollars in thousands)
Residential real estate2 — — 118 118 117 — 
Commercial real estate2 — — 12 12 12 — 
Loans to individuals8 — 18 129 147 144 — 
Total12 $— $18 $259 $277 $273 $— 
The troubled debt restructurings included in the above tables are also included in the nonperforming loan tables provided earlier in this note. Loans defined as modified due to a change in rate may include loans that were modified for a change in rate as well as a re-amortization of the principal and an extension of the maturity. For the three months ended March 31, 2021 and 2020, $169 thousand and $18 thousand, respectively, of total rate modifications represent loans with modifications to the rate as well as payment as a result of re-amortization. For both 2021 and 2020 the changes in loan balances between the pre-modification balance and the post-modification balance are due to customer payments.
A troubled debt restructuring is considered to be in default when a restructured loan is 90 days or more past due. The following table provides information related to loans that were restructured within the past twelve months and that were considered to be in default during the three months ended March 31:
 20212020
 Number of
Contracts		Recorded
Investment		Number of
Contracts		Recorded
Investment
 (dollars in thousands)
Residential real estate— $— 1 $71 
Total— $— 1 $71 
27
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)


The following tables provide detail related to the allowance for credit losses:
 For the Three Months Ended March 31, 2021
Beginning balanceCharge-offsRecoveries
Provision (credit)a
Ending balance
(dollars in thousands)
Commercial, financial, agricultural and other$17,187 $(569)$90 $5,093 $21,801 
Time and demand16,838 (460)89 4,960 21,427 
Commercial credit cards349 (109)1 133 374 
Real estate construction7,966 — — (3,945)4,021 
Residential real estate14,358 — (105)37 (1,461)12,829 
Residential first lien7,919 (23)23 (692)7,227 
Residential junior lien/home equity6,439 (82)14 (769)5,602 
Commercial real estate41,953 (1,550)39 (2,774)37,668 
Multifamily6,240 (1)— (1,988)4,251 
Nonowner occupied28,414 (1,549)39 985 27,889 
Owner occupied7,299 — — — (1,771)5,528 
Loans to individuals19,845 (1,541)329 1,811 20,444 
Automobile16,133 (680)181 1,254 16,888 
Consumer credit cards635 (168)17 205 689 
Consumer other3,077 (693)131 352 2,867 
Total loans$101,309 $(3,765)$495 $(1,276)$96,763 
a) The provision expense(credit) shown here excludes the provision for off-balance sheet credit exposure included in the income statement.



28
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)


For the Three Months Ended March 31, 2021
Loans
Ending balanceEnding balance: individually evaluated for credit lossesEnding balance: collectively evaluated for credit lossesEnding balanceEnding balance: individually evaluated for credit lossesEnding balance: collectively evaluated for credit losses
(dollars in thousands)
Commercial, financial, agricultural and other$21,801 $2,506 $19,295 $1,555,671 $9,991 $1,545,680 
Time and demand21,427 2,506 18,921 1,541,280 9,991 1,531,289 
Commercial credit cards374 — 374 14,391 — 14,391 
Real estate construction4,021 — 4,021 404,580 — 404,580 
Residential real estate12,829 — 12,829 1,756,615 1,055 1,755,560 
Residential first lien7,227 — 7,227 1,152,314 512 1,151,802 
Residential junior lien/home equity5,602 — 5,602 604,301 543 603,758 
Commercial real estate37,668 601 37,067 2,167,506 27,413 2,140,093 
Multifamily4,251 115 4,136 363,604 459 363,145 
Nonowner occupied27,889 459 27,430 1,393,968 24,883 1,369,085 
Owner occupied5,528 27 5,501 409,934 2,071 407,863 
Loans to individuals20,444 — 20,444 852,522 — 852,522 
Automobile16,888 — 16,888 759,061 — 759,061 
Consumer credit cards689 — 689 10,901 — 10,901 
Consumer other2,867 — 2,867 82,560 — 82,560 
Total loans$96,763 $3,107 $93,656 $6,736,894 $38,459 $6,698,435 





29
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

 For the Three Months Ended March 31, 2020
 Commercial,
financial,
agricultural
and other		Real estate
construction		Residential
real estate		Commercial
real estate		Loans to
individuals		Total
 (dollars in thousands)
Allowance for credit losses:
Originated loans:
Beginning balance$20,221 $2,558 $4,091 $19,731 $4,984 $51,585 
Charge-offs(486)— (552)(265)(2,483)(3,786)
Recoveries68 — 62 44 212 386 
Provision (credit)7,575 294 4,123 11,755 5,555 29,302 
Ending balance27,378 2,852 7,724 31,265 8,268 77,487 
Acquired loans:
Beginning balance13 — 2 37 — 52 
Charge-offs— — (25)(1)(136)(162)
Recoveries13 — 13 — 7 33 
Provision (credit)324 — 10 1,202 129 1,665 
Ending balance350 — — 1,238 — 1,588 
Total ending balance$27,728 $2,852 $7,724 $32,503 $8,268 $79,075 
Ending balance: individually evaluated for impairment$2,727 $— $— $7,072 $— $9,799 
Ending balance: collectively evaluated for impairment25,001 2,852 7,724 25,431 8,268 69,276 
Loans:
Ending balance1,272,240 413,458 1,691,140 2,190,098 747,008 6,313,944 
Ending balance: individually evaluated for impairment7,544 — 1,506 36,513 — 45,563 
Ending balance: collectively evaluated for impairment1,264,696 413,458 1,689,634 2,153,585 747,008 6,268,381 

Note 8 Leases
First Commonwealth has elected to apply certain practical expedients provided under ASU 2016-02 "Leases" (Topic 842) 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, including 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.

30
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following table represents the unaudited Consolidated Statements of Condition classification of the Company’s ROU assets and lease liabilities, lease costs and other lease information.
March 31, 2021December 31, 2020
Balance sheet:
Operating lease asset classified as premises and equipment$41,073 $42,617 
Operating lease liability classified as other liabilities45,284 46,819 
For the Three Months Ended
March 31, 2021March 31, 2020
Income statement:
    Operating lease cost classified as occupancy and equipment expense
$1,208 $1,368 
Weighted average lease term, in years14.7215.11
Weighted average discount rate3.41 %3.42 %
Operating cash flows$1,201 $1,312 
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.
Future minimum payments for operating leases with initial or remaining terms of one year or more as of March 31, 2021 were as follows (dollars in thousands):
For the twelve months ended:
March 31, 2022$4,720 
March 31, 20234,556 
March 31, 20244,406 
March 31, 20254,289 
March 31, 20263,952 
Thereafter36,832 
Total future minimum lease payments58,755 
Less remaining imputed interest13,471 
Operating lease liability$45,284 

Note 9 Income Taxes
In accordance with FASB ASC Topic 740-10, “Accounting for Uncertainty in Income Taxes,” at March 31, 2021 and December 31, 2020, First Commonwealth had no material unrecognized tax benefits or accrued interest and penalties. If applicable, First Commonwealth will record interest and penalties as a component of noninterest expense.
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, 2017 are no longer open to examination by federal and state taxing authorities.
Note 10 Fair Values of Assets and Liabilities
FASB ASC Topic 820, “Fair Value Measurements and Disclosures,” requires disclosures for non-financial assets and non-financial liabilities, except for items that are recognized or disclosed at fair value in the financial statements on a recurring basis
31
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(at least annually). All non-financial assets are included either as a separate line item on the unaudited Consolidated Statements of Financial Condition or in the “Other assets” category of the unaudited 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, premise held for sale, interest rate derivatives (including interest rate caps, interest rate collars, interest rate swaps and risk participation agreements), certain other real estate owned and certain nonperforming 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 recorded in the unaudited Consolidated Statements of Financial Condition are primarily comprised of FHLB stock whose estimated fair value is based on its par value. Additional information on FHLB stock is provided in Note 6, “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 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. Also included in loans held for sale are commercial loans for which fair value is determined using an executed trade or market bid obtained from potential buyers.
During the third quarter of 2020, the company announced the consolidation of 29 branch locations into nearby offices. As a result, at March 31, 2021, eight owned locations are held for sale and are being carried at the lower of cost or fair value. Two of these locations are carried at fair value, determined by an independent market-based appraisal less estimated costs to sell, and are classified as Level 2.
Interest rate derivatives are reported at an estimated fair value utilizing Level 2 inputs and are included in other assets and other liabilities, and consist of interest rate swaps where there is no significant deterioration in the counterparties' and/or 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
32
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

thirty years. These yield curves determine the valuations of interest rate swaps. Interest rate derivatives are further described in Note 11, “Derivatives.”
For purposes of potential valuation adjustments to our derivative positions, First Commonwealth evaluates the credit risk of its counterparties as well as our own credit risk. Accordingly, we have considered factors such as the likelihood of default, expected loss given default, net exposures and remaining contractual life, among other things, in determining if any 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.
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 other real estate owned and certain nonperforming loans.
The estimated fair value of 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 the credit quality of the underlying counterparties (loan customers).
33
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

In accordance with ASU No. 2011-4, the following table provides information related to quantitative inputs and assumptions used in Level 3 fair value measurements.
Fair Value (dollars
in thousands)		Valuation
Technique		Unobservable InputsRange /
(weighted average)
March 31, 2021
Other Investments$1,670 CarryingValueN/AN/A
Nonperforming Loans736  (a)Gas Reserve StudyDiscount rate10.00%
Gas per MMBTU$2.00 - $2.00 (b)
Oil per BBL/d$50.00 - $50.00 (b)
5,149  (a)Discounted Cash FlowDiscount Rate6.50%
Limited Partnership Investments7,010 Par ValueN/AN/A
December 31, 2020
Other Investments$1,670 CarryingValueN/AN/A
Nonperforming Loans798  (a)Gas Reserve StudyDiscount rate10.00%
Gas per MMBTU$1.46 - $1.48 (b)
Oil per BBL/d$36 - $36 (b)
Limited Partnership Investments6,619 Par ValueN/AN/A
 
(a)The remainder of nonperforming 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 nonperforming 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 nonperforming loans relate to gas, oil and natural gas prices. Increases in these prices would result in an increase in the estimated fair value of the loans, while a decrease in these prices would result in a lower fair value measurement.
The tables below present the balances of assets and liabilities measured at fair value on a recurring basis:
 March 31, 2021
 Level 1Level 2Level 3Total
 (dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities - Residential$— $6,690 $— $6,690 
Mortgage-Backed Securities - Commercial— 272,901 — 272,901 
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities - Residential— 728,668 — 728,668 
Other Government-Sponsored Enterprises— 975 — 975 
Obligations of States and Political Subdivisions— 9,565 — 9,565 
Corporate Securities— 24,459 — 24,459 
Total Securities Available for Sale— 1,043,258 — 1,043,258 
Other Investments— 11,775 1,670 13,445 
Loans Held for Sale— 20,604 — 20,604 
Premises and Equipment, net— 291 — 291 
Other Assets(a)
— 33,555 7,010 40,565 
Total Assets$— $1,109,483 $8,680 $1,118,163 
Other Liabilities(a)
$— $36,171 $— $36,171 
Total Liabilities$— $36,171 $— $36,171 
(a)Hedging and non-hedging interest rate derivatives and limited partnership investments

34
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

 December 31, 2020
 Level 1Level 2Level 3Total
 (dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities - Residential$— $7,230 $— $7,230 
Mortgage-Backed Securities - Commercial— 191,180 — 191,180 
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities - Residential— 496,033 — 496,033 
Other Government-Sponsored Enterprises— 100,998 — 100,998 
Obligations of States and Political Subdivisions— 11,397 — 11,397 
Corporate Securities— 24,385 — 24,385 
Total Securities Available for Sale— 831,223 — 831,223 
Other Investments— 10,557 1,670 12,227 
Loans Held for Sale— 33,436 — 33,436 
Premises and Equipment, net— 442 — 442 
Other Assets(a)
— 54,362 6,619 60,981 
Total Assets$— $930,020 $8,289 $938,309 
Other Liabilities(a)
$— $61,308 $— $61,308 
Total Liabilities$— $61,308 $— $61,308 
(a)Hedging and non-hedging interest rate derivatives and limited partnership investments

For the three months ended March 31, changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows:
 2021
 Other InvestmentsOther
Assets		Total
 (dollars in thousands)
Balance, beginning of period$1,670 $6,620 $8,290 
Total gains or losses
Included in earnings— — — 
Included in other comprehensive income— — — 
Purchases, issuances, sales and settlements
Purchases— 390 390 
Issuances— — — 
Sales— — — 
Settlements— — — 
Transfers from Level 3— — — 
Transfers into Level 3— — — 
Balance, end of period$1,670 $7,010 $8,680 
 

 

35
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

 2020
 Other InvestmentsOther
Assets		Total
 (dollars in thousands)
Balance, beginning of period$1,670 $5,795 $7,465 
Total gains or losses
Included in earnings— — — 
Included in other comprehensive income— — — 
Purchases, issuances, sales and settlements
Purchases— 428 428 
Issuances— — — 
Sales— — — 
Settlements— — — 
Transfers from Level 3— — — 
Transfers into Level 3— — — 
Balance, end of period$1,670 $6,223 $7,893 

The tables below present the balances of assets measured at fair value on a nonrecurring basis at:
 March 31, 2021
 Level 1Level 2Level 3Total
 (dollars in thousands)
Nonperforming loans$— $29,467 $17,807 $47,274 
Other real estate owned— 1,063 — 1,063 
Total Assets$— $30,530 $17,807 $48,337 

 December 31, 2020
 Level 1Level 2Level 3Total
 (dollars in thousands)
Nonperforming loans$— $35,543 $13,604 $49,147 
Other real estate owned— 1,319 — 1,319 
Total Assets$— $36,862 $13,604 $50,466 
The following losses were realized on the assets measured on a nonrecurring basis:
 For the Three Months Ended March 31,
 20212020
 (dollars in thousands)
Nonperforming loans$205 $(8,029)
Other real estate owned(6)(101)
Total losses$199 $(8,130)
Nonperforming loans over $250 thousand are individually reviewed to determine the amount of each loan considered to be at risk of non-collection. The fair value for nonperforming 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 nonperforming 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 nonperforming 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.
36
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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 $0.9 million as of March 31, 2021 and consists primarily of residential and commercial real estate properties in Pennsylvania. We review whether events and circumstances subsequent to a transfer to other real estate owned have occurred that indicate the balance of those assets may not be recoverable. If events and circumstances indicate further impairment we will record a charge to the extent that the carrying value of the assets exceed their fair values, less estimated cost to sell, as determined by valuation techniques appropriate in the circumstances.
Certain other assets and liabilities, including goodwill, 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 goodwill is provided in Note 12, “Goodwill.” There were no other assets or liabilities measured at fair value on a nonrecurring basis during the three months ended March 31, 2021.
FASB ASC 825-10, “Transition Related to FSP FAS 107-1” and APB 28-1, “Interim Disclosures about Fair Value of Financial Instruments,” requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis. The methodologies for estimating the fair value of financial assets and financial liabilities that are measured at fair value on a recurring or nonrecurring basis are as discussed above. The methodologies for other financial assets and financial liabilities are discussed below.
Cash and due from banks and interest-bearing bank deposits: The carrying amounts for cash and due from banks and interest-bearing bank deposits approximate the estimated fair values of such assets.
Securities: Fair values for securities available for sale and held to maturity are based on quoted market prices, if available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments. The carrying value of other investments, which includes FHLB stock and other equity investments, is considered a reasonable estimate of fair value.
Loans: The fair values of all loans are estimated by discounting the estimated future cash flows using interest rates currently offered for loans with similar terms to borrowers of similar credit quality adjusted for past due and nonperforming loans.
Loans held for sale: The estimated fair value of loans held for sale is based on market bids obtained from potential buyers.
Off-balance sheet instruments: Many of First Commonwealth’s off-balance sheet instruments, primarily loan commitments and standby letters of credit, are expected to expire without being drawn upon; therefore, the commitment amounts do not necessarily represent future cash requirements. FASB ASC Topic 460, “Guarantees” clarified that a guarantor is required to recognize, at the inception of a guarantee, a liability for the fair value of the obligation undertaken in issuing the guarantee. The carrying amount and estimated fair value for standby letters of credit was $0.1 million at both March 31, 2021 and December 31, 2020. See Note 5, “Commitments and Contingent Liabilities,” for additional information.
Deposit liabilities: The estimated fair value of demand deposits, savings accounts and money market deposits is the amount payable on demand at the reporting date because of the customers’ ability to withdraw funds immediately. The carrying value of variable rate time deposit accounts and certificates of deposit approximate their fair values at the report date. Also, fair values of fixed rate time deposits for both periods are estimated by discounting the future cash flows using interest rates currently being offered and a schedule of aggregated expected maturities.
Short-term borrowings: The fair values of borrowings from the FHLB were estimated based on the estimated incremental borrowing rate for similar type 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 is estimated by discounting the future cash flows using First Commonwealth’s estimate of the current market rate for similar types of borrowing arrangements.
37
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following table presents carrying amounts and fair values of First Commonwealth’s financial instruments:
 March 31, 2021
  Fair Value Measurements Using:
 Carrying
Amount		TotalLevel 1Level 2Level 3
 (dollars in thousands)
Financial assets
Cash and due from banks$83,989 $83,989 $83,989 $— $— 
Interest-bearing deposits420,645 420,645 420,645 — — 
Securities available for sale1,043,258 1,043,258 — 1,043,258 — 
Securities held to maturity407,833 408,118 — 408,118 — 
Other investments13,445 13,445 — 11,775 1,670 
Loans held for sale20,604 20,604 — 20,604 — 
Loans6,736,894 7,111,000 — 29,467 7,081,533 
Financial liabilities
Deposits7,869,256 7,869,730 — 7,869,730 — 
Short-term borrowings110,762 110,446 — 110,446 — 
Subordinated debt170,653 172,619 — — 172,619 
Long-term debt56,089 57,276 — 57,276 — 
Capital lease obligation6,270 6,270 — 6,270 — 

 December 31, 2020
  Fair Value Measurements Using:
 Carrying
Amount		TotalLevel 1Level 2Level 3
 (dollars in thousands)
Financial assets
Cash and due from banks$100,009 $100,009 $100,009 $— $— 
Interest-bearing deposits256,572 256,572 256,572 — — 
Securities available for sale831,223 831,223 — 831,223 — 
Securities held to maturity361,844 369,851 — 369,851 — 
Other investments12,227 12,227 — 10,557 1,670 
Loans held for sale33,436 33,436 — 33,436 — 
Loans6,761,183 7,202,763 — 35,543 7,167,220 
Financial liabilities
Deposits7,438,666 7,440,906 — 7,440,906 — 
Short-term borrowings117,373 117,037 — 117,037 — 
Subordinated debt170,612 165,665 — — 165,665 
Long-term debt56,258 57,881 — 57,881 — 
Capital lease obligation6,385 6,385 — 6,385 — 

38
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 11 Derivatives
Derivatives Not Designated as Hedging Instruments
First Commonwealth is a party to interest rate derivatives that are not designated as hedging instruments. These derivatives relate to interest rate swaps that First Commonwealth enters into with customers to allow customers to convert variable rate loans to a fixed rate. First Commonwealth pays interest to the customer at a floating rate on the notional amount and receives interest from the customer at a fixed rate for the same notional amount. At the same time the interest rate swap is entered into with the customer, an offsetting interest rate swap is entered into with another financial institution. First Commonwealth pays the other financial institution interest at the same fixed rate on the same notional amount as the swap entered into with the customer, and receives interest from the financial institution for the same floating rate on the same notional amount.
The changes in the fair value of the swaps offset each other, except for the credit risk of the counterparties, which is determined by taking into consideration the risk rating, probability of default and loss given default for all counterparties.
We have 36 risk participation agreements with financial institution counterparties for interest rate swaps related to loans in which we are a participant. The risk participation agreements provide credit protection to the financial institution should the borrower fail to perform on its interest rate derivative contract with the financial institution. We have 15 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 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.
Effective May 1, 2021, the Company entered into two interest rate swap contracts that were designated as cash flow hedges. The interest rate swaps have a total notional amount of $300.0 million; $150.0 million with an original maturity of four years and $150.0 million with an original maturity of five years. The Company's risk management objective for these hedges is to reduce its exposure to variability in expected future cash flows related to interest payments on commercial loans benchmarked to the 1-month LIBOR rate. Therefore, the interest rate swaps convert the interest payments on the first $300.0 million of 1-month LIBOR based commercial loans into fixed rate payments.
The periodic net settlement of these interest rate swaps are recorded as an adjustment to "Interest on subordinated debentures" in the unaudited Consolidated Statements of Income. For the three months ended March 31, 2021 there was a negative impact of $226 thousand on net interest income 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 unaudited Consolidated Statements of Income as the income on the hedged items. The cash flow hedges were highly effective at March 31, 2021, and changes in the fair value attributed to hedge ineffectiveness were not material.
The Company also enters into interest rate lock commitments in conjunction with its mortgage origination business. These are commitments to originate loans whereby the interest rate on the loan is determined prior to funding and the customers have locked into that interest rate. The Company locks the rate in with an investor and commits to deliver the loan if settlement
39
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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 unaudited Consolidated Statements of Income. The impact to noninterest income for the three months ended March 31, 2021 was a decrease $1.1 million.
Interest rate lock commitments and commitments to deliver loans to investors are considered derivatives. The market value of interest rate lock commitments and best efforts contracts are not readily ascertainable with precision because they are not actively traded in stand-alone markets. We determine the fair value of rate lock commitments and delivery contracts by measuring the fair value of the underlying asset, which is impacted by current interest rates and taking into consideration the probability that the rate lock commitments will close or will be funded. At March 31, 2021, the underlying funded mortgage loan commitments had a carrying value of $12.2 million and a fair value of $13.6 million, while the underlying unfunded mortgage loan commitments had a notional amount of $41.6 million. At December 31, 2020, the underlying funded mortgage loan commitments had a carrying value of $25.0 million and a fair value of $28.4 million, while the underlying unfunded mortgage loan commitments had a notional amount of $47.9 million. The interest rate lock commitments increased other noninterest income by $1.0 million for the three months ended March 31, 2021.
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 expense" in the unaudited Consolidated Statements of Income. The increase in other noninterest expense for the three months ended March 31, 2021 totaled $2 thousand, respectively. At March 31, 2021 and December 31, 2020, the underlying loans had a carrying value of $2.0 million and $2.1 million, respectively, and a fair value of $2.0 million and $2.1 million, respectively.

The following table depicts the credit value and fair value adjustments recorded related to the notional amount of derivatives outstanding as well as the notional amount of risk participation agreements participated to other banks:
March 31, 2021December 31, 2020
 (dollars in thousands)
Derivatives not Designated as Hedging Instruments
Credit value adjustment$(1,363)$(2,792)
Notional amount:
Interest rate derivatives639,480 631,446 
Interest rate caps66,397 66,527 
Interest rate collars35,354 35,354 
Risk participation agreements220,165 220,280 
Sold credit protection on risk participation agreements(87,063)(78,522)
Interest rate options41,641 47,874 
Derivatives Designated as Hedging Instruments
Interest rate swaps:
Fair value adjustment(1,824)(3,665)
Notional amount70,000 70,000 
Interest rate forwards:
Fair value adjustment559 (483)
Notional amount49,000 65,000 
Foreign exchange forwards:
Fair value adjustment12 (5)
Notional amount1,989 2,119 
 
40
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)


The table below presents the change in the fair value of derivative assets and derivative liabilities attributable to credit risk or fair value changes included in "Other income," 'Other expense," "Interest on subordinated debentures" or "Interest and fees on loans" in the unaudited Consolidated Statements of Income:
 For the Three Months Ended March 31,
 20212020
 (dollars in thousands)
Non-hedging interest rate derivatives
(Decrease) increase in other income$336 $(811)
Hedging interest rate derivatives
Increase (decrease) in interest from subordinated debentures226 (54)
Hedging interest rate forwards
Increase (decrease) in other income(1,042)481 
Hedging foreign exchange forwards
Increase in other expense2 5 
The fair value of our derivatives is included in a table in Note 10, “Fair Values of Assets and Liabilities,” in the line items
“Other assets” and “Other liabilities.”
Note 12 Goodwill
FASB ASC Topic 350-20, “Intangibles – Goodwill and Other” requires an annual valuation of the fair value of a reporting unit that has goodwill and a comparison of the fair value to the book value of equity to determine whether the goodwill has been impaired. Goodwill is also required to be tested on an interim basis if an event or circumstance indicates that it is more likely than not that an impairment loss has been incurred. When circumstances indicate that it is more likely than not that fair value is less than carrying value, a triggering event has occurred and a quantitative impairment test would be performed.
We consider First Commonwealth to be one reporting unit. The carrying amount of goodwill as both of March 31, 2021 and December 31, 2020 was $303.3 million. No impairment charges on goodwill or other intangible assets were incurred in 2021 or 2020.
We test goodwill for impairment as of November 30th each year and again at any quarter-end if any material events occur during a quarter that may affect goodwill.
As of March 31, 2021, no indicators of impairment were identified; 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.

41
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 13 Subordinated Debentures
Subordinated debentures outstanding are as follows:
  March 31, 2021December 31, 2020
 DueAmountRateAmountRate
  (dollars in thousands)
Owed to:
First Commonwealth Bank2028$49,337 4.875% until June 1, 2023, then LIBOR + 1.845%$49,314 4.875% until June 1, 2023, then LIBOR + 1.845%
First Commonwealth Bank203349,149 5.50% until June 1, 2028, then LIBOR + 2.37%49,131 5.50% until June 1, 2028, then LIBOR + 2.37%
First Commonwealth Capital Trust II203430,929 LIBOR + 2.85%30,929 LIBOR + 2.85%
First Commonwealth Capital Trust III203441,238 LIBOR + 2.85%41,238 LIBOR + 2.85%
Total$170,653 $170,612 
On May 21, 2018, First Commonwealth issued ten-year subordinated notes with an aggregate principal amount of $50.0 million and a fixed-to-floating rate of 4.875%. 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 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 $0.6 million 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 $0.5 million are being amortized on a straight-line basis over the term of the securities.
Note 14 Revenue Recognition

Substantially all of the Company’s revenue is generated from contracts with customers. Revenue associated with financial instruments, including revenue from loans and securities, certain noninterest income streams such as fees associated with derivatives are not in scope of ASC 606 - Revenue from Contracts with Customers. ASC 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. For contracts within the scope of ASC 606, the Company immediately expenses contract acquisition costs when the asset that would have resulted from capitalizing these costs would have been amortized in one year or less.


42
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)



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 $0.3 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 $0.9 million and $0.8 million in commission expense as of March 31, 2021 and 2020, respectively.

43
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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 daily 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 Three Months Ended March 31,
 20212020
 (dollars in thousands)
Noninterest Income
In-scope of Topic 606:
Trust income$2,516 $2,111 
Service charges on deposit accounts4,047 4,745 
Insurance and retail brokerage commissions2,172 1,995 
Card-related interchange income6,427 5,262 
Gain on sale of other loans and assets169 159 
Other income980 944 
Noninterest Income (in-scope of Topic 606)16,311 15,216 
Noninterest Income (out-of-scope of Topic 606)11,044 4,057 
Total Noninterest Income$27,355 $19,273 
44


ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
This discussion and the related financial data are presented to assist in the understanding and evaluation of the consolidated financial condition and the results of operations of First Commonwealth Financial Corporation including its subsidiaries (“First Commonwealth”) for the three months ended March 31, 2021 and 2020, and should be read in conjunction with the unaudited Consolidated Financial Statements and notes thereto included in this Form 10-Q.
Forward-Looking Statements
Certain statements contained in this report that are not historical facts may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the Securities and Exchange Commission, in press releases, and in oral and written statements made by us or with our approval that are not statements of historical fact and constitute “forward-looking statements” as well. These statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of words such as “may,” “will,” “should,” “could,” “would,” “plan,” “believe,” “expect,” “anticipate,” “intend,” “estimate” or words of similar meaning. These forward-looking statements are subject to significant risks, assumptions and uncertainties, including uncertainties regarding the impact of the COVID-19 pandemic, and could be affected by many factors, including, but not limited to: (1) the impact of the COVID-19 pandemic on First Commonwealth and its customers; (2) volatility and disruption in national and international financial markets; (3) the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board; (4) inflation, interest rate, commodity price, securities market and monetary fluctuations; (5) the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which First Commonwealth or its customers must comply; (6) the soundness of other financial institutions; (7) political instability; (8) impairment of First Commonwealth’s goodwill or other intangible assets; (9) acts of God or of war or terrorism; (10) the timely development and acceptance of new products and services and perceived overall value of these products and services by users; (11) changes in consumer spending, borrowings and savings habits; (12) changes in the financial performance and/or condition of First Commonwealth’s borrowers; (13) technological changes; (14) acquisitions and integration of acquired businesses; (15) First Commonwealth’s ability to attract and retain qualified employees; (16) changes in the competitive environment in First Commonwealth’s markets and among banking organizations and other financial service providers; (17) the ability to increase market share and control expenses; (18) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters; (19) the reliability of First Commonwealth’s vendors, internal control systems or information systems; (20) the costs and effects of legal and regulatory developments, the resolution of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals; and (21) other risks and uncertainties described in this report and in the other reports that we file with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K. Further, statements about the potential effects of the COVID-19 pandemic on our business, financial condition, liquidity and results of operations may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable, and in many cases beyond our control, including the scope and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on our customers, clients, third parties and us.
In light of these risks, uncertainties and assumptions, you should not place undue reliance on any forward-looking statements in this report. We undertake no obligation to publicly update or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Explanation of Use of Non-GAAP Financial Measure
In addition to the results of operations presented in accordance with generally accepted accounting principles (“GAAP”), First Commonwealth management uses, and this quarterly report contains or references, certain non-GAAP financial measures, such as net interest income on a fully taxable equivalent basis. We believe these non-GAAP financial measures provide information that is useful to investors in understanding our underlying operational performance and our business and performance trends as they facilitate comparison with the performance of others in the financial services industry. Although we believe that these non-
45
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES


GAAP financial measures enhance investors’ understanding of our business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP.
We believe the presentation of net interest income on a fully taxable equivalent basis ensures comparability of net interest income arising from both taxable and tax-exempt sources and is consistent with industry practice. Interest income per the unaudited Consolidated Statements of Income is reconciled to net interest income adjusted to a fully taxable equivalent basis on page 49 for the three months ended March 31, 2021 and 2020, respectively.
46
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES



Selected Financial Data
The following selected financial data should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations, which follows, and with the unaudited Consolidated Financial Statements and related notes. 
For the Three Months Ended March 31,
20212020
(dollars in thousands, except per share data)
Net Income$39,770 $4,727 
Per Share Data:
Per Share Data: Basic Earnings per Share$0.41 $0.05 
 Diluted Earnings per Share0.41 0.05 
Cash Dividends Declared per Common Share0.11 0.11 
Average Balance:
Total assets$9,130,454 $8,337,321 
Total equity1,076,555 1,071,318 
End of Period Balance:
Net loans (1)
$6,660,735 $6,260,652 
Total assets9,416,989 8,515,105 
Total deposits7,869,256 6,923,088 
Total equity1,087,480 1,057,924 
Key Ratios:
Return on average assets1.77 %0.23 %
Return on average equity14.98 %1.77 %
Dividends payout ratio26.83 %220.00 %
Average equity to average assets ratio11.79 %12.85 %
Net interest margin3.40 %3.65 %
Net loans to deposits ratio84.64 %90.43 %
(1) Includes loans held for sale.

Results of Operations
Three Months Ended March 31, 2021 Compared to Three Months Ended March 31, 2020
Net Income
For the three months ended March 31, 2021, First Commonwealth had net income of $39.8 million, or $0.41 diluted earnings per share, compared to net income of $4.7 million, or $0.05 diluted earnings per share, in the three months ended March 31, 2020. The increase in net income was primarily the result of a $4.4 million negative provision for credit losses recognized in the first quarter compared to an expense of $31.0 million in provision for credit losses recognized in the same period in 2020. This was partially offset by a $8.5 million increase in the income tax provision due to higher income before income taxes.
For the three months ended March 31, 2021, the Company’s return on average equity was 14.98% and its return on average assets was 1.77%, compared to 1.77% and 0.23%, respectively, for the three months ended March 31, 2020.
Net Interest Income
Net interest income, on a fully taxable equivalent basis, was $69.8 million in the first three months of 2021, compared to $68.1 million for the same period in 2020. The increase in net interest income can be attributed to a 51 basis point decrease in the cost of interest-bearing liabilities offset by a 64 basis point decrease in the yield on interest-earning assets. Net interest income comprises the majority of our operating revenue (net interest income before provision expense plus noninterest income), at 71.7% and 77.8% for the three months ended March 31, 2021 and 2020, respectively.
47
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES


The net interest margin on a fully taxable equivalent basis was 3.40% and 3.65% for the three months ended March 31, 2021 and March 31, 2020, respectively. The decline in the net interest margin is primarily attributable to the lower level of interest rates largely offset by the amount and composition of interest-earning assets and interest-bearing liabilities.
 
The taxable equivalent yield on interest-earning assets was 3.63% for the three months ended March 31, 2021, a decrease of 64 basis points compared to the 4.27% yield for the same period in 2020. This decrease is largely due to a decrease in the loan portfolio yield, which declined by 53 basis points when compared to the three months ended March 31, 2020. Contributing to this decline was the yield on our adjustable and variable rate commercial loan portfolio, which declined 81 basis points as a result of the Federal Reserve's decrease of short-term interest rates in March 2020. During the first quarter of 2020, the Federal Reserve decreased the Federal Funds target rate by 150 basis points.

The loan yield for three months ended March 31, 2021, was impacted by $489.4 million in average PPP loans outstanding during the period. These loans were originated under the CARES Act and have a stated loan rate of 1% and a yield of 6.58% for the three months ended March 31, 2021. There were no PPP loans outstanding at March 31, 2020. The yield on PPP loans includes the recognition of PPP loan deferred processing fees, net of deferred origination costs, of $7.0 million for the three months ended March 31, 2021. These amounts are recognized in interest income as a yield adjustment over the life of the loan with accelerated recognition when a loan is forgiven or paid off. As of March 31, 2021, we expect to recognize additional PPP related deferred processing fees, net of origination costs, of approximately $13.1 million as an adjustment to yield over the remaining terms of the loans. The balance of PPP loans outstanding at March 31, 2021 totaled $478.5 million. PPP loans increased the yield on total loans by 19 basis points and the net interest margin by 20 basis points during the three months ended March 31, 2021. During the first quarter of 2021, the Company originated $224.8 million in new PPP loans and received forgiveness on $230.6 million of PPP loans originated in prior quarters.

The investment portfolio yield decreased 51 basis points in comparison to the prior year as a result of the decrease in short-term interest rates. Investment portfolio purchases during the three months ended March 31, 2021 have been primarily in obligations of U.S. government agencies, obligations of other government-sponsored enterprises and obligations of states and political subdivisions with durations of approximately four to five years. Additionally, as a result of excess liquidity caused by significant growth in deposits during the past year, the average balance of interest-bearing deposits with banks, primarily represented by deposits placed with the Federal reserve, has increased from $7.3 million in 2020 to $340.8 million in 2021. The impact of the level and rate paid on interest-bearing deposits with banks decreased the yield on earning assets by 15 basis points for the three months ended March 31, 2021.
Decreases in the cost of interest-bearing liabilities partially offset the negative impact of lower yields on interest-earning assets. The cost of interest-bearing liabilities decreased to 0.34% for the three months ended March 31, 2021, from 0.85% for the same period in 2020. Deposit growth due to the retention of PPP loan proceeds and the deposit of Federal stimulus checks combined to contribute to a decline in average short-term borrowings of $82.9 million for the three months ended March 31, 2021 compared to the same period in 2020. Lower market interest rates and management's efforts to reduce deposit costs resulted in the cost of interest-bearing deposits decreasing 51 basis points and short-term borrowings decreasing 106 basis points in comparison to the same period last year.
For the three months ended March 31, 2021, changes in interest rates negatively impacted net interest income by $6.7 million when compared with the same period in 2020. The lower yield on interest-earning assets negatively impacted net interest income by $12.7 million, while the decrease in the cost of interest-bearing liabilities positively impacted net interest income by $6.0 million.
Changes in the volume of interest-earning assets and interest-bearing liabilities positively impacted net interest income by $8.3 million for the three months ended March 31, 2021, as compared to the same period in 2020. Higher levels of interest-earning assets resulted in an increase of $7.3 million in interest income, and changes in the volume and mix of interest-bearing liabilities decreased interest expense by $1.0 million, primarily due to a decrease in time deposits. Average earning assets for the three months ended March 31, 2021 increased $800.0 million, or 10.7%, compared to the same period in 2020. Average loans for the comparable period increased $525.6 million, or 8.4%.
Net interest income also benefited from a $793.1 million increase in average net free funds at March 31, 2021 as compared to March 31, 2020. Average net free funds are the excess of noninterest-bearing demand deposits, other noninterest-bearing liabilities and shareholders’ equity over noninterest-earning assets. The largest component of the increase in net free funds was an increase of $737.5 million, or 44.0%, in noninterest-bearing demand deposit average balances, primarily due to deposit growth related to PPP loan proceeds. Average time deposits for the three months ended March 31, 2021 decreased by $297.7 million compared to the comparable period in 2020, while the average rate paid on time deposits decreased 90 basis points compared to the same period in 2020.
48
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES


The following table reconciles interest income in the Consolidated Statements of Income to net interest income adjusted to a fully taxable equivalent basis for the three months ended March 31:
 
20212020
 (dollars in thousands)
Interest income per Consolidated Statements of Income$74,061 $79,329 
Adjustment to fully taxable equivalent basis309 397 
Interest income adjusted to fully taxable equivalent basis (non-GAAP)74,370 79,726 
Interest expense4,619 11,605 
Net interest income adjusted to fully taxable equivalent basis (non-GAAP)$69,751 $68,121 


49
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES


The following is an analysis of the average balance sheets and net interest income on a fully taxable equivalent basis for the three months ended March 31:
 
 20212020
 Average
Balance		Income /
Expense (a)		Yield
or
Rate		Average
Balance		Income /
Expense (a)		Yield
or
Rate
 (dollars in thousands)
Assets
Interest-earning assets:
Interest-bearing deposits with banks$340,800 $77 0.09 %$7,327 $37 2.03 %
Tax-free investment securities29,695 208 2.84 51,729 399 3.10 
Taxable investment securities1,159,612 5,507 1.93 1,196,643 7,237 2.43 
Loans, net of unearned income (b)(c)(d)
6,781,451 68,578 4.10 6,255,825 72,053 4.63 
Total interest-earning assets8,311,558 74,370 3.63 7,511,524 79,726 4.27 
Noninterest-earning assets:
Cash90,844 100,034 
Allowance for credit losses(106,197)(52,693)
Other assets834,249 778,456 
Total noninterest-earning assets818,896 825,797 
Total Assets$9,130,454 $8,337,321 
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand deposits$1,445,653 $108 0.03 %$1,358,206 $1,215 0.36 %
Savings deposits3,158,169 971 0.12 2,857,117 3,847 0.54 
Time deposits528,265 973 0.75 825,966 3,387 1.65 
Short-term borrowings119,369 31 0.11 202,314 588 1.17 
Long-term debt233,113 2,536 4.41 234,050 2,568 4.41 
Total interest-bearing liabilities5,484,569 4,619 0.34 5,477,653 11,605 0.85 
Noninterest-bearing liabilities and shareholders’ equity:
Noninterest-bearing demand deposits2,413,887 1,676,362 
Other liabilities155,443 111,988 
Shareholders’ equity1,076,555 1,071,318 
Total Noninterest-Bearing Funding Sources3,645,885 2,859,668 
Total Liabilities and Shareholders’ Equity$9,130,454 $8,337,321 
Net Interest Income and Net Yield on Interest-Earning Assets$69,751 3.40 %$68,121 3.65 %
(a)Income on interest-earning assets has been computed on a fully taxable equivalent basis using the 21% federal income tax statutory rate for the three months ended March 31, 2021 and 2020.
(b)Loan balances include held for sale and nonaccrual loans. Income on nonaccrual loans is accounted for on the cash basis.
(c)Loan income includes loan fees earned.
(d)     Includes held for sale loans.

 
50
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES


The following table shows the effect of changes in volumes and rates on interest income and interest expense for the three months ended March 31, 2021 compared with March 31, 2020:
 
 Analysis of Year-to-Year Changes in Net Interest Income
 Total
Change		Change Due To
Volume		Change Due To
Rate (a)
 (dollars in thousands)
Interest-earning assets:
Interest-bearing deposits with banks$40 $1,683 $(1,643)
Tax-free investment securities(191)(170)(21)
Taxable investment securities(1,730)(224)(1,506)
Loans(3,475)6,051 (9,526)
Total interest income (b)(5,356)7,340 (12,696)
Interest-bearing liabilities:
Interest-bearing demand deposits(1,107)78 (1,185)
Savings deposits(2,876)404 (3,280)
Time deposits(2,414)(1,221)(1,193)
Short-term borrowings(557)(241)(316)
Long-term debt(32)(10)(22)
Total interest expense(6,986)(990)(5,996)
Net interest income$1,630 $8,330 $(6,700)
 
(a)Changes in interest income or expense not arising solely as a result of volume or rate variances are allocated to rate variances.
(b)Changes in interest income have been computed on a fully taxable equivalent basis using the 21% federal income tax statutory rate.

Provision for Credit Losses
The provision for credit losses is determined based on management’s estimates of the appropriate level of the allowance for credit losses needed for expected losses inherent in the loan portfolio and on off-balance sheet commitments. The provision for credit losses is an amount added to the allowance, against which credit losses are charged.
51
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES


 
The table below provides a breakout of the provision for credit losses by loan category for the three months ended March 31: 
 20212020
 DollarsPercentageDollarsPercentage
 (dollars in thousands)
Commercial, financial, agricultural and other$5,093 (399)%$7,899 26 %
Time and demand4,960 (389)
Commercial credit cards133 (10)
Real estate construction(3,945)309 294 1 
Residential real estate(1,461)115 4,133 13 
Residential first lien(692)55 
Residential junior lien/home equity(769)60 
Commercial real estate(2,774)217 12,957 42 
Multifamily(1,988)156 
Nonowner occupied985 (77)
Owner occupied(1,771)138 
Loans to individuals1,811 (142)5,684 18 
Automobile1,254 (98)
Consumer credit cards205 (16)
Consumer other352 (28)
Provision for credit losses on loans$(1,276)100 %$30,967 100 %
Provision for off-balance sheet credit exposure(3,114)— 
       Total provision for credit losses$(4,390)$30,967 
The provision for credit losses on loans for the three months ended March 31, 2021 decreased in comparison to the three months ended March 31, 2020 by $32.2 million. The level of provision expense in the three months ended March 31, 2021 is primarily the result of an improved economic forecast, which reflects a decline in the impact of the COVID-19 pandemic on the economy and expected loan losses. Also impacting provision for credit losses on loans is a decrease of $1.8 million in reserves on individually analyzed loans and $3.3 million in net charge-offs.
Because PPP loans are fully guaranteed by the SBA, there is no allowance for credit losses recognized for these loans. As previously indicated, an improved economic forecast provided for a lower level of allowance for credit losses and therefore resulted in negative provision expense for the first quarter of 2021. Two loan categories, Commercial, financial, agricultural and other loans as well as Loans to Individuals reflected provision expense in the first quarter of 2021. The provision expense for Commercial, financial, agricultural and other loans was a result of net charge-offs and an increase in qualitative reserves. Provision expense for Loans to Individuals can be attributed to loan growth in that category as well as net charge-offs.
The level of provision expense in the first three months of 2020 was primarily to build up the allowance for loan loss in order to provide for expected credit losses related to the COVID-19 pandemic. Contributing to the higher provision in the first quarter of 2020 was $7.4 million in specific reserves, of which $4.4 million related to loans for three commercial real estate borrowers that were placed on nonperforming status as of March 31, 2020. Net charge-offs during the first quarter of 2020 totaled $3.5 million.
The allowance for credit losses was $96.8 million, or 1.44%, of total loans outstanding at March 31, 2021, compared to $101.3 million, or 1.50%, at December 31, 2020 and $79.1 million, or 1.25%, at March 31, 2020. Nonperforming loans as a percentage of total loans decreased to 0.75% at March 31, 2021 from 0.80% at December 31, 2020 and 0.93% as of March 31, 2020. The allowance to nonperforming loan ratio was 192.06%, 187.43% and 133.71% as of March 31, 2021, December 31, 2020 and March 31, 2020, respectively.
 
Management believes that the allowance for credit losses is at a level deemed appropriate to absorb expected losses inherent in the loan portfolio at March 31, 2021.
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ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES


Below is an analysis of the consolidated allowance for credit losses for the three months ended March 31, 2021 and 2020 and the year-ended December 31, 2020:
 
March 31, 2021March 31, 2020December 31, 2020
 (dollars in thousands)
Balance, beginning of period$101,309 $51,637 $51,637 
Adoption of accounting standard - ASU 2016-13(1)
— — 13,393 
Loans charged off:
Commercial, financial, agricultural and other569 486 6,318 
Real estate construction— — — 
Residential real estate105 577 1,040 
Commercial real estate1,550 266 4,939 
Loans to individuals1,541 2,619 6,953 
Total loans charged off3,765 3,948 19,250 
Recoveries of loans previously charged off:
Commercial, financial, agricultural and other90 81 314 
Real estate construction— — 26 
Residential real estate37 75 414 
Commercial real estate39 44 312 
Loans to individuals329 219 991 
Total recoveries495 419 2,057 
Net charge-offs3,270 3,529 17,193 
Provision for credit losses on loans charged to expense(1,276)30,967 53,472 
Balance, end of period$96,763 $79,075 $101,309 
Net charge-offs as a percentage of average loans outstanding (annualized)0.20 %0.23 %0.26 %
Allowance for credit losses as a percentage of end-of-period loans outstanding1.44 %1.25 %1.50 %
Allowance for credit losses as a percentage of end-of-period loans outstanding, excluding PPP loans1.55 %1.25 %1.61 %
(1) CECL was adopted on December 31, 2020 in accordance with relief provided under the CARES Act.
Noninterest Income
The following table presents the components of noninterest income for the three months ended March 31: 
20212020$ Change% Change
 (dollars in thousands)
Noninterest Income:
Trust income$2,516 $2,111 $405 19 %
Service charges on deposit accounts4,047 4,745 (698)(15)
Insurance and retail brokerage commissions2,172 1,995 177 9 
Income from bank owned life insurance1,951 1,616 335 21 
Card-related interchange income6,427 5,262 1,165 22 
Swap fee income146 214 (68)(32)
Other income1,924 1,807 117 6 
Subtotal19,183 17,750 1,433 8 
Net securities gains6 19 (13)(68)
Gain on sale of mortgage loans5,046 2,546 2,500 98 
Gain on sale of other loans and assets1,690 699 991 142 
Derivatives mark to market1,430 (1,741)3,171 (182)
Total noninterest income$27,355 $19,273 $8,082 42 %
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ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES


 
Total noninterest income, excluding net securities gains, gain on sale of mortgage loans, gain on sale of other loans and assets and derivatives mark to market for the three months ended March 31, 2021 increased $1.4 million, or 8%, compared to the three months ended March 31, 2020. Card-related interchange income increased $1.2 million due to growth in customer accounts and transactions. Service charges on deposit accounts decreased $0.7 million. The lower level of service charge on deposit accounts is a result of customers maintaining higher deposit balances due to federal stimulus funds.
Total noninterest income increased $8.1 million, or 42%, compared to the same period in the prior year. The most significant changes, other than the changes noted above, include a $2.5 million increase in gain on sale of mortgage loans as a result of growth in our mortgage lending area. The mark to market adjustment on interest rate swaps entered into for our commercial customers resulted in an increase of $3.2 million in noninterest income compared to the prior year period. This adjustment does not reflect a realized gain on the swaps, but rather relates to change in fair value due to movements in corporate bond spreads and swap rates. The gain on sale of other loans and assets increased $1.0 million due to a higher volume of loans being sold in the first three months of 2021 compared to the same period in 2020.
Noninterest Expense
The following table presents the components of noninterest expense for the three months ended March 31: 
20212020$ Change% Change
 (dollars in thousands)
Noninterest Expense:
Salaries and employee benefits$28,671 $29,977 $(1,306)(4)%
Net occupancy4,773 4,973 (200)(4)
Furniture and equipment3,948 3,778 170 4 
Data processing3,052 2,467 585 24 
Advertising and promotion1,324 1,150 174 15 
Contributions731 472 259 55 
Pennsylvania shares tax832 738 94 13 
Intangible amortization866 934 (68)(7)
Other professional fees and services751 898 (147)(16)
FDIC insurance696 28 668 2,386 
Other operating5,613 4,230 1,383 33 
Subtotal51,257 49,645 1,612 3 
Loss on sale or write-down of assets9 213 (204)(96)
COVID-19 related74 23 51 222 
Branch consolidation40 — 40 — 
Litigation and operational losses479 390 89 23 
Total noninterest expense$51,859 $50,271 $1,588 3 %

Noninterest expense increased $1.6 million, or 3%, for the three months ended March 31, 2021 compared to the same period in 2020. Contributing to the increase in expense in 2021 is a $1.4 million increase in Other operating expenses as a result a $2.5 million credit in unfunded commitment expense recognized in 2020, with no similar credit in 2021. As a result of the adoption of CECL, the unfunded commitment expense is now recorded as part of provision for credit losses. FDIC insurance increased $0.7 million in comparison to the prior period as a result of a $0.6 million assessment credit received in 2020 due to the FDIC deposit insurance fund reaching the required minimum reserve ratio. There was no similar credit in 2021. Partially offsetting these increases is a $1.3 million decrease in salaries and employee benefits as a result of a $0.5 million decline in hospitalization expense as well as $0.2 million in salary and benefit costs related to the origination of PPP loans during the first quarter of 2021.
54
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES


Income Tax
The provision for income taxes increased $8.5 million for the three months ended March 31, 2021, compared to the corresponding period in 2020. 
We applied the “annual effective tax rate approach” to determine the provision for income taxes, which applies an annual forecast of tax expense as a percentage of expected full year income, for the three months ended March 31, 2021 and 2020.
We generate an annual effective tax rate that is less than the statutory rate of 21% due to benefits resulting from tax-exempt interest, income from bank owned life insurance and tax benefits associated with low income housing tax credits, all of which are relatively consistent regardless of the level of pretax income. These provided for an annual effective tax rate of 19.4% and 17.9% for the three months ended March 31, 2021 and 2020, respectively.
As of March 31, 2021, our deferred tax assets totaled $21.1 million. Based on our evaluation, we determined that it is more likely than not that all of these assets will be realized. As a result, a valuation allowance against these assets was not recorded. In evaluating the need for a valuation allowance, we estimate future taxable income based on management approved forecasts, evaluation of historical earning levels and consideration of potential tax strategies. If future events differ from our current forecasts, we may need to establish a valuation allowance, which could have a material impact on our financial condition and results of operations.
Liquidity
Liquidity refers to our ability to meet the cash flow requirements of depositors and borrowers as well as our operating cash needs with cost-effective funding. We generate funds to meet these needs primarily through the core deposit base of First Commonwealth Bank and the maturity or repayment of loans and other interest-earning assets, including investments. During the first three months of 2021, the maturity and redemption of investment securities provided $235.9 million in liquidity. These funds contributed to the liquidity used to originate loans, purchase investment securities and fund depositor withdrawals.
We also have available unused wholesale sources of liquidity, including overnight federal funds and repurchase agreements, advances from the FHLB of Pittsburgh, borrowings through the discount window at the Federal Reserve Bank of Cleveland (“FRB”) and access to certificates of deposit through brokers.
We participate in the Certificate of Deposit Account Registry Services (“CDARS”) program as part of an Asset/Liability Committee (“ALCO”) strategy to increase and diversify funding sources. As of March 31, 2021, our maximum borrowing capacity under this program was $0.9 billion and as of that date there was $7.5 million outstanding with an average weighted rate of 0.39% and an average original term of 303 days. These deposits are part of a reciprocal program which allows our depositors to receive expanded FDIC coverage by placing multiple certificates of deposit at other CDARS member banks.
An additional source of liquidity is the FRB Borrower-in-Custody of Collateral program, which enables us to pledge certain loans that are not being used as collateral at the FHLB as collateral for borrowings at the FRB. At March 31, 2021, the borrowing capacity under this program totaled $861.5 million and there was no balance outstanding. As of March 31, 2021, our maximum borrowing capacity at the FHLB of Pittsburgh was $1.8 billion and as of that date amounts used against this capacity included $56.1 million in outstanding borrowings and no outstanding letters of credit.
We also have available unused federal funds lines with five correspondent banks. These lines have an aggregate commitment of $180.0 million with no outstanding balance as of March 31, 2021. In addition, we have available unused repo lines with three correspondent banks. These lines have an aggregate commitment of $584.8 million with no outstanding balance as of March 31, 2021.
First Commonwealth Financial Corporation has an unsecured $20.0 million line of credit with another financial institution. As of March 31, 2021, there are no amounts outstanding on this line.
55
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES


First Commonwealth’s long-term liquidity source is its core deposit base. Core deposits are the most stable source of liquidity a bank can have due to the long-term relationship with a deposit customer. The following table shows a breakdown of the components of First Commonwealth’s deposits: 
March 31, 2021December 31, 2020
 (dollars in thousands)
Noninterest-bearing demand deposits(a)
$2,616,303 $2,319,958 
Interest-bearing demand deposits(a)
267,571 250,353 
Savings deposits(a)
4,501,456 4,305,391 
Time deposits483,926 562,964 
Total$7,869,256 $7,438,666 
(a)Balances include reallocations from noninterest-bearing demand deposits and interest-bearing demand deposits into savings deposits, which were made for regulatory purposes.
The level of deposits during any period is influenced by factors outside of management’s control, such as the level of short-term and long-term market interest rates and yields offered on competing investments, such as money market mutual funds.
During the first three months of 2021, total deposits increased $430.6 million. Interest-bearing demand and savings deposits increased $213.3 million, noninterest-bearing demand deposits increased $296.3 million and time deposits decreased $79.0 million. The deposit increase is a result of elevated customer deposit balances from PPP loan proceeds and the deposit of Federal stimulus checks into our customers' deposit accounts.
Market Risk
The following gap analysis compares the difference between the amount of interest-earning assets and interest-bearing liabilities subject to repricing over a period of time. The ratio of rate-sensitive assets to rate-sensitive liabilities repricing within a one-year period was 0.50 and 0.51 at March 31, 2021 and December 31, 2020, respectively. A ratio of less than one indicates a higher level of repricing liabilities over repricing assets over the next twelve months. The level of First Commonwealth's ratio is largely driven by the modeling of interest-bearing non-maturity deposits, which are included in the analysis as repricing within one year.
 
Gap analysis has limitations due to the static nature of the model that holds volumes and consumer behaviors constant in all economic and interest rate scenarios. A lower level of rate sensitive assets to rate sensitive liabilities repricing in one year could indicate reduced net interest income in a rising interest rate scenario, and conversely, increased net interest income in a declining interest rate scenario. However, the gap analysis incorporates only the level of interest-earning assets and interest-bearing liabilities and not the sensitivity each has to changes in interest rates. The impact of the sensitivity to changes in interest rates is provided in the table below the gap analysis.

The following is the gap analysis as of March 31, 2021 and December 31, 2020: 
 March 31, 2021
 0-90 Days91-180
Days		181-365
Days		Cumulative
0-365 Days		Over 1 Year
Through 5
Years		Over 5
Years
 (dollars in thousands)
Loans$570,814 $455,463 $950,072 $1,976,349 $3,736,936 $971,342 
Investments90,621 66,604 132,044 289,269 633,644 482,407 
Other interest-earning assets420,645 — — 420,645 — — 
Total interest-sensitive assets (ISA)1,082,080 522,067 1,082,116 2,686,263 4,370,580 1,453,749 
Certificates of deposit142,329 87,277 122,419 352,025 129,795 1,998 
Other deposits4,769,027 — — 4,769,027 — — 
Borrowings233,034 105 210 233,349 1,682 103,986 
Total interest-sensitive liabilities (ISL)5,144,390 87,382 122,629 5,354,401 131,477 105,984 
Gap$(4,062,310)$434,685 $959,487 $(2,668,138)$4,239,103 $1,347,765 
ISA/ISL0.21 5.97 8.82 0.50 33.24 13.72 
Gap/Total assets43.14 %4.62 %10.19 %28.33 %45.02 %14.31 %
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ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES



 
 December 31, 2020
 0-90 Days91-180
Days		181-365
Days		Cumulative
0-365 Days		Over 1 Year
Through 5
Years		Over 5
Years
 (dollars in thousands)
Loans$596,292 $495,759 $942,174 $2,034,225 $3,424,936 $1,270,694 
Investments109,706 82,052 158,357 350,115 495,013 150,976 
Other interest-earning assets256,572 — — 256,572 — — 
Total interest-sensitive assets (ISA)962,570 577,811 1,100,531 2,640,912 3,919,949 1,421,670 
Certificates of deposit163,340 120,458 135,285 419,083 141,577 2,153 
Other deposits4,555,744 — — 4,555,744 — — 
Borrowings189,645 50,105 209 239,959 1,673 104,166 
Total interest-sensitive liabilities (ISL)4,908,729 170,563 135,494 5,214,786 143,250 106,319 
Gap$(3,946,159)$407,248 $965,037 $(2,573,874)$3,776,699 $1,315,351 
ISA/ISL0.20 3.39 8.12 0.51 27.36 13.37 
Gap/Total assets43.52 %4.49 %10.64 %28.38 %41.65 %14.51 %

The following table presents an analysis of the potential sensitivity of our annual net interest income to gradual changes in interest rates over a 12-month time frame as compared with net interest income if rates remained unchanged and there are no changes in balance sheet categories.
 
 Net interest income change (12 months) for basis point movements of:
 -200-100+100+200
 (dollars in thousands)
March 31, 2021 ($)$(6,890)$(3,667)$2,792 $5,299 
March 31, 2021 (%)(2.50)%(1.33)%1.01 %1.92 %
December 31, 2020 ($)$(4,911)$(2,621)$3,340 $6,229 
December 31, 2020 (%)(1.79)%(0.95)%1.22 %2.27 %
The following table represents the potential sensitivity of our annual net interest income to immediate changes in interest rates versus if rates remained unchanged and there are no changes in balance sheet categories.
 Net interest income change (12 months) for basis point movements of:
 -200-100+100+200
 (dollars in thousands)
March 31, 2021 ($)$(20,683)$(13,336)$8,557 $16,713 
March 31, 2021 (%)(7.51)%(4.84)%3.11 %6.06 %
December 31, 2020 ($)$(13,807)$(9,175)$9,921 $18,408 
December 31, 2020 (%)(5.03)%(3.34)%3.61 %6.70 %
The analysis and model used to quantify the sensitivity of our net interest income becomes less meaningful in a decreasing 200 basis point scenario given the current interest rate environment. Results of the 100 and 200 basis point interest rate decline scenario are affected by the fact that many of our interest-bearing liabilities are at rates below 1%, with an assumed floor of zero in the model. In the three months ended March 31, 2021 and 2020, the cost of our interest-bearing liabilities averaged 0.34% and 0.85%, respectively, and the yield on our average interest-earning assets, on a fully taxable equivalent basis, averaged 3.63% and 4.27%, respectively.
Asset/liability models require that certain assumptions be made, such as prepayment rates on earning assets and the impact of pricing on non-maturity deposits, which may differ from actual experience. These business assumptions are based upon our
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ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES


experience, business plans and published industry experience. While management believes such assumptions to be reasonable, there can be no assurance that modeled results will approximate actual results.
Credit Risk
First Commonwealth maintains an allowance for credit losses at a level deemed sufficient for losses inherent in the loan portfolio at the date of each statement of financial condition. Management reviews the 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 nonperforming loans with a balance greater than $250 thousand, loss experience trends and other relevant factors.
First Commonwealth also maintains a reserve for unfunded loan commitments and letters of credit based upon credit risk and probability of funding. The reserve totaled $4.3 million at March 31, 2021 and is classified in "Other liabilities" on the unaudited Consolidated Statements of Financial Condition.
Nonperforming loans include nonaccrual loans and loans classified as troubled debt restructurings. Nonaccrual loans represent loans on which interest accruals have been discontinued. Troubled debt restructured loans are those loans whose terms have been renegotiated to provide a reduction or deferral of principal or interest as a result of the deteriorating financial position of the borrower, who could not obtain comparable terms from alternative financing sources. In the first three months of 2021, seven loans totaling $6.6 million were identified as troubled debt restructurings.
The balance of troubled debt restructured loans increased $4.1 million from December 31, 2020. Changes during the first three months of 2021 can be attributed to new restructurings in conjunction with bankruptcy, including a $6.3 million commercial relationship, offset by payments received on existing troubled debt restructured loans, including the payoff of $1.7 million of two commercial loan relationship. Please refer to Note 7 “Loans and Allowance for Credit Losses,” for additional information on troubled debt restructurings.

In March 2020, the Company began offering short-term loan modifications to assist borrowers during the COVID-19 national emergency. These modifications typically provide for the deferral of both principal and interest for 90 days. The CARES Act, along with a joint agency statement issued by banking regulators, provides that modifications meeting certain criteria made in response to COVID-19 do not need to be accounted for as a TDR. As of March 31, 2021, loan customers with an aggregate principal balance of $136.6 million were still in a payment deferral period. It is possible that some of these deferrals will be extended in order to provide support for certain COVID-19 impacted customers.

We discontinue interest accruals on a loan when, based on current information and events, it is probable that we will be unable to fully collect principal or interest due according to the contractual terms of the loan. A loan is also placed on nonaccrual status when, based on regulatory definitions, the loan is maintained on a “cash basis” due to the weakened financial condition of the borrower. Generally, loans 90 days or more past due are placed on nonaccrual status, except for consumer loans, which are placed on nonaccrual status at 150 days past due.
Nonperforming loans are closely monitored on an ongoing basis as part of our loan review and work-out process. The probable risk of loss on these loans is evaluated by comparing the loan balance to the fair value of any underlying collateral or the present value of projected future cash flows. Losses or a specifically assigned allowance for loan losses are recognized where appropriate.
Nonperforming loans, including loans held for sale, decreased $3.7 million to $50.4 million at March 31, 2021 compared to $54.1 million at December 31, 2020. During the three months ended March 31, 2021, $7.4 million of loans were moved to nonaccrual including the transfer of one commercial real estate relationships totaling $6.3 million. Offsetting these additions was a sale of a $5.0 million commercial real estate relationship, a $1.0 million payoff of a commercial, financial, agriculture and other relationship, a $0.8 million payoff of a commercial real estate relationship and a $1.4 million charge-off of a commercial real estate relationship.
The allowance for credit losses as a percentage of nonperforming loans was 192.06% as of March 31, 2021, compared to 187.43% at December 31, 2020, and 133.71% at March 31, 2020. The amount of specific reserves included in the allowance for nonperforming loans was determined by using fair values obtained from current appraisals and updated discounted cash flow analyses. The allowance for credit losses includes specific reserves of $3.1 million and general reserves of $93.7 million as of March 31, 2021. Specific reserves decreased $1.8 million from December 31, 2020, and $6.7 million from March 31, 2020.
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ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES


The decrease from both periods is primarily due to the charge-off and payoffs of relationships with specific reserves assigned. Management believes that the allowance for credit losses is at a level deemed sufficient to absorb losses inherent in the loan portfolio at March 31, 2021.
Criticized loans totaled $272.1 million at March 31, 2021 and represented 4.0% of the loan portfolio. The level of criticized loans decreased as of March 31, 2021 when compared to December 31, 2020, by $30.7 million, or 10.1%. Classified loans totaled $72.0 million at March 31, 2021 compared to $76.2 million at December 31, 2020, a decrease of $4.2 million, or 5%. The decrease in criticized loans is the result of the aforementioned changes in nonperforming loans as well as credit upgrades on borrowers primarily in the hospitality sector. Delinquency on accruing loans for the same period decreased $4.2 million, or 35%, the majority of which are residential real estate and consumer loans.
The allowance for credit losses was $96.8 million at March 31, 2021, or 1.44% of total loans outstanding, compared to 1.50% reported at December 31, 2020, and 1.25% at March 31, 2020. General reserves, or the portion of the allowance related to loans that were not specifically evaluated for impairment, as a percentage of performing loans were 1.40% at March 31, 2021 compared to 1.43% at December 31, 2020 and 1.11% at March 31, 2020. The decrease in the general reserve from December 31, 2020 is reflective of lower unemployment rates utilized to forecast future loan losses at March 31, 2021. The increase in general reserves from March 31, 2020 can be attributed to the adoption of CECL.
The following table provides information related to nonperforming assets, the allowance for credit losses and other credit-related measures: 
 March 31, December 31, 2020 
 2021 2020 
 (dollars in thousands) 
Nonperforming Loans:
Loans on nonaccrual basis$23,056   $46,109 $30,801   
Troubled debt restructured loans on nonaccrual basis20,628   5,522   14,740   
Troubled debt restructured loans on accrual basis6,697   7,509   8,512   
Total nonperforming loans$50,381   $59,140   $54,053   
Loans past due 30 to 90 days and still accruing$6,837 $10,683 $10,638 
Loans past due in excess of 90 days and still accruing$1,079   $1,427   $1,523   
Other real estate owned$916   $2,697   $1,215   
Loans held for sale at end of period$20,604 $25,783 $33,436 
Portfolio loans outstanding at end of period$6,736,894   $6,313,944 $6,761,183   
Average loans outstanding$6,781,451 (a) $6,255,825 (a) $6,737,339 (b) 
Nonperforming loans as a percentage of total loans0.75 %0.93 %0.80 %
Provision for credit losses$(1,276)(a) $30,967 (a) $53,472 (b) 
Allowance for credit losses$96,763   $79,075   $101,309   
Net charge-offs$3,270 (a) $3,529 (a) $17,193 (b) 
Net charge-offs as a percentage of average loans outstanding (annualized)0.20 %0.23 %0.26 %
Provision for credit losses as a percentage of net charge-offs(39.02)%(a) 877.50 %(a) 311.01 %(b) 
Allowance for credit losses as a percentage of end-of-period loans outstanding (c)1.44 %1.25 %1.50 %
Allowance for credit losses as a percentage of end-of-period loans outstanding, excluding PPP loans (c)1.55 %1.25 %1.61 %
Allowance for credit losses as a percentage of nonperforming loans (d)192.06 %133.71 %187.43 %
 
(a)For the three-month period ended.
(b)For the twelve-month period ended.
(c)Does not include loans held for sale.
(d)Does not include nonperforming loans held for sale.
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ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES


The following tables show the outstanding balances of our loan portfolio and the breakdown of net charge-offs and nonperforming loans, excluding loans held for sale, by loan type as of and for the periods presented:
 
 March 31, 2021December 31, 2020
 Amount%Amount%
 (dollars in thousands)
Commercial, financial, agricultural and other$1,555,671 23 %$1,555,986 23 %
Real estate construction404,580 6 427,221 6 
Residential real estate1,756,615 26 1,750,592 26 
Commercial real estate2,167,506 32 2,211,569 33 
Loans to individuals852,522 13 815,815 12 
Total loans and leases net of unearned income$6,736,894 100 %$6,761,183 100 %
During the three months ended March 31, 2021, loans decreased $24.3 million, or 0.4%, compared to balances outstanding at December 31, 2020.
Real estate construction loans decreased $22.6 million, or 5.3%, primarily due to the completion of both commercial and residential real estate construction. Residential real estate grew $6.0 million, or 0.3%, primarily due to originations of closed-end 1-4 family mortgage loans. Commercial real estate loans decreased $44.1 million, or 2.0%, primarily due to payoffs and less new volume. Loans to individuals increased $36.7 million, or 4.5%, as a result of growth in the indirect auto and recreational vehicle portfolio of $46.3 million offset by a decrease in other consumer loans of $9.4 million.
As indicated in the table below, commercial real estate and residential real estate loans represent a significant portion of the nonperforming loans as of March 31, 2021. See discussions related to the provision for credit losses and loans for more information.
For the Three Months Ended March 31, 2021As of March 31, 2021
 Net
Charge-
offs		% of
Total Net
Charge-offs		Net Charge-
offs as a % of
Average
Loans (annualized)		Nonperforming
Loans		% of Total
Nonperforming
Loans		Nonperforming
Loans as a % of
Total Loans
 (dollars in thousands)
Commercial, financial, agricultural and other$479 14.65 %0.03 %$10,737 21.31 %0.16 %
Real estate construction— — — 54 0.11 — 
Residential real estate68 2.08 0.01 10,814 21.46 0.16 
Commercial real estate1,511 46.21 0.09 28,271 56.12 0.42 
Loans to individuals1,212 37.06 0.07 505 1.00 0.01 
Total loans, net of unearned income$3,270 100.00 %0.20 %$50,381 100.00 %0.75 %
Net charge-offs for the three months ended March 31, 2021 totaled $3.3 million, compared to $3.5 million for the three months ended March 31, 2020. The most significant charge-offs during the three months ended March 31, 2021 included a $1.4 million charge-off related to a commercial real estate loan relationship, as well as $1.2 million in net charge-offs related to loans to individuals, primarily indirect auto loans and personal credit lines. See discussions related to the provision for credit losses and loans for more information.
Capital Resources
At March 31, 2021, shareholders’ equity was $1.1 billion, an increase of $18.9 million from December 31, 2020. The increase was primarily the result of $39.8 million in net income, $2.3 million in treasury stock sales and an increase of $11.0 million in the fair value of available for sale investments. These increases were partially offset by $10.6 million of dividends paid to shareholders and $1.6 million of common stock repurchases. Cash dividends declared per common share were $0.11 for each of the three months ended March 31, 2021 and 2020.
First Commonwealth and First Commonwealth Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on First Commonwealth’s financial
60
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES


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 the new regulatory risk-based capital rules adopted by the federal banking agencies implementing Basel III. The most significant changes included 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 rules improved 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, which was fully phased-in as of January 1, 2019, 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 7.0% 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 existing treatment for accumulated other comprehensive income, which currently does not affect regulatory capital. The Company elected to retain this treatment, which reduces the volatility of regulatory capital levels.
During the second quarter of 2018, First Commonwealth Bank, the Company's banking subsidiary, issued $100 million in subordinated debt, which under the regulatory rules qualifies as Tier II capital. This subordinated debt issuance increased the total risk-based capital ratio by 160 basis points.
As of March 31, 2021, the Company had $478.5 million in PPP loans outstanding under the CARES Act. Because these loans are 100% guaranteed by the SBA, banking regulators confirmed that they have a zero percent risk weight under applicable risk-based capital rules. Additionally, a bank may exclude all PPP loans pledged as collateral to the Federal Reserve's PPP Facility from average total assets when calculating its leverage ratio, while PPP loans that are not pledged as collateral to the PPP Facility will be included. The PPP loans originated by the Company are included in our leverage ratio as of March 31, 2021, as we did not utilize the PPP Facility.
As of March 31, 2021, 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:
 ActualMinimum Capital RequiredRequired to be Considered Well Capitalized
 Capital
Amount		RatioCapital
Amount		RatioCapital
Amount		Ratio
 (dollars in thousands)
Total Capital to Risk Weighted Assets
First Commonwealth Financial Corporation$1,035,304 15.27 %$711,846 10.50 %$677,948 10.00 %
First Commonwealth Bank990,442 14.64 710,385 10.50 676,557 10.00 
Tier I Capital to Risk Weighted Assets
First Commonwealth Financial Corporation$857,066 12.64 %$576,256 8.50 %$542,359 8.00 %
First Commonwealth Bank812,204 12.00 575,073 8.50 541,246 8.00 
Tier I Capital to Average Assets
First Commonwealth Financial Corporation$857,066 9.72 %$352,539 4.00 %$440,674 5.00 %
First Commonwealth Bank812,204 9.23 351,904 4.00 439,880 5.00 
Common Equity Tier I to Risk Weighted Assets
First Commonwealth Financial Corporation$787,066 11.61 %$474,564 7.00 %$440,666 6.50 %
First Commonwealth Bank812,204 12.00 473,590 7.00 439,762 6.50 
On April 27, 2021, First Commonwealth Financial Corporation declared a quarterly dividend of $0.115 per share payable on May 21, 2021 to shareholders of record as of May 7, 2021. The timing and amount of future dividends are at the discretion of First Commonwealth's Board of Directors based upon, among other factors, capital levels, asset quality, liquidity and current and projected earnings.
In January 2021, a share repurchase program was authorized by the Board of Directors for up to an additional $25.0 million in shares of the Company's common stock. As of March 31, 2021, 28,012 common shares were repurchased at an average price of $13.99 per share.
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ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES


New Accounting Pronouncements
In March 2020, FASB released Accounting Standards Update (“ASU”) 2020-04 - Reference Rate Reform (Topic 848), which
provides optional guidance to ease the accounting burden in accounting for, or recognizing the effects from, reference rate
reform on financial reporting. The new standard is a result of the potential discontinuance of the London Interbank Offered Rate
("LIBOR") as an available benchmark rate. The standard is elective and provides optional expedients and exceptions for
applying GAAP to contracts, hedging relationships, or other transactions that reference LIBOR, or another reference rate
expected to be discontinued. The amendments in the update are effective for all entities between March 12, 2020 and December
31, 2022. The Company has established a cross-functional working group to manage the Company’s transition from LIBOR.
Products that utilize LIBOR have been identified and have incorporated enhanced language to accommodate the transition to
alternative reference rates. The Company continues to evaluate the impact of adopting the new standard and at this time does
not expect it to have a material impact on its consolidated financial statements.



62

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
Information appearing in Item 2 of this report under the caption “Market Risk” is incorporated by reference in response to this item.
ITEM 4. Controls and Procedures
We carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report pursuant to Rule 13a-15 under the Securities Exchange Act of 1934 (the “Exchange Act”). Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective to provide reasonable assurance that the information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in applicable rules and forms of the Securities and Exchange Commission.
63
PART II – OTHER INFORMATION
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

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

ITEM 1A.    RISK FACTORS
There have been no material changes to the risk factors previously disclosed under Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2020.


ITEM 2.    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
    
    On January 25, 2021, a share repurchase program was authorized for up to $25.0 million in shares of the Company's common stock. The following table details the amount of shares repurchased under this program in the first quarter of 2021:

Month Ending:Total Number of
Shares
Purchased		Average Price
Paid per Share
(or Unit)		Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs		Maximum Number
of Shares that
May Yet Be
Purchased Under
the Plans or
Programs*
January 31, 2021— — — 2,131,287 
February 28, 2021— — — 1,864,280 
March 31, 202128,012 13.99 28,012 1,712,460 
Total28,012 $13.99 28,012 
* Remaining number of shares approved under the Plan is based on the market value of the Company's common stock of $11.73 at January 31, 2021, $13.41 at February 28, 2021 and $14.37 at March 31, 2021.


ITEM 3.    DEFAULTS UPON SENIOR SECURITIES
    None

ITEM 4.    MINE SAFETY DISCLOSURES
    Not applicable

ITEM 5.    OTHER INFORMATION
    None
64
Table of Contents
PART II – OTHER INFORMATION
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
ITEM 6.     EXHIBITS
Exhibit
Number		  Description  Incorporated by Reference to
Filed herewith
2021-2023 Long-Term Incentive Plan
Filed herewith
    Filed herewith
    Filed herewith
    Filed herewith
    Filed herewith
101  The following materials from First Commonwealth Financial Corporation’s Quarterly Report on Form 10-Q, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income and Comprehensive Income, (iii) the Consolidated Statements of Changes in Stockholders’ Equity, (iv) the Consolidated Statements of Cash Flows, and (v) the Notes to Unaudited Consolidated Financial Statements. Note that XBRL tags are embedded within the document.
  Filed herewith

65
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
FIRST COMMONWEALTH FINANCIAL CORPORATION
(Registrant)
 
DATED: May 7, 2021 /s/ T. Michael Price
 
T. Michael Price
President and Chief Executive Officer
DATED: May 7, 2021 /s/ James R. Reske
 James R. Reske
Executive Vice President, Chief Financial Officer and Treasurer

66

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