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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 FY2023 Q3

First Commonwealth Financial Corp - 10-Q quarterly report FY2023 Q3


Text size:
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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 September 30, 2023
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 incorporation or organization)(I.R.S. Employer 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)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1.00 par valueFCFNew York Stock Exchange
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 November 6, 2023, was 102,111,439.



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)
6
Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)
7
Consolidated Statements of Cash Flows (Unaudited)
9
Notes to the Unaudited Consolidated Financial Statements
10
ITEM 2.
59
ITEM 3.
85
ITEM 4.
85
PART II.
ITEM 1.
86
ITEM 1A.
86
ITEM 2.
86
ITEM 3.
86
ITEM 4.
87
ITEM 5.
87
ITEM 6.
88
89

2



ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)
September 30, 2023December 31, 2022
 (dollars in thousands, except share data)
Assets
Cash and due from banks$122,982 $124,254 
Interest-bearing bank deposits214,088 29,990 
Securities available for sale, at fair value817,603 762,661 
Securities held to maturity, at amortized cost (Fair value of $341,646 and $386,205 at September 30, 2023 and December 31, 2022, respectively)
429,558 461,162 
Other investments48,979 26,414 
Loans held for sale33,127 11,869 
Loans and leases:
Portfolio loans and leases8,901,725 7,642,143 
Allowance for credit losses(134,337)(102,906)
Net loans and leases8,767,388 7,539,237 
Premises and equipment, net123,140 115,106 
Other real estate owned765 534 
Goodwill363,715 303,328 
Amortizing intangibles, net23,613 9,205 
Bank owned life insurance228,534 222,651 
Other assets248,496 199,255 
Total assets$11,421,988 $9,805,666 
Liabilities
Deposits (all domestic):
Noninterest-bearing$2,535,704 $2,670,508 
Interest-bearing6,705,361 5,334,961 
Total deposits9,241,065 8,005,469 
Short-term borrowings544,060 372,694 
Subordinated debentures177,679 170,937 
Other long-term debt4,310 4,862 
Capital lease obligation5,028 5,425 
Total long-term debt187,017 181,224 
Other liabilities209,315 194,205 
Total liabilities10,181,457 8,753,592 
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; 123,603,380 and 113,914,902 shares issued at September 30, 2023 and December 31, 2022, respectively, and 102,184,652 and 93,376,314 shares outstanding at September 30, 2023 and December 31, 2022, respectively
123,603 113,915 
Additional paid-in capital630,246 497,431 
Retained earnings849,049 774,863 
Accumulated other comprehensive loss, net(154,054)(137,692)
Treasury stock (21,418,728 and 20,538,588 shares at September 30, 2023 and December 31, 2022, respectively)
(208,313)(196,443)
Total shareholders’ equity1,240,531 1,052,074 
Total liabilities and shareholders’ equity$11,421,988 $9,805,666 

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 EndedFor the Nine Months Ended
 September 30,September 30,
 2023202220232022
(dollars in thousands, except share data)
Interest Income
Interest and fees on loans and leases$129,373 $78,722 $357,735 $212,631 
Interest and dividends on investments:
Taxable interest6,229 6,080 17,652 18,844 
Interest exempt from federal income taxes114 117 345 363 
Dividends823 204 2,110 488 
Interest on bank deposits3,346 577 7,899 1,346 
Total interest income139,885 85,700 385,741 233,672 
Interest Expense
Interest on deposits32,685 1,028 74,104 2,638 
Interest on short-term borrowings6,643 50 14,237 89 
Interest on subordinated debentures2,707 2,157 7,175 6,429 
Interest on other long-term debt41 48 130 151 
Interest on lease obligations52 57 156 171 
Total interest expense42,128 3,340 95,802 9,478 
Net Interest Income97,757 82,360 289,939 224,194 
Provision for credit losses5,885 5,923 6,025 11,986 
Provision for credit losses - acquisition day 1 non-PCD— — 10,653 — 
Net Interest Income after Provision for Credit Losses91,872 76,437 273,261 212,208 
Noninterest Income
Net securities (losses) gains(103)— (103)2 
Trust income2,949 2,777 7,967 8,063 
Service charges on deposit accounts5,600 5,194 15,842 14,695 
Insurance and retail brokerage commissions2,305 2,048 7,171 6,806 
Income from bank owned life insurance1,242 1,419 3,664 4,310 
Gain on sale of mortgage loans1,270 1,485 3,175 4,328 
Gain on sale of other loans and assets1,027 1,093 5,004 4,511 
Card-related interchange income7,221 6,980 21,422 20,607 
Derivatives mark to market35 6 27 395 
Swap fee income452 2,326 1,029 3,933 
Other income2,828 2,586 7,114 6,749 
Total noninterest income24,826 25,914 72,312 74,399 
Noninterest Expense
Salaries and employee benefits35,640 32,486 106,639 94,367 
Net occupancy4,782 4,629 14,584 13,586 
Furniture and equipment4,414 4,005 12,936 11,592 
Data processing3,857 3,721 11,024 10,379 
Advertising and promotion1,662 1,278 4,652 3,938 
Pennsylvania shares tax1,588 1,569 4,013 3,487 
Intangible amortization1,344 746 3,773 2,470 
Other professional fees and services1,603 1,204 4,376 3,622 
FDIC insurance1,920 796 4,614 2,196 
Loss on sale or write-down of assets50 54 97 215 
Litigation and operational losses1,626 758 3,263 1,987 
Merger and acquisition related379 448 8,860 448 
Other operating8,548 8,207 25,906 23,017 
Total noninterest expense67,413 59,901 204,737 171,304 
Income Before Income Taxes49,285 42,450 140,836 115,303 
Income tax provision10,054 8,482 28,600 22,855 
Net Income$39,231 $33,968 $112,236 $92,448 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
4


For the Three Months EndedFor the Nine Months Ended
 September 30,September 30,
 2023202220232022
(dollars in thousands, except share data)
Average Shares Outstanding102,159,213 93,194,854 101,428,065 93,761,360 
Average Shares Outstanding Assuming Dilution102,442,878 93,450,259 101,674,970 93,994,158 
Per Share Data: Basic Earnings per Share
$0.38 $0.36 $1.11 $0.99 
 Diluted Earnings per Share$0.38 $0.36 $1.10 $0.98 
Cash Dividends Declared per Common Share$0.125 $0.120 $0.370 $0.355 

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 COMPREHENSIVE INCOME (Unaudited)
 
For the Three Months EndedFor the Nine Months Ended
 September 30,September 30,
 2023202220232022
 (dollars in thousands)
Net Income$39,231 $33,968 $112,236 $92,448 
Other comprehensive loss, before tax benefit:
Unrealized holding losses on securities arising during the period(21,389)(46,213)(25,150)(135,258)
Less: reclassifcation adjustment for losses (gains) included in net income103 — 103 (2)
Unrealized holding gains (losses) on derivatives arising during the period2,111 (11,083)4,336 (33,754)
Total other comprehensive loss, before tax benefit(19,175)(57,296)(20,711)(169,014)
Income tax benefit related to items of other comprehensive loss3,672 12,032 4,349 35,493 
Total other comprehensive loss(15,503)(45,264)(16,362)(133,521)
Comprehensive Income (Loss)$23,728 $(11,296)$95,874 $(41,073)

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 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, 202293,376,314 $113,915 $497,431 $774,863 $(137,692)$(196,443)$1,052,074 
Net income112,236 112,236 
Other comprehensive loss(16,362)(16,362)
Cash dividends declared ($0.370 per share)
(38,050)(38,050)
Treasury stock acquired(1,137,475)(14,105)(14,105)
Treasury stock reissued163,950 660 — 1,551 2,211 
Restricted stock93,385 — 488 — 684 1,172 
Common stock issued9,688,478 9,688 131,667 141,355 
Balance at September 30, 2023102,184,652 $123,603 $630,246 $849,049 $(154,054)$(208,313)$1,240,531 
 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, 202194,233,152 $113,915 $496,121 $691,260 $(8,768)$(183,156)$1,109,372 
Net income92,448 92,448 
Other comprehensive loss(133,521)(133,521)
Cash dividends declared ($0.355 per share)
(33,373)(33,373)
Treasury stock acquired(1,132,577)(15,598)(15,598)
Treasury stock reissued174,989 580 — 1,612 2,192 
Restricted stock101,500 — 730 — 325 1,055 
Balance at September 30, 202293,377,064 $113,915 $497,431 $750,335 $(142,289)$(196,817)$1,022,575 




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


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 June 30, 2023102,444,915 $123,603 $630,246 $822,619 $(138,551)$(205,498)$1,232,419 
Net income39,231 39,231 
Other comprehensive loss(15,503)(15,503)
Cash dividends declared ($0.125 per share)
(12,801)(12,801)
Treasury stock acquired(260,263)(3,216)(3,216)
Treasury stock reissued— — — — — 
Restricted stock— — — — 401 401 
Balance at September 30, 2023102,184,652 $123,603 $630,246 $849,049 $(154,054)$(208,313)$1,240,531 
 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 June 30, 202293,705,120 $113,915 $497,431 $727,573 $(97,025)$(192,736)$1,049,158 
Net income33,968 33,968 
Other comprehensive loss(45,264)(45,264)
Cash dividends declared ($0.120 per share)
(11,206)(11,206)
Treasury stock acquired(326,656)(4,453)(4,453)
Treasury stock reissued— — — — — 
Restricted stock(1,400)— — — 372 372 
Balance at September 30, 202293,377,064 $113,915 $497,431 $750,335 $(142,289)$(196,817)$1,022,575 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
8


ITEM 1. Financial Statements and Supplementary Data (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
For the Nine Months Ended
 September 30,
 20232022
Operating Activities(dollars in thousands)
Net income$112,236 $92,448 
Adjustment to reconcile net income to net cash provided by operating activities:
Provision for credit losses16,678 11,986 
Deferred tax expense3,179 297 
Depreciation and amortization2,831 7,790 
Net gains on securities and other assets(7,701)(9,248)
Net amortization of premiums and discounts on securities1,052 1,570 
Income from increase in cash surrender value of bank owned life insurance(3,627)(4,113)
Increase in interest receivable(5,156)(888)
Mortgage loans originated for sale(137,721)(156,944)
Proceeds from sale of mortgage loans128,270 159,078 
Increase in interest payable3,937 1,675 
Decrease in income taxes payable(1,905)(5,222)
Other-net(5,336)10,251 
Net cash provided by operating activities106,737 108,680 
Investing Activities
Transactions with securities held to maturity:
Proceeds from maturities and redemptions31,394 66,139 
Purchases(200)(200)
Transactions with securities available for sale:
Proceeds from sales33,756 — 
Proceeds from maturities and redemptions75,593 117,718 
Purchases(155,782)— 
Purchases of FHLB stock(83,218)(3,244)
Proceeds from the redemption of FHLB stock73,311 626 
Proceeds from bank owned life insurance2,246 4,823 
Proceeds from sale of loans110,695 52,906 
Proceeds from sale of other assets 2,836 3,862 
Net cash received from business acquisition14,492 — 
Net increase in loans and leases(435,093)(563,044)
Purchases of premises and equipment and other assets(19,020)(8,037)
Net cash used in investing activities(348,990)(328,451)
Financing Activities
Net decrease in other short-term borrowings(1,368)(40,383)
Net increase in deposits479,307 95,183 
Repayments of other long-term debt(553)(531)
Repayments of capital lease obligation(397)(372)
Dividends paid(38,050)(33,373)
Proceeds from reissuance of treasury stock245 245 
Purchase of treasury stock(14,105)(15,598)
Net cash provided by financing activities425,079 5,171 
Net increase (decrease) in cash and cash equivalents182,826 (214,600)
Cash and cash equivalents at January 1154,244 395,372 
Cash and cash equivalents at September 30$337,070 $180,772 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
9

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 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 nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the full year of 2023. These interim financial statements should be read in conjunction with First Commonwealth’s 2022 Annual Report on Form 10-K.
Note 2 Acquisition
On January 31, 2023, the Company completed its acquisition of Centric Financial Corporation (“Centric”) and its banking subsidiary, Centric Bank, for consideration of 9,688,478 shares of the Company's common stock. Through the acquisition, the Company obtained seven full-service banking offices and one loan production office in the Harrisburg, Philadelphia and Lancaster Metropolitan Service Areas ("MSAs").
The table below summarizes the net assets acquired (at fair value) and consideration transferred in connection with the Centric acquisition (dollars in thousands):
Consideration paid
     Cash paid to shareholders - fractional shares$1 
     Shares issued to shareholders (9,688,478 shares)
141,355 
            Total consideration paid$141,356 
Fair value of assets acquired
    Cash and due from banks14,492 
    Investment securities34,302 
    FHLB stock7,658 
    Loans923,555 
    Premises and equipment17,186 
    Core deposit intangible16,671 
    Bank owned life insurance4,502 
    Other assets17,391 
             Total assets acquired1,035,757 
Fair value of liabilities assumed
    Deposits757,003 
    Borrowings179,301 
    Other liabilities18,484 
             Total liabilities assumed954,788 
Total fair value of identifiable net assets80,969 
Goodwill$60,387 
10
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The Company determined that this acquisition constitutes a business combination and therefore was accounted for using the acquisition method of accounting. Accordingly, as of the date of the acquisition, the Company recorded the assets acquired, liabilities assumed and consideration paid at fair value. The $60.4 million excess of the consideration paid over the fair value of assets acquired was recorded as goodwill and is not amortizable or deductible for tax purposes. The amount of goodwill arising from the acquisition consists largely of the synergies and economies of scale expected from combining the operations of the Company with Centric.
The fair value of the 9,688,478 common shares issued was determined based on the $14.59 closing market price of the Company's common shares on the acquisition date, January 31, 2023.
The valuation of the acquired assets and liabilities was completed in the second quarter of 2023. The following is a description of the valuation methodologies used to estimate the fair values of major categories of assets acquired and liabilities assumed. The Company used an independent valuation specialist to assist with the determination of fair values for certain acquired assets and assumed liabilities.
Cash and due from banks - The estimated fair value was determined to approximate the carrying amount of these assets.
Investment securities - The estimated fair value of the investment portfolio was based on quoted market prices, dealer quotes, and pricing obtained from independent pricing services.
Loans - The estimated fair value of loans were based on a discounted cash flow methodology applied on a pooled basis for non- purchased credit-deteriorated ("non-PCD") loans and on an individual basis for purchased credit-deteriorated ("PCD") loans. The valuation considered underlying characteristics including loan type, term, rate, payment schedule and credit rating. Other factors included assumptions related to prepayments, probability of default and loss given default. The discount rates applied were based on a build-up approach considering the funding mix, servicing costs, liquidity premium and factors related to performance risk.
Acquired loans are classified into two categories: PCD loans and non-PCD loans. PCD loans are defined as a loan or group of loans that have experienced more than insignificant credit deterioration since origination. Non-PCD loans will have an allowance established on acquisition date, which is recognized as an expense through provision for credit losses. For PCD loans, an allowance is recognized on day 1 by adding it to the fair value of the loan, which is the “Day 1 amortized cost”. There is no provision for credit loss expense recognized on PCD loans because the initial allowance is established by grossing-up the amortized cost of the PCD loan.
A day 1 allowance for credit losses on non-PCD loans of $10.7 million was recorded through the provision for credit losses within the Consolidated Statements of Income. At the date of acquisition, of the $979.5 million of loans acquired from Centric, $304.7 million, or 31.1%, of Centric's loan portfolio, was accounted for as PCD loans as of February 1, 2023.
Premise and equipment - The estimated fair value of land and buildings were determined by independent market-based appraisals.
Core deposit intangible - The core deposit intangible was valued utilizing the cost savings method approach, which recognizes the cost savings represented by the expense of maintaining the core deposit base versus the cost of an alternative funding source. The valuation incorporates assumptions related to account retention, discount rates, deposit interest rates, deposit maintenance costs and alternative funding rates.
Time deposits - The estimated fair value of time deposits was determined using a discounted cash flow approach incorporating a discount rate equal to current market interest rates offered on time deposits with similar terms and maturities.
Borrowings - The estimated fair value of short-term borrowings was determined to approximate stated value. Subordinated debentures were valued using a discounted cash flow approach incorporating a discount rate that incorporated similar terms, maturities and credit ratings.
11
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)


The following table provides details related to the fair value of acquired PCD loans as of February 1, 2023.
Unpaid Principal BalancePCD Allowance for Credit Loss at Acquisition(Discount) Premium on Acquired LoansFair Value of PCD Loans at Acquisition
(dollars in thousands)
Commercial, financial, agricultural and other$84,095 $(19,417)$117 $64,795 
Time and demand84,095 (19,417)117 64,795 
Real estate construction29,947 (287)(479)29,181 
Construction other16,978 (227)(179)16,572 
Construction residential12,969 (60)(300)12,609 
Residential real estate16,564 (527)(496)15,541 
Residential first lien13,740 (197)(264)13,279 
Residential junior lien/home equity2,824 (330)(232)2,262 
Commercial real estate174,002 (6,971)(6,073)160,958 
Multifamily13,169 (234)(1,413)11,522 
Nonowner occupied97,324 (2,739)(1,902)92,683 
Owner occupied63,509 (3,998)(2,758)56,753 
Loans to individuals62 (3)(3)56 
Automobile and recreational vehicles62 (3)(3)56 
Total loans and leases$304,670 $(27,205)$(6,934)$270,531 
12
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following table provides details related to the fair value and Day 1 provision related to the acquired non-PCD loans as of February 1, 2023.
Unpaid Principal Balance(Discount) premium on acquired loansFair Value of Non-PCD Loans at AcquisitionDay 1 Provision for Credit Losses - Non-PCD Loans
(dollars in thousands)
Commercial, financial, agricultural and other$167,606 $(5,451)$162,155 $3,482 
Time and demand165,878 (5,342)160,536 3,436 
Equipment finance4 — 4 — 
Time and demand other1,724 (109)1,615 46 
Real estate construction52,773 (1,126)51,647 1,638 
Construction other34,801 (971)33,830 1,146 
Construction residential17,972 (155)17,817 492 
Residential real estate75,041 (2,593)72,448 614 
Residential first lien53,612 (1,981)51,631 437 
Residential junior lien/home equity21,429 (612)20,817 177 
Commercial real estate378,777 (12,607)366,170 4,911 
Multifamily45,475 (1,203)44,272 514 
Nonowner occupied182,793 (5,660)177,133 2,111 
Owner occupied150,509 (5,744)144,765 2,286 
Loans to individuals640 (36)604 8 
Automobile and recreational vehicles449 (25)424 4 
Consumer other191 (11)180 4 
Total loans and leases$674,837 $(21,813)$653,024 $10,653 
The following table presents the change in goodwill during the period (dollars in thousands):
For the Nine Months Ended September 30, 2023
Goodwill at December 31, 2022$303,328 
Goodwill from Centric acquisition60,387 
Goodwill at September 30, 2023$363,715 
Costs related to the acquisition totaled $8.9 million. These amounts were expensed as incurred and are recorded as a merger and acquisition related expense in the Consolidated Statements of Income.
As a result of the full integration of the operations of Centric, it is not practicable to determine revenue or net income included in the Company's operating results relating to Centric since the date of acquisition as Centric results cannot be separately identified.
13
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 3 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 in the unaudited Consolidated Statements of Income.
For the Nine Months Ended September 30,
20232022
Pretax AmountTax (Expense) BenefitNet of Tax AmountPretax AmountTax (Expense) BenefitNet of Tax Amount
(dollars in thousands)
Unrealized losses on securities:
Unrealized holding losses on securities arising during the period$(25,150)$5,282 $(19,868)$(135,258)$28,405 $(106,853)
Reclassification adjustment for losses (gains) on securities included in net income103 (22)81 (2)— (2)
Total unrealized losses on securities(25,047)5,260 (19,787)(135,260)28,405 (106,855)
Unrealized gains (losses) on derivatives:
Unrealized holding gains (losses) on derivatives arising during the period4,336 (911)3,425 (33,754)7,088 (26,666)
Total unrealized gains (losses) on derivatives4,336 (911)3,425 (33,754)7,088 (26,666)
Total other comprehensive loss$(20,711)$4,349 $(16,362)$(169,014)$35,493 $(133,521)

For the Three Months Ended September 30,
20232022
Pretax AmountTax (Expense) BenefitNet of Tax AmountPretax AmountTax (Expense) BenefitNet of Tax Amount
(dollars in thousands)
Unrealized losses on securities:
Unrealized holding losses on securities arising during the period$(21,389)$4,138 $(17,251)$(46,213)$9,705 $(36,508)
Reclassification adjustment for losses on securities included in net income103 (22)81 — — — 
Total unrealized losses on securities(21,286)4,116 (17,170)(46,213)9,705 (36,508)
Unrealized gains (losses) on derivatives:
Unrealized holding gains (losses) on derivatives arising during the period2,111 (444)1,667 (11,083)2,327 (8,756)
Total unrealized gains (losses) on derivatives2,111 (444)1,667 (11,083)2,327 (8,756)
Total other comprehensive loss$(19,175)$3,672 $(15,503)$(57,296)$12,032 $(45,264)


14
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 nine months ended September 30:
20232022
 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$(107,471)$268 $(30,489)$(137,692)$(3,317)$95 $(5,546)$(8,768)
Other comprehensive loss before reclassification adjustment(19,868)— 3,425 (16,443)(106,853)— (26,666)(133,519)
Amounts reclassified from accumulated other comprehensive (loss) income81 — — 81 (2)— — (2)
Net other comprehensive loss during the period(19,787)— 3,425 (16,362)(106,855)— (26,666)(133,521)
Balance at September 30$(127,258)$268 $(27,064)$(154,054)$(110,172)$95 $(32,212)$(142,289)

The following table details the change in components of OCI for the three months ended September 30:

20232022
 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 June 30$(110,088)$268 $(28,731)$(138,551)$(73,664)$95 $(23,456)$(97,025)
Other comprehensive loss before reclassification adjustment(17,251)— 1,667 (15,584)(36,508)— (8,756)(45,264)
Amounts reclassified from accumulated other comprehensive (loss) income81 — — 81 — — — — 
Net other comprehensive loss during the period(17,170)— 1,667 (15,503)(36,508)— (8,756)(45,264)
Balance at September 30$(127,258)$268 $(27,064)$(154,054)$(110,172)$95 $(32,212)$(142,289)
Note 4 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 nine months ended September 30:
20232022
(dollars in thousands)
Cash paid during the period for:
Interest$92,376 $7,685 
Income taxes26,874 23,621 
Non-cash investing and financing activities:
Loans transferred to other real estate owned and repossessed assets2,933 2,211 
Loans transferred from held to maturity to held for sale117,143 47,213 
Loans transferred from available for sale to held to maturity(519)(94)
Gross decrease in market value adjustment to securities available for sale(25,047)(135,260)
Gross increase (decrease) in market value adjustment to derivatives4,336 (33,754)
Increase in limited partnership investment unfunded commitment1,320 — 
Noncash treasury stock reissuance1,966 1,947 
Net assets acquired through acquisition66,477 — 
15
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 5 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 September 30,For the Nine Months Ended September 30,
2023202220232022
Weighted average common shares issued123,603,380 113,914,902 122,503,223 113,914,902 
Average treasury stock shares(21,222,298)(20,485,573)(20,849,426)(19,938,539)
Average deferred compensation shares(56,402)(55,751)(56,029)(55,716)
Average unearned non-vested shares(165,467)(178,724)(169,703)(159,287)
Weighted average common shares and common stock equivalents used to calculate basic earnings per share
102,159,213 93,194,854 101,428,065 93,761,360 
Additional common stock equivalents (non-vested stock) used to calculate diluted earnings per share226,939 199,620 190,178 177,013 
Additional common stock equivalents (deferred compensation) used to calculate diluted earnings per share
56,726 55,785 56,727 55,785 
Weighted average common shares and common stock equivalents used to calculate diluted earnings per share
102,442,878 93,450,259 101,674,970 93,994,158 
Per Share Data:
Basic Earnings per Share$0.38 $0.36 $1.11 $0.99 
Diluted Earnings per Share$0.38 $0.36 $1.10 $0.98 
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 nine months ended September 30, because to do so would have been antidilutive.
20232022
Price RangePrice Range
SharesFromToSharesFromTo
Restricted Stock137,169 $12.70 $16.43 148,423 $12.77 $16.43 
Restricted Stock Units32,470 $17.53 $17.53 24,529 $21.08 $21.08 

Note 6 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 the date shown below:
September 30, 2023December 31, 2022
 (dollars in thousands)
Financial instruments whose contract amounts represent credit risk:
Commitments to extend credit$2,525,601 $2,356,539 
Financial standby letters of credit12,265 18,417 
Performance standby letters of credit15,801 12,853 
Commercial letters of credit161 573 
 
16
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The notional amounts outstanding as of September 30, 2023 include amounts issued in 2023 of $0.9 million in performance standby letters of credit and $0.3 million in financial standby letters of credit. There were no commercial letters of credit issued in 2023. A liability of $0.1 million has been recorded as of both September 30, 2023 and December 31, 2022, which represents the estimated fair value of letters of credit issued. The fair value of letters of credit is estimated based on the unrecognized portion of fees received at the time the commitment was issued.
Unused commitments and letters of credit provide exposure to future credit loss in the event of nonperformance by the borrower or guaranteed parties. Management’s evaluation of the credit risk related to these commitments resulted in the recording of a liability of $8.9 million and $10.0 million as of September 30, 2023 and December 31, 2022, 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 September 30, 2023, 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.

17
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 7 Investment Securities
Securities Available for Sale
Below is an analysis of the amortized cost and estimated fair values of securities available for sale at:
 September 30, 2023December 31, 2022
 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$3,678 $10 $(262)$3,426 $4,127 $37 $(181)$3,983 
Mortgage-Backed Securities – Commercial429,282 — (64,471)364,811 324,306 — (52,890)271,416 
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential501,750 1 (90,493)411,258 527,777 59 (78,847)448,989 
Other Government-Sponsored Enterprises1,000 — (113)887 1,000 — (118)882 
Obligations of States and Political Subdivisions9,228 — (1,475)7,753 9,482 — (1,295)8,187 
Corporate Securities33,752 — (4,284)29,468 32,010 179 (2,985)29,204 
Total Securities Available for Sale$978,690 $11 $(161,098)$817,603 $898,702 $275 $(136,316)$762,661 

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 40 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.
18
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 September 30, 2023, by contractual maturity, are shown below.
Amortized
Cost		Estimated
Fair Value
 (dollars in thousands)
Due within 1 year$6,253 $6,206 
Due after 1 but within 5 years8,890 8,649 
Due after 5 but within 10 years28,837 23,253 
Due after 10 years— — 
43,980 38,108 
Mortgage-Backed Securities (a)934,710 779,495 
Total Debt Securities$978,690 $817,603 
 
(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 $433.0 million and a fair value of $368.2 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $501.7 million and a fair value of $411.3 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 and maturities related to securities held to maturity and securities available for sale were as follows for the nine months ended September 30:
20232022
 (dollars in thousands)
Proceeds from sales$33,756 $— 
Gross gains (losses) realized:
Sales transactions:
Gross gains$— $— 
Gross losses(103)— 
(103)— 
Maturities
Gross gains— 2 
Gross losses— — 
— 2 
Net gains $(103)$2 
Proceeds from sales included in above table are a result of the sale of investments acquired as part of the Centric acquisition. All of the acquired investments were recorded at fair value at the time of acquisition and subsequently sold at the same value, with the exception of one corporate security. This security was sold in the third quarter of 2023 at a loss of $103 thousand.
Securities available for sale with an estimated fair value of $377.6 million and $626.7 million were pledged as of September 30, 2023 and December 31, 2022, respectively, to secure public deposits and for other purposes required or permitted by law.
19
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:
 September 30, 2023December 31, 2022
 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$1,800 $— $(279)$1,521 $2,008 $— $(224)$1,784 
Mortgage-Backed Securities- Commercial70,793 — (17,191)53,602 75,229 — (14,196)61,033 
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential304,036 — (61,572)242,464 329,267 — (53,002)276,265 
Mortgage-Backed Securities – Commercial2,853 — (55)2,798 4,794 — (129)4,665 
Other Government-Sponsored Enterprises22,461 — (5,205)17,256 22,221 — (4,501)17,720 
Obligations of States and Political Subdivisions26,615 — (3,558)23,057 26,643 — (2,865)23,778 
Debt Securities Issued by Foreign Governments1,000 — (52)948 1,000 — (40)960 
Total Securities Held to Maturity$429,558 $— $(87,912)$341,646 $461,162 $— $(74,957)$386,205 
The amortized cost and estimated fair value of debt securities held to maturity at September 30, 2023, 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$1,145 $1,140 
Due after 1 but within 5 years11,811 10,928 
Due after 5 but within 10 years36,557 28,802 
Due after 10 years563 391 
50,076 41,261 
Mortgage-Backed Securities (a)379,482 300,385 
Total Debt Securities$429,558 $341,646 
(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 $72.6 million and a fair value of $55.1 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $306.9 million and a fair value of $245.3 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 $119.2 million and $368.8 million were pledged as of September 30, 2023 and December 31, 2022, 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
20
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

only be sold to the FHLB or to another member institution, and all sales of FHLB stock must be at par. As a result of these restrictions, FHLB stock is unlike other investment securities insofar as there is no trading market for FHLB stock and the transfer price is determined by FHLB membership rules and not by market participants. As of September 30, 2023 and December 31, 2022, our FHLB stock totaled $42.8 million and $25.2 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 and nine months ended September 30, 2023.
As of both September 30, 2023 and December 31, 2022, "Other investments" also includes $6.2 million and $1.2 million, respectively, in equity securities. These securities do not have a readily determinable fair value and are carried at cost. During the nine-months ended September 30, 2023 and 2022, 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 September 30, 2023 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 – Residential$633 $(15)$3,233 $(526)$3,866 $(541)
Mortgage-Backed Securities – Commercial95,858 (1,190)293,015 (80,472)388,873 (81,662)
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential3,042 (79)628,596 (151,986)631,638 (152,065)
Mortgage-Backed Securities – Commercial— — 2,798 (55)2,798 (55)
Other Government-Sponsored Enterprises— — 18,143 (5,318)18,143 (5,318)
Obligations of States and Political Subdivisions4,526 (177)26,284 (4,856)30,810 (5,033)
Debt Securities Issued by Foreign Governments195 (5)753 (47)948 (52)
Corporate Securities8,552 (202)20,917 (4,082)29,469 (4,284)
Total Securities$112,806 $(1,668)$993,739 $(247,342)$1,106,545 $(249,010)
    
At September 30, 2023, fixed income securities issued by the U.S. Government and U.S. Government-sponsored enterprises comprised 96% of total unrealized losses. All unrealized losses are the result of changes in market interest rates. At September 30, 2023, there are 231 debt securities in an unrealized loss position.
21
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, 2022 by investment category and the 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 – Residential$3,734 $(405)$— $— $3,734 $(405)
Mortgage-Backed Securities - Commercial92,208 (12,364)240,241 (54,722)332,449 (67,086)
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential239,760 (21,543)482,195 (110,306)721,955 (131,849)
Mortgage-Backed Securities – Commercial4,666 (129)— — 4,666 (129)
Other Government-Sponsored Enterprises— — 18,603 (4,619)18,603 (4,619)
Obligation of States and Political Subdivisions21,234 (1,979)9,230 (2,181)30,464 (4,160)
Debt Securities Issued by Foreign Governments587 (13)373 (27)960 (40)
Corporate Securities14,406 (590)12,632 (2,395)27,038 (2,985)
Total Securities$376,595 $(37,023)$763,274 $(174,250)$1,139,869 $(211,273)
As of September 30, 2023, our corporate securities had an amortized cost and an estimated fair value of $33.8 million and $29.5 million, respectively. As of December 31, 2022, our corporate securities had an amortized cost and estimated fair value of $32.0 million and $29.2 million, respectively. Corporate securities are comprised of debt issued by large regional banks. There were eight and six corporate securities, respectively, in an unrealized loss position as of September 30, 2023 and December 31, 2022. 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 nine months ended September 30, 2023 and 2022.
22
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 8 Loans and Leases and Allowance for Credit Losses
Loans and leases 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 $7.4 million and $5.9 million as of September 30, 2023 and December 31, 2022, respectively, and discounts on purchased loans from acquisitions were $27.6 million and $5.4 million as of September 30, 2023 and December 31, 2022, respectively. The following table provides outstanding balances related to each of our loan types:
 
September 30, 2023December 31, 2022
 (dollars in thousands)
Commercial, financial, agricultural and other$1,496,021 $1,211,706 
Time and demand1,189,604 1,023,824 
Commercial credit cards12,934 13,920 
Equipment finance190,116 79,674 
Time and demand other103,367 94,288 
Real estate construction575,547 513,101 
Construction other508,875 395,439 
Construction residential66,672 117,662 
Residential real estate2,414,781 2,194,669 
Residential first lien1,737,203 1,547,192 
Residential junior lien/home equity677,578 647,477 
Commercial real estate3,050,084 2,425,012 
Multifamily537,565 431,151 
Nonowner occupied1,806,738 1,510,347 
Owner occupied705,781 483,514 
Loans to individuals1,365,292 1,297,655 
Automobile and recreational vehicles1,285,380 1,210,451 
Consumer credit cards9,997 10,657 
Consumer other69,915 76,547 
Total loans and leases$8,901,725 $7,642,143 
First Commonwealth’s loan portfolio includes five primary loan categories. When calculating the allowance for credit losses these categories are classified into fourteen 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. At September 30, 2023 and December 31, 2022, this category includes $0.9 million and $4.3 million in Paycheck Protection Program ("PPP") loans for small businesses. Because PPP loans are fully guaranteed by the SBA, there is no allowance for credit losses recognized for these loans.
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.
Equipment Finance - Consists of loans and leases to finance the purchase of equipment for commercial customers. The risk and loss characteristics are unique for this group due to the type of collateral. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of national unemployment and economic conditions measured by GDP.
23
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Time & Demand Other - Consists primarily of loans to state and political subdivisions and other commercial loans that have different characteristics than loans in the Time and Demand category. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of household debt to income and economic conditions measured by GDP.
Real estate construction
Construction Other - Consists of construction loans to commercial builders and developers and are secured by the properties under development.
Construction Residential - Consists of loans to finance the construction of residential properties during the construction period. Borrowers are typically individuals who will occupy the completed single family property.
The risk and loss characteristics of these two construction categories are different than other real estate secured categories due to the collateral being at various stages of completion. The nature of the project and type of borrower of the two construction categories provides for unique risk and loss characteristics for each category. The primary macroeconomic drivers for estimating credit losses for construction loans 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 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 national unemployment.
Nonowner Occupied - Consists of loans secured by non-owner occupied commercial real estate 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 owner occupied commercial real estate 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 and Recreational Vehicles - 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.
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 retail sales.
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
24
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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 the beginning of the forecast period was 3.78% and during the one-year forecast period it was projected to average 4.59%, with a peak of 4.86%.
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.
25
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:
 September 30, 2023
Non-Pass
PassOAEMSubstandardDoubtfulLossTotal Non-PassTotal
(dollars in thousands)
Commercial, financial, agricultural and other$1,417,177 $46,843 $32,001 $— $— $78,844 $1,496,021 
Time and demand1,111,155 46,843 31,606 — — 78,449 1,189,604 
Commercial credit cards12,934 — — — — — 12,934 
Equipment finance189,735 — 381 — — 381 190,116 
Time and demand other103,353 — 14 — — 14 103,367 
Real estate construction570,581 1,678 3,288 — — 4,966 575,547 
Construction other503,909 1,678 3,288 — — 4,966 508,875 
Construction residential66,672 — — — — — 66,672 
Residential real estate2,404,117 2,581 8,083 — — 10,664 2,414,781 
Residential first lien1,730,461 2,581 4,161 — — 6,742 1,737,203 
Residential junior lien/home equity673,656 — 3,922 — — 3,922 677,578 
Commercial real estate2,951,568 75,818 22,698 — — 98,516 3,050,084 
Multifamily537,000 461 104 — — 565 537,565 
Nonowner occupied1,738,117 50,807 17,814 — — 68,621 1,806,738 
Owner occupied676,451 24,550 4,780 — — 29,330 705,781 
Loans to individuals1,365,090 — 202 — — 202 1,365,292 
Automobile and recreational vehicles1,285,180 — 200 — — 200 1,285,380 
Consumer credit cards9,997 — — — — — 9,997 
Consumer other69,913 — 2 — — 2 69,915 
Total loans and leases$8,708,533 $126,920 $66,272 $— $— $193,192 $8,901,725 
26
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

 
 December 31, 2022
Non-Pass
PassOAEMSubstandardDoubtfulLossTotal Non-PassTotal
(dollars in thousands)
Commercial, financial, agricultural and other$1,164,193 $35,389 $12,124 $— $— $47,513 $1,211,706 
Time and demand976,346 35,389 12,089 — — 47,478 1,023,824 
Commercial credit cards13,920 — — — — — 13,920 
Equipment finance79,674 — — — — — 79,674 
Time and demand other94,253 — 35 — — 35 94,288 
Real estate construction513,101 — — — — — 513,101 
Construction other395,439 — — — — — 395,439 
Construction residential117,662 — — — — — 117,662 
Residential real estate2,187,780 736 6,153 — — 6,889 2,194,669 
Residential first lien1,542,854 675 3,663 — — 4,338 1,547,192 
Residential junior lien/home equity644,926 61 2,490 — — 2,551 647,477 
Commercial real estate2,347,000 52,291 25,721 — — 78,012 2,425,012 
Multifamily430,613 488 50 — — 538 431,151 
Nonowner occupied1,439,478 49,037 21,832 — — 70,869 1,510,347 
Owner occupied476,909 2,766 3,839 — — 6,605 483,514 
Loans to individuals1,297,206 — 449 — — 449 1,297,655 
Automobile and recreational vehicles1,210,090 — 361 — — 361 1,210,451 
Consumer credit cards10,657 — — — — — 10,657 
Consumer other76,459 — 88 — — 88 76,547 
Total loans and leases$7,509,280 $88,416 $44,447 $— $— $132,863 $7,642,143 

The following table summarizes the loan risk rating category by loan type including term loans on an amortized cost basis by origination year:
September 30, 2023
Term LoansRevolving Loans
20232022202120202019PriorTotal
(dollars in thousands)
Time and demand$140,075 $201,945 $123,174 $76,068 $52,514 $76,227 $519,601 $1,189,604 
Pass137,708 193,983 112,478 71,311 40,027 69,936 485,712 1,111,155 
OAEM1,784 2,653 2,983 1,980 10,517 780 26,146 46,843 
Substandard583 5,309 7,713 2,777 1,970 5,511 7,743 31,606 
Gross charge-offs— (6)(6)— (2,363)(1,112)(3,937)(7,424)
Gross recoveries— — — 96 4 107 7 214 
Commercial credit cards— — — — — — 12,934 12,934 
Pass— — — — — — 12,934 12,934 
Gross charge-offs— — — — — — (63)(63)
Gross recoveries— — — — — — 13 13 
27
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

September 30, 2023
Term LoansRevolving Loans
20232022202120202019PriorTotal
(dollars in thousands)
Equipment finance122,806 67,310 — — — — — 190,116 
Pass122,806 66,929 — — — — — 189,735 
Substandard— 381 — — — — — 381 
Gross charge-offs— (45)— — — — — (45)
Gross recoveries— — — — — — — — 
Time and demand other3,214 6,482 17,867 20,272 3,219 48,542 3,771 103,367 
Pass3,214 6,482 17,867 20,272 3,219 48,528 3,771 103,353 
Substandard— — — — — 14 — 14 
Gross charge-offs— — — — — — (1,570)(1,570)
Gross recoveries— — — — — — 125 125 
Construction other60,546 174,511 193,450 43,890 21,676 14,105 697 508,875 
Pass60,546 171,223 191,772 43,890 21,676 14,105 697 503,909 
OAEM— — 1,678 — — — — 1,678 
Substandard— 3,288 — — — — — 3,288 
Gross charge-offs— — — — — — — — 
Gross recoveries— — — — — — — — 
Construction residential17,883 36,866 2,290 5,596 3,559 — 478 66,672 
Pass17,883 36,866 2,290 5,596 3,559 — 478 66,672 
Gross charge-offs— — — — — — — — 
Gross recoveries— — — — — — — — 
Residential first lien100,354 372,352 537,574 326,371 99,473 299,027 2,052 1,737,203 
Pass100,349 371,775 535,103 326,218 98,655 296,386 1,975 1,730,461 
OAEM— — 2,059 — 124 321 77 2,581 
Substandard5 577 412 153 694 2,320 — 4,161 
Gross charge-offs— (2)(1)(4)(1)(116)— (124)
Gross recoveries— — — — — 65 — 65 
Residential junior lien/home equity49,611 72,616 46,038 2,118 2,554 5,299 499,342 677,578 
Pass49,611 72,616 46,038 2,118 2,552 5,227 495,494 673,656 
Substandard— — — — 2 72 3,848 3,922 
Gross charge-offs— — — — — — (260)(260)
Gross recoveries— — — — — — 63 63 
Multifamily5,960 156,540 141,101 97,027 32,940 101,828 2,169 537,565 
Pass5,960 156,540 141,101 97,027 32,940 101,263 2,169 537,000 
OAEM— — — — — 461 — 461 
Substandard— — — — — 104 — 104 
Gross charge-offs— — — — — — — — 
Gross recoveries— — — — — — — — 
Nonowner occupied142,431 418,600 170,408 163,124 232,990 670,243 8,942 1,806,738 
Pass142,431 418,118 170,408 158,484 224,009 615,790 8,877 1,738,117 
OAEM— — — 4,640 8,823 37,344 — 50,807 
Substandard— 482 — — 158 17,109 65 17,814 
Gross charge-offs— — — — — (172)— (172)
Gross recoveries— — — — — 126 — 126 
28
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

September 30, 2023
Term LoansRevolving Loans
20232022202120202019PriorTotal
(dollars in thousands)
Owner occupied79,093 165,825 139,993 82,204 61,033 166,516 11,117 705,781 
Pass79,093 165,137 134,769 77,517 45,192 163,742 11,001 676,451 
OAEM— 688 4,133 3,683 14,253 1,760 33 24,550 
Substandard— — 1,091 1,004 1,588 1,014 83 4,780 
Gross charge-offs— — — — — (1,517)— (1,517)
Gross recoveries— — — — — 16 — 16 
Automobile and recreational vehicles356,253 495,340 254,706 127,614 42,439 9,028 — 1,285,380 
Pass356,253 495,312 254,681 127,591 42,370 8,973 — 1,285,180 
Substandard— 28 25 23 69 55 — 200 
Gross charge-offs(153)(1,370)(794)(714)(350)(88)— (3,469)
Gross recoveries1 259 255 224 246 129 — 1,114 
Consumer credit cards— — — — — — 9,997 9,997 
Pass— — — — — — 9,997 9,997 
Gross charge-offs— — — — — — (205)(205)
Gross recoveries— — — — — — 63 63 
Consumer other5,387 4,741 14,055 1,651 1,613 3,799 38,669 69,915 
Pass5,387 4,741 14,055 1,651 1,613 3,799 38,667 69,913 
Substandard— — — — — — 2 2 
Gross charge-offs— (24)(49)(30)(136)(17)(719)(975)
Gross recoveries— 1 2 8 32 55 113 211 
Total loans and leases$1,083,613 $2,173,128 $1,640,656 $945,935 $554,010 $1,394,614 $1,109,769 $8,901,725 
Total charge-offs(153)(1,447)(850)(748)(2,850)(3,022)(6,754)(15,824)
Total recoveries1 260 257 328 282 498 384 2,010 
29
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

December 31, 2022
Term LoansRevolving Loans
20222021202020192018PriorTotal
(dollars in thousands)
Time and demand$180,134 $165,064 $66,006 $88,959 $57,030 $57,907 $408,724 $1,023,824 
Pass180,134 154,542 56,592 79,935 56,718 56,309 392,116 976,346 
OAEM— 10,489 8,387 1,846 250 895 13,522 35,389 
Substandard— 33 1,027 7,178 62 703 3,086 12,089 
Commercial credit cards— — — — — — 13,920 13,920 
Pass— — — — — — 13,920 13,920 
Equipment finance79,674 — — — — — — 79,674 
Pass79,674 — — — — — — 79,674 
Time and demand other7,172 20,281 19,626 3,823 2,885 36,197 4,304 94,288 
Pass7,172 20,281 19,626 3,823 2,885 36,162 4,304 94,253 
Substandard— — — — — 35 — 35 
Construction other81,870 179,919 85,264 23,001 24,005 1,011 369 395,439 
Pass81,870 179,919 85,264 23,001 24,005 1,011 369 395,439 
Construction residential82,829 34,783 — 31 18 — 1 117,662 
Pass82,829 34,783 — 31 18 — 1 117,662 
Residential first lien272,136 507,573 337,995 102,870 69,890 255,573 1,155 1,547,192 
Pass272,136 507,042 337,979 102,097 69,212 253,310 1,078 1,542,854 
OAEM— 164 — 133 51 250 77 675 
Substandard— 367 16 640 627 2,013 — 3,663 
Residential junior lien/home equity77,016 49,273 1,499 2,584 1,683 4,396 511,026 647,477 
Pass77,016 49,273 1,499 2,517 1,683 4,263 508,675 644,926 
OAEM— — — — — 51 10 61 
Substandard— — — 67 — 82 2,341 2,490 
Multifamily140,004 90,868 60,699 39,848 19,914 78,483 1,335 431,151 
Pass140,004 90,868 60,699 39,848 19,914 77,945 1,335 430,613 
OAEM— — — — — 488 — 488 
Substandard— — — — — 50 — 50 
Nonowner occupied298,751 153,918 115,947 214,068 141,814 581,060 4,789 1,510,347 
Pass298,751 153,918 115,947 212,588 113,638 541,007 3,629 1,439,478 
OAEM— — — 1,480 20,349 26,207 1,001 49,037 
Substandard— — — — 7,827 13,846 159 21,832 
Owner occupied113,010 105,513 56,977 44,430 26,456 131,432 5,696 483,514 
Pass113,010 105,309 55,468 43,014 26,294 128,230 5,584 476,909 
OAEM— 182 745 791 92 923 33 2,766 
Substandard— 22 764 625 70 2,279 79 3,839 
Automobile and recreational vehicles613,513 330,298 172,530 68,996 20,589 4,525 — 1,210,451 
Pass613,513 330,252 172,435 68,865 20,524 4,501 — 1,210,090 
Substandard— 46 95 131 65 24 — 361 
Consumer credit cards— — — — — — 10,657 10,657 
Pass— — — — — — 10,657 10,657 
Consumer other6,561 17,177 2,489 3,798 1,656 4,085 40,781 76,547 
Pass6,561 17,177 2,489 3,775 1,652 4,085 40,720 76,459 
Substandard— — — 23 4 — 61 88 
Total loans and leases$1,952,670 $1,654,667 $919,032 $592,408 $365,940 $1,154,669 $1,002,757 $7,642,143 


30
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 net charge-offs for the nine months ended September 30, 2023 and 2022 were $13.8 million and $5.1 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 September 30, 2023 and December 31, 2022. 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.
 September 30, 2023
 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$2,112 $956 $532 $17,900 $21,500 $1,474,521 $1,496,021 
Time and demand1,630 737 531 17,519 20,417 1,169,187 1,189,604 
Commercial credit cards97 18 — — 115 12,819 12,934 
Equipment finance384 201 — 381 966 189,150 190,116 
Time and demand other1 — 1 — 2 103,365 103,367 
Real estate construction— 1,678 — 3,288 4,966 570,581 575,547 
Construction other— 1,678 — 3,288 4,966 503,909 508,875 
Construction residential— — — — — 66,672 66,672 
Residential real estate4,905 1,709 1,203 7,750 15,567 2,399,214 2,414,781 
Residential first lien2,665 1,306 599 3,883 8,453 1,728,750 1,737,203 
Residential junior lien/home equity2,240 403 604 3,867 7,114 670,464 677,578 
Commercial real estate2,436 294 300 18,784 21,814 3,028,270 3,050,084 
Multifamily117 — — 68 185 537,380 537,565 
Nonowner occupied592 49 — 16,176 16,817 1,789,921 1,806,738 
Owner occupied1,727 245 300 2,540 4,812 700,969 705,781 
Loans to individuals4,260 1,607 449 202 6,518 1,358,774 1,365,292 
Automobile and recreational vehicles3,890 1,067 99 200 5,256 1,280,124 1,285,380 
Consumer credit cards37 45 — — 82 9,915 9,997 
Consumer other333 495 350 2 1,180 68,735 69,915 
Total loans and leases$13,713 $6,244 $2,484 $47,924 $70,365 $8,831,360 $8,901,725 
31
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

 
 December 31, 2022
 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$1,233 $279 $355 $2,374 $4,241 $1,207,465 $1,211,706 
Time and demand1,121 270 352 2,374 4,117 1,019,707 1,023,824 
Commercial credit cards27 9 — — 36 13,884 13,920 
Equipment finance— — — — — 79,674 79,674 
Time and demand other85 — 3 — 88 94,200 94,288 
Real estate construction502 — — — 502 512,599 513,101 
Construction other— — — — — 395,439 395,439 
Construction residential502 — — — 502 117,160 117,662 
Residential real estate3,023 1,178 811 5,683 10,695 2,183,974 2,194,669 
Residential first lien1,547 771 214 3,369 5,901 1,541,291 1,547,192 
Residential junior lien/home equity1,476 407 597 2,314 4,794 642,683 647,477 
Commercial real estate7,870 25 93 20,539 28,527 2,396,485 2,425,012 
Multifamily202 — — — 202 430,949 431,151 
Nonowner occupied7,547 — 92 19,575 27,214 1,483,133 1,510,347 
Owner occupied121 25 1 964 1,111 482,403 483,514 
Loans to individuals3,268 571 732 449 5,020 1,292,635 1,297,655 
Automobile and recreational vehicles2,694 368 295 361 3,718 1,206,733 1,210,451 
Consumer credit cards53 29 5 — 87 10,570 10,657 
Consumer other521 174 432 88 1,215 75,332 76,547 
Total loans and leases$15,896 $2,053 $1,991 $29,045 $48,985 $7,593,158 $7,642,143 
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. 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 that 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
32
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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 September 30, 2023 and December 31, 2022, there were no nonperforming loans held for sale. During both the nine months ended September 30, 2023 and 2022, 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 September 30, 2023 and December 31, 2022. 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. The increase in nonperforming loans is primarily a result of $22.0 million in loans acquired from Centric, offset by the removal of $6.4 million in accruing troubled debt restructurings ("TDR's"). The TDR's were eliminated as a result of our adoption of ASU 2022-02, Financial Instruments Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures ("ASU 2022-02"). This standard was adopted on January 1, 2023 and eliminates the accounting guidance for TDR's while enhancing disclosure requirements for loan modifications for borrowers experiencing financial difficulty.
33
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

 September 30, 2023December 31, 2022
 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$2,671 $11,142 $3,141 $9,555 
Time and demand2,290 10,761 3,141 9,555 
Equipment finance381 381 — — 
Time and demand other— — — — 
Real estate construction3,288 3,288 — — 
Construction other3,288 3,288 — — 
Construction residential— — — — 
Residential real estate6,514 8,328 9,145 11,010 
Residential first lien3,883 4,970 5,754 6,848 
Residential junior lien/home equity2,631 3,358 3,391 4,162 
Commercial real estate5,114 5,847 21,505 24,119 
Multifamily68 68 — — 
Nonowner occupied3,575 4,553 20,155 22,565 
Owner occupied1,471 1,226 1,350 1,554 
Loans to individuals202 353 528 563 
Automobile and recreational vehicles200 351 440 475 
Consumer other2 2 88 88 
Subtotal17,789 28,958 34,319 45,247 
With an allowance recorded:
Commercial, financial, agricultural and other15,229 16,562 $11,994 1,168 1,186 $711 
Time and demand15,229 16,562 11,994 1,168 1,186 711 
Equipment finance— — — — — — 
Time and demand other— — — — — — 
Real estate construction— — — — — — 
Construction other— — — — — — 
Construction residential— — — — — — 
Residential real estate1,236 1,406 70 — — — 
Residential first lien— — — — — — 
Residential junior lien/home equity1,236 1,406 70 — — — 
Commercial real estate13,670 14,459 4,162 — — — 
Multifamily— — — — — — 
Nonowner occupied12,601 13,369 4,099 — — — 
Owner occupied1,069 1,090 63 — — — 
Loans to individuals— — — — — — 
Automobile and recreational vehicles— — — — — — 
Consumer other— — — — — — 
Subtotal30,135 32,427 16,226 1,168 1,186 711 
Total$47,924 $61,385 $16,226 $35,487 $46,433 $711 

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

 For the Nine Months Ended September 30,
 20232022
 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$3,974 $141 $3,762 $88 
Time and demand3,786 141 3,762 88 
Equipment finance188 — — — 
Time and demand other— — — — 
Real estate construction365 — — — 
Construction other365 — — — 
Construction residential— — — — 
Residential real estate6,224 75 8,984 190 
Residential first lien3,602 74 5,120 139 
Residential junior lien/home equity2,622 1 3,864 51 
Commercial real estate9,253 170 16,663 89 
Multifamily30 — 230 — 
Nonowner occupied7,313 57 14,869 69 
Owner occupied1,910 113 1,564 20 
Loans to individuals428 7 435 13 
Automobile and recreational vehicles341 7 363 13 
Consumer other87 — 72 — 
Subtotal20,244 393 29,844 380 
With an allowance recorded:
Commercial, financial, agricultural and other10,190 (16)195 — 
Time and demand10,190 (16)195 — 
Equipment finance— — — — 
Time and demand other— — — — 
Real estate construction— — — — 
Construction other— — — — 
Construction residential— — — — 
Residential real estate1,099 — — — 
Residential first lien— — — — 
Residential junior lien/home equity1,099 — — — 
Commercial real estate13,134 — 6,795 — 
Multifamily— — — — 
Nonowner occupied12,763 — 6,795 — 
Owner occupied371 — — — 
Loans to individuals— — — — 
Automobile and recreational vehicles— — — — 
Consumer other— — — — 
Subtotal24,423 (16)6,990 — 
Total$44,667 $377 $36,834 $380 
35
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 September 30,
20232022
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$2,509 $135 $3,518 $30 
Time and demand2,269 135 3,518 30 
Equipment finance240 — — — 
Time and demand other— — — — 
Real estate construction1,096 — — — 
Construction other1,096 — — — 
Construction residential— — — — 
Residential real estate6,290 35 8,981 48 
Residential first lien3,784 34 5,200 33 
Residential junior lien/home equity2,506 1 3,781 15 
Commercial real estate7,908 213 16,124 27 
Multifamily68 — — — 
Nonowner occupied6,498 53 14,637 18 
Owner occupied1,342 160 1,487 9 
Loans to individuals401 6 443 5 
Automobile315 6 369 5 
Consumer other86 — 74 — 
Subtotal18,204 389 29,066 110 
With an allowance recorded:
Commercial, financial, agricultural and other14,980 — 584 — 
Time and demand14,980 — 584 — 
Equipment finance— — — — 
Time and demand other— — — — 
Real estate construction— — — — 
Construction other— — — — 
Construction residential— — — — 
Residential real estate1,236 — — — 
Residential first lien— — — — 
Residential junior lien/home equity1,236 — — — 
Commercial real estate13,514 — 6,336 — 
Multifamily— — — — 
Nonowner occupied12,601 — 6,336 — 
Owner occupied913 — — — 
Loans to individuals— — — — 
Automobile— — — — 
Consumer other— — — — 
Subtotal29,730 — 6,920 — 
Total$47,934 $389 $35,986 $110 
Unfunded commitments related to nonperforming loans were $0.1 million at both September 30, 2023 and December 31, 2022. After consideration of the requirements to draw and available collateral related to these commitments, it was determined that no reserve was required for these commitments at September 30, 2023 and December 31, 2022.
36
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)


Loan Modifications Made to Borrowers Experiencing Financial Difficulty
The Company adopted ASU 2022-02 on January 1, 2023 on a prospective basis. Disclosures for years prior to adoption continue to reflect TDR's as nonperforming loans and include TDR disclosures required under the previous guidance. Upon adoption of this guidance, the Company no longer establishes a specific reserve for modifications to borrowers experiencing financial difficulty. Instead, these modifications are included in their respective loan segment and an allowance is determined by a loss given default and probability of default methodology.
Modifications to borrowers experiencing financial difficulty may include interest rate reductions, principal forgiveness, other- than-insignificant payment delay, term extensions or any combination thereof.
The following tables present the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty:
For the Nine Months Ended September 30, 2023
Rate ReductionTerm ExtensionPrincipal ForgivenessTerm Extension and Payment DeferralTotalPercentage of Total Loans and Leases
(dollars in thousands)
Residential real estate$22 $305 $— $305 $632 0.03 %
Residential first lien22 305 — 305 632 0.04 
Total$22 $305 $— $305 $632 0.01 %
 For the Three Months Ended September 30, 2023
Rate ReductionTerm ExtensionPrincipal ForgivenessTerm Extension and Payment DeferralTotalPercentage of Total Loans and Leases
(dollars in thousands)
Residential real estate$— $144 $— $63 $207 0.01 %
Residential first lien— 144 — 63 207 0.01 
Total$— $144 $— $63 $207 — %

The following tables describe the financial effect of the modifications made to borrowers experiencing financial difficulty:
For the Nine Months Ended September 30, 2023
Rate ReductionTerm Extension (Years)Principal ForgivenessPayment Deferral (Years)
(dollars in thousands)
Residential real estate2.25 %2.8$— 0.5
Residential first lien2.25 2.8— 0.5
Total2.25 %2.8$— 0.5
For the Three Months Ended September 30, 2023
Rate ReductionTerm Extension (Years)Principal ForgivenessPayment Deferral (Years)
(dollars in thousands)
Residential real estate— %2.2$— 0.5
Residential first lien— 2.2— 0.5
Total— %2.2$— 0.5
37
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

A modification is considered to be in default when the loan is 90 days or more past due. For the nine months ended September 30, 2023, there were no modified loans that were considered to be in default. The following table shows the payment status of loans that have been modified on or after January 1, 2023, the date we adopted ASU 2022-02:
September 30, 2023
Current30 - 59 days past due60 - 89 days past due90 days or greater and still accruingTotal
(dollars in thousands)
Residential real estate$632 $— $— $— $632 
Residential first lien632 — — — 632 
Total loans and leases$632 $— $— $— $632 
Troubled Debt Restructurings Disclosures Prior to Adoption of ASU 2022-02
Troubled debt restructured loans are those loans whose terms have been renegotiated to provide a reduction or deferral of principal or interest as a result of the financial difficulties experienced by the borrower, who could not obtain comparable terms from alternative financing sources. Troubled debt restructured loans are considered to be nonperforming loans.
The following tables provide detail, including specific reserves and reasons for modification, related to loans identified as troubled debt restructurings:
 For the Nine Months Ended September 30, 2022
  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 $— $10 $59 $69 $68 $— 
Residential first lien2 — 10 59 69 68 — 
Total2 $— $10 $59 $69 $68 $— 
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 nine months ended September 30, 2022, $10 thousand in rate modifications represent loans with modifications to the rate as well as payment as a result of re-amortization. The changes in loan balances between the pre-modification balance and the post-modification balance are due to customer payments.
For the three months ended September 30, 2022, there were no loans identified as troubled debt restructurings.
A troubled debt restructuring is considered to be in default when a restructured loan is 90 days or more past due. For both the three and nine months ended September 30, 2022, there were no loans restructured within the past twelve months that were considered to be in default.

38
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 Nine Months Ended September 30, 2023
Beginning balanceAllowance for credit loss on PCD acquired loansCharge-offsRecoveries
Provision (credit)a
Ending balance
(dollars in thousands)
Commercial, financial, agricultural and other$22,650 $19,417 $(9,102)$352 $4,088 $37,405 
Time and demand20,040 19,417 (7,424)214 804 33,051 
Commercial credit cards335 — (63)13 22 307 
Equipment finance1,086 — (45)— 1,586 2,627 
Time and demand other1,189 — (1,570)125 1,676 1,420 
Real estate construction8,822 287 — — (605)8,504 
Construction other6,360 227 — — 765 7,352 
Construction residential2,462 60 — — (1,370)1,152 
Residential real estate21,412 527 (384)128 2,257 23,940 
Residential first lien14,822 197 (124)65 2,071 17,031 
Residential junior lien/home equity6,590 330 (260)63 186 6,909 
Commercial real estate28,804 6,971 (1,689)142 8,871 43,099 
Multifamily4,726 234 — — 861 5,821 
Nonowner occupied16,426 2,739 (172)126 6,373 25,492 
Owner occupied7,652 3,998 (1,517)16 1,637 11,786 
Loans to individuals21,218 3 (4,649)1,388 3,429 21,389 
Automobile and recreational vehicles18,819 3 (3,469)1,114 2,823 19,290 
Consumer credit cards412 — (205)63 100 370 
Consumer other1,987 — (975)211 506 1,729 
Total loans and leases$102,906 $27,205 $(15,824)$2,010 $18,040 $134,337 
a) The provision expense (credit) shown here includes the day 1 provision on non-PCD loans acquired from Centric and excludes the provision for off-balance sheet credit exposure included in the income statement.
39
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

 For the Nine Months Ended September 30, 2022
 Beginning balanceCharge-offsRecoveries
Provision (credit)a
Ending balance
 (dollars in thousands)
Commercial, financial, agricultural and other$18,093 $(1,836)$313 $5,902 $22,472 
Time and demand15,283 (604)155 5,712 20,546 
Commercial credit cards247 (209)68 194 300 
Equipment finance— — — 569 569 
Time and demand other2,563 (1,023)90 (573)1,057 
Real estate construction4,220 — 9 2,682 6,911 
Construction other3,278 — 9 1,736 5,023 
Construction residential942 — — 946 1,888 
Residential real estate12,625 (263)143 6,798 19,303 
Residential first lien7,459 (124)112 5,562 13,009 
Residential junior lien/home equity5,166 (139)31 1,236 6,294 
Commercial real estate33,376 (1,887)351 (3,941)27,899 
Multifamily3,561 (411)1 1,273 4,424 
Nonowner occupied24,838 (1,236)340 (7,940)16,002 
Owner occupied4,977 (240)10 2,726 7,473 
Loans to individuals24,208 (3,113)1,160 (2,747)19,508 
Automobile and recreational vehicles21,392 (1,515)699 (3,416)17,160 
Consumer credit cards496 (415)53 255 389 
Consumer other2,320 (1,183)408 414 1,959 
Total loans and leases$92,522 $(7,099)$1,976 $8,694 $96,093 
a) The provision expense (credit) shown here excludes the provision for off-balance sheet credit exposure included in the income statement.
40
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 September 30, 2023
Beginning balanceAllowance for credit loss on PCD acquired loansCharge-offsRecoveries
Provision (credit)a
Ending balance
(dollars in thousands)
Commercial, financial, agricultural and other$41,714 $— $(1,762)$98 $(2,645)$37,405 
Time and demand37,873 — (954)46 (3,914)33,051 
Commercial credit cards320 — (28)6 9 307 
Equipment finance2,074 — — — 553 2,627 
Time and demand other1,447 — (780)46 707 1,420 
Real estate construction7,728 — — — 776 8,504 
Construction other6,145 — — — 1,207 7,352 
Construction residential1,583 — — — (431)1,152 
Residential real estate23,740 — (304)57 447 23,940 
Residential first lien16,563 — (107)22 553 17,031 
Residential junior lien/home equity7,177 — (197)35 (106)6,909 
Commercial real estate38,927 — (172)6 4,338 43,099 
Multifamily5,775 — — — 46 5,821 
Nonowner occupied21,710 — (172)2 3,952 25,492 
Owner occupied11,442 — — 4 340 11,786 
Loans to individuals21,437 — (2,360)461 1,851 21,389 
Automobile and recreational vehicles19,258 — (1,883)412 1,503 19,290 
Consumer credit cards375 — (59)16 38 370 
Consumer other1,804 — (418)33 310 1,729 
Total loans and leases$133,546 $— $(4,598)$622 $4,767 $134,337 
a) The provision expense (credit) shown here excludes the provision for off-balance sheet credit exposure included in the income statement.
41
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 September 30, 2022
 Beginning balanceCharge-offsRecoveries
Provision (credit)a
Ending balance
 (dollars in thousands)
Commercial, financial, agricultural and other$21,989 $(852)$154 $1,181 $22,472 
Time and demand19,921 (321)77 869 20,546 
Commercial credit cards387 (132)42 3 300 
Equipment finance272 — — 297 569 
Time and demand other1,409 (399)35 12 1,057 
Real estate construction5,529 — 9 1,373 6,911 
Construction other3,600 — 9 1,414 5,023 
Construction residential1,929 — — (41)1,888 
Residential real estate17,747 (119)83 1,592 19,303 
Residential first lien11,860 (79)67 1,161 13,009 
Residential junior lien/home equity5,887 (40)16 431 6,294 
Commercial real estate31,387 (1,335)332 (2,485)27,899 
Multifamily3,555 — 1 868 4,424 
Nonowner occupied20,953 (1,095)330 (4,186)16,002 
Owner occupied6,879 (240)1 833 7,473 
Loans to individuals16,951 (1,064)331 3,290 19,508 
Automobile and recreational vehicles14,563 (538)156 2,979 17,160 
Consumer credit cards312 (182)15 244 389 
Consumer other2,076 (344)160 67 1,959 
Total loans and leases$93,603 $(3,370)$909 $4,951 $96,093 
a) The provision expense (credit) shown here excludes the provision for off-balance sheet credit exposure included in the income statement.

Note 9 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; and (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.
42
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 right of use ("ROU") assets and lease liabilities, lease costs and other lease information.
September 30, 2023December 31, 2022
Balance sheet:
Operating lease asset classified as premises and equipment$45,783 $40,747 
Operating lease liability classified as other liabilities50,155 45,149 
For the Three Months EndedFor the Nine Months Ended
September 30, 2023September 30, 2022September 30, 2023September 30, 2022
Income statement:
    Operating lease cost classified as occupancy and equipment expense
$1,521 $1,259 $4,565 $3,727 
Weighted average lease term, in years13.3714.10
Weighted average discount rate3.51 %3.28 %
Operating cash flows$1,571 $1,245 
In the above table, the increase in the ROU asset and lease liability at September 30, 2023 compared to December 31, 2022, is primarily a result of leases assumed as part of the Centric acquisition.
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 September 30, 2023 were as follows (dollars in thousands):
For the twelve months ended:
September 30, 2024$5,847 
September 30, 20255,621 
September 30, 20265,160 
September 30, 20274,909 
September 30, 20284,672 
Thereafter37,922 
Total future minimum lease payments64,131 
Less remaining imputed interest13,976 
Operating lease liability$50,155 

Note 10 Income Taxes
In accordance with FASB ASC Topic 740-10, “Accounting for Uncertainty in Income Taxes,” at September 30, 2023 and December 31, 2022, 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, 2019 are no longer open to examination by federal and state taxing authorities.
43
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 11 Fair Values of Assets and Liabilities
FASB ASC Topic 820, “Fair Value Measurements and Disclosures” ("Topic 820"), requires disclosures for non-financial assets and non-financial liabilities, except for items that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). All non-financial assets are included either as a separate line item on the 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” ("Topic 825"), 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 Topic 825; however, in the future we may elect to adopt this guidance for select financial instruments.
 
In accordance with 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 7, “Investment Securities.”
Loans held for sale include residential mortgage loans originated for sale in the secondary mortgage market. The estimated fair value for these loans was determined on the basis of rates obtained in the respective secondary market. Loans held for sale could also include the Small Business Administration guaranteed portion of small business loans. The estimated fair value of these loans is based on the contract with the third party investor. When loans held for sale include other commercial loans, fair value is determined using an executed trade or market bid obtained from potential buyers.
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 used to determine the U.S. Dollar yield curve includes Secured Overnight Financing Rate ("SOFR") rates from overnight to one year, Eurodollar futures contracts and SOFR
44
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

swap rates from one year to thirty years. These yield curves determine the valuations of interest rate swaps. Interest rate derivatives are further described in Note 12, “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, at times 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 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).
45
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. 2011-04, 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)
September 30, 2023
Other Investments$6,182 Carrying ValueN/AN/A
Nonperforming Loans253  (a)Gas Reserve StudyDiscount rate10.00%
Gas per MMBTU
$3.00 - $3.00 (b)
Oil per BBL/d
$80.00 - $80.00 (b)
Limited Partnership Investments26,397 Par ValueN/AN/A
December 31, 2022
Other Investments$1,170 Carrying ValueN/AN/A
Nonperforming Loans363  (a)Gas Reserve StudyDiscount rate10.00%
Gas per MMBTU
$3.00 - $3.00 (b)
Oil per BBL/d
$80.00 - $80.00 (b)
Limited Partnership Investments17,691 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:
 September 30, 2023
 Level 1Level 2Level 3Total
 (dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities - Residential$— $3,426 $— $3,426 
Mortgage-Backed Securities - Commercial— 364,811 — 364,811 
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities - Residential— 411,258 — 411,258 
Other Government-Sponsored Enterprises— 887 — 887 
Obligations of States and Political Subdivisions— 7,753 — 7,753 
Corporate Securities— 29,468 — 29,468 
Total Securities Available for Sale— 817,603 — 817,603 
Other Investments— 42,797 6,182 48,979 
Loans Held for Sale— 33,127 — 33,127 
Other Assets(a)
— 65,834 26,397 92,231 
Total Assets$— $959,361 $32,579 $991,940 
Other Liabilities(a)
$— $99,441 $— $99,441 
Total Liabilities$— $99,441 $— $99,441 
(a)Hedging and non-hedging interest rate derivatives and limited partnership investments
46
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

 December 31, 2022
 Level 1Level 2Level 3Total
 (dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities - Residential$— $3,983 $— $3,983 
Mortgage-Backed Securities - Commercial— 271,416 — 271,416 
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities - Residential— 448,989 — 448,989 
Other Government-Sponsored Enterprises— 882 — 882 
Obligations of States and Political Subdivisions— 8,187 — 8,187 
Corporate Securities— 29,204 — 29,204 
Total Securities Available for Sale— 762,661 — 762,661 
Other Investments— 25,244 1,170 26,414 
Loans Held for Sale— 11,869 — 11,869 
Other Assets(a)
— 50,738 17,691 68,429 
Total Assets$— $850,512 $18,861 $869,373 
Other Liabilities(a)
$— $89,298 $— $89,298 
Total Liabilities$— $89,298 $— $89,298 
(a)Hedging and non-hedging interest rate derivatives and limited partnership investments
For the nine months ended September 30, changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows:
 2023
 Other InvestmentsOther
Assets		Total
 (dollars in thousands)
Balance, beginning of period$1,170 $17,691 $18,861 
Total gains or losses
Included in earnings— — — 
Included in other comprehensive income— — — 
Purchases, issuances, sales and settlements
Purchases5,000 9,161 14,161 
Issuances— — — 
Sales— — — 
Settlements— (512)(512)
Transfers from Level 3— — — 
Transfers into Level 312 57 69 
Balance, end of period$6,182 $26,397 $32,579 

47
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)


 
 2022
 Other InvestmentsOther
Assets		Total
 (dollars in thousands)
Balance, beginning of period$1,170 $14,981 $16,151 
Total gains or losses
Included in earnings— — — 
Included in other comprehensive income— — — 
Purchases, issuances, sales and settlements
Purchases— 1,809 1,809 
Issuances— — — 
Sales— — — 
Settlements— (192)(192)
Transfers from Level 3— — — 
Transfers into Level 3— — — 
Balance, end of period$1,170 $16,598 $17,768 
During the nine months ended September 30, 2023 and 2022, there were no transfers between fair value Levels 1, 2 or 3; however, $12 thousand in other investments and $57 thousand in other assets were transferred into Level 3 for the nine months ended September 30, 2023 as a result of assets acquired in the Centric acquisition. There were no gains or losses included in earnings for the periods presented that are attributable to the change in realized gains (losses) relating to assets held at September 30, 2023 and 2022.
For the three months ended September 30, changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows:
 2023
 Other InvestmentsOther
Assets		Total
 (dollars in thousands)
Balance, beginning of period$6,182 $25,011 $31,193 
Total gains or losses
Included in earnings— — — 
Included in other comprehensive income— — — 
Purchases, issuances, sales and settlements
Purchases— 1,544 1,544 
Issuances— — — 
Sales— — — 
Settlements— (158)(158)
Transfers from Level 3— — — 
Transfers into Level 3— — — 
Balance, end of period$6,182 $26,397 $32,579 
48
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

 
 2022
 Other InvestmentsOther
Assets		Total
 (dollars in thousands)
Balance, beginning of period$1,170 $16,613 $17,783 
Total gains or losses
Included in earnings— — — 
Included in other comprehensive income— — — 
Purchases, issuances, sales and settlements
Purchases— 26 26 
Issuances— — — 
Sales— — — 
Settlements— (41)(41)
Transfers from Level 3— — — 
Transfers into Level 3— — — 
Balance, end of period$1,170 $16,598 $17,768 
During the three months ended September 30, 2023 and 2022, there were no transfers between fair value Levels 1, 2 or 3. There were no gains or losses included in earnings for the periods presented that are attributable to the change in realized gains (losses) relating to assets held at September 30, 2023 and 2022.
The tables below present the balances of assets measured at fair value on a nonrecurring basis at the dates shown below:
 September 30, 2023
 Level 1Level 2Level 3Total
 (dollars in thousands)
Nonperforming loans$— $21,934 $9,764 $31,698 
Other real estate owned— 834 — 834 
Total Assets$— $22,768 $9,764 $32,532 

 December 31, 2022
 Level 1Level 2Level 3Total
 (dollars in thousands)
Nonperforming loans$— $23,140 $11,636 $34,776 
Other real estate owned— 553 — 553 
Total Assets$— $23,693 $11,636 $35,329 
The following losses were realized on the assets measured on a nonrecurring basis:
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2023202220232022
 (dollars in thousands)
Nonperforming loans$(4,598)$(2,200)$(5,265)$(2,653)
Other real estate owned— — — — 
Total losses$(4,598)$(2,200)$(5,265)$(2,653)
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
49
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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.
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 $0.8 million as of September 30, 2023 and consists of seven residential real estate properties in Pennsylvania and Ohio. 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 13, “Goodwill.” There were no other assets or liabilities measured at fair value on a nonrecurring basis during the nine months ended September 30, 2023.
FASB ASC Topic 825-10, “Transition Related to FSP FAS 107-1” and APB 28-1, “Interim Disclosures about Fair Value of Financial Instruments,” requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis. The methodologies for estimating the fair value of financial assets and financial liabilities that are measured at fair value on a recurring or nonrecurring basis are as discussed above. The methodologies for other financial assets and financial liabilities are discussed below.
Cash and due from banks and interest-bearing bank deposits: The carrying amounts for cash and due from banks and interest-bearing bank deposits approximate the estimated fair values of such assets.
Securities: Fair values for 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 September 30, 2023 and December 31, 2022. See Note 6, “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 fair value of fixed rate time deposits 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.
50
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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.
The following table presents carrying amounts and fair values of First Commonwealth’s financial instruments:
 September 30, 2023
  Fair Value Measurements Using:
 Carrying
Amount		TotalLevel 1Level 2Level 3
 (dollars in thousands)
Financial assets
Cash and due from banks$122,982 $122,982 $122,982 $— $— 
Interest-bearing deposits214,088 214,088 214,088 — — 
Securities available for sale817,603 817,603 — 817,603 — 
Securities held to maturity429,558 341,646 — 341,646 — 
Other investments48,979 48,979 — 42,797 6,182 
Loans held for sale33,127 33,127 — 33,127 — 
Loans and leases8,901,725 8,683,023 — 21,934 8,661,089 
Financial liabilities
Deposits9,241,065 9,227,226 — 9,227,226 — 
Short-term borrowings544,060 539,688 — 539,688 — 
Subordinated debt177,679 149,252 — — 149,252 
Long-term debt4,310 4,142 — 4,142 — 
Capital lease obligation5,028 5,028 — 5,028 — 
 December 31, 2022
  Fair Value Measurements Using:
 Carrying
Amount		TotalLevel 1Level 2Level 3
 (dollars in thousands)
Financial assets
Cash and due from banks$124,254 $124,254 $124,254 $— $— 
Interest-bearing deposits29,990 29,990 29,990 — — 
Securities available for sale762,661 762,661 — 762,661 — 
Securities held to maturity461,162 386,205 — 386,205 — 
Other investments26,414 26,414 — 25,244 1,170 
Loans held for sale11,869 11,869 — 11,869 — 
Loans and leases7,642,143 7,639,721 — 23,140 7,616,581 
Financial liabilities
Deposits8,005,469 7,992,012 — 7,992,012 — 
Short-term borrowings372,694 363,135 — 363,135 — 
Subordinated debt170,937 156,621 — — 156,621 
Long-term debt4,862 4,781 — 4,781 — 
Capital lease obligation5,425 5,425 — 5,425 — 
51
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 12 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 27 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 16 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. Initially these swaps were benchmarked to the 3-month LIBOR rate; however, as a result of the discontinuance of the LIBOR rate on June 30, 2023, both of the swap contracts were amended to hedge exposure to the variability of the 3-month CME Term SOFR. This change is in agreement with amendments made to the interest rate on the subordinated debentures as a result of the discontinuance of LIBOR. Therefore, the interest rate swaps convert the interest rate benchmark on the first $70.0 million of 3-month SOFR based subordinated debentures to a fixed rate.
During 2021, the Company entered into eight interest rate swap contracts that were designated as cash flow hedges. The interest rate swaps have a total notional amount of $500.0 million: $75.0 million with an original maturity of three years, $250.0 million with an original maturity of four years and $175.0 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. Initially these swaps were benchmarked to the 1-month LIBOR rate, however as a result of the discontinuance of the LIBOR rate on June 30, 2023, these swaps were amended to hedge exposure to the variability of the 1-month CME SOFR rate. Therefore, the interest rate swaps convert the interest payments on the first $500.0 million of 1-month CME SOFR 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" or "Interest and fees on loans" in the unaudited Consolidated Statements of Income. For the three and nine months ended September 30, 2023, there was a negative impact of $4.8 million and $13.8 million, respectively, 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
52
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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," or "Interest and fees on loans", the same line items in the unaudited Consolidated Statements of Income as the income on the hedged items. The cash flow hedges were highly effective at September 30, 2023, and changes in the fair value attributed to hedge ineffectiveness were not material.
The Company also enters into interest rate lock commitments in conjunction with its mortgage origination business. These are commitments to originate loans whereby the interest rate on the loan is determined prior to funding and the customers have locked into that interest rate. The Company locks in the rate with an investor and commits to deliver the loan if settlement occurs (“best efforts”) or commits to deliver the locked loan in a binding (“mandatory”) delivery program with an investor. Loans under mandatory rate lock commitments are covered under forward sales contracts of mortgage-backed securities (“MBS”). Forward sales contracts of MBS are recorded at fair value with changes in fair value recorded in "Noninterest income" in the unaudited Consolidated Statements of Income. The impact to noninterest income for the three and nine months ended September 30, 2023 was an decrease of $0.6 million and $0.2 million, respectively.
Interest rate lock commitments and commitments to deliver loans to investors are considered derivatives. The market value of interest rate lock commitments and best efforts contracts are not readily ascertainable with precision because they are not actively traded in stand-alone markets. We determine the fair value of rate lock commitments and delivery contracts by measuring the fair value of the underlying asset, which is impacted by current interest rates and taking into consideration the probability that the rate lock commitments will close or will be funded. At September 30, 2023, the underlying funded mortgage loan commitments had a carrying value of $6.0 million and a fair value of $5.6 million, while the underlying unfunded mortgage loan commitments had a notional amount of $51.4 million. At December 31, 2022, the underlying funded mortgage loan commitments had a carrying value of $4.3 million and a fair value of $4.0 million, while the underlying unfunded mortgage loan commitments had a notional amount of $12.0 million. The interest rate lock commitments decreased other noninterest income by $0.5 million and $0.6 million, respectively, for the three and nine months ended September 30, 2023.
In addition, based on customer activity, a small amount of interest income on loans may be exposed to changes in foreign exchange rates. Several commercial borrowers have a portion of their operations outside of the United States and from time to time 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 may enter 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. At September 30, 2023 and December 31, 2022, there were no foreign exchange contracts outstanding and there was no impact to other noninterest expense for the three and nine months ended September 30, 2023.

53
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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:
September 30, 2023December 31, 2022
 (dollars in thousands)
Derivatives not Designated as Hedging Instruments
Credit value adjustment$— $(27)
Notional amount:
Interest rate derivatives860,545 816,745 
Interest rate caps37,746 15,340 
Interest rate collars35,354 35,354 
Risk participation agreements199,341 256,043 
Sold credit protection on risk participation agreements(101,321)(100,741)
Interest rate options51,384 12,009 
Derivatives Designated as Hedging Instruments
Interest rate swaps:
Fair value adjustment(34,260)(38,596)
Notional amount570,000 570,000 
Interest rate forwards:
Fair value adjustment653 63 
Notional amount52,000 16,000 
Foreign exchange forwards:
Fair value adjustment— — 
Notional amount— — 
 

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 September 30,For the Nine Months Ended September 30,
 2023202220232022
 (dollars in thousands)
Non-hedging interest rate derivatives
Decrease in other income$(581)$(149)$(178)$(1,253)
Hedging interest rate derivatives
Decrease in interest and fees on loans(5,508)(1,975)(15,678)(1,288)
(Decrease) increase in interest from subordinated debentures(715)(159)(1,925)159 
Hedging interest rate forwards
Decrease in other income(460)(764)(590)(1,036)
Hedging foreign exchange forwards
Increase in other expense— 7 — 5 

The fair value of our derivatives is included in a table in Note 11, “Fair Values of Assets and Liabilities,” in the line items “Other assets” and “Other liabilities.”
Note 13 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
54
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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 at September 30, 2023 and December 31, 2022 was $363.7 million and $303.3 million, respectively. The $60.4 million increase in goodwill during the nine months ended September 30, 2023 is the result of the Centric acquisition. No impairment charges on goodwill or other intangible assets were incurred in 2023 or 2022.
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 September 30, 2023, 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.
Note 14 Subordinated Debentures
Subordinated debentures outstanding are as follows:
  September 30, 2023December 31, 2022
 DueRateAmountAmount
  (dollars in thousands)
Owed to:
First Commonwealth Bank20283-Month CME Term SOFR + 0.26161% + 1.845%$49,569 $49,499 
First Commonwealth Bank20335.50% until June 1, 2028, then 3-Month CME Term SOFR + 0.26161% + 2.37%49,323 49,271 
First Commonwealth Financial Corp20314.50% until March 29, 2026, then Prime + 1.00%6,620 — 
First Commonwealth Capital Trust II20343-Month CME Term SOFR + 0.26161% + 2.85%30,929 30,929 
First Commonwealth Capital Trust III20343-Month CME Term SOFR + 0.26161% + 2.85%41,238 41,238 
Total$177,679 $170,937 
With the acquisition of Centric, First Commonwealth acquired a ten-year subordinated note with a principal balance of $6.0 million. The rate remains fixed at 4.50% until March 29, 2026, then adjusts quarterly to Prime + 1.00%. The Bank may redeem the notes, beginning with the interest payment due on March 29, 2026, 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. A fair value premium of $0.6 million was recognized in connection with the acquisition.
On May 21, 2018, First Commonwealth issued ten-year subordinated notes with an aggregate principal amount of $50.0 million. Interest is paid quarterly at a rate of three-month CME Term SOFR + 0.26161% + 1.845%. The Company may redeem the notes, 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 three-month CME Term SOFR+ 0.26161% + 2.37%. The Bank may redeem the notes, subject to regulatory approval, 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.
55
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Interest on the debentures issued to First Commonwealth Capital Trust III is paid quarterly at a floating rate of three-month CME Term SOFR + 0.26161% + 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 three-month CME Term SOFR + 0.26161% + 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.
In order to reduce its exposure to variability in expected future cash flows related to interest payments on First Commonwealth Capital Trust II and III, the Company entered into two interest rate swap contracts that are designated as cash flow hedges. These contracts fix the index rate based portion of the interest rate on Capital Trust II at 1.515% until August 15, 2024 and on Capital Trust III at 1.525% until August 15, 2026. Additional information related to these cash flow hedges can be found in Note 12 - "Derivatives".
Note 15 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 FASB ASC Topic 606 - "Revenue from Contracts with Customers" ("Topic 606"). Topic 606 is applicable to noninterest revenue streams such as trust income, service charges on deposits, insurance and retail brokerage commissions, card-related interchange income and gain(loss) on sale of OREO. For contracts within the scope of Topic 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.
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.
56
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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 $3.1 million and $2.9 million in commission expense as of September 30, 2023 and 2022, respectively.
Card-Related Interchange Income
Card-related interchange income is primarily comprised of debit and credit card income, ATM fees and merchant services income. Debit and credit card income is primarily comprised of interchange fees earned whenever the Company’s debit and credit cards are processed through card payment networks such as MasterCard. ATM fees are primarily generated when a Company cardholder uses a non-Company ATM or a non-Company cardholder uses a Company ATM. Merchant services income mainly represents fees charged to merchants to process their debit and credit card transactions, in addition to account management fees. Card-related interchange income is recognized 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 the related gain or loss on sale if a significant financing component is present.
57
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606:
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2023202220232022
 (dollars in thousands)
Noninterest Income
In-scope of Topic 606:
Trust income$2,949 $2,777 $7,967 $8,063 
Service charges on deposit accounts5,600 5,194 15,842 14,695 
Insurance and retail brokerage commissions2,305 2,048 7,171 6,806 
Card-related interchange income7,221 6,980 21,422 20,607 
Gain on sale of other loans and assets102 40 268 393 
Other income1,097 991 3,233 3,064 
Noninterest Income (in-scope of Topic 606)19,274 18,030 55,903 53,628 
Noninterest Income (out-of-scope of Topic 606)5,552 7,884 16,409 20,771 
Total Noninterest Income$24,826 $25,914 $72,312 $74,399 
58


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 and nine months ended September 30, 2023 and 2022, 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 Quarterly Report on Form 10-Q that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), 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 within the meaning of the Act. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statements of plans, objectives and expectations of First Commonwealth or its management or Board of Directors, including those relating to products, services or operations; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Words such as “believe,” “anticipate,” “expect,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could” or “may,” are intended to identify forward-looking statements. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those in such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:
•Local, regional, national and international economic conditions and the impact they may have on us and our customers and our assessment of that impact.
•Volatility and disruption in national and international financial markets.
•Government intervention in the U.S. financial system.
•Changes in the mix of loan geographies, sectors and types or the level of non-performing assets and charge-offs.
•Changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements.
•The effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board.
•Inflation, interest rate, securities market and monetary fluctuations.
•Unexpected outflows of uninsured deposits.
•The effect of changes in laws and regulations, including with respect to capital, and liquidity requirements, which may become more stringent in light of recent market events, may adversely affect our financial condition or results of operations.
•Factors that can impact the performance of our loan portfolio, including changes in real estate values and liquidity in our primary market areas, the financial health of our commercial borrowers and the success of construction projects that we finance, including any loans acquired in acquisition transactions.
•The soundness of other financial institutions.
•Political instability.
•Impairment of our goodwill or other intangible assets.
•Acts of God or of war or terrorism.
•The timely development and acceptance of new products and services and perceived overall value of these products and services by users.
•Changes in consumer spending, borrowings and savings habits.
•Changes in the financial performance and/or condition of our borrowers.
•Technological changes.
•The cost and effects of cyber incidents or other failures, interruption or security breaches of our systems or those of third-party providers.
•Acquisitions and integration of acquired businesses.
•Our ability to increase market share and control expenses.
•Our ability to attract and retain qualified employees.
•Changes in the competitive environment in our markets and among banking organizations and other financial service providers.
59
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES


•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.
•Changes in the reliability of our vendors, internal control systems or information systems.
•Changes in our liquidity position.
•Changes in our organization, compensation and benefit plans.
•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.
•Greater than expected costs or difficulties related to the integration of new products and lines of business.
•Our success at managing the risks involved in the foregoing items.

Forward-looking statements speak only as of the date on which such statements are made. We do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events.
Explanation of Use of Non-GAAP Financial Measures
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-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 pages 62 and 70, respectively, for the nine and three months ended September 30, 2023 and 2022.
60
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 September 30,For the Nine Months Ended September 30,
2023202220232022
(dollars in thousands, except per share data)
Net Income$39,231 $33,968 $112,236 $92,448 
Per Share Data:
Basic Earnings per Share$0.38 $0.36 $1.11 $0.99 
Diluted Earnings per Share0.38 0.36 1.10 0.98 
Cash Dividends Declared per Common Share0.125 0.120 0.370 0.355 
Average Balance:
Total assets$11,307,058 $9,534,094 $10,987,290 $9,553,082 
Total equity1,249,441 1,063,334 1,215,433 1,078,038 
End of Period Balance:
Net loans and leases (1)
$8,800,515 $7,266,635 
Total assets11,421,988 9,578,630 
Total deposits9,241,065 8,077,649 
Total equity1,240,531 1,022,575 
Key Ratios:
Return on average assets1.38 %1.41 %1.37 %1.29 %
Return on average equity12.46 %12.67 %12.35 %11.47 %
Dividends payout ratio32.89 %33.33 %33.33 %35.86 %
Average equity to average assets ratio11.05 %11.15 %11.06 %11.28 %
Net interest margin3.76 %3.76 %3.87 %3.45 %
Net loans to deposits ratio95.23 %89.96 %
(1) Includes loans held for sale.

Results of Operations
Nine Months Ended September 30, 2023 Compared to Nine Months Ended September 30, 2022
Net Income
For the nine months ended September 30, 2023, First Commonwealth had net income of $112.2 million, or $1.10 diluted earnings per share, compared to net income of $92.4 million, or $0.98 diluted earnings per share, in the nine months ended September 30, 2022. The increase in net income was primarily the result of a $65.7 million increase in net interest income and a $6.0 million decrease in provision for credit losses, excluding the $10.7 million in provision expense related to the day 1 adjustment on non-PCD loans acquired in the Centric acquisition. Partially offsetting these positive changes was a $33.4 million increase in noninterest expense.
For the nine months ended September 30, 2023, the Company’s return on average equity was 12.35% and its return on average assets was 1.37%, compared to 11.47% and 1.29%, respectively, for the nine months ended September 30, 2022.
Net Interest Income
Net interest income, on a fully taxable equivalent basis, was $290.9 million in the first nine months of 2023, compared to $225.0 million for the same period in 2022. The increase in net interest income can be attributed to growth in interest-earning assets and a 155 basis point increase in the yield on interest-earning assets offset by a 162 basis point increase in the cost of interest-bearing liabilities. Net interest income comprises the majority of our operating revenue (net interest income before
61
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES


provision expense plus noninterest income), at 80.0% and 75.1% for the nine months ended September 30, 2023 and 2022, respectively.
The net interest margin on a fully taxable equivalent basis was 3.87% for the nine months ended September 30, 2023 and 3.45% for the nine months ended September 30, 2022. The net interest margin is affected by changes in the level of interest rates and the amount and composition of interest-earning assets and interest-bearing liabilities.
 
The taxable equivalent yield on interest-earning assets was 5.14% for the nine months ended September 30, 2023, an increase of 155 basis points compared to the 3.59% yield for the same period in 2022. This change is a result of the higher interest rate environment in 2023 and resulted in the loan portfolio yield increasing by 152 basis points when compared to the nine months ended September 30, 2022. Contributing to this increase was the yield on our adjustable and variable rate commercial loan portfolios, which increased 251 basis points largely due to the Federal Reserve increasing short term interest rates by 225 basis points since September 30, 2022. Additionally, nine basis points of the increase in the yield on interest-earnings assets can be attributed to the recognition of $6.9 million in accretion of the purchase accounting marks, primarily from the Centric acquisition.

The investment portfolio yield increased 34 basis points in comparison to the prior year as new volume rates were higher than the portfolio yield. The average investment portfolio balance decreased $191.6 million as maturities and runoff funded loan growth. The yield on interest-bearing deposits with banks increased 460 basis points for the nine months ended September 30, 2023 as compared to the prior year, while the average balance decreased from an average of $240.5 million in 2022 to $197.5 million in 2023.
The cost of interest-bearing liabilities increased to 1.84% for the nine months ended September 30, 2023, from 0.22% for the same period in 2022. The cost of interest-bearing deposits increased 149 basis points and short-term borrowings increased 462 basis points in comparison to the same period last year. The increase in cost of interest-bearing deposits can be attributed to higher market interest rates and changes in the mix of deposits as customers moved funds to take advantage of the increased rates offered in money market and time deposits. Comparing the nine months ended September 30, 2023 with the comparable period in 2022, average time deposits increased $535.4 million, or 150.8%, with an increase in the cost of these deposits of 277 basis points. Contributing to average growth in time deposits was an average of $81.0 million related to the Centric acquisition. Other interest-bearing deposits increased on average $497.3 million, or 9.9%, compared to the nine months ended September 30, 2022 and the cost of these deposits increased 126 basis points. Average growth in other-interest bearing deposits attributable to the Centric acquisition totaled $316.8 million.
For the nine months ended September 30, 2023, changes in rates positively impacted net interest income by $23.2 million when compared with the same period in 2022. The higher yield on interest-earning assets impacted net interest income by $107.9 million, while the increase in the cost of interest-bearing liabilities negatively impacted net interest income by $84.7 million.
Changes in the volume of interest-earning assets and interest-bearing liabilities positively impacted net interest income by $42.7 million for the nine months ended September 30, 2023, as compared to the same period in 2022. Higher levels of interest-earning assets resulted in an increase of $44.3 million in interest income, and changes in the volume and mix of interest-bearing liabilities increased interest expense by $1.6 million. Average interest-earning assets for the nine months ended September 30, 2023 increased $1.3 billion, or 15.2%, compared to the same period in 2022. Average loans for the comparable period increased $1.6 billion, or 22.1%.
Net interest income was negatively impacted by a $8.5 million decrease in average net free funds for the nine months ended September 30, 2023 as compared to September 30, 2022. Average net free funds are the excess of noninterest-bearing demand deposits, other noninterest-bearing liabilities and shareholders’ equity over noninterest-earning assets. The lower level of net free funds was primarily a result of lower noninterest-bearing demand deposits as customers became more rate sensitive in the increasing rate environment and an increase in noninterest-earning assets, largely due to the Centric acquisition.
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 nine months ended September 30:
62
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES


 
20232022
 (dollars in thousands)
Interest income per Consolidated Statements of Income$385,741 $233,672 
Adjustment to fully taxable equivalent basis923 759 
Interest income adjusted to fully taxable equivalent basis (non-GAAP)386,664 234,431 
Interest expense95,802 9,478 
Net interest income adjusted to fully taxable equivalent basis (non-GAAP)$290,862 $224,953 

63
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 nine months ended September 30:
 
 20232022
 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$197,522 $7,899 5.35 %$240,509 $1,346 0.75 %
Tax-free investment securities21,660 437 2.70 23,371 459 2.63 
Taxable investment securities1,208,061 19,762 2.19 1,397,982 19,332 1.85 
Loans and leases, net of unearned income (b)(c)
8,627,203 358,566 5.56 7,065,213 213,294 4.04 
Total interest-earning assets10,054,446 386,664 5.14 8,727,075 234,431 3.59 
Noninterest-earning assets:
Cash111,732 113,538 
Allowance for credit losses(131,297)(93,923)
Other assets952,409 806,392 
Total noninterest-earning assets932,844 826,007 
Total Assets$10,987,290 $9,553,082 
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand deposits (d)
$1,970,178 $17,977 1.22 %$1,595,905 $435 0.04 %
Savings deposits (d)
3,527,158 35,923 1.36 3,404,113 1,506 0.06 
Time deposits890,299 20,204 3.03 354,938 697 0.26 
Short-term borrowings402,782 14,237 4.73 104,343 89 0.11 
Long-term debt186,629 7,461 5.35 181,856 6,751 4.96 
Total interest-bearing liabilities6,977,046 95,802 1.84 5,641,155 9,478 0.22 
Noninterest-bearing liabilities and shareholders’ equity:
Noninterest-bearing demand deposits (d)
2,592,373 2,701,458 
Other liabilities202,438 132,431 
Shareholders’ equity1,215,433 1,078,038 
Total Noninterest-Bearing Funding Sources4,010,244 3,911,927 
Total Liabilities and Shareholders’ Equity$10,987,290 $9,553,082 
Net Interest Income and Net Yield on Interest-Earning Assets$290,862 3.87 %$224,953 3.45 %
(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 nine months ended September 30, 2023 and 2022.
(b)Loan balances include held for sale and nonaccrual loans. Income on nonaccrual loans is accounted for on the cash basis.
(c)Loan income includes loan fees earned.
(d)Average balances do not include reallocations from noninterest-bearing demand deposits and interest-bearing demand deposits into savings deposits, which were made for regulatory purposes.

 
64
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 nine months ended September 30, 2023 compared with September 30, 2022:
 
 Analysis of Year-to-Year Changes in Net Interest Income
 Total
Change		Change Due To
Volume		Change Due To
Rate (a)
 (dollars in thousands)
Interest-earning assets:
Interest-bearing deposits with banks$6,553 $(241)$6,794 
Tax-free investment securities(22)(34)12 
Taxable investment securities430 (2,628)3,058 
Loans and leases145,272 47,199 98,073 
Total interest income (b)152,233 44,296 107,937 
Interest-bearing liabilities:
Interest-bearing demand deposits17,542 112 17,430 
Savings deposits34,417 55 34,362 
Time deposits19,507 1,041 18,466 
Short-term borrowings14,148 246 13,902 
Long-term debt710 177 533 
Total interest expense86,324 1,631 84,693 
Net interest income$65,909 $42,665 $23,244 
(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 off-balance sheet commitments. The provision for credit losses is an amount added to the allowance, against which credit losses are charged.  
65
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 nine months ended September 30: 
 20232022
 DollarsPercentageDollarsPercentage
 (dollars in thousands)
Commercial, financial, agricultural and other$606 8 %$5,902 68 %
Time and demand(2,632)(36)5,712 66 
Commercial credit cards22 — 194 2 
Equipment finance1,586 22 569 7 
Time and demand other1,630 22 (573)(7)
Real estate construction(2,243)(30)2,682 31 
Construction other(381)(5)1,736 20 
Construction residential(1,862)(25)946 11 
Residential real estate1,643 22 6,798 78 
Residential first lien1,634 22 5,562 64 
Residential junior lien/home equity9 — 1,236 14 
Commercial real estate3,960 54 (3,941)(45)
Multifamily347 5 1,273 15 
Nonowner occupied4,262 58 (7,940)(91)
Owner occupied(649)(9)2,726 31 
Loans to individuals3,421 46 (2,747)(32)
Automobile and recreational vehicles2,819 38 (3,416)(40)
Consumer credit cards100 1 255 3 
Consumer other502 7 414 5 
Provision for credit losses on loans and leases$7,387 100 %$8,694 100 %
Provision for credit losses - acquisition day 1 non-PCD10,653 — 
Total provision for credit losses on loans and leases18,040 8,694 
Provision for off-balance sheet credit exposure(1,362)3,292 
       Total provision for credit losses$16,678 $11,986 
Total provision expense for the nine months ended September 30, 2023, increased $4.7 million compared to the nine months ended September 30, 2022. This increase is a result of $10.7 million in provision expense recognized in the first quarter of 2023 as the day 1 non-PCD provision expense resulting from the Centric acquisition offset by a $4.7 million decline in the provision for off-balance sheet commitments. The negative provision for off-balance sheet commitments for the nine months ended September 30, 2023 was a result of lower off-balance sheet commitments related to construction loans and improvement in the economic variables considered in the calculation.
The allowance for credit losses was $134.3 million, or 1.51%, of total loans and leases outstanding at September 30, 2023, compared to $102.9 million, or 1.35%, at December 31, 2022 and $96.1 million, or 1.31%, at September 30, 2022. Nonperforming loans as a percentage of total loans and leases increased to 0.54% at September 30, 2023 from 0.48% as of September 30, 2022 and 0.46% at December 31, 2022. The allowance to nonperforming loan ratio was 280.31%, 289.98% and 269.23% as of September 30, 2023, December 31, 2022 and September 30, 2022, 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 September 30, 2023.
66
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 nine months ended September 30, 2023 and 2022 and the year-ended December 31, 2022:
 
September 30, 2023September 30, 2022December 31, 2022
 (dollars in thousands)
Balance, beginning of period$102,906 $92,522 $92,522 
Day 1 allowance for credit loss on PCD acquired loans27,205 — — 
Provision for credit losses - acquisition day 1 non-PCD10,653 — — 
Loans charged off:
Commercial, financial, agricultural and other9,102 1,836 2,361 
Real estate construction— — — 
Residential real estate384 263 339 
Commercial real estate1,689 1,887 2,487 
Loans to individuals4,649 3,113 4,658 
Total loans charged off15,824 7,099 9,845 
Recoveries of loans previously charged off:
Commercial, financial, agricultural and other352 313 394 
Real estate construction— 9 9 
Residential real estate128 143 187 
Commercial real estate142 351 769 
Loans to individuals1,388 1,160 1,349 
Total recoveries2,010 1,976 2,708 
Net charge-offs13,814 5,123 7,137 
Provision for credit losses on loans and leases charged to expense7,387 8,694 17,521 
Balance, end of period$134,337 $96,093 $102,906 
Net charge-offs as a percentage of average loans and leases outstanding (annualized)0.21 %0.10 %0.10 %
Allowance for credit losses as a percentage of end-of-period loans and leases outstanding1.51 %1.31 %1.35 %
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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


Noninterest Income
The following table presents the components of noninterest income for the nine months ended September 30: 
20232022$ Change% Change
 (dollars in thousands)
Noninterest Income:
Trust income$7,967 $8,063 $(96)(1)%
Service charges on deposit accounts15,842 14,695 1,147 8 
Insurance and retail brokerage commissions7,171 6,806 365 5 
Income from bank owned life insurance3,664 4,310 (646)(15)
Card-related interchange income21,422 20,607 815 4 
Swap fee income1,029 3,933 (2,904)(74)
Other income7,114 6,749 365 5 
Subtotal64,209 65,163 (954)(1)
Net securities (losses) gains(103)2 (105)(5,250)
Gain on sale of mortgage loans3,175 4,328 (1,153)(27)
Gain on sale of other loans and assets5,004 4,511 493 11 
Derivatives mark to market27 395 (368)(93)
Total noninterest income$72,312 $74,399 $(2,087)(3)%
Total noninterest income, excluding net securities gains (losses), gain on sale of mortgage loans, gain on sale of other loans and assets and the derivatives mark to market for the nine months ended September 30, 2023 decreased $1.0 million, or 1%, compared to the nine months ended September 30, 2022. Service charges on deposit accounts increased $1.1 million, of which $0.2 million can be attributed to the Centric acquisition and the remainder due to increased customer activity. Card-related interchange income increased $0.8 million as a result of increased customer activity. Trust income decreased $0.1 million due to declines in the value of assets under management, income from bank owned life insurance decreased $0.6 million compared to the prior period primarily due to changes in market interest rates and swap fee income declined $2.9 million due to a lower volume of interest rate swaps entered into by our commercial loan customers.
Total noninterest income decreased $2.1 million, or 3%, compared to the same period in the prior year. The most significant changes, other than the changes noted above, include a $1.2 million decrease in gain on sale of mortgage loans as a result of changes in volume and the spread received on mortgage loans sold. The mark to market adjustment on interest rate swaps entered into for our commercial loan customers decreased $0.4 million. This adjustment does not reflect a realized gain or loss on the swaps, but rather relates to changes in fair value due to movements in corporate bond spreads and swap rates. The gain on sale of other loans and assets partially offset these declines with an increase of $0.5 million due to an increased volume of loans sold, primarily SBA loans, in the first nine months of 2023 compared to the same period in 2022. For the nine months ended September 30, 2023, $0.8 million in non-interest income can be attributed to the Centric acquisition.
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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


Noninterest Expense
The following table presents the components of noninterest expense for the nine months ended September 30: 
20232022$ Change% Change
 (dollars in thousands)
Noninterest Expense:
Salaries and employee benefits$106,639 $94,367 $12,272 13 %
Net occupancy14,584 13,586 998 7 
Furniture and equipment12,936 11,592 1,344 12 
Data processing11,024 10,379 645 6 
Advertising and promotion4,652 3,938 714 18 
Pennsylvania shares tax4,013 3,487 526 15 
Intangible amortization3,773 2,470 1,303 53 
Other professional fees and services4,376 3,622 754 21 
FDIC insurance4,614 2,196 2,418 110 
Other operating25,906 23,017 2,889 13 
Subtotal192,517 168,654 23,863 14 
Loss on sale or write-down of assets97 215 (118)(55)
Merger and acquisition related8,860 448 8,412 1,878 
Litigation and operational losses3,263 1,987 1,276 64 
Total noninterest expense$204,737 $171,304 $33,433 20 %
Noninterest expense increased $33.4 million, or 20%, for the nine months ended September 30, 2023 compared to the same period in 2022. Contributing to the increase in expense in 2023 is $8.9 million in merger-related expenses associated with the Centric acquisition. Additionally, salaries and employee benefits increased $12.3 million primarily due to the number of full time equivalent employees, which increased from 1,422 at September 30, 2022 to 1,481 at September 30, 2023, largely due to the Centric acquisition. Also contributing to this increase was a $2.6 million increase in hospitalization expense as a result of the increase in full-time employees and higher claims in 2023. Litigation and operational losses increased $1.3 million primarily due to increased debit card losses and the implementation of a new debit card chargeoff processing system. Additionally, increases in net occupancy, furniture and equipment and intangible amortization all reflected increases primarily due to the Centric acquisition. Data processing costs increased $0.6 million due to continued investment in our digital banking and other product offerings. Contributing to the increase in other operating expenses were several expense categories, including printing and postage expense as a result of new customer disclosures, as well as travel and telephone, none of which were individually significant.
FDIC insurance increased $2.4 million due to both the impact of Centric as well as a 2 basis point increase in the FDIC deposit insurance assessment rate which began in the first quarterly assessment period of 2023. The assessment rate increase is estimated to increase the Company's annual FDIC assessment by approximately $1.7 million.
Income Tax
The provision for income taxes increased $5.7 million for the nine months ended September 30, 2023, compared to the corresponding period in 2022, due to the increase in income before income taxes. 
We applied the “annual effective tax rate approach” to determine the provision for income taxes, which applies an annual forecast of tax expense as a percentage of expected full year income, for the nine months ended September 30, 2023 and 2022.
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 effective tax rate of 20.3% and 19.8% for the nine months ended September 30, 2023 and 2022, respectively.
As of September 30, 2023, our deferred tax assets totaled $77.0 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
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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


current forecasts, we may need to establish a valuation allowance, which could have a material impact on our financial condition and results of operations.
Results of Operations
Three Months Ended September 30, 2023 Compared to Three Months Ended September 30, 2022
Net Income
For the three months ended September 30, 2023, First Commonwealth recognized net income of $39.2 million, or $0.38 diluted earnings per share, compared to net income of $34.0 million, or $0.36 diluted earnings per share, in the three months ended September 30, 2022. The increase in net income was primarily the result of a $15.4 million increase in net interest income offset by a $7.5 million increase in noninterest expense.
For the three months ended September 30, 2023, the Company’s return on average equity was 12.46% and its return on average assets was 1.38%, compared to 12.67% and 1.41%, respectively, for the three months ended September 30, 2022.
Net Interest Income
Net interest income, on a fully taxable equivalent basis, was $98.1 million in the third quarter of 2023, compared to $82.6 million for the same period in 2022. Accretion of purchase accounting marks related to the Centric acquisition contributed 10 basis points to the net interest margin in the third quarter of 2023. Net interest income comprises the majority of our operating revenue (i.e., net interest income before provision expense plus noninterest income), at 79.7% and 76.1% for the three months ended September 30, 2023 and 2022, respectively.
The net interest margin, on a fully taxable equivalent basis, was 3.76% for both the three months ended September 30, 2023 and 2022.

The taxable equivalent yield on interest-earning assets was 5.37% for the three months ended September 30, 2023, an increase of 145 basis points compared to the 3.92% yield for the same period in 2022. This is largely due to a 148 basis point increase in the loan portfolio yield when compared to the three months ended September 30, 2022 as a result of a higher interest rate environment in 2023. Contributing to this increase was the yield on our adjustable and variable rate commercial loan portfolios, which increased 231 basis points largely due to the Federal Reserve increasing short term interest rates by 225 basis points since September 30, 2022. Additionally, nine basis points of the increase in the yield on interest-earnings assets can be attributed to the recognition of $2.4 million in accretion of purchase accounting marks, primarily as a result of the Centric acquisition.
The investment portfolio yield increased 42 basis points in comparison to the prior year as new volume rates were higher than the portfolio yield. The average investment portfolio balance decreased $110.2 million as maturities and runoff funded loan growth. The average balance of interest-bearing deposits with banks increased from $106.8 million in 2022 to $235.8 million in 2023 while the yield increased 349 basis points.
The cost of interest-bearing liabilities increased to 2.28% for the three months ended September 30, 2023, from 0.24% for the same period in 2022, primarily due to an increase in the cost of time deposits and savings deposits. The cost of interest-bearing deposits increased 145 basis points and short-term borrowings increased 504 basis points in comparison to the same period last year. The increase in cost of interest-bearing deposits can be attributed to higher market interest rates and changes in the mix of deposits as customers moved funds to take advantage of the increased rates on money market and time deposits. Comparing the three months ended September 30, 2023 with the comparable period in 2022, average time deposits increased $717.9 million, or 213.4%, with an increase in the cost of these deposits of 324 basis points. Contributing to the average growth in time deposits was an average of $89.1 million related to the Centric acquisition. Other interest-bearing deposits increased on average $629.3 million, or 12.7%, compared to the three months ended September 30, 2022 and the cost of these deposits increased 160 basis points. The Centric acquisition contributed $374.0 million of the growth in other interest-bearing deposits.
For the three months ended September 30, 2023, changes in interest rates negatively impacted net interest income by $1.6 million when compared with the same period in 2022. The higher yield on loans contributed to interest-earning assets positively impacting net interest income by $36.4 million, while an increase in the cost of interest-bearing liabilities negatively impacted net interest income by $38.0 million.
Changes in the volume of interest-earning assets and interest-bearing liabilities positively impacted net interest income by $17.0 million during the three months ended September 30, 2023, as compared to the same period in 2022. The mix of interest-earning assets resulted in an increase of $17.8 million in interest income, while changes in the volume and mix of interest-
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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


bearing liabilities increased interest expense by $0.8 million. Average interest-earning assets for the three months ended September 30, 2023 increased $1.6 billion, or 18.9%, compared to the same period in 2022. Average loans for the comparable period increased $1.6 billion, or 22.3%. Average time deposits for the three months ended September 30, 2023 increased by $717.9 million compared to the comparable period in 2022, increasing interest expense by $0.4 million.
Net interest income was negatively impacted by a $113.0 million decrease in average net free funds for the three months ended September 30, 2023 as compared to September 30, 2022. Average net free funds are the excess of noninterest-bearing demand deposits, other noninterest-bearing liabilities and shareholders’ equity over noninterest-earning assets. The decline in the level of net free funds was primarily the result of a decrease in noninterest-bearing demand deposits as a result of customers becoming more rate sensitive as interest rates increased as well as an increase in noninterest-earning assets, primarily due to the Centric acquisition.
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 September 30:
 
20232022
 (dollars in thousands)
Interest income per Consolidated Statements of Income$139,885 $85,700 
Adjustment to fully taxable equivalent basis313 261 
Interest income adjusted to fully taxable equivalent basis (non-GAAP)140,198 85,961 
Interest expense42,128 3,340 
Net interest income adjusted to fully taxable equivalent basis (non-GAAP)$98,070 $82,621 


71
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 September 30:
 
 20232022
 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$235,761 $3,346 5.63 %$106,841 $577 2.14 %
Tax-free investment securities21,439 144 2.66 22,584 147 2.58 
Taxable investment securities1,207,869 7,052 2.32 1,316,890 6,284 1.89 
Loans and leases, net of unearned income (b)(c)8,884,731 129,656 5.79 7,261,790 78,953 4.31 
Total interest-earning assets10,349,800 140,198 5.37 8,708,105 85,961 3.92 
Noninterest-earning assets:
Cash114,419 106,038 
Allowance for credit losses(135,340)(95,385)
Other assets978,179 815,336 
Total noninterest-earning assets957,258 825,989 
Total Assets$11,307,058 $9,534,094 
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand deposits (d)$2,014,623 $7,608 1.50 %$1,603,810 $222 0.05 %
Savings deposits (d)3,567,000 15,842 1.76 3,348,469 599 0.07 
Time deposits1,054,216 9,235 3.48 336,346 207 0.24 
Short-term borrowings504,025 6,643 5.23 102,073 50 0.19 
Long-term debt187,122 2,800 5.94 181,596 2,262 4.94 
Total interest-bearing liabilities7,326,986 42,128 2.28 5,572,294 3,340 0.24 
Noninterest-bearing liabilities and shareholders’ equity:
Noninterest-bearing demand deposits (d)2,519,184 2,746,258 
Other liabilities211,447 152,208 
Shareholders’ equity1,249,441 1,063,334 
Total noninterest-bearing funding sources3,980,072 3,961,800 
Total Liabilities and Shareholders’ Equity$11,307,058 $9,534,094 
Net Interest Income and Net Yield on Interest-Earning Assets$98,070 3.76 %$82,621 3.76 %
(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 September 30, 2023 and 2022.
(b)Loan balances include held for sale and nonaccrual loans. Income on nonaccrual loans is accounted for on the cash basis.
(c)Loan income includes loan fees earned.
(d)Average balances do not include reallocations from noninterest-bearing demand deposits and interest-bearing demand deposits into savings deposits, which were made for regulatory purposes.

 
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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 table shows the effect of changes in volumes and rates on interest income and interest expense for the three months ended September 30, 2023 compared with September 30, 2022:
 
 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$2,769 $695 $2,074 
Tax-free investment securities(3)(7)4 
Taxable investment securities768 (519)1,287 
Loans and leases50,703 17,631 33,072 
Total interest income (b)54,237 17,800 36,437 
Interest-bearing liabilities:
Interest-bearing demand deposits7,386 52 7,334 
Savings deposits15,243 39 15,204 
Time deposits9,028 434 8,594 
Short-term borrowings6,593 192 6,401 
Long-term debt538 69 469 
Total interest expense38,788 786 38,002 
Net interest income$15,449 $17,014 $(1,565)
 
(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 probable losses inherent in the loan portfolio, after giving consideration to charge-offs and recoveries for the period. The provision for credit losses is an amount added to the allowance, against which credit losses are charged.
 
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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 table below provides a breakout of the provision for credit losses by loan category for the three months ended September 30: 
20232022
DollarsPercentageDollarsPercentage
(dollars in thousands)
Commercial, financial, agricultural and other$(2,645)(55)%$1,181 24 %
Time and demand(3,914)(82)869 18 
Commercial credit cards9 — 3 — 
Equipment finance553 12 297 6 
Time and demand other707 15 12 — 
Real estate construction776 16 1,373 28 
Construction other1,207 25 1,414 29 
Construction residential(431)(9)(41)(1)
Residential real estate447 9 1,592 32 
Residential first lien553 11 1,161 23 
Residential junior lien/home equity(106)(2)431 9 
Commercial real estate4,338 91 (2,485)(50)
Multifamily46 1 868 18 
Nonowner occupied3,952 83 (4,186)(85)
Owner occupied340 7 833 17 
Loans to individuals1,851 39 3,290 66 
Automobile and recreational vehicles1,503 32 2,979 60 
Consumer credit cards38 1 244 5 
Consumer other310 6 67 1 
Provision for credit losses on loans and leases$4,767 100 %$4,951 100 %
Provision for off-balance sheet credit exposure1,118 972 
Total provision for credit losses$5,885 $5,923 

The provision for credit losses on loans and leases for the three months ended September 30, 2023 decreased in comparison to the three months ended September 30, 2022 by $0.2 million. The level of provision expense in the third quarter of 2023 is primarily the result of an increase in loan balances and an additional $4.1 million in specific reserves for a commercial real estate loan as a result of an updated appraisal. The provision for off-balance sheet credit exposure increased $0.1 million primarily due to the level of unfunded commitments. Net charge-offs for the three months ended September 30, 2023 were $4.0 million, of which $1.2 million related to loans acquired from Centric for which an allowance for credit losses of $0.3 million was established as part of the purchase accounting marks.
The level of provision expense in the third quarter of 2022 was primarily the result of increases in loan balances. Net charge-offs for the three months ended September 30, 2022 were $2.5 million.


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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 September 30, 2023 and 2022 and the year-ended December 31, 2022:
 
September 30, 2023September 30, 2022December 31, 2022
 (dollars in thousands)
Balance, beginning of period$133,546 $93,603 $92,522 
Loans charged off:
Commercial, financial, agricultural and other1,762 852 2,361 
Real estate construction— — — 
Residential real estate304 119 339 
Commercial real estate172 1,335 2,487 
Loans to individuals2,360 1,064 4,658 
Total loans charged off4,598 3,370 9,845 
Recoveries of loans previously charged off:
Commercial, financial, agricultural and other98 154 394 
Real estate construction— 9 9 
Residential real estate57 83 187 
Commercial real estate6 332 769 
Loans to individuals461 331 1,349 
Total recoveries622 909 2,708 
Net charge-offs3,976 2,461 7,137 
Provision for credit losses on loans charged to expense4,767 4,951 17,521 
Balance, end of period$134,337 $96,093 $102,906 

Noninterest Income
The following table presents the components of noninterest income for the three months ended September 30: 
20232022$ Change% Change
 (dollars in thousands)
Noninterest Income:
Trust income$2,949 $2,777 $172 6 %
Service charges on deposit accounts5,600 5,194 406 8 
Insurance and retail brokerage commissions2,305 2,048 257 13 
Income from bank owned life insurance1,242 1,419 (177)(12)
Card-related interchange income7,221 6,980 241 3 
Swap fee income452 2,326 (1,874)(81)
Other income2,828 2,586 242 9 
Subtotal22,597 23,330 (733)(3)
Net securities gains(103)— (103)N/A
Gain on sale of mortgage loans1,270 1,485 (215)(14)
Gain on sale of other loans and assets1,027 1,093 (66)(6)
Derivatives mark to market35 6 29 483 
Total noninterest income$24,826 $25,914 $(1,088)(4)%

Total noninterest income for the three months ended September 30, 2023 decreased $1.1 million compared to the three months ended September 30, 2022. The most significant changes include a decrease of $1.9 million in swap fee income due to a lower volume of interest rate swaps entered into by our commercial loan customers. Also impacting noninterest income was a $0.2 million decrease in gain on sale of mortgage loans due to changes in the volume and spreads on mortgage loans sold and a $0.1 million decrease in gain on sale of other loans and assets due to an decrease in the market value of SBA loans sold during the quarter. Partially offsetting these decreases were service charges on deposits, which increased $0.4 million due to growth in customer accounts and transactions and a $0.2 million increase in card-related interchange income.
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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


Noninterest Expense
The following table presents the components of noninterest expense for the three months ended September 30:
 
20232022$ Change% Change
 (dollars in thousands)
Noninterest Expense:
Salaries and employee benefits$35,640 $32,486 $3,154 10 %
Net occupancy4,782 4,629 153 3 
Furniture and equipment4,414 4,005 409 10 
Data processing3,857 3,721 136 4 
Advertising and promotion1,662 1,278 384 30 
Pennsylvania shares tax1,588 1,569 19 1 
Intangible amortization1,344 746 598 80 
Other professional fees and services1,603 1,204 399 33 
FDIC insurance1,920 796 1,124 141 
Other operating8,548 8,207 341 4 
Subtotal65,358 58,641 6,717 11 
Loss on sale or write-down of assets50 54 (4)(7)
Merger and acquisition related379 448 (69)(15)
Litigation and operational losses1,626 758 868 115 
Total noninterest expense$67,413 $59,901 $7,512 13 %

Noninterest expense increased $7.5 million, or 13%, for the three months ended September 30, 2023 compared to the same period in 2022. The increase is a result of a $3.2 million increase in salary and employee benefit expense, primarily due to a $0.4 million increase in hospitalization expense as well as the impact of 59 additional full-time equivalent employees, largely due to the Centric acquisition.
FDIC insurance increased $1.1 million due to both the impact of Centric as well as a 2 basis point increase in the FDIC deposit insurance assessment rate, which began in the first quarterly assessment period of 2023. Litigation and operational losses increased $0.9 million primarily due to increased debit card losses and the implementation of a new debit card chargeoff processing system. The $0.6 million increase in intangible amortization expense is related to amortization of Centric's core deposit intangible.
Income Tax
The provision for income taxes increased $1.57 million for the three months ended September 30, 2023, compared to the corresponding period in 2022.  The effective tax rate increased 40 basis points from 20.0% for the three months ended September 30, 2022 to 20.4% for the three months ended September 30, 2023.
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 September 30, 2023 and 2022.
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 nine months of 2023, the maturity and redemption of investment securities provided $140.7 million in liquidity. These funds contributed to the liquidity used to originate loans, purchase investment securities and fund depositor withdrawals.
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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 represents our expanded sources of liquidity as of September 30, 2023:
Total AvailableAmount UsedOutstanding Letters of CreditNet Available
(dollars in thousands)
Internal liquidity sources
Unencumbered securities$685,309 $— $— $685,309 
Other (excess pledged)40,783 — — 40,783 
External liquidity sources
FHLB advances2,408,203 504,310 558,160 1,345,733 
FRB borrowings1,076,320 — — 1,076,320 
Lines with other financial institutions160,000 — — 160,000 
Brokered deposits (1)
1,139,321 28,159 — 1,111,162 
Total liquidity$5,509,936 $532,469 $558,160 $4,419,307 
(1) Reflects internal policy limit. Maximum capacity with CDARs is $1.7 billion.
The brokered deposits included in the table above are a result of our participation 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 September 30, 2023, the outstanding balance of $28.2 million carried an average weighted rate of 3.61% and an average original term of 261 days. These deposits are part of a reciprocal program that allows our depositors to receive expanded FDIC coverage by placing multiple certificates of deposit at other CDARS member banks.
Liquidity available through the Federal Reserve is a result of the FRB Borrower-in-Custody of Collateral program, which enables us to take certain loans that are not being used as collateral at the FHLB and pledge them as collateral for borrowings at the FRB. 
During the nine months ended September 30, 2023, the Company increased its liquidity by purchasing $558.2 million in letters of credit from the FHLB of Pittsburgh, which were then used to secure public deposits. This resulted in a similar amount of previously pledged securities becoming unencumbered. Additionally, as of September 30, 2023, new short-term borrowings in the amount of $150.0 million were entered into in order to provide additional on-balance sheet liquidity.
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: 
September 30, 2023December 31, 2022
 (dollars in thousands)
Noninterest-bearing demand deposits(a)
$2,535,704 $2,670,508 
Interest-bearing demand deposits(a)
632,062 357,769 
Savings deposits(a)
4,928,607 4,572,183 
Time deposits1,144,692 405,009 
Total$9,241,065 $8,005,469 
(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 nine months of 2023, total deposits increased $1.2 billion, of which $757.0 million were acquired as part of the Centric acquisition. Interest-bearing demand and savings deposits increased $630.7 million, time deposits increased $739.7 million and noninterest-bearing demand deposits decreased $134.8 million.
The estimated total of uninsured deposits was $2.6 billion at September 30, 2023 and $2.1 billion at December 31, 2022, of which $0.9 billion and $0.7 billion were secured by pledged investment securities or letters of credit at September 30, 2023 and December 31, 2022, respectively. Uninsured amounts are estimated based on known account relationships for each depositor and insurance guidelines provided by the FDIC.
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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


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 0.72 and 0.76 at September 30, 2023 and December 31, 2022, 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 September 30, 2023 and December 31, 2022: 
 September 30, 2023
 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 and leases$3,540,071 $420,813 $730,576 $4,691,460 $3,158,018 $980,490 
Investments47,877 42,745 79,019 169,641 508,687 724,221 
Other interest-earning assets212,993 — — 212,993 1,095 — 
Total interest-sensitive assets (ISA)3,800,941 463,558 809,595 5,074,094 3,667,800 1,704,711 
Certificates of deposit235,284 250,514 355,913 841,711 302,055 1,019 
Other deposits5,560,669 — — 5,560,669 — — 
Borrowings673,053 206 413 673,672 53,166 318 
Total interest-sensitive liabilities (ISL)6,469,006 250,720 356,326 7,076,052 355,221 1,337 
Gap$(2,668,065)$212,838 $453,269 $(2,001,958)$3,312,579 $1,703,374 
ISA/ISL0.59 1.85 2.27 0.72 10.33 1,275.03 
Gap/Total assets23.36 %1.86 %3.97 %17.53 %29.00 %14.91 %

 
 December 31, 2022
 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 and leases$3,164,495 $354,556 $575,640 $4,094,691 $2,498,042 $978,319 
Investments46,426 35,579 74,962 156,967 461,699 734,221 
Other interest-earning assets29,919 — — 29,919 71 — 
Total interest-sensitive assets (ISA)3,240,840 390,135 650,602 4,281,577 2,959,812 1,712,540 
Certificates of deposit71,976 56,539 102,037 230,552 173,810 955 
Other deposits4,929,952 — — 4,929,952 — — 
Borrowings445,065 50,204 407 495,676 3,256 50,791 
Total interest-sensitive liabilities (ISL)5,446,993 106,743 102,444 5,656,180 177,066 51,746 
Gap$(2,206,153)$283,392 $548,158 $(1,374,603)$2,782,746 $1,660,794 
ISA/ISL0.59 3.65 6.35 0.76 16.72 33.10 
Gap/Total assets22.50 %2.89 %5.59 %14.02 %28.38 %16.94 %

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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 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)
September 30, 2023 ($)$(9,359)$(3,988)$5,717 $9,993 
September 30, 2023 (%)(2.32)%(0.99)%1.42 %2.48 %
December 31, 2022 ($)$(11,973)$(5,486)$5,902 $11,413 
December 31, 2022 (%)(3.12)%(1.43)%1.54 %2.98 %
The following table represents the potential sensitivity of our annual net interest income to immediate changes in interest rates versus if rates remained unchanged and there are no changes in balance sheet categories.
 Net interest income change (12 months) for basis point movements of:
 -200-100+100+200
 (dollars in thousands)
September 30, 2023 ($)$(38,846)$(17,653)$16,962 $31,593 
September 30, 2023 (%)(9.64)%(4.38)%4.21 %7.84 %
December 31, 2022 ($)$(45,361)$(20,166)$18,626 $36,011 
December 31, 2022 (%)(11.83)%(5.26)%4.86 %9.39 %
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 200 basis point interest rate decline scenario is affected by the fact that many of our interest-bearing liabilities are at rates below 2%, with an assumed floor of zero in the model. In the nine months ended September 30, 2023 and 2022, the cost of our interest-bearing liabilities averaged 1.84% and 0.22%, respectively, and the yield on our average interest-earning assets, on a fully taxable equivalent basis, averaged 5.14% and 3.59%, 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 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 and lease 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 $8.9 million at September 30, 2023 and is classified in "Other liabilities" on the unaudited Consolidated Statements of Financial Condition.
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.
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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


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 and leases, including loans held for sale, increased $12.4 million to $47.9 million at September 30, 2023, compared to $35.5 million at December 31, 2022. The increase in nonperforming loans is primarily a result of $22.0 million in loans acquired from Centric as well as an additional $1.2 million moved to nonaccrual during the first nine months of 2023. Offsetting this is the removal of $6.4 million in accruing TDR's as well as the transfer of a $3.5 million commercial real estate relationship back to accruing status. The TDR's were eliminated as a result of our adoption of ASU 2022-02. The adoption of this guidance was effective January 1, 2023.
The allowance for credit losses as a percentage of nonperforming loans was 280.31% as of September 30, 2023, compared to 289.98% at December 31, 2022, and 269.23% at September 30, 2022. The amount of individually assessed reserves included in the allowance for nonperforming loans and leases 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 $16.6 million and general reserves of $117.7 million as of September 30, 2023. Specific reserves increased $15.9 million from December 31, 2022, and $15.1 million from September 30, 2022 primarily as a result of individually analyzed PCD loans acquired from Centric as well as a $4.1 million specific reserve recognized in third quarter of 2023 due to an updated appraisal received for one commercial real estate borrower.
Criticized loans totaled $193.2 million at September 30, 2023 and represented 2% of the loan portfolio. The level of criticized loans increased as of September 30, 2023 when compared to December 31, 2022, by $60.3 million, or 45%. Classified loans totaled $66.3 million at September 30, 2023 compared to $44.4 million at December 31, 2022, an increase of $21.8 million, or 49%. The increase in criticized loans is the result of $67.2 million in criticized loans acquired as part of the Centric acquisition.
The allowance for credit losses was $134.3 million at September 30, 2023, or 1.51% of total loans and leases outstanding, compared to 1.35% reported at December 31, 2022, and 1.31% at September 30, 2022. General reserves, or the portion of the allowance related to loans that were not specifically evaluated, as a percentage of performing loans were 1.33% at September 30, 2023 compared to 1.34% at December 31, 2022 and 1.29% at September 30, 2022.
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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 table provides information related to nonperforming assets, the allowance for credit losses and other credit-related measurements:
 September 30, December 31, 2022 
 2023 2022 
 (dollars in thousands) 
Nonperforming Loans:
Loans on nonaccrual basis$47,924   $20,495 $20,193   
Troubled debt restructured loans on nonaccrual basis  8,981   8,852   
Troubled debt restructured loans on accrual basis  6,216   6,442   
Total nonperforming loans$47,924   $35,692   $35,487   
Loans past due 30 to 90 days and still accruing$19,957 $7,857 $17,949 
Loans past due in excess of 90 days and still accruing$2,484   $1,548   $1,991   
Other real estate owned$765   $322   $534   
Loans held for sale at end of period$33,127 $13,811 $11,869 
Portfolio loans and leases outstanding at end of period$8,901,725   $7,348,917 $7,642,143   
Average loans and leases outstanding$8,627,203 (a) $7,065,213 (a) $7,172,624 (b) 
Nonperforming loans as a percentage of total loans and leases0.54 %0.48 %0.46 %
Provision for credit losses on loans and leases (e)
$7,387 (a) $8,694 (a) $17,521 (b) 
Provision for credit losses - acquisition day 1 non-PCD$10,653 $— $— 
Allowance for credit losses$134,337   $96,093   $102,906   
Net charge-offs$13,814 (a) $5,123 (a) $7,137 (b) 
Net charge-offs as a percentage of average loans and leases outstanding (annualized)0.21 %0.10 %0.10 %
Provision for credit losses as a percentage of net charge-offs (e)
53.47 %(a) 169.71 %(a) 245.50 %(b) 
Allowance for credit losses as a percentage of end-of-period loans and leases outstanding (c)
1.51 %1.31 %1.35 %
Allowance for credit losses as a percentage of nonperforming loans (d)
280.31 %269.23 %289.98 %
(a)For the nine-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.
(e)Does not include provision for credit losses on loans and leases - acquisition day 1 non-PCD.
The following tables show the outstanding balances of our loan and lease 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:
 
 September 30, 2023December 31, 2022
 Originated
Acquired (1)
Total%Amount%
 (dollars in thousands)
Commercial, financial, agricultural and other$1,249,654 $246,367 $1,496,021 17 %$1,211,706 16 %
Real estate construction494,432 81,115 575,547 7 513,101 7 
Residential real estate2,326,265 88,516 2,414,781 27 2,194,669 29 
Commercial real estate2,515,985 534,099 3,050,084 34 2,425,012 31 
Loans to individuals1,364,629 663 1,365,292 15 1,297,655 17 
Total loans and leases, net of unearned income$7,950,965 $950,760 $8,901,725 100 %$7,642,143 100 %
(1) Includes January 31, 2023 balance of loans acquired as part of the Centric acquisition plus day 1 gross up of PCD loans.
During the nine months ended September 30, 2023, originated loans and leases increased $308.8 million, or 4.0%, compared to balances outstanding at December 31, 2022. As provided in the table above, at the time of acquisition, Centric provided $950.8 million of loan growth.
81
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES


Excluding the impact of Centric, real estate construction loans decreased $18.7 million, or 3.6%, due to the completion of commercial real estate projects. Residential real estate grew $131.6 million, or 6.0%, primarily due to originations of closed-end 1-4 family mortgage loans. Commercial real estate loans increased $91.0 million, or 3.8%, primarily due to growth in loans secured by nonresidential property due in part to the completion of several construction projects. Loans to individuals increased $67.0 million, or 5.2%, primarily due to growth in the indirect auto and recreational vehicle portfolio. Commercial, financial, agricultural and other loans increased $37.9 million, or 3.1%, as a result of growth in the equipment finance portfolio.
As indicated in the table below, commercial real estate and commercial, financial and agricultural and other loans represent a significant portion of the nonperforming loans as of September 30, 2023.
For the Nine Months Ended September 30, 2023As of September 30, 2023
 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$8,750 63.34 %0.14 %$17,900 37.35 %0.20 %
Real estate construction— — — 3,288 6.86 0.04 
Residential real estate256 1.85 — 7,750 16.17 0.09 
Commercial real estate1,547 11.20 0.02 18,784 39.20 0.21 
Loans to individuals3,261 23.61 0.05 202 0.42 — 
Total loans and leases, net of unearned income$13,814 100.00 %0.21 %$47,924 100.00 %0.54 %
Net charge-offs for the nine months ended September 30, 2023 totaled $13.8 million, compared to $5.1 million for the nine months ended September 30, 2022. The most significant charge-offs during the nine months ended September 30, 2023 included $8.8 million in charge-offs related to loans acquired from Centric, of which an allowance for credit losses of $7.4 million was established as a result of purchase accounting marks. Additionally, $3.3 million in charge-offs relate 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 September 30, 2023, shareholders’ equity was $1.2 billion, an increase of $188.5 million from December 31, 2022. The increase was primarily the result of $141.4 million in stock issued as part of the Centric acquisition and $112.2 million in net income. Offsetting these increases was a $16.4 million decrease in the fair value of available for sale investments and interest rate swaps, which is reflected in the Other Comprehensive Income component of capital. Other items impacting capital include an increase due to $3.4 million in treasury stock sales and decreases due to $38.1 million of dividends paid to shareholders and $14.1 million of common stock repurchases. Cash dividends declared per common share were $0.370 for the nine months ended September 30, 2023.
First Commonwealth and First Commonwealth Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on First Commonwealth’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, First Commonwealth and First Commonwealth Bank must meet specific capital guidelines that involve quantitative measures of First Commonwealth’s assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. First Commonwealth’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weighting and other factors.
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.
82
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES


The Basel III Rules also permit banking organizations with less than $15.0 billion in assets to retain, through a one-time election, the existing treatment for accumulated other comprehensive income, which currently does not affect regulatory capital. The Company elected to retain this treatment, which reduces the volatility of regulatory capital levels.
In 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. As of September 30, 2023, this subordinated debt issuance increased the total risk-based capital ratio by 95 basis points.
In March 2020, regulators issued interim financial rule (“IFR”) “Regulatory Capital Rule: Revised Transition of the Current Expected Losses Methodology for Allowances” in response to the disrupted economic activity from the pandemic. The IFR provides financial institutions that adopt CECL during 2020 with the option to delay for two years the estimated impact of CECL on regulatory capital, followed by a three-year transition period to phase out the aggregate amount of the capital benefit provided by the initial two-year delay (“five-year transition”). The Company adopted CECL effective January 1, 2020 and elected to implement the five-year transition. Regulatory capital levels without the capital benefit at September 30, 2023 for both First Commonwealth and First Commonwealth Bank would have continued to be greater than the amounts needed to be considered “well capitalized”, as the transition provided a capital benefit of approximately 9 to 12 basis points.
As of September 30, 2023, 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. 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$1,291,970 13.79 %$983,466 10.50 %$936,634 10.00 %
First Commonwealth Bank1,208,405 12.93 981,676 10.50 934,929 10.00 
Tier I Capital to Risk Weighted Assets
First Commonwealth Financial Corporation$1,090,578 11.64 %$796,139 8.50 %$749,307 8.00 %
First Commonwealth Bank1,007,013 10.77 794,690 8.50 747,943 8.00 
Tier I Capital to Average Assets
First Commonwealth Financial Corporation$1,090,578 9.85 %$443,002 4.00 %$553,752 5.00 %
First Commonwealth Bank1,007,013 9.12 441,488 4.00 551,859 5.00 
Common Equity Tier I to Risk Weighted Assets
First Commonwealth Financial Corporation$1,020,578 10.90 %$655,644 7.00 %$608,812 6.50 %
First Commonwealth Bank1,007,013 10.77 654,451 7.00 607,704 6.50 
On October 24, 2023, First Commonwealth Financial Corporation declared a quarterly dividend of $0.125 per share payable on November 17, 2023 to shareholders of record as of November 3, 2023. 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 October 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. On April 24, 2023, the Board of Directors authorized a $25 million increase in the share repurchase program. As of September 30, 2023, 2,418,393 common shares had been repurchased under theses program at an average price of $13.12 per share.
New Accounting Pronouncements
In March 2023, FASB released Accounting Standards Update 2023-02 (“ASU 2023-02”), Investments – Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. ASU 2023-02 permits entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method, instead of only low-income housing tax credit (“LIHTC”) structures, if certain conditions are met. ASU 2023-02 also eliminates certain LIHTC-specific guidance for LIHTC investments that are not accounted for using the proportional amortization method and instead require that those LIHTC investments be accounted for using other applicable guidance under GAAP. ASU 2023-02 is effective for the Company for
83
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES


fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted. The Company is in the process of assessing the impact of adoption on its consolidated financial statements.
84

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.
85
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 6, "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, 2022, except for the following risk factor.
Risks Related to Recent Events Impacting the Financial Services Industry

Recent events impacting the financial services industry, including the failure of Silicon Valley Bank and Signature Bank, have resulted in decreased confidence in banks among some consumer and commercial depositors, other counterparties and investors, as well as significant disruption, volatility and reduced valuations of equity and other securities of banks in the capital markets. These events occurred during a period of rapidly rising interest rates which, among other things, has resulted in unrealized losses in longer duration securities and loans held by banks, more competition for bank deposits and may increase the risk of a potential recession. These recent events have, and could continue to have, an adverse impact on the market price and volatility of the Company’s common stock.

These recent events may also result in potentially adverse changes to laws or regulations governing banks and bank holding companies or result in the impositions of restrictions through supervisory or enforcement activities, including higher capital requirements, which could have a material impact on our business. Inability to access short-term funding, loss of client deposits or changes in our credit ratings could increase the cost of funding, limit access to capital markets or negatively impact our overall liquidity or capitalization. We may be impacted by concerns regarding the soundness or creditworthiness of other financial institutions, which can cause substantial and cascading disruption within the financial markets and increased expenses. The cost of resolving the recent bank failures may prompt the FDIC to increase its premiums above the recently increased levels or to issue additional special assessments.


ITEM 2.    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
    
On October 26, 2021, a share repurchase program was authorized for up to $25.0 million in shares of the Company's common stock with a $25 million increase in April of 2023. The following table details the amount of shares repurchased under this program in the third quarter of 2023:
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*
July 31, 202338,700 $12.47 38,700 1,452,660 
August 31, 2023— — — 1,604,928 
September 30, 2023220,939 12.34 220,939 1,494,759 
Total259,639 $12.36 259,639 
* Remaining number of shares approved under the Plan is based on the market value of the Company's common stock of $14.44 at July 31, 2023, $13.07 at August 31, 2023 and $12.21 at September 30, 2023.

ITEM 3.    DEFAULTS UPON SENIOR SECURITIES
    None

86


ITEM 4.    MINE SAFETY DISCLOSURES
    Not applicable

ITEM 5.    OTHER INFORMATION
    None
87
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
    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

88
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: November 7, 2023 /s/ T. Michael Price
 
T. Michael Price
President and Chief Executive Officer
DATED: November 7, 2023 /s/ James R. Reske
 James R. Reske
Executive Vice President, Chief Financial Officer and Treasurer

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