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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 FY2024 Q1

First Commonwealth Financial Corp - 10-Q quarterly report FY2024 Q1


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 March 31, 2024
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 May 6, 2024, was 102,297,222.



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)
8
Notes to the Unaudited Consolidated Financial Statements
9
ITEM 2.
54
ITEM 3.
73
ITEM 4.
73
PART II.
ITEM 1.
74
ITEM 1A.
74
ITEM 2.
74
ITEM 3.
74
ITEM 4.
74
ITEM 5.
74
ITEM 6.
75
76

2



ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)
March 31, 2024December 31, 2023
 (dollars in thousands, except share data)
Assets
Cash and due from banks$77,179 $125,436 
Interest-bearing bank deposits233,188 21,557 
Securities available for sale, at fair value1,023,711 1,020,986 
Securities held to maturity, at amortized cost (Fair value of $393,749 and $350,595 at March 31, 2024 and December 31, 2023, respectively)
464,708 419,009 
Other investments25,397 50,871 
Loans held for sale31,895 29,820 
Loans and leases:
Portfolio loans and leases8,999,870 8,968,761 
Allowance for credit losses(119,098)(117,718)
Net loans and leases8,880,772 8,851,043 
Premises and equipment, net118,710 121,015 
Other real estate owned368 422 
Goodwill363,715 363,715 
Amortizing intangibles, net22,030 22,820 
Bank owned life insurance229,455 228,479 
Other assets223,280 204,315 
Total assets$11,694,408 $11,459,488 
Liabilities
Deposits (all domestic):
Noninterest-bearing$2,334,495 $2,388,533 
Interest-bearing7,111,908 6,803,776 
Total deposits9,446,403 9,192,309 
Short-term borrowings546,541 597,835 
Subordinated debentures177,803 177,741 
Other long-term debt3,932 4,122 
Capital lease obligation4,755 4,894 
Total long-term debt186,490 186,757 
Other liabilities182,254 168,313 
Total liabilities10,361,688 10,145,214 
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 shares issued at both March 31, 2024 and December 31, 2023, respectively, and 102,303,974 and 102,114,664 shares outstanding at March 31, 2024 and December 31, 2023, respectively
123,603 123,603 
Additional paid-in capital630,837 630,154 
Retained earnings905,897 881,112 
Accumulated other comprehensive loss, net(119,097)(111,756)
Treasury stock (21,299,406 and 21,488,716 shares at March 31, 2024 and December 31, 2023, respectively)
(208,520)(208,839)
Total shareholders’ equity1,332,720 1,314,274 
Total liabilities and shareholders’ equity$11,694,408 $11,459,488 

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


ITEM 1. Financial Statements and Supplementary Data (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
For the Three Months Ended
 March 31,
 20242023
(dollars in thousands, except share data)
Interest Income
Interest and fees on loans and leases$132,760 $107,668 
Interest and dividends on investments:
Taxable interest10,417 5,789 
Interest exempt from federal income taxes108 117 
Dividends604 505 
Interest on bank deposits1,573 510 
Total interest income145,462 114,589 
Interest Expense
Interest on deposits43,720 15,518 
Interest on short-term borrowings6,765 2,401 
Interest on subordinated debentures2,587 2,214 
Interest on other long-term debt38 45 
Interest on lease obligations48 53 
Total interest expense53,158 20,231 
Net Interest Income92,304 94,358 
Provision for credit losses4,238 (2,650)
Provision for credit losses - acquisition day 1 non-PCD— 10,653 
Net Interest Income after Provision for Credit Losses88,066 86,355 
Noninterest Income
Trust income2,727 2,486 
Service charges on deposit accounts5,383 4,918 
Insurance and retail brokerage commissions2,246 2,552 
Income from bank owned life insurance1,294 1,227 
Gain on sale of mortgage loans1,328 652 
Gain on sale of other loans and assets2,051 2,086 
Card-related interchange income6,690 6,829 
Derivatives mark to market12 (89)
Swap fee income— 245 
Other income2,257 2,057 
Total noninterest income23,988 22,963 
Noninterest Expense
Salaries and employee benefits35,324 34,264 
Net occupancy5,334 5,018 
Furniture and equipment4,480 4,238 
Data processing3,824 3,404 
Advertising and promotion1,319 1,663 
Pennsylvania shares tax1,202 1,252 
Intangible amortization1,264 1,147 
Other professional fees and services1,242 1,591 
FDIC insurance1,613 1,417 
Loss on sale or write-down of assets143 41 
Litigation and operational losses997 743 
Merger and acquisition related114 8,541 
Other operating8,717 8,062 
Total noninterest expense65,573 71,381 
Income Before Income Taxes46,481 37,937 
Income tax provision8,932 7,713 
Net Income$37,549 $30,224 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
4


For the Three Months Ended
 March 31,
 20242023
(dollars in thousands, except share data)
Average Shares Outstanding101,981,248 99,560,831 
Average Shares Outstanding Assuming Dilution102,198,899 99,779,816 
Per Share Data: Basic Earnings per Share
$0.37 $0.30 
 Diluted Earnings per Share$0.37 $0.30 
Cash Dividends Declared per Common Share$0.125 $0.120 

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 Ended
 March 31,
 20242023
 (dollars in thousands)
Net Income$37,549 $30,224 
Other comprehensive (loss) income, before tax benefit (expense):
Unrealized holding (losses) gains on securities arising during the period(9,875)10,355 
Less: reclassification adjustment for gains on securities included in net income— — 
Unrealized holding gains on derivatives arising during the period583 5,806 
Total other comprehensive (loss) income, before tax benefit (expense)(9,292)16,161 
Income tax benefit (expense) related to items of other comprehensive (loss) income1,951 (3,039)
Total other comprehensive (loss) income(7,341)13,122 
Comprehensive Income$30,208 $43,346 

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, 2023102,114,664 $123,603 $630,154 $881,112 $(111,756)$(208,839)$1,314,274 
Net income37,549 37,549 
Other comprehensive loss(7,341)(7,341)
Cash dividends declared ($0.125 per share)
(12,764)(12,764)
Treasury stock acquired(130,862)(1,757)(1,757)
Treasury stock reissued215,100 254 — 2,071 2,325 
Restricted stock105,072 — 429 — 5 434 
Balance at March 31, 2024102,303,974 $123,603 $630,837 $905,897 $(119,097)$(208,520)$1,332,720 
 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 income30,224 30,224 
Other comprehensive income13,122 13,122 
Cash dividends declared ($0.120 per share)
(12,367)(12,367)
Treasury stock acquired(109,112)(1,732)(1,732)
Treasury stock reissued143,412 610 — 1,356 1,966 
Restricted stock94,035 — 488 — (116)372 
Common stock issuance9,688,478 9,688 131,667 141,355 
Balance at March 31, 2023103,193,127 $123,603 $630,196 $792,720 $(124,570)$(196,935)$1,225,014 




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 CASH FLOWS (Unaudited)
For the Three Months Ended
 March 31,
 20242023
Operating Activities(dollars in thousands)
Net income$37,549 $30,224 
Adjustment to reconcile net income to net cash provided by operating activities:
Provision for credit losses4,238 8,003 
Deferred tax expense2,797 2,218 
Depreciation and amortization1,501 1,847 
Net gains on securities and other assets(3,199)(2,330)
Net amortization of premiums and discounts on securities242 378 
Income from increase in cash surrender value of bank owned life insurance(1,294)(1,190)
(Increase) decrease in interest receivable(746)645 
Mortgage loans originated for sale(43,587)(31,165)
Proceeds from sale of mortgage loans36,926 32,462 
Increase in interest payable5,126 2,146 
Increase in income taxes payable5,925 5,512 
Other-net(5,833)(10,150)
Net cash provided by operating activities39,645 38,600 
Investing Activities
Transactions with securities held to maturity:
Proceeds from maturities and redemptions9,250 9,733 
Purchases(55,076)— 
Transactions with securities available for sale:
Proceeds from sales— 30,686 
Proceeds from maturities and redemptions35,970 25,791 
Purchases(48,684)— 
Purchases of FHLB stock(13,627)(18,262)
Proceeds from the redemption of FHLB stock39,101 21,134 
Proceeds from bank owned life insurance— 1,216 
Proceeds from sale of loans28,514 30,425 
Proceeds from sale of other assets 1,259 846 
Net cash received from business acquisition— 14,492 
Net increase in loans and leases(55,902)(95,513)
Purchases of premises and equipment and other assets(5,048)(9,433)
Net cash (used in) provided by investing activities(64,243)11,115 
Financing Activities
Net decrease in other short-term borrowings(51,294)(266,450)
Net increase in deposits254,116 472,706 
Repayments of other long-term debt(190)(183)
Repayments of capital lease obligation(139)(131)
Dividends paid(12,764)(12,367)
Purchase of treasury stock(1,757)(1,732)
Net cash provided by financing activities187,972 191,843 
Net increase in cash and cash equivalents163,374 241,558 
Cash and cash equivalents at January 1146,993 154,244 
Cash and cash equivalents at March 31$310,367 $395,802 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
8

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 three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the full year of 2024. These interim financial statements should be read in conjunction with First Commonwealth’s 2023 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 
9
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 was 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, the 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.
10

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 January 31, 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 
Non-owner 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 
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 and Day 1 provision related to the acquired non-PCD loans as of January 31, 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 
Non-owner 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 
Costs related to the acquisition totaled $9.1 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.
12

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 Three Months Ended March 31,
20242023
Pretax AmountTax (Expense) BenefitNet of Tax AmountPretax AmountTax (Expense) BenefitNet of Tax Amount
(dollars in thousands)
Unrealized (losses) gains on securities:
Unrealized holding (losses) gains on securities arising during the period$(9,875)$2,074 $(7,801)$10,355 $(1,820)$8,535 
Reclassification adjustment for losses on securities included in net income— — — — — — 
Total unrealized (losses) gains on securities(9,875)2,074 (7,801)10,355 (1,820)8,535 
Unrealized gains on derivatives:
Unrealized holding gains on derivatives arising during the period583 (123)460 5,806 (1,219)4,587 
Total unrealized gains on derivatives583 (123)460 5,806 (1,219)4,587 
Total other comprehensive (loss) income$(9,292)$1,951 $(7,341)$16,161 $(3,039)$13,122 

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

20242023
 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$(92,340)$344 $(19,760)$(111,756)$(107,471)$268 $(30,489)$(137,692)
Other comprehensive (loss) income before reclassification adjustment(7,801)— 460 (7,341)8,535 — 4,587 13,122 
Amounts reclassified from accumulated other comprehensive (loss) income— — — — — — — — 
Net other comprehensive (loss) income during the period(7,801)— 460 (7,341)8,535 — 4,587 13,122 
Balance at March 31$(100,141)$344 $(19,300)$(119,097)$(98,936)$268 $(25,902)$(124,570)

13

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

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 three months ended March 31:
20242023
(dollars in thousands)
Cash paid during the period for:
Interest$47,984 $18,252 
Income taxes51 19 
Non-cash investing and financing activities:
Loans transferred to other real estate owned and repossessed assets1,252 536 
Loans transferred from held to maturity to held for sale22,476 28,714 
Loans transferred from held for sale to held to maturity(442)(519)
Gross (decrease) increase in market value adjustment to securities available for sale(9,875)10,356 
Gross increase in market value adjustment to derivatives583 5,806 
(Decrease) increase in limited partnership investment unfunded commitment(422)4,464 
Noncash treasury stock reissuance2,325 1,966 
Net assets acquired through acquisition— 69,778 
Proceeds from death benefit on bank owned life insurance not received318 103 
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 March 31,
20242023
Weighted average common shares issued123,603,380 120,266,238 
Average treasury stock shares(21,425,781)(20,498,898)
Average deferred compensation shares(56,966)(55,821)
Average unearned non-vested shares(139,385)(150,688)
Weighted average common shares and common stock equivalents used to calculate basic earnings per share
101,981,248 99,560,831 
Additional common stock equivalents (non-vested stock) used to calculate diluted earnings per share160,353 163,133 
Additional common stock equivalents (deferred compensation) used to calculate diluted earnings per share
57,298 55,852 
Weighted average common shares and common stock equivalents used to calculate diluted earnings per share
102,198,899 99,779,816 
Per Share Data:
Basic Earnings per Share$0.37 $0.30 
Diluted Earnings per Share$0.37 $0.30 
The following table shows the number of shares and the price per share related to common stock equivalents that were not included in the computation of diluted earnings per share for the three months ended March 31, because to do so would have been antidilutive.
20242023
Price RangePrice Range
SharesFromToSharesFromTo
Restricted Stock79,467 $13.24 $16.43 139,476 $12.77 $16.43 
Restricted Stock Units29,042 $15.29 $15.29 17,667 $17.53 $17.53 

14

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

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:
March 31, 2024December 31, 2023
 (dollars in thousands)
Financial instruments whose contract amounts represent credit risk:
Commitments to extend credit$2,423,326 $2,517,905 
Financial standby letters of credit13,504 14,300 
Performance standby letters of credit16,762 17,194 
Commercial letters of credit555 555 
 
The notional amounts outstanding as of March 31, 2024 include amounts issued in 2024 of $9 thousand in performance standby letters of credit and $0.2 million in financial standby letters of credit. There were no commercial letters of credit issued in 2024. A liability of $0.1 million has been recorded as of both March 31, 2024 and December 31, 2023, 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 $5.9 million and $7.3 million as of March 31, 2024 and December 31, 2023, respectively. This liability is reflected in "Other liabilities" in the unaudited Consolidated Statements of Financial Condition. The credit risk evaluation incorporates the expected loss percentage calculated for comparable loan categories as part of the allowance for credit losses for loans as well as estimated utilization for each loan category.
Legal Proceedings
First Commonwealth and its subsidiaries are subject in the normal course of business to various pending and threatened legal proceedings in which claims for monetary damages are asserted. As of March 31, 2024, 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.

15

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:
 March 31, 2024December 31, 2023
 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$3,439 $25 $(183)$3,281 $3,565 $47 $(147)$3,465 
Mortgage-Backed Securities – Commercial526,472 1,968 (54,239)474,201 512,979 4,935 (52,521)465,393 
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential543,883 911 (70,590)474,204 559,769 3,052 (68,222)494,599 
Other Government-Sponsored Enterprises1,000 — (87)913 1,000 — (85)915 
Obligations of States and Political Subdivisions9,223 — (1,048)8,175 9,226 3 (1,027)8,202 
Corporate Securities67,007 522 (4,592)62,937 51,886 145 (3,619)48,412 
Total Securities Available for Sale$1,151,024 $3,426 $(130,739)$1,023,711 $1,138,425 $8,182 $(125,621)$1,020,986 

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 39 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.
16

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

The amortized cost and estimated fair value of debt securities available for sale at March 31, 2024, by contractual maturity, are shown below.
Amortized
Cost		Estimated
Fair Value
 (dollars in thousands)
Due within 1 year$255 $255 
Due after 1 but within 5 years18,023 17,865 
Due after 5 but within 10 years58,952 53,905 
Due after 10 years— — 
77,230 72,025 
Mortgage-Backed Securities (a)1,073,794 951,686 
Total Debt Securities$1,151,024 $1,023,711 
(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 $529.9 million and a fair value of $477.5 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $543.9 million and a fair value of $474.2 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 three months ended March 31:
20242023
 (dollars in thousands)
Proceeds from sales$— $30,686 
Gross gains (losses) realized:
Sales transactions:
Gross gains$— $— 
Gross losses— — 
— — 
Maturities
Gross gains— — 
Gross losses— — 
— — 
Net gains $— $— 
For the three months ended March 31, 2023, proceeds from sales included in the 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 $803.2 million and $386.5 million were pledged as of March 31, 2024 and December 31, 2023, respectively, to secure public deposits and for other purposes required or permitted by law.
17

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

Securities Held to Maturity
Below is an analysis of the amortized cost and fair values of debt securities held to maturity at:
 March 31, 2024December 31, 2023
 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$1,685 $— $(208)$1,477 $1,781 $— $(175)$1,606 
Mortgage-Backed Securities- Commercial123,075 72 (14,961)108,186 69,502 — (14,435)55,067 
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential289,247 — (49,030)240,217 296,432 — (47,148)249,284 
Mortgage-Backed Securities – Commercial1,523 — (17)1,506 2,190 — (30)2,160 
Other Government-Sponsored Enterprises22,624 — (4,365)18,259 22,543 — (4,178)18,365 
Obligations of States and Political Subdivisions25,554 — (2,419)23,135 25,561 — (2,412)23,149 
Debt Securities Issued by Foreign Governments1,000 — (31)969 1,000 — (36)964 
Total Securities Held to Maturity$464,708 $72 $(71,031)$393,749 $419,009 $— $(68,414)$350,595 
The amortized cost and estimated fair value of debt securities held to maturity at March 31, 2024, 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$660 $656 
Due after 1 but within 5 years12,371 11,776 
Due after 5 but within 10 years35,584 29,483 
Due after 10 years563 448 
49,178 42,363 
Mortgage-Backed Securities (a)415,530 351,386 
Total Debt Securities$464,708 $393,749 
(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 $124.8 million and a fair value of $109.7 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $290.8 million and a fair value of $241.7 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 $147.7 million and $98.1 million were pledged as of March 31, 2024 and December 31, 2023, 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
18

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 March 31, 2024 and December 31, 2023, our FHLB stock totaled $19.2 million and $44.7 million, respectively, and is included in “Other investments” on the unaudited Consolidated Statements of Financial Condition.
FHLB stock is held as a long-term investment and its value is determined based on the ultimate recoverability of the par value. First Commonwealth evaluates impairment quarterly and has concluded that the par value of its investment in FHLB stock will be recovered. Accordingly, no impairment charge was recorded on these securities during the three months ended March 31, 2024.
As of both March 31, 2024 and December 31, 2023, "Other investments" also includes $6.2 million in equity securities. These securities do not have a readily determinable fair value and are carried at cost. During the three-months ended March 31, 2024 and 2023, there were no gains or losses recognized through earnings on equity securities. On a quarterly basis, management evaluates equity securities by reviewing the severity and duration of decline in estimated fair value, research reports, analysts’ recommendations, credit rating changes, news stories, annual reports, regulatory filings, impact of interest rate changes and other relevant information.
Impairment of Investment Securities
We review our investment portfolio on a quarterly basis for indications of impairment. For available for sale securities, the review includes analyzing the financial condition and near-term prospects of the issuer, including any specific events which may influence the operations of the issuer and whether we are more likely than not to sell the security. We evaluate whether we are more likely than not to sell debt securities based upon our investment strategy for the particular type of security and our cash flow needs, liquidity position, capital adequacy, tax position and interest rate risk position. Held-to-maturity securities are evaluated for impairment on a quarterly basis using historical probability of default and loss given default information specific to the investment category. If this evaluation determines that credit losses exist an allowance for credit loss is recorded and included in earnings as a component of credit loss expense.
First Commonwealth utilizes the specific identification method to determine the net gain or loss on debt securities and the average cost method to determine the net gain or loss on equity securities.
The following table presents the gross unrealized losses and estimated fair values at March 31, 2024 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$— $— $3,208 $(391)$3,208 $(391)
Mortgage-Backed Securities – Commercial22,591 (5)290,862 (69,195)313,453 (69,200)
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential3,274 (33)619,587 (119,587)622,861 (119,620)
Mortgage-Backed Securities – Commercial— — 1,507 (17)1,507 (17)
Other Government-Sponsored Enterprises— — 19,172 (4,452)19,172 (4,452)
Obligations of States and Political Subdivisions2,896 (23)28,268 (3,444)31,164 (3,467)
Debt Securities Issued by Foreign Governments199 (1)570 (30)769 (31)
Corporate Securities30,826 (1,261)15,919 (3,331)46,745 (4,592)
Total Securities$59,786 $(1,323)$979,093 $(200,447)$1,038,879 $(201,770)
    
At March 31, 2024, 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 March 31, 2024, there are 218 debt securities in an unrealized loss position.
19

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

The following table presents the gross unrealized losses and estimated fair values at December 31, 2023 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$— $— $3,395 $(322)$3,395 $(322)
Mortgage-Backed Securities - Commercial— — 300,642 (66,956)300,642 (66,956)
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential1,124 (3)643,735 (115,367)644,859 (115,370)
Mortgage-Backed Securities – Commercial— — 2,160 (30)2,160 (30)
Other Government-Sponsored Enterprises— — 19,280 (4,263)19,280 (4,263)
Obligation of States and Political Subdivisions2,641 (62)26,887 (3,377)29,528 (3,439)
Debt Securities Issued by Foreign Governments199 (1)765 (35)964 (36)
Corporate Securities11,416 (45)21,426 (3,574)32,842 (3,619)
Total Securities$15,380 $(111)$1,018,290 $(193,924)$1,033,670 $(194,035)
As of March 31, 2024, our corporate securities had an amortized cost and an estimated fair value of $67.0 million and $62.9 million, respectively. As of December 31, 2023, our corporate securities had an amortized cost and estimated fair value of $51.9 million and $48.4 million, respectively. Corporate securities are comprised of debt issued by large regional banks. There were thirteen and eight corporate securities, respectively, in an unrealized loss position as of March 31, 2024 and December 31, 2023. When unrealized losses exist, management reviews each of the issuer’s asset quality, earnings trends and capital position to determine whether the unrealized loss position is a result of credit losses. All interest payments on the corporate securities are being made as contractually required.
There was no expected credit related impairment recognized on investment securities during the three months ended March 31, 2024 and 2023.
20

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 $9.7 million and $8.2 million as of March 31, 2024 and December 31, 2023, respectively, and discounts on purchased loans from acquisitions were $23.9 million and $25.7 million as of March 31, 2024 and December 31, 2023, respectively. The following table provides outstanding balances related to each of our loan types:
 
March 31, 2024December 31, 2023
 (dollars in thousands)
Commercial, financial, agricultural and other$1,593,836 $1,543,349 
Time and demand1,191,136 1,187,300 
Commercial credit cards12,995 12,906 
Equipment finance279,938 232,944 
Time and demand other109,767 110,199 
Real estate construction559,367 597,735 
Construction other520,320 541,633 
Construction residential39,047 56,102 
Residential real estate2,402,272 2,416,876 
Residential first lien1,727,590 1,739,107 
Residential junior lien/home equity674,682 677,769 
Commercial real estate3,090,950 3,053,152 
Multifamily575,827 551,142 
Non-owner occupied1,789,521 1,772,785 
Owner occupied725,602 729,225 
Loans to individuals1,353,445 1,357,649 
Automobile and recreational vehicles1,277,212 1,277,969 
Consumer credit cards9,464 10,291 
Consumer other66,769 69,389 
Total loans and leases$8,999,870 $8,968,761 
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.
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.
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.
21

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

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.
Non-owner 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 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 3.79% and during the one-year forecast period it was projected to average 4.61%, with a peak of 4.87%.
22

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

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.
The following tables represent our credit risk profile by creditworthiness:
 March 31, 2024
Non-Pass
PassOAEMSubstandardDoubtfulLossTotal Non-PassTotal
(dollars in thousands)
Commercial, financial, agricultural and other$1,495,882 $67,634 $30,320 $— $— $97,954 $1,593,836 
Time and demand1,094,746 67,044 29,346 — — 96,390 1,191,136 
Commercial credit cards12,995 — — — — — 12,995 
Equipment finance278,374 590 974 — — 1,564 279,938 
Time and demand other109,767 — — — — — 109,767 
Real estate construction547,230 — 12,137 — — 12,137 559,367 
Construction other508,183 — 12,137 — — 12,137 520,320 
Construction residential39,047 — — — — — 39,047 
Residential real estate2,391,848 1,121 9,303 — — 10,424 2,402,272 
Residential first lien1,722,002 776 4,812 — — 5,588 1,727,590 
Residential junior lien/home equity669,846 345 4,491 — — 4,836 674,682 
Commercial real estate2,999,754 53,818 37,378 — — 91,196 3,090,950 
Multifamily563,640 12,110 77 — — 12,187 575,827 
Non-owner occupied1,746,310 23,915 19,296 — — 43,211 1,789,521 
Owner occupied689,804 17,793 18,005 — — 35,798 725,602 
Loans to individuals1,353,299 — 146 — — 146 1,353,445 
Automobile and recreational vehicles1,277,068 — 144 — — 144 1,277,212 
Consumer credit cards9,464 — — — — — 9,464 
Consumer other66,767 — 2 — — 2 66,769 
Total loans and leases$8,788,013 $122,573 $89,284 $— $— $211,857 $8,999,870 
23

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

 
 December 31, 2023
Non-Pass
PassOAEMSubstandardDoubtfulLossTotal Non-PassTotal
(dollars in thousands)
Commercial, financial, agricultural and other$1,453,970 $58,325 $31,054 $— $— $89,379 $1,543,349 
Time and demand1,098,763 58,325 30,212 — — 88,537 1,187,300 
Commercial credit cards12,906 — — — — — 12,906 
Equipment finance232,102 — 842 — — 842 232,944 
Time and demand other110,199 — — — — — 110,199 
Real estate construction585,543 — 12,192 — — 12,192 597,735 
Construction other529,441 — 12,192 — — 12,192 541,633 
Construction residential56,102 — — — — — 56,102 
Residential real estate2,405,240 2,768 8,868 — — 11,636 2,416,876 
Residential first lien1,732,006 2,415 4,686 — — 7,101 1,739,107 
Residential junior lien/home equity673,234 353 4,182 — — 4,535 677,769 
Commercial real estate2,956,338 62,038 34,776 — — 96,814 3,053,152 
Multifamily538,939 12,117 86 — — 12,203 551,142 
Non-owner occupied1,722,315 31,652 18,818 — — 50,470 1,772,785 
Owner occupied695,084 18,269 15,872 — — 34,141 729,225 
Loans to individuals1,357,483 — 166 — — 166 1,357,649 
Automobile and recreational vehicles1,277,805 — 164 — — 164 1,277,969 
Consumer credit cards10,291 — — — — — 10,291 
Consumer other69,387 — 2 — — 2 69,389 
Total loans and leases$8,758,574 $123,131 $87,056 $— $— $210,187 $8,968,761 

The following table summarizes the loan risk rating category by loan type including term loans on an amortized cost basis by origination year:
March 31, 2024
Term LoansRevolving Loans
20242023202220212020PriorTotal
(dollars in thousands)
Time and demand$46,154 $168,486 $163,622 $101,412 $69,364 $93,319 $548,779 $1,191,136 
Pass46,154 164,991 159,608 80,503 66,737 76,744 500,009 1,094,746 
OAEM— 1,628 3,273 13,338 1,382 11,554 35,869 67,044 
Substandard— 1,867 741 7,571 1,245 5,021 12,901 29,346 
Gross charge-offs— — — — (49)(1,414)(302)(1,765)
Gross recoveries— — — — 174 155 18 347 
Commercial credit cards— — — — — — 12,995 12,995 
Pass— — — — — — 12,995 12,995 
Gross charge-offs— — — — — — (44)(44)
Gross recoveries— — — — — — — — 
24

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

March 31, 2024
Term LoansRevolving Loans
20242023202220212020PriorTotal
(dollars in thousands)
Equipment finance61,316 161,360 57,262 — — — — 279,938 
Pass61,316 160,422 56,636 — — — — 278,374 
OAEM— 344 246 — — — — 590 
Substandard— 594 380 — — — — 974 
Gross charge-offs— (198)(153)— — — — (351)
Gross recoveries— — 15 — — — — 15 
Time and demand other2,070 10,294 5,752 17,536 19,335 48,548 6,232 109,767 
Pass2,070 10,294 5,752 17,536 19,335 48,548 6,232 109,767 
Gross charge-offs— — — — — — (502)(502)
Gross recoveries— — — — — — 58 58 
Construction other762 117,687 215,866 117,447 37,916 29,943 699 520,320 
Pass762 117,687 212,578 115,936 37,916 22,605 699 508,183 
Substandard— — 3,288 1,511 — 7,338 — 12,137 
Gross charge-offs— — — — — — — — 
Gross recoveries— — — — — 6 — 6 
Construction residential— 25,982 10,930 1,628 — 29 478 39,047 
Pass— 25,982 10,930 1,628 — 29 478 39,047 
Gross charge-offs— — — — — — — — 
Gross recoveries— — — — — — — — 
Residential first lien12,388 123,144 387,725 515,732 316,062 370,776 1,763 1,727,590 
Pass12,388 122,863 387,095 514,947 315,719 367,304 1,686 1,722,002 
OAEM— — — — — 699 77 776 
Substandard— 281 630 785 343 2,773 — 4,812 
Gross charge-offs— (3)(1)(20)— (4)— (28)
Gross recoveries— — — — — 43 — 43 
Residential junior lien/home equity5,413 60,252 69,654 42,613 2,528 6,814 487,408 674,682 
Pass5,413 60,241 69,502 42,613 2,528 6,550 482,999 669,846 
OAEM— — — — — 199 146 345 
Substandard— 11 152 — — 65 4,263 4,491 
Gross charge-offs— — (1)— — — (51)(52)
Gross recoveries— — — — — 9 7 16 
Multifamily7,562 6,986 164,545 152,469 104,345 139,071 849 575,827 
Pass7,562 6,986 152,877 152,469 104,345 138,552 849 563,640 
OAEM— — 11,668 — — 442 — 12,110 
Substandard— — — — — 77 — 77 
Gross charge-offs— — — — — — — — 
Gross recoveries— — — — — — — — 
Non-owner occupied3,115 190,694 449,134 164,799 153,824 815,050 12,905 1,789,521 
Pass3,115 187,694 448,754 164,799 150,882 778,227 12,839 1,746,310 
OAEM— — 209 — 2,942 20,764 — 23,915 
Substandard— 3,000 171 — — 16,059 66 19,296 
Gross charge-offs— — (50)— — (233)— (283)
Gross recoveries— — — — — 44 — 44 
25

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

March 31, 2024
Term LoansRevolving Loans
20242023202220212020PriorTotal
(dollars in thousands)
Owner occupied17,026 106,022 160,114 154,021 71,247 204,337 12,835 725,602 
Pass17,026 105,773 156,340 149,483 65,978 182,547 12,657 689,804 
OAEM— 113 687 4,268 3,629 9,024 72 17,793 
Substandard— 136 3,087 270 1,640 12,766 106 18,005 
Gross charge-offs— — — — — — — — 
Gross recoveries— — — — — 29 41 70 
Automobile and recreational vehicles101,789 403,027 424,098 212,541 103,467 32,290 — 1,277,212 
Pass101,789 403,027 424,098 212,484 103,459 32,211 — 1,277,068 
Substandard— — — 57 8 79 — 144 
Gross charge-offs— (303)(965)(290)(167)(217)— (1,942)
Gross recoveries— 104 132 169 43 105 — 553 
Consumer credit cards— — — — — — 9,464 9,464 
Pass— — — — — — 9,464 9,464 
Gross charge-offs— — — — — — (150)(150)
Gross recoveries— — — — — — 18 18 
Consumer other2,050 6,281 3,796 12,543 1,192 3,645 37,262 66,769 
Pass2,050 6,281 3,796 12,543 1,192 3,645 37,260 66,767 
Substandard— — — — — — 2 2 
Gross charge-offs— — (36)(45)(11)(21)(333)(446)
Gross recoveries— — 9 1 1 35 45 91 
Total loans and leases$259,645 $1,380,215 $2,112,498 $1,492,741 $879,280 $1,743,822 $1,131,669 $8,999,870 
Total charge-offs$— $(504)$(1,206)$(355)$(227)$(1,889)$(1,382)$(5,563)
Total recoveries$— $104 $156 $170 $218 $426 $187 $1,261 
December 31, 2023
Term LoansRevolving Loans
20232022202120202019PriorTotal
(dollars in thousands)
Time and demand$170,285 $178,568 $111,288 $73,487 $42,502 $65,419 $545,751 $1,187,300 
Pass166,716 174,699 100,779 71,125 29,812 57,660 497,972 1,098,763 
OAEM1,707 3,129 2,948 1,530 10,873 2,553 35,585 58,325 
Substandard1,862 740 7,561 832 1,817 5,206 12,194 30,212 
Gross charge-offs(582)(4,572)(18)(2,195)(2,364)(1,283)(5,133)(16,147)
Gross recoveries— — — 119 4 128 9 260 
Commercial credit cards— — — — — — 12,906 12,906 
Pass— — — — — — 12,906 12,906 
Gross charge-offs— — — — — — (105)(105)
Gross recoveries— — — — — — 13 13 
Equipment finance170,630 62,314 — — — — — 232,944 
Pass170,302 61,800 — — — — — 232,102 
Substandard328 514 — — — — — 842 
Gross charge-offs(104)(433)— — — — — (537)
Gross recoveries— — — — — — — — 
Time and demand other9,965 6,022 17,860 19,352 3,025 46,466 7,509 110,199 
Pass9,965 6,022 17,860 19,352 3,025 46,466 7,509 110,199 
Gross charge-offs— — — — — — (2,410)(2,410)
Gross recoveries— — — — — — 225 225 
26

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

December 31, 2023
Term LoansRevolving Loans
20232022202120202019PriorTotal
(dollars in thousands)
Construction other94,150 217,565 154,873 44,428 5,379 24,541 697 541,633 
Pass94,150 214,277 153,195 44,428 5,379 17,315 697 529,441 
Substandard— 3,288 1,678 — — 7,226 — 12,192 
Gross charge-offs— — — — — — — — 
Gross recoveries— — — — — — — — 
Construction residential27,487 19,322 2,284 3,194 3,337 — 478 56,102 
Pass27,487 19,322 2,284 3,194 3,337 — 478 56,102 
Gross charge-offs— — — — — — — — 
Gross recoveries— — — — — — — — 
Residential first lien120,053 385,917 527,057 320,107 97,529 286,503 1,941 1,739,107 
Pass119,903 385,269 524,841 319,762 96,702 283,665 1,864 1,732,006 
OAEM— 80 1,527 — — 731 77 2,415 
Substandard150 568 689 345 827 2,107 — 4,686 
Gross charge-offs— (98)— (31)(1)(116)— (246)
Gross recoveries— — — — — 177 — 177 
Residential junior lien/home equity62,098 70,171 44,359 2,487 2,305 4,949 491,400 677,769 
Pass62,098 70,171 44,359 2,487 2,305 4,672 487,142 673,234 
OAEM— — — — — 208 145 353 
Substandard— — — — — 69 4,113 4,182 
Gross charge-offs— — — — — — (315)(315)
Gross recoveries— — — — — — 70 70 
Multifamily6,839 156,393 155,067 94,284 44,121 92,585 1,853 551,142 
Pass6,839 144,728 155,067 94,284 44,121 92,047 1,853 538,939 
OAEM— 11,665 — — — 452 — 12,117 
Substandard— — — — — 86 — 86 
Gross charge-offs— — — — — — — — 
Gross recoveries— — — — — — — — 
Non-owner occupied184,562 423,543 159,593 148,716 221,551 621,678 13,142 1,772,785 
Pass181,578 415,577 159,593 148,716 211,019 592,755 13,077 1,722,315 
OAEM— 7,546 — — 7,313 16,793 — 31,652 
Substandard2,984 420 — — 3,219 12,130 65 18,818 
Gross charge-offs— (232)— — — (4,473)— (4,705)
Gross recoveries— — — — — 127 — 127 
Owner occupied106,831 163,830 153,996 80,522 59,357 152,728 11,961 729,225 
Pass106,583 161,071 149,788 75,267 42,745 147,809 11,821 695,084 
OAEM112 785 3,950 4,000 5,363 4,026 33 18,269 
Substandard136 1,974 258 1,255 11,249 893 107 15,872 
Gross charge-offs— — (32)— — (1,540)— (1,572)
Gross recoveries— — — — — 24 — 24 
Automobile and recreational vehicles427,112 459,836 234,144 115,364 35,402 6,111 — 1,277,969 
Pass427,112 459,835 234,085 115,354 35,345 6,074 — 1,277,805 
Substandard— 1 59 10 57 37 — 164 
Gross charge-offs(487)(2,232)(1,258)(972)(527)(111)— (5,587)
Gross recoveries71 479 419 367 347 149 — 1,832 
Consumer credit cards— — — — — — 10,291 10,291 
Pass— — — — — — 10,291 10,291 
Gross charge-offs— — — — — — (290)(290)
Gross recoveries— — — — — — 87 87 
27

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

December 31, 2023
Term LoansRevolving Loans
20232022202120202019PriorTotal
(dollars in thousands)
Consumer other6,893 4,224 13,277 1,411 1,090 3,440 39,054 69,389 
Pass6,893 4,224 13,277 1,411 1,090 3,440 39,052 69,387 
Substandard— — — — — — 2 2 
Gross charge-offs(21)(50)(130)(31)(157)(23)(941)(1,353)
Gross recoveries— 1 4 9 35 66 185 300 
Total loans and leases$1,386,905 $2,147,705 $1,573,798 $903,352 $515,598 $1,304,420 $1,136,983 $8,968,761 
Total charge-offs$(1,194)$(7,617)$(1,438)$(3,229)$(3,049)$(7,546)$(9,194)$(33,267)
Total recoveries$71 $480 $423 $495 $386 $671 $589 $3,115 
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 three months ended March 31, 2024 and 2023 were $4.3 million and $1.2 million, respectively.
Age Analysis of Past Due Loans by Segment
The following tables delineate the aging analysis of the recorded investments in past due loans as of March 31, 2024 and December 31, 2023. 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.
28

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

 March 31, 2024
 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$8,516 $379 $175 $9,757 $18,827 $1,575,009 $1,593,836 
Time and demand8,013 225 142 9,023 17,403 1,173,733 1,191,136 
Commercial credit cards42 7 — — 49 12,946 12,995 
Equipment finance460 147 — 734 1,341 278,597 279,938 
Time and demand other1 — 33 — 34 109,733 109,767 
Real estate construction1,070 — — 3,288 4,358 555,009 559,367 
Construction other1,070 — — 3,288 4,358 515,962 520,320 
Construction residential— — — — — 39,047 39,047 
Residential real estate5,795 1,762 779 9,019 17,355 2,384,917 2,402,272 
Residential first lien3,080 1,311 276 4,579 9,246 1,718,344 1,727,590 
Residential junior lien/home equity2,715 451 503 4,440 8,109 666,573 674,682 
Commercial real estate9,310 — — 20,236 29,546 3,061,404 3,090,950 
Multifamily— — — 51 51 575,776 575,827 
Non-owner occupied8,584 — — 15,131 23,715 1,765,806 1,789,521 
Owner occupied726 — — 5,054 5,780 719,822 725,602 
Loans to individuals4,275 920 745 146 6,086 1,347,359 1,353,445 
Automobile and recreational vehicles3,862 568 22 144 4,596 1,272,616 1,277,212 
Consumer credit cards15 44 — — 59 9,405 9,464 
Consumer other398 308 723 2 1,431 65,338 66,769 
Total loans and leases$28,966 $3,061 $1,699 $42,446 $76,172 $8,923,698 $8,999,870 
29

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

 
 December 31, 2023
 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$1,206 $745 $4,187 $10,060 $16,198 $1,527,151 $1,543,349 
Time and demand565 691 4,187 9,218 14,661 1,172,639 1,187,300 
Commercial credit cards7 54 — — 61 12,845 12,906 
Equipment finance600 — — 842 1,442 231,502 232,944 
Time and demand other34 — — — 34 110,165 110,199 
Real estate construction— — — 3,288 3,288 594,447 597,735 
Construction other— — — 3,288 3,288 538,345 541,633 
Construction residential— — — — — 56,102 56,102 
Residential real estate6,982 1,535 1,062 8,573 18,152 2,398,724 2,416,876 
Residential first lien4,130 940 171 4,443 9,684 1,729,423 1,739,107 
Residential junior lien/home equity2,852 595 891 4,130 8,468 669,301 677,769 
Commercial real estate4,157 — 3,509 17,385 25,051 3,028,101 3,053,152 
Multifamily— — — 55 55 551,087 551,142 
Non-owner occupied2,303 — 3,509 14,282 20,094 1,752,691 1,772,785 
Owner occupied1,854 — — 3,048 4,902 724,323 729,225 
Loans to individuals4,613 878 678 166 6,335 1,351,314 1,357,649 
Automobile and recreational vehicles4,115 612 151 164 5,042 1,272,927 1,277,969 
Consumer credit cards39 71 — — 110 10,181 10,291 
Consumer other459 195 527 2 1,183 68,206 69,389 
Total loans and leases$16,958 $3,158 $9,436 $39,472 $69,024 $8,899,737 $8,968,761 
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 most consumer loans, which are placed on nonaccrual status at 150 days past due. Consumer loans related to automobile and recreational vehicles are either charged off or repossessed at no later than 90 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.
30

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

When the ultimate collectability of the total principal of a nonperforming loan is in doubt and the loan is on nonaccrual status, all payments are applied to principal, under the cost recovery method. When the ultimate collectability of the total principal of a nonperforming loan is not in doubt and the loan is on nonaccrual status, contractual interest is credited to interest income when received under the cash basis method.
At March 31, 2024 and December 31, 2023, there were no nonperforming loans held for sale. During both the three months ended March 31, 2024 and 2023, there were no gains recognized on the sale of nonperforming loans.
The following tables include the recorded investment and unpaid principal balance for nonperforming loans with the associated allowance amount, if applicable, as of March 31, 2024 and December 31, 2023. 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.
31

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

 March 31, 2024December 31, 2023
 Recorded
investment		Unpaid
principal
balance		Related specific
allowance		Recorded
investment		Unpaid
principal
balance		Related specific
allowance
 (dollars in thousands)
With no related specific allowance recorded:
Commercial, financial, agricultural and other$3,314 $16,606 $4,369 $18,014 
Time and demand2,580 15,872 3,527 17,172 
Equipment finance734 734 842 842 
Time and demand other— — — — 
Real estate construction3,288 3,288 3,288 3,288 
Construction other3,288 3,288 3,288 3,288 
Construction residential— — — — 
Residential real estate7,488 9,231 7,042 8,763 
Residential first lien4,296 5,309 4,161 5,151 
Residential junior lien/home equity3,192 3,922 2,881 3,612 
Commercial real estate4,649 4,538 12,402 18,219 
Multifamily51 55 55 58 
Non-owner occupied2,080 2,296 10,971 17,092 
Owner occupied2,518 2,187 1,376 1,069 
Loans to individuals146 188 166 259 
Automobile and recreational vehicles144 185 164 257 
Consumer other2 3 2 2 
Subtotal18,885 33,851 27,267 48,543 
With a specific allowance recorded:
Commercial, financial, agricultural and other6,443 7,467 $3,252 5,691 6,787 $4,044 
Time and demand6,443 7,467 3,252 5,691 6,787 4,044 
Equipment finance— — — — — — 
Time and demand other— — — — — — 
Real estate construction— — — — — — 
Construction other— — — — — — 
Construction residential— — — — — — 
Residential real estate1,531 1,697 166 1,531 1,697 118 
Residential first lien283 279 61 282 279 39 
Residential junior lien/home equity1,248 1,418 105 1,249 1,418 79 
Commercial real estate15,587 16,545 1,956 4,983 5,294 387 
Multifamily— — — — — — 
Non-owner occupied13,051 13,862 1,537 3,311 3,550 174 
Owner occupied2,536 2,683 419 1,672 1,744 213 
Loans to individuals— — — — — — 
Automobile and recreational vehicles— — — — — — 
Consumer other— — — — — — 
Subtotal23,561 25,709 5,374 12,205 13,778 4,549 
Total$42,446 $59,560 $5,374 $39,472 $62,321 $4,549 

32

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

 For the Three Months Ended March 31,
 20242023
 Average
recorded
investment		Interest
income
recognized		Average
recorded
investment		Interest
income
recognized
 (dollars in thousands)
With no related specific allowance recorded:
Commercial, financial, agricultural and other$3,499 $— $1,693 $— 
Time and demand2,731 — 1,455 — 
Equipment finance768 — 238 — 
Time and demand other— — — — 
Real estate construction3,288 — — — 
Construction other3,288 — — — 
Construction residential— — — — 
Residential real estate7,436 7 6,069 20 
Residential first lien4,279 7 3,437 20 
Residential junior lien/home equity3,157 — 2,632 — 
Commercial real estate6,252 34 21,974 — 
Multifamily52 — — — 
Non-owner occupied4,061 1 20,487 — 
Owner occupied2,139 33 1,487 — 
Loans to individuals153 1 432 — 
Automobile and recreational vehicles151 1 356 — 
Consumer other2 — 76 — 
Subtotal20,628 42 30,168 20 
With a specific allowance recorded:
Commercial, financial, agricultural and other5,200 — 7,445 — 
Time and demand5,200 — 7,445 — 
Equipment finance— — — — 
Time and demand other— — — — 
Real estate construction— — — — 
Construction other— — — — 
Construction residential— — — — 
Residential real estate1,531 — 824 — 
Residential first lien282 — — — 
Residential junior lien/home equity1,249 — 824 — 
Commercial real estate9,528 — 711 — 
Multifamily— — — — 
Non-owner occupied7,734 — 115 — 
Owner occupied1,794 — 596 — 
Loans to individuals— — — — 
Automobile and recreational vehicles— — — — 
Consumer other— — — — 
Subtotal16,259 — 8,980 — 
Total$36,887 $42 $39,148 $20 
Unfunded commitments related to nonperforming loans were $0.2 million and $0.1 million at March 31, 2024 and December 31, 2023, respectively. After consideration of the requirements to draw and available collateral related to these
33

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

commitments, it was determined that no reserve was required for these commitments at March 31, 2024 and December 31, 2023.
Loan Modifications Made to Borrowers Experiencing Financial Difficulty
In accordance with ASU 2022-02, Financial Instruments Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures ("ASU 2022-02"), modifications to borrowers experiencing financial difficulty may include interest rate reductions, principal forgiveness, other-than-insignificant payment delay, term extensions or any combination thereof. When calculating the allowance for credit losses, these modifications are included in their respective loan segment and an allowance is determined by a loss given default and probability of default methodology.
The following tables present the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty:
For the Three Months Ended March 31, 2024
Rate ReductionTerm ExtensionPrincipal ForgivenessTerm Extension and Payment DeferralRate Reduction, Term Extension and Payment DeferralRate Reduction and Payment DeferralTotalPercentage of Total Loans and Leases
(dollars in thousands)
Commercial, financial, agricultural and other$199 $869 $— $68 $— $103 $1,239 0.08 %
Time and demand199 869 — — — — 1,068 0.09 
Equipment finance— — — 68 — 103 171 0.06 
Residential real estate— 90 — 197 — — 287 0.01 
Residential first lien— 90 — 167 — — 257 0.01 
Residential junior lien/home equity— — — 30 — — 30 — 
Commercial real estate— — — 152 — — 152 — 
Owner occupied— — — 152 — — 152 0.02 
Loans to individuals— 12 — 10 15 — 37 — 
Automobile and recreational vehicles— 12 — 10 15 — 37 — 
Total$199 $971 $— $427 $15 $103 $1,715 0.02 %
For the Three Months Ended March 31, 2023
Rate ReductionTerm ExtensionPrincipal ForgivenessTerm Extension and Payment DeferralTotalPercentage of Total Loans and Leases
(dollars in thousands)
Residential real estate$25 $— $— $— $25 — %
Residential first lien25 — — — 25 — 
Total$25 $— $— $— $25 — %
34

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

The following tables describe the financial effect of the modifications made to borrowers experiencing financial difficulty:
For the Three Months Ended March 31, 2024
Rate ReductionTerm Extension (Years)Principal ForgivenessPayment Deferral (Years)
(dollars in thousands)
Commercial, financial, agricultural and other1.77 %1.3$— 0.4
Time and demand1.50 1.3— 0.0
Equipment finance2.30 0.5— 0.4
Residential real estate— 6.1— 0.8
Residential first lien— 5.6— 0.9
Residential junior lien/home equity— 10.3— 0.3
Commercial real estate— 0.5— 0.5
Owner occupied— 0.5— 0.5
Loans to individuals2.39 2.6— 0.4
Automobile and recreational vehicles2.39 2.6— 0.4
Total1.80 %2.2$— 0.6
For the Three Months Ended March 31, 2023
Rate ReductionTerm Extension (Years)Principal ForgivenessPayment Deferral (Years)
(dollars in thousands)
Residential real estate2.25 %0.0$— 0.0
Residential first lien2.25 0.0— 0.0
Total2.25 %0.0$— 0.0
35

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 three months ended March 31, 2024, 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:
March 31, 2024
Current30 - 59 days past due60 - 89 days past due90 days or greater and still accruingTotal
(dollars in thousands)
Commercial, financial, agricultural and other$1,288 $— $— $— $1,288 
Time and demand1,117 — — — 1,117 
Equipment finance171 — — — 171 
Residential real estate1,017 — — — 1,017 
Residential first lien987 — — — 987 
Residential junior lien/home equity30 — — — 30 
Commercial real estate9,823 — — — 9,823 
Owner occupied9,823 — — — 9,823 
Loans to individuals37 — — — 37 
Automobile and recreational vehicles37 — — — 37 
Total loans and leases$12,165 $— $— $— $12,165 
December 31, 2023
Current30 - 59 days past due60 - 89 days past due90 days or greater and still accruingTotal
(dollars in thousands)
Commercial, financial, agricultural and other$50 $— $— $— $50 
Time and demand50 — — — 50 
Residential real estate758 — — — 758 
Residential first lien758 — — — 758 
Commercial real estate9,663 — — — 9,663 
Owner occupied9,663 — — — 9,663 
Total loans and leases$10,471 $— $— $— $10,471 

36

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

The following tables provide detail related to the allowance for credit losses:
 For the Three Months Ended March 31, 2024
Beginning balanceCharge-offsRecoveries
Provision (credit)a
Ending balance
(dollars in thousands)
Commercial, financial, agricultural and other$27,996 $(2,662)$420 $1,292 $27,046 
Time and demand22,819 (1,765)347 (565)20,836 
Commercial credit cards278 (44)— 71 305 
Equipment finance3,399 (351)15 1,263 4,326 
Time and demand other1,500 (502)58 523 1,579 
Real estate construction7,418 — 6 (875)6,549 
Construction other6,448 — 6 (653)5,801 
Construction residential970 — — (222)748 
Residential real estate23,901 (80)59 13 23,893 
Residential first lien16,975 (28)43 (107)16,883 
Residential junior lien/home equity6,926 (52)16 120 7,010 
Commercial real estate37,071 (283)114 2,201 39,103 
Multifamily5,233 — — (8)5,225 
Non-owner occupied19,995 (283)44 2,308 22,064 
Owner occupied11,843 — 70 (99)11,814 
Loans to individuals21,332 (2,538)662 3,051 22,507 
Automobile and recreational vehicles19,142 (1,942)553 2,490 20,243 
Consumer credit cards372 (150)18 107 347 
Consumer other1,818 (446)91 454 1,917 
Total loans and leases$117,718 $(5,563)$1,261 $5,682 $119,098 
a) The provision expense (credit) shown here excludes the provision for off-balance sheet credit exposure included in the income statement.
37

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

 For the Three Months Ended March 31, 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 $15,949 $(663)$159 $4,473 $42,568 
Time and demand20,040 15,949 (255)116 3,615 39,465 
Commercial credit cards335 — (26)2 20 331 
Equipment finance1,086 — (45)— 420 1,461 
Time and demand other1,189 — (337)41 418 1,311 
Real estate construction8,822 287 — — (1,160)7,949 
Construction other6,360 227 — — (696)5,891 
Construction residential2,462 60 — — (464)2,058 
Residential real estate21,412 527 (79)38 875 22,773 
Residential first lien14,822 197 (16)26 795 15,824 
Residential junior lien/home equity6,590 330 (63)12 80 6,949 
Commercial real estate28,804 5,313 — 42 5,218 39,377 
Multifamily4,726 234 — — 581 5,541 
Non-owner occupied16,426 2,739 — 38 2,349 21,552 
Owner occupied7,652 2,340 — 4 2,288 12,284 
Loans to individuals21,218 3 (1,141)471 667 21,218 
Automobile and recreational vehicles18,819 3 (802)390 603 19,013 
Consumer credit cards412 — (66)17 5 368 
Consumer other1,987 — (273)64 59 1,837 
Total loans and leases$102,906 $22,079 $(1,883)$710 $10,073 $133,885 
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.
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.
38

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.
March 31, 2024December 31, 2023
Balance sheet:
Operating lease asset classified as premises and equipment$42,068 $45,005 
Operating lease liability classified as other liabilities46,575 49,327 
For the Three Months Ended
March 31, 2024March 31, 2023
Income statement:
    Operating lease cost classified as occupancy and equipment expense
$1,472 $1,494 
Weighted average lease term, in years13.2713.59
Weighted average discount rate3.60 %3.54 %
Operating cash flows$1,468 $12,478 
The ROU assets and lease liabilities are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. First Commonwealth's lease agreements often include one or more options to renew at the Company's discretion. If we consider the renewal option to be reasonably certain, we include the extended term in the calculation of the ROU asset and lease liability.
First Commonwealth uses incremental borrowing rates when calculating the lease liability because the rate implicit in the lease is not readily determinable. The incremental borrowing rate used by First Commonwealth is an amortizing loan rate obtained from the Federal Home Loan Bank ("FHLB") of Pittsburgh. This rate is consistent with a collateralized borrowing rate and is available for terms similar to the lease payment schedules.
Future minimum payments for operating leases with initial or remaining terms of one year or more as of March 31, 2024 were as follows (dollars in thousands):
For the twelve months ended:
March 31, 2025$5,768 
March 31, 20265,386 
March 31, 20274,803 
March 31, 20284,357 
March 31, 20294,285 
Thereafter35,096 
Total future minimum lease payments59,695 
Less remaining imputed interest13,120 
Operating lease liability$46,575 

Note 10 Income Taxes
In accordance with FASB ASC Topic 740-10, “Accounting for Uncertainty in Income Taxes,” at March 31, 2024 and December 31, 2023, 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, 2020 are no longer open to examination by federal and state taxing authorities.
39

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
40

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 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).
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)
March 31, 2024
Other Investments$6,182 Carrying ValueN/AN/A
Limited Partnership Investments28,445 Par ValueN/AN/A
December 31, 2023
Other Investments$6,182 Carrying ValueN/AN/A
Limited Partnership Investments27,137 Par ValueN/AN/A
41

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

The tables below present the balances of assets and liabilities measured at fair value on a recurring basis:
 March 31, 2024
 Level 1Level 2Level 3Total
 (dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities - Residential$— $3,281 $— $3,281 
Mortgage-Backed Securities - Commercial— 474,201 — 474,201 
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities - Residential— 474,204 — 474,204 
Other Government-Sponsored Enterprises— 913 — 913 
Obligations of States and Political Subdivisions— 8,175 — 8,175 
Corporate Securities— 62,937 — 62,937 
Total Securities Available for Sale— 1,023,711 — 1,023,711 
Other Investments— 19,215 6,182 25,397 
Loans Held for Sale— 31,895 — 31,895 
Other Assets(a)
— 49,089 28,445 77,534 
Total Assets$— $1,123,910 $34,627 $1,158,537 
Other Liabilities(a)
$— $73,790 $— $73,790 
Total Liabilities$— $73,790 $— $73,790 
(a)Hedging and non-hedging interest rate derivatives and limited partnership investments
 December 31, 2023
 Level 1Level 2Level 3Total
 (dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities - Residential$— $3,465 $— $3,465 
Mortgage-Backed Securities - Commercial— 465,393 — 465,393 
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities - Residential— 494,599 — 494,599 
Other Government-Sponsored Enterprises— 915 — 915 
Obligations of States and Political Subdivisions— 8,202 — 8,202 
Corporate Securities— 48,412 — 48,412 
Total Securities Available for Sale— 1,020,986 — 1,020,986 
Other Investments— 44,689 6,182 50,871 
Loans Held for Sale— 29,820 — 29,820 
Other Assets(a)
— 32,668 27,137 59,805 
Total Assets$— $1,128,163 $33,319 $1,161,482 
Other Liabilities(a)
$— $58,167 $— $58,167 
Total Liabilities$— $58,167 $— $58,167 
(a)Hedging and non-hedging interest rate derivatives and limited partnership investments
42

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

For the three months ended March 31, changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows:
 2024
 Other InvestmentsOther
Assets		Total
 (dollars in thousands)
Balance, beginning of period$6,182 $27,137 $33,319 
Total gains or losses
Included in earnings— (6)(6)
Included in other comprehensive income— — — 
Purchases, issuances, sales and settlements
Purchases— 1,509 1,509 
Issuances— — — 
Sales— — — 
Settlements— (195)(195)
Transfers from Level 3— — — 
Transfers into Level 3— — — 
Balance, end of period$6,182 $28,445 $34,627 


 
 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 6,882 11,882 
Issuances— — — 
Sales— — — 
Settlements— (151)(151)
Transfers from Level 3— — — 
Transfers into Level 3— — — 
Balance, end of period$6,170 $24,422 $30,592 
During the three months ended March 31, 2024 and 2023, 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 March 31, 2024 and 2023.
43

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

The tables below present the balances of assets measured at fair value on a nonrecurring basis at the dates shown below:
 March 31, 2024
 Level 1Level 2Level 3Total
 (dollars in thousands)
Nonperforming loans$— $27,025 $10,047 $37,072 
Other real estate owned— 562 — 562 
Total Assets$— $27,587 $10,047 $37,634 

 December 31, 2023
 Level 1Level 2Level 3Total
 (dollars in thousands)
Nonperforming loans$— $25,215 $9,708 $34,923 
Other real estate owned— 609 — 609 
Total Assets$— $25,824 $9,708 $35,532 
The following (losses) gains were realized on the assets measured on a nonrecurring basis:
 For the Three Months Ended March 31,
 20242023
 (dollars in thousands)
Nonperforming loans$(2,393)$230 
Other real estate owned(50)— 
Total losses$(2,443)$230 
Nonperforming loans over $250 thousand are individually reviewed to determine the amount of each loan considered to be at risk of non-collection. The fair value for nonperforming loans that are collateral-based is determined by reviewing real property appraisals, equipment valuations, accounts receivable listings and other financial information. A discounted cash flow analysis is performed to determine fair value for nonperforming loans when an observable market price or a current appraisal is not available. For real estate secured loans, First Commonwealth’s loan policy requires updated appraisals be obtained at least every twelve months on all nonperforming loans with balances of $250 thousand and over. For real estate secured loans with balances under $250 thousand, we rely on broker price opinions. For non-real estate secured assets, the Company normally relies on third party valuations specific to the collateral type.
The fair value for other real estate owned that is 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 that is determined using an internal valuation, is classified as Level 3. Other real estate owned has a current carrying value of $0.4 million as of March 31, 2024 and primarily consists of 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 three months ended March 31, 2024.
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
44

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

recurring or nonrecurring basis are as discussed above. The methodologies for other financial assets and financial liabilities are discussed below.
Cash and due from banks and interest-bearing bank deposits: The carrying amounts for cash and due from banks and interest-bearing bank deposits approximate the estimated fair values of such assets.
Securities: Fair values for securities available for sale and held to maturity are based on quoted market prices, if available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments. The carrying value of other investments, which includes FHLB stock and other equity investments, is considered a reasonable estimate of fair value.
Loans: The fair values of all loans are estimated by discounting the estimated future cash flows using interest rates currently offered for loans with similar terms to borrowers of similar credit quality adjusted for past due and nonperforming loans.
Loans held for sale: The estimated fair value of loans held for sale is based on market bids obtained from potential buyers.
Off-balance sheet instruments: Many of First Commonwealth’s off-balance sheet instruments, primarily loan commitments and standby letters of credit, are expected to expire without being drawn upon; therefore, the commitment amounts do not necessarily represent future cash requirements. FASB ASC Topic 460, “Guarantees” clarified that a guarantor is required to recognize, at the inception of a guarantee, a liability for the fair value of the obligation undertaken in issuing the guarantee. The carrying amount and estimated fair value for standby letters of credit was $0.1 million at both March 31, 2024 and December 31, 2023. 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 is estimated by discounting the future cash flows using interest rates currently being offered and a schedule of aggregated expected maturities.
Short-term borrowings: The fair values of borrowings from the FHLB were estimated based on the estimated incremental borrowing rate for similar type borrowings. The carrying amounts of other short-term borrowings, such as federal funds purchased and securities sold under agreement to repurchase, were used to approximate fair value due to the short-term nature of the borrowings.
Subordinated debt and long-term debt: The fair value is estimated by discounting the future cash flows using First Commonwealth’s estimate of the current market rate for similar types of borrowing arrangements.
45

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

The following table presents carrying amounts and fair values of First Commonwealth’s financial instruments:
 March 31, 2024
  Fair Value Measurements Using:
 Carrying
Amount		TotalLevel 1Level 2Level 3
 (dollars in thousands)
Financial assets
Cash and due from banks$77,179 $77,179 $77,179 $— $— 
Interest-bearing deposits233,188 233,188 233,188 — — 
Securities available for sale1,023,711 1,023,711 — 1,023,711 — 
Securities held to maturity464,708 393,749 — 393,749 — 
Other investments25,397 25,397 — 19,215 6,182 
Loans held for sale31,895 31,895 — 31,895 — 
Loans and leases8,999,870 8,907,184 — 27,025 8,880,159 
Financial liabilities
Deposits9,446,403 9,440,446 — 9,440,446 — 
Short-term borrowings546,541 540,267 — 540,267 — 
Subordinated debt177,803 156,341 — — 156,341 
Long-term debt3,932 3,832 — 3,832 — 
Capital lease obligation4,755 4,755 — 4,755 — 
 December 31, 2023
  Fair Value Measurements Using:
 Carrying
Amount		TotalLevel 1Level 2Level 3
 (dollars in thousands)
Financial assets
Cash and due from banks$125,436 $125,436 $125,436 $— $— 
Interest-bearing deposits21,557 21,557 21,557 — — 
Securities available for sale1,020,986 1,020,986 — 1,020,986 — 
Securities held to maturity419,009 350,595 — 350,595 — 
Other investments50,871 50,871 — 44,689 6,182 
Loans held for sale29,820 29,820 — 29,820 — 
Loans and leases8,968,761 8,860,736 — 25,215 8,835,521 
Financial liabilities
Deposits9,192,309 9,187,655 — 9,187,655 — 
Short-term borrowings597,835 594,670 — 594,670 — 
Subordinated debt177,741 151,525 — — 151,525 
Long-term debt4,122 4,041 — 4,041 — 
Capital lease obligation4,894 4,894 — 4,894 — 
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.
46

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

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 21 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 following table provides the notional amount of interest rate swap contracts and their maturity date.
Notional AmountMaturity Date
(dollars in thousands)
$25,00006/30/24
50,00012/01/24
150,00005/01/25
25,00008/25/25
25,00010/10/25
50,00011/05/25
150,00005/01/26
25,00010/15/26
$500,000
47

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

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 months ended March 31, 2024, there was a negative impact of $5.6 million on net interest income as a result of these interest rate swaps. Changes in the fair value of the cash flow hedges are reported on the balance sheet and in OCI. When the cash flows associated with the hedged item are realized, the gain or loss included in OCI is recognized in "Interest on subordinated debentures," 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 March 31, 2024, 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 months ended March 31, 2024 was an increase of $0.3 million.
Interest rate lock commitments and commitments to deliver loans to investors are considered derivatives. The market value of interest rate lock commitments and best efforts contracts are not readily ascertainable with precision because they are not actively traded in stand-alone markets. We determine the fair value of rate lock commitments and delivery contracts by measuring the fair value of the underlying asset, which is impacted by current interest rates and taking into consideration the probability that the rate lock commitments will close or will be funded. At March 31, 2024, the underlying funded mortgage loan commitments had a carrying value of $6.1 million and a fair value of $7.3 million, while the underlying unfunded mortgage loan commitments had a notional amount of $67.7 million. At December 31, 2023, the underlying funded mortgage loan commitments had a carrying value of $7.1 million and a fair value of $8.1 million, while the underlying unfunded mortgage loan commitments had a notional amount of $38.2 million. The interest rate lock commitments increased other noninterest income by $0.2 million for the three months ended March 31, 2024.

The following table depicts the credit value and fair value adjustments recorded related to the notional amount of derivatives outstanding as well as the notional amount of risk participation agreements participated to other banks:
March 31, 2024December 31, 2023
 (dollars in thousands)
Derivatives not Designated as Hedging Instruments
Credit value adjustment$(1)$(13)
Notional amount:
Interest rate derivatives942,491 945,046 
Interest rate caps37,547 37,647 
Interest rate collars524 35,878 
Risk participation agreements180,388 206,325 
Sold credit protection on risk participation agreements(152,857)(121,265)
Interest rate options67,674 38,155 
Derivatives Designated as Hedging Instruments
Interest rate swaps:
Fair value adjustment(24,551)(25,133)
Notional amount570,000 570,000 
Interest rate forwards:
Fair value adjustment(150)(352)
Notional amount71,000 39,000 
 
48

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


The table below presents the change in the fair value of derivative assets and derivative liabilities attributable to credit risk or fair value changes included in "Other income", "Other expense," "Interest on subordinated debentures" or "Interest and fees on loans" in the unaudited Consolidated Statements of Income:
 For the Three Months Ended March 31,
 20242023
 (dollars in thousands)
Non-hedging interest rate derivatives
Increase in other income$283 $239 
Hedging interest rate derivatives
(Decrease) increase in interest and fees on loans(6,295)(4,758)
(Decrease) increase in interest from subordinated debentures(723)(560)
Hedging interest rate forwards
Increase in other income202 123 

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 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 both March 31, 2024 and December 31, 2023 was $363.7 million. No impairment charges on goodwill or other intangible assets were incurred in 2024 or 2023.
We test goodwill for impairment as of November 30th each year and again at any quarter-end if any material events occur during a quarter that may affect goodwill.
As of March 31, 2024, 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.
49

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

Note 14 Subordinated Debentures
Subordinated debentures outstanding are as follows:
  March 31, 2024December 31, 2023
 DueRateAmountAmount
  (dollars in thousands)
Owed to:
First Commonwealth Bank20283-Month CME Term SOFR + 0.26161% + 1.845%$49,615 $49,592 
First Commonwealth Bank20335.50% until June 1, 2028, then 3-Month CME Term SOFR + 0.26161% + 2.37%49,358 49,341 
First Commonwealth Financial Corp20314.50% until March 29, 2026, then Prime + 1.00%6,663 6,641 
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$177,803 $177,741 
With the acquisition of Centric in January 2023, 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 Bank 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. As of March 31, 2024, unamortized deferred issuance costs totaled $0.4 million.
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.
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".
50

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

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.
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 $1.1 million and $1.0 million in commission expense as of March 31, 2024 and 2023, respectively.
51

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

Card-Related Interchange Income
Card-related interchange income is primarily comprised of debit and credit card income, ATM fees and merchant services income. Debit and credit card income is primarily comprised of interchange fees earned whenever the Company’s debit and credit cards are processed through card payment networks such as MasterCard. ATM fees are primarily generated when a Company cardholder uses a non-Company ATM or a non-Company cardholder uses a Company ATM. Merchant services income mainly represents fees charged to merchants to process their debit and credit card transactions, in addition to account management fees. Card-related interchange income is recognized daily as the customer transactions are settled.
Other Income
Other income includes service revenue from processing wire transfers, bill pay service, cashier’s checks, and other services. The Company’s performance obligation for these services are largely satisfied, and related revenue recognized, when the services are rendered or upon completion. Payment is typically received immediately or in the following month.
Gains(losses) on sales of OREO
First Commonwealth records a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When First Commonwealth finances the sale of OREO to the buyer, an assessment of whether the buyer is committed to perform their obligations under the contract is completed along with an evaluation of whether collectability of the transaction price is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon transfer of control of the property to the buyer. In determining the gain or loss on the sale, First Commonwealth adjusts the transaction price and the related gain or loss on sale if a significant financing component is present.
The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606:
 For the Three Months Ended March 31,
 20242023
 (dollars in thousands)
Noninterest Income
In-scope of Topic 606:
Trust income$2,727 $2,486 
Service charges on deposit accounts5,383 4,918 
Insurance and retail brokerage commissions2,246 2,552 
Card-related interchange income6,690 6,829 
Gain on sale of other loans and assets134 61 
Other income1,131 1,069 
Noninterest Income (in-scope of Topic 606)18,311 17,915 
Noninterest Income (out-of-scope of Topic 606)5,677 5,048 
Total Noninterest Income$23,988 $22,963 
Note 16 Subsequent Event
As of March 31, 2024, the Company holds 26,681 shares of non-transferable Class B-1 shares of Visa, Inc., which are carried at a cost basis of zero. On April 8, 2024, Visa commenced an exchange offer for any and all outstanding shares of its Class B-1 common stock for a combination of Visa's Class B-2 common stock, Class C common stock and where applicable cash in lieu of fractional shares. As part of this exchange, each share of Class B-1 common stock would be exchanged for one half share of the newly issued Class B-2 common stock and Class C common stock would be issued in an amount equivalent to one half of a share of Class B-1 common stock. The Company opted to participate in this exchange offer prior to its expiration on May 3, 2024 and received 13,340 Class B-2 shares and 5,294 Class C shares. The newly issued Class C shares will be sold by Visa at market prices over a period of 90 days after the exchange. As of April 30, 2024, the value of the Class C shares is approximately $5.7 million. The Class B-2 shares will continue to be carried by the company with a zero basis.
On April 22, 2024, the Company provided notice to redeem $50.0 million of First Commonwealth Bank's ten-year subordinated notes with an original maturity date of June 1, 2028. The redemption will occur on June 1, 2024 at a redemption price equal to
52

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

100% of the principal amount of the subordinated notes, plus accrued and unpaid interest to the date of redemption. On June 1, 2024, with the redemption of the subordinated notes, $0.4 million in remaining unamortized deferred issuance costs will be fully recognized in noninterest expense.
53



ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
This discussion and the related financial data are presented to assist in the understanding and evaluation of the consolidated financial condition and the results of operations of First Commonwealth Financial Corporation including its subsidiaries (“First Commonwealth”) for the three months ended March 31, 2024 and 2023, 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.
•The effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which we and our subsidiaries must comply.
•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.
•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.
54

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


•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 page 58 for the three months ended March 31, 2024 and 2023.
55

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



Selected Financial Data
The following selected financial data should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations, which follows, and with the unaudited Consolidated Financial Statements and related notes. 
For the Three Months Ended March 31,
20242023
(dollars in thousands, except per share data)
Net Income$37,549 $30,224 
Per Share Data:
Basic Earnings per Share$0.37 $0.30 
Diluted Earnings per Share0.37 0.30 
Cash Dividends Declared per Common Share0.125 0.120 
Average Balance:
Total assets$11,521,443 $10,488,908 
Total equity1,325,326 1,161,054 
End of Period Balance:
Net loans and leases (1)
$8,912,667 $8,534,110 
Total assets11,694,408 11,113,752 
Total deposits9,446,403 9,234,948 
Total equity1,332,720 1,225,014 
Key Ratios:
Return on average assets1.31 %1.17 %
Return on average equity11.40 %10.56 %
Dividends payout ratio33.78 %40.00 %
Average equity to average assets ratio11.50 %11.07 %
Net interest margin3.52 %4.01 %
Net loans to deposits ratio94.35 %92.41 %
(1) Includes loans held for sale.

Results of Operations
Three Months Ended March 31, 2024 Compared to Three Months Ended March 31, 2023
Net Income
For the three months ended March 31, 2024, First Commonwealth had net income of $37.5 million, or $0.37 diluted earnings per share, compared to net income of $30.2 million, or $0.30 diluted earnings per share, in the three months ended March 31, 2023. The increase in net income was primarily the result of a $5.8 million decrease in noninterest expense as a result of $8.5 million in expenses related to the Centric acquisition recognized in the three months ended March 31, 2023. Other items impacting net income include a $3.8 million decrease in the provision for credit losses and a $1.0 million increase in noninterest income, offset by a $2.1 million decrease in net interest income.
For the three months ended March 31, 2024, the Company’s return on average equity was 11.40% and its return on average assets was 1.31%, compared to 10.56% and 1.17%, respectively, for the three months ended March 31, 2023.
Net Interest Income
Net interest income, on a fully taxable equivalent basis, was $92.6 million in the first three months of 2024, compared to $94.7 million for the same period in 2023. The decrease in net interest income can be attributed to a 150 basis point increase in the cost of interest-bearing liabilities offset by a 68 basis point increase in the yield on interest-earning assets. Net interest income comprises the majority of our operating revenue (net interest income before provision expense plus noninterest income), at 79.4% and 80.4% for the three months ended March 31, 2024 and 2023, respectively.
56

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


The net interest margin on a fully taxable equivalent basis was 3.52% for the three months ended March 31, 2024 and 4.01% for the three months ended March 31, 2023. 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 5.54% for the three months ended March 31, 2024, an increase of 68 basis points compared to the 4.86% yield for the same period in 2023. This change is a result of the higher interest rate environment and resulted in the loan portfolio yield increasing by 68 basis points when compared to the three months ended March 31, 2023. Contributing to this increase was the yield on our adjustable and variable rate commercial loan portfolios, which increased 64 basis points due to the impact on loan repricing and new volumes at higher interest rates, as the Federal Reserve increased short term interest rates by 50 basis points since March 31, 2023. Additionally, 8 basis points of the yield on interest-earnings assets can be attributed to the recognition of $2.0 million in accretion of purchase accounting marks, primarily from the Centric acquisition. For the three months ended March 31, 2023, accretion of purchase accounting marks contributed $1.1 million, or 5 basis points, to the yield on interest-earning assets.

The investment portfolio yield increased 93 basis points in comparison to the prior year as new volume rates were higher than the portfolio yield. The average investment portfolio balance for the period ended March 31, 2024 increased $239.1 million as compared to the three months ended March 31, 2023 as a result of liquidity from growth in interest-bearing liabilities. The yield on interest-bearing deposits with banks increased 116 basis points for the three months ended March 31, 2024 as compared to the prior year in conjunction with the increase in the average balance from $46.3 million in 2023 to $112.4 million in 2024.
The cost of interest-bearing liabilities increased to 2.77% for the three months ended March 31, 2024, from 1.27% for the same period in 2023. The cost of interest-bearing deposits increased 148 basis points and short-term borrowings increased 92 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 three months ended March 31, 2024 with the comparable period in 2023, average time deposits increased $704.8 million, or 103.3%, with an increase in the cost of these deposits of 187 basis points. Other interest-bearing deposits increased on average $242.6 million, or 4.6%, compared to the three months ended March 31, 2023 and the cost of these deposits increased 123 basis points. Compared to the prior period, short-term borrowings increased an average of $329.0 million in order to fund growth in loans and investments.
For the three months ended March 31, 2024, changes in rates negatively impacted net interest income by $5.5 million when compared with the same period in 2023. The higher yield on interest-earning assets positively impacted net interest income by $19.9 million, while the increase in the cost of interest-bearing liabilities negatively impacted net interest income by $25.3 million.
Changes in the volume of interest-earning assets and interest-bearing liabilities positively impacted net interest income by $3.4 million for the three months ended March 31, 2024, as compared to the same period in 2023. Higher levels of interest-earning assets resulted in an increase of $11.0 million in interest income, and changes in the volume and mix of interest-bearing liabilities increased interest expense by $7.6 million. Average interest-earning assets for the three months ended March 31, 2024 increased $1.0 billion, or 10.5%, compared to the same period in 2023. Average loans for the comparable period increased $0.7 billion, or 8.4%.
Net interest income was negatively impacted by a $275.2 million decrease in average net free funds for the three months ended March 31, 2024 as compared to March 31, 2023. Average net free funds are the excess of noninterest-bearing demand deposits, other noninterest-bearing liabilities and shareholders’ equity over noninterest-earning assets. The level of net free funds was impacted by a lower level of noninterest-bearing demand deposits as customers became more rate sensitive and moved their funds into interest-bearing deposits.
The following table reconciles interest income in the Consolidated Statements of Income to net interest income adjusted to a fully taxable equivalent basis for the three months ended March 31:
57

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


 
20242023
 (dollars in thousands)
Interest income per Consolidated Statements of Income$145,462 $114,589 
Adjustment to fully taxable equivalent basis323 305 
Interest income adjusted to fully taxable equivalent basis (non-GAAP)145,785 114,894 
Interest expense53,158 20,231 
Net interest income adjusted to fully taxable equivalent basis (non-GAAP)$92,627 $94,663 

58

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


The following is an analysis of the average balance sheets and net interest income on a fully taxable equivalent basis for the three months ended March 31:
 
 20242023
 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$112,436 $1,573 5.63 %$46,304 $510 4.47 %
Tax-free investment securities20,467 137 2.69 21,983 148 2.73 
Taxable investment securities1,451,770 11,021 3.05 1,211,190 6,294 2.11 
Loans and leases, net of unearned income (b)(c)
8,998,649 133,054 5.95 8,301,449 107,942 5.27 
Total interest-earning assets10,583,322 145,785 5.54 9,580,926 114,894 4.86 
Noninterest-earning assets:
Cash117,297 112,157 
Allowance for credit losses(119,817)(123,672)
Other assets940,641 919,497 
Total noninterest-earning assets938,121 907,982 
Total Assets$11,521,443 $10,488,908 
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand deposits (d)
$1,859,693 $7,701 1.67 %$1,848,228 $3,732 0.82 %
Savings deposits (d)
3,694,963 21,488 2.34 3,463,858 7,853 0.92 
Time deposits1,386,959 14,531 4.21 682,144 3,933 2.34 
Short-term borrowings595,884 6,765 4.57 266,932 2,401 3.65 
Long-term debt186,597 2,673 5.76 185,367 2,312 5.06 
Total interest-bearing liabilities7,724,096 53,158 2.77 6,446,529 20,231 1.27 
Noninterest-bearing liabilities and shareholders’ equity:
Noninterest-bearing demand deposits (d)
2,302,338 2,678,849 
Other liabilities169,683 202,476 
Shareholders’ equity1,325,326 1,161,054 
Total Noninterest-Bearing Funding Sources3,797,347 4,042,379 
Total Liabilities and Shareholders’ Equity$11,521,443 $10,488,908 
Net Interest Income and Net Yield on Interest-Earning Assets$92,627 3.52 %$94,663 4.01 %
(a)Income on interest-earning assets has been computed on a fully taxable equivalent basis using the 21% federal income tax statutory rate for the three months ended March 31, 2024 and 2023.
(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.

 
59

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


The following table shows the effect of changes in volumes and rates on interest income and interest expense for the three months ended March 31, 2024 compared with March 31, 2023:
 
 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$1,063 $729 $334 
Tax-free investment securities(11)(10)(1)
Taxable investment securities4,727 1,252 3,475 
Loans and leases25,112 9,060 16,052 
Total interest income (b)30,891 11,031 19,860 
Interest-bearing liabilities:
Interest-bearing demand deposits3,969 23 3,946 
Savings deposits13,635 524 13,111 
Time deposits10,598 4,067 6,531 
Short-term borrowings4,364 2,961 1,403 
Long-term debt361 15 346 
Total interest expense32,927 7,590 25,337 
Net interest income$(2,036)$3,441 $(5,477)
(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.  
60

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


The table below provides a breakout of the provision for credit losses by loan category for the three months ended March 31: 
 20242023
 DollarsPercentageDollarsPercentage
 (dollars in thousands)
Commercial, financial, agricultural and other$1,292 22 %$991 (170)%
Time and demand(565)(10)179 (31)
Commercial credit cards71 1 20 (3)
Equipment finance1,263 22 420 (72)
Time and demand other523 9 372 (64)
Real estate construction(875)(15)(2,798)482 
Construction other(653)(11)(1,842)317 
Construction residential(222)(4)(956)165 
Residential real estate13 — 261 (45)
Residential first lien(107)(2)358 (62)
Residential junior lien/home equity120 2 (97)17 
Commercial real estate2,201 39 307 (53)
Multifamily(8)— 67 (12)
Non-owner occupied2,308 41 238 (41)
Owner occupied(99)(2)2 — 
Loans to individuals3,051 54 659 (114)
Automobile and recreational vehicles2,490 44 599 (104)
Consumer credit cards107 2 5 (1)
Consumer other454 8 55 (9)
Provision for credit losses on loans and leases$5,682 100 %$(580)100 %
Provision for credit losses - acquisition day 1 non-PCD— 10,653 
Total provision for credit losses on loans and leases5,682 10,073 
Provision for off-balance sheet credit exposure(1,444)(2,070)
       Total provision for credit losses$4,238 $8,003 
Total provision expense for the three months ended March 31, 2024, decreased $3.8 million compared to the three months ended March 31, 2023. This decrease 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 $6.3 million increase in the provision for credit losses on loans and leases and a $0.6 million increase in the provision for off-balance sheet commitments. The increase in the provision for credit losses on loans and leases can be attributed to $4.3 million in net charge-offs recognized during the three months ended March 31, 2024 as well as $0.3 million in additional qualitative reserves related to the commercial real estate portfolio to provide for the risks related to changing collateral values. The negative provision for off-balance sheet commitments for the three months ended March 31, 2024 was a result of lower off-balance sheet commitments related to construction loans.
The allowance for credit losses was $119.1 million, or 1.32%, of total loans and leases outstanding at March 31, 2024, compared to $117.7 million, or 1.31%, at December 31, 2023 and $133.9 million, or 1.55%, at March 31, 2023. Nonperforming loans as a percentage of total loans and leases decreased to 0.47% at March 31, 2024 from 0.51% as of March 31, 2023 and increased from 0.44% at December 31, 2023. The allowance to nonperforming loan ratio was 280.59%, 298.23% and 302.67% as of March 31, 2024, December 31, 2023 and March 31, 2023, respectively.
 
Management believes that the allowance for credit losses is at a level deemed appropriate to absorb expected losses inherent in the loan portfolio at March 31, 2024.
61

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


Below is an analysis of the consolidated allowance for credit losses for the three months ended March 31, 2024 and 2023 and the year-ended December 31, 2023:
 
March 31, 2024March 31, 2023December 31, 2023
 (dollars in thousands)
Balance, beginning of period$117,718 $102,906 $102,906 
Day 1 allowance for credit loss on PCD acquired loans— 22,079 27,205 
Provision for credit losses - acquisition day 1 non-PCD— 10,653 10,653 
Loans charged off:
Commercial, financial, agricultural and other2,662 663 19,199 
Real estate construction— — — 
Residential real estate80 79 561 
Commercial real estate283 — 6,277 
Loans to individuals2,538 1,141 7,230 
Total loans charged off5,563 1,883 33,267 
Recoveries of loans previously charged off:
Commercial, financial, agricultural and other420 159 498 
Real estate construction6 — — 
Residential real estate59 38 247 
Commercial real estate114 42 151 
Loans to individuals662 471 2,219 
Total recoveries1,261 710 3,115 
Net charge-offs4,302 1,173 30,152 
Provision for credit losses on loans and leases charged to expense5,682 (580)7,106 
Balance, end of period$119,098 $133,885 $117,718 
Net charge-offs as a percentage of average loans and leases outstanding (annualized)0.19 %0.06 %0.35 %
Allowance for credit losses as a percentage of end-of-period loans and leases outstanding1.32 %1.55 %1.31 %
Noninterest Income
The following table presents the components of noninterest income for the three months ended March 31: 
20242023$ Change% Change
 (dollars in thousands)
Noninterest Income:
Trust income$2,727 $2,486 $241 10 %
Service charges on deposit accounts5,383 4,918 465 9 
Insurance and retail brokerage commissions2,246 2,552 (306)(12)
Income from bank owned life insurance1,294 1,227 67 5 
Card-related interchange income6,690 6,829 (139)(2)
Swap fee income— 245 (245)(100)
Other income2,257 2,057 200 10 
Net securities gains— — — N/A
Gain on sale of mortgage loans1,328 652 676 104 
Gain on sale of other loans and assets2,051 2,086 (35)(2)
Derivatives mark to market12 (89)101 (113)
Total noninterest income$23,988 $22,963 $1,025 4 %
Total noninterest income, excluding gain on sale of mortgage loans, gain on sale of other loans and assets and the derivatives mark to market for the three months ended March 31, 2024, increased, $0.3 million, or 1%, compared to the three months ended
62

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


March 31, 2023. Service charges on deposit accounts increased $0.5 million due to increased customer activity. Trust income increased $0.2 million due to gains in the value of assets under management. Insurance and retail brokerage commissions decreased $0.3 million due to lower annuity sales and swap fee income declined $0.2 million as there were no new interest rate swaps entered into by our commercial loan customers.
Total noninterest income increased $1.0 million, or 4%, compared to the same period in the prior year. The most significant changes, other than the changes noted above, include a $0.7 million increase 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 increased $0.1 million. This adjustment does not reflect a realized gain or loss on the swaps, but rather relates to changes in fair value due to movements in corporate bond spreads and swap rates.
Noninterest Expense
The following table presents the components of noninterest expense for the three months ended March 31: 
20242023$ Change% Change
 (dollars in thousands)
Noninterest Expense:
Salaries and employee benefits$35,324 $34,264 $1,060 3 %
Net occupancy5,334 5,018 316 6 
Furniture and equipment4,480 4,238 242 6 
Data processing3,824 3,404 420 12 
Advertising and promotion1,319 1,663 (344)(21)
Pennsylvania shares tax1,202 1,252 (50)(4)
Intangible amortization1,264 1,147 117 10 
Other professional fees and services1,242 1,591 (349)(22)
FDIC insurance1,613 1,417 196 14 
Other operating8,717 8,062 655 8 
Subtotal64,319 62,056 2,263 4 
Loss on sale or write-down of assets143 41 102 249 
Merger and acquisition related114 8,541 (8,427)(99)
Litigation and operational losses997 743 254 34 
Total noninterest expense$65,573 $71,381 $(5,808)(8)%
Noninterest expense decreased $5.8 million, or 8%, for the three months ended March 31, 2024 compared to the same period in 2023. This decrease is primarily the result of $8.5 million in merger-related expenses associated with the Centric acquisition recognized in during the first quarter of 2023. Offsetting this is a $1.1 million increase in salaries and benefits expense primarily due to annual merit salary increases and the inclusion of Centric employees for three months in 2024, as compared to two months in 2023. The number of full time equivalent employees totaled 1,536 at March 31, 2023 and 1,465 at March 31, 2024. Increases in net occupancy, furniture and equipment and intangible amortization all reflected increases primarily due to the Centric acquisition. Data processing costs increased $0.4 million due to continued investment in our digital banking and other product offerings. Litigation and operational losses increased $0.3 million primarily due to increased fraud losses. Contributing to the increase in other operating expenses were several expense categories, including collection and repossession, other loan expense, checkbook printing, armored courier and travel, none of which were individually significant.
Income Tax
The provision for income taxes increased $1.2 million for the three months ended March 31, 2024, compared to the corresponding period in 2023, 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 three months ended March 31, 2024 and 2023.
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 19.2% and 20.3% for the three months ended March 31, 2024 and 2023, respectively.
63

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


As of March 31, 2024, our deferred tax assets totaled $61.9 million. Based on our evaluation, we determined that it is more likely than not that all of these assets will be realized. As a result, a valuation allowance against these assets was not recorded. In evaluating the need for a valuation allowance, we estimate future taxable income based on management approved forecasts, evaluation of historical earning levels and consideration of potential tax strategies. If future events differ from our current forecasts, we may need to establish a valuation allowance, which could have a material impact on our financial condition and results of operations.
Liquidity
Liquidity refers to our ability to meet the cash flow requirements of depositors and borrowers, as well as our operating cash needs with cost-effective funding. We generate funds to meet these needs primarily through the core deposit base of First Commonwealth Bank and the maturity or repayment of loans and other interest-earning assets, including investments. During the first three months of 2024, the maturity and redemption of investment securities provided $45.2 million in liquidity. These funds contributed to the liquidity used to originate loans, purchase investment securities and fund depositor withdrawals.
The following represents our expanded sources of liquidity as of March 31, 2024:
Total AvailableAmount UsedOutstanding Letters of CreditNet Available
(dollars in thousands)
Internal liquidity sources
Unencumbered securities$490,196 $— $— $490,196 
Other (excess pledged)66,934 — — 66,934 
External liquidity sources
FHLB advances2,445,294 3,932 514,400 1,926,962 
FRB borrowings1,728,789 516,000 — 1,212,789 
Lines with other financial institutions160,000 — — 160,000 
Brokered deposits (1)
1,166,487 27,890 — 1,138,597 
Total liquidity$6,057,700 $547,822 $514,400 $4,995,478 
(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 March 31, 2024, the outstanding balance of $27.9 million carried an average weighted rate of 4.02% and an average original term of 246 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 first quarter of 2024, borrowings of $516.0 million at a rate of 4.76% were originated under the Federal Reserve's Bank Term Funding Program in order to fund growth in loans and investments. These borrowings have a maturity date of January 16, 2025 and can be repaid without penalty at any time.
On April 25, 2024, $311.0 million of the letters of credit with the FHLB of Pittsburgh matured and were not renewed.
64

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


First Commonwealth’s long-term liquidity source is its core deposit base. Core deposits are the most stable source of liquidity a bank can have due to the long-term relationship with a deposit customer. The following table shows a breakdown of the components of First Commonwealth’s deposits: 
March 31, 2024December 31, 2023
 (dollars in thousands)
Noninterest-bearing demand deposits(a)
$2,334,495 $2,388,533 
Interest-bearing demand deposits(a)
637,908 629,138 
Savings deposits(a)
4,999,822 4,886,781 
Time deposits1,474,178 1,287,857 
Total$9,446,403 $9,192,309 
(a)Balances include reallocations from noninterest-bearing demand deposits and interest-bearing demand deposits into savings deposits, which were made for regulatory purposes.
The level of deposits during any period is influenced by factors outside of management’s control, such as the level of short-term and long-term market interest rates and yields offered on competing investments, such as money market mutual funds.
During the first three months of 2024, total deposits increased $254.1 million. Interest-bearing demand and savings deposits increased $121.8 million, time deposits increased $186.3 million and noninterest-bearing demand deposits decreased $54.0 million.
The estimated total of uninsured deposits was $2.5 billion at both March 31, 2024 and December 31, 2023, of which $0.8 billion were secured by pledged investment securities or letters of credit at both March 31, 2024 and December 31, 2023. Uninsured amounts are estimated based on known account relationships for each depositor and insurance guidelines provided by the FDIC.
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 0.71 and 0.69 at March 31, 2024 and December 31, 2023, 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.
65

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


The following is the gap analysis as of March 31, 2024 and December 31, 2023: 
 March 31, 2024
 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$3,676,964 $441,898 $768,163 $4,887,025 $3,133,916 $911,799 
Investments104,840 48,735 93,727 247,302 622,218 744,151 
Other interest-earning assets232,054 — — 232,054 1,134 — 
Total interest-sensitive assets (ISA)4,013,858 490,633 861,890 5,366,381 3,757,268 1,655,950 
Certificates of deposit236,073 386,036 664,939 1,287,048 186,350 967 
Other deposits5,637,730 — — 5,637,730 — — 
Borrowings675,578 208 417 676,203 52,971 128 
Total interest-sensitive liabilities (ISL)6,549,381 386,244 665,356 7,600,981 239,321 1,095 
Gap$(2,535,523)$104,389 $196,534 $(2,234,600)$3,517,947 $1,654,855 
ISA/ISL0.61 1.27 1.30 0.71 15.70 1,512.28 
Gap/Total assets21.68 %0.89 %1.68 %19.11 %30.08 %14.15 %

 
 December 31, 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$3,619,166 $446,373 $756,190 $4,821,729 $3,137,007 $945,896 
Investments72,358 44,567 97,544 214,469 606,670 733,418 
Other interest-earning assets20,440 — — 20,440 1,117 — 
Total interest-sensitive assets (ISA)3,711,964 490,940 853,734 5,056,638 3,744,794 1,679,314 
Certificates of deposit271,662 210,793 569,507 1,051,962 235,562 974 
Other deposits5,515,919 — — 5,515,919 — — 
Borrowings726,850 207 415 727,472 53,069 224 
Total interest-sensitive liabilities (ISL)6,514,431 211,000 569,922 7,295,353 288,631 1,198 
Gap$(2,802,467)$279,940 $283,812 $(2,238,715)$3,456,163 $1,678,116 
ISA/ISL0.57 2.33 1.50 0.69 12.97 1,401.76 
Gap/Total assets24.46 %2.44 %2.48 %19.54 %30.16 %14.64 %

The following table presents an analysis of the potential sensitivity of our annual net interest income to gradual changes in interest rates over a 12-month time frame as compared with net interest income if rates remained unchanged and there are no changes in balance sheet categories.
 
 Net interest income change (12 months) for basis point movements of:
 -200-100+100+200
 (dollars in thousands)
March 31, 2024 ($)$(22,010)$(10,972)$7,356 $13,367 
March 31, 2024 (%)(5.46)%(2.72)%1.83 %3.32 %
December 31, 2023 ($)$(9,867)$(4,504)$6,215 $11,091 
December 31, 2023 (%)(2.53)%(1.16)%1.59 %2.84 %
66

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


The following table represents the potential sensitivity of our annual net interest income to immediate changes in interest rates versus if rates remained unchanged and there are no changes in balance sheet categories.
 Net interest income change (12 months) for basis point movements of:
 -200-100+100+200
 (dollars in thousands)
March 31, 2024 ($)$(41,727)$(21,904)$22,056 $41,831 
March 31, 2024 (%)(10.35)%(5.44)%5.47 %10.38 %
December 31, 2023 ($)$(38,890)$(17,930)$18,545 $34,788 
December 31, 2023 (%)(9.97)%(4.60)%4.76 %8.92 %
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 three months ended March 31, 2024 and 2023, the cost of our interest-bearing liabilities averaged 2.77% and 1.27%, respectively, and the yield on our average interest-earning assets, on a fully taxable equivalent basis, averaged 5.54% and 4.86%, 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 $5.9 million at March 31, 2024 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.
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 $3.0 million to $42.4 million at March 31, 2024, compared to $39.5 million at December 31, 2023. The increase in nonperforming loans is primarily a result of $13.5 million in commercial loans that were moved to nonaccrual during the first three months of 2024. Offsetting these additions is the payoff of an $8.1 million commercial real estate relationship accompanied by a $0.2 million charge-off and the charge-off of a $1.4 million commercial, financial, agricultural and other relationship.
The allowance for credit losses as a percentage of nonperforming loans was 280.59% as of March 31, 2024, compared to 298.23% at December 31, 2023, and 302.67% at March 31, 2023. 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
67

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


updated discounted cash flow analyses. The allowance for credit losses includes specific reserves of $5.9 million and general reserves of $113.2 million as of March 31, 2024. Specific reserves increased $0.9 million from December 31, 2023, and decreased $8.8 million from March 31, 2023. The increase from December 31, 2023 is primarily due to $1.2 million in specific reserves on nonperforming loans moved to nonaccrual and a $1.3 million increase in specific reserves on two commercial real estate relationships. Offsetting this is the $1.4 million charge-off on a commercial, financial, agricultural and other relationship, which was fully reserved. The decrease from March 31, 2023 is due to the sale of nonperforming loans releasing specific reserves of $3.1 million and the charge-off of $5.5 million related to three commercial, financial, agricultural and other relationships and $0.5 million related to a commercial real estate relationship, all of which were fully reserved.
Criticized loans totaled $211.9 million at March 31, 2024 and represented 2% of the loan portfolio. The level of criticized loans increased as of March 31, 2024 when compared to December 31, 2023, by $1.7 million, or 1%. Classified loans totaled $89.3 million at March 31, 2024 compared to $87.1 million at December 31, 2023, an increase of $2.2 million, or 3%. The increase in classified loans can be attributed to the increase in nonperforming loans.
The allowance for credit losses was $119.1 million at March 31, 2024, or 1.32% of total loans and leases outstanding, compared to 1.31% reported at December 31, 2023, and 1.55% at March 31, 2023. General reserves, or the portion of the allowance related to loans that were not specifically evaluated, as a percentage of performing loans were 1.26% at March 31, 2024 compared to 1.26% at December 31, 2023 and 1.38% at March 31, 2023.
68

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:
 March 31, December 31, 2023 
 2024 2023 
 (dollars in thousands) 
Nonperforming Loans:
Total nonperforming loans$42,446   $44,234   $39,472   
Loans past due 30 to 90 days and still accruing$32,027 $15,809 $20,116 
Loans past due in excess of 90 days and still accruing$1,699   $1,440   $9,436   
Other real estate owned$368   $424   $422   
Loans held for sale at end of period$31,895 $11,050 $29,820 
Portfolio loans and leases outstanding at end of period$8,999,870   $8,656,945 $8,968,761   
Average loans and leases outstanding$8,998,649 (a) $8,301,449 (a) $8,714,770 (b) 
Nonperforming loans as a percentage of total loans and leases0.47 %0.51 %0.44 %
Provision for credit losses on loans and leases (e)
$5,682 (a) $(580)(a) $7,106 (b) 
Provision for credit losses - acquisition day 1 non-PCD$— $10,653 $10,653 
Allowance for credit losses$119,098   $133,885   $117,718   
Net charge-offs$4,302 (a) $1,173 (a) $30,152 (b) 
Net charge-offs as a percentage of average loans and leases outstanding (annualized)0.19 %0.06 %0.35 %
Provision for credit losses as a percentage of net charge-offs (e)
132.08 %(a) (49.45)%(a) 23.57 %(b) 
Allowance for credit losses as a percentage of end-of-period loans and leases outstanding (c)
1.32 %1.55 %1.31 %
Allowance for credit losses as a percentage of nonperforming loans (d)
280.59 %302.67 %298.23 %
(a)For the three-month period ended.
(b)For the twelve-month period ended.
(c)Does not include loans held for sale.
(d)Does not include nonperforming loans held for sale.
(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:
 
 March 31, 2024December 31, 2023
 Amount%Amount%
 (dollars in thousands)
Commercial, financial, agricultural and other$1,593,836 18 %$1,543,349 17 %
Real estate construction559,367 6 597,735 7 
Residential real estate2,402,272 27 2,416,876 27 
Commercial real estate3,090,950 34 3,053,152 34 
Loans to individuals1,353,445 15 1,357,649 15 
Total loans and leases, net of unearned income$8,999,870 100 %$8,968,761 100 %
During the three months ended March 31, 2024, loans increased $31.1 million, or 0.3%, compared to balances outstanding at December 31, 2023.
Real estate construction loans decreased $38.4 million, or 6.4%, due to the completion of commercial real estate projects. Residential real estate decreased $14.6 million, or 0.6%, primarily due to sale of closed-end 1-4 family mortgage loans originated for sale. Commercial real estate loans increased $37.8 million, or 1.2%, primarily due to growth in loans secured by nonresidential property, due in part to the completion of several construction projects. Loans to individuals decreased $4.2 million, or 0.3%, primarily due to declines in the personal lines of credit portfolio. Commercial, financial, agricultural and other loans increased $50.5 million, or 3.3%, primarily due to growth in the equipment finance portfolio.
69

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


Commercial real estate comprises 34% of our total loan portfolio. The following table summarizes the commercial real estate portfolio by type of property securing the credit.
March 31, 2024December 31, 2023
Amount%Amount%
(dollars in thousands)
Land$2,308 0.1 %$3,180 0.1 %
Residential 1-416,311 0.5 39,776 1.3 
Industrial and Storage481,189 15.6 456,759 15.0 
Multifamily645,184 20.9 597,262 19.6 
Office524,181 17.0 550,889 18.0 
Healthcare159,080 5.1 149,909 4.9 
Student Housing88,030 2.8 88,557 2.9 
Retail748,828 24.2 750,899 24.6 
Hospitality224,395 7.3 210,485 6.9 
Specialty Use189,441 6.1 192,570 6.3 
Other12,003 0.4 12,866 0.4 
Total$3,090,950 100.0 %$3,053,152 100.0 %
When calculating the allowance for credit losses the commercial real estate portfolio is segmented into three portfolio segments: multifamily, non-owner occupied and owner occupied. For additional information related to these segments, including credit quality, see Note 8 "Loans and Leases and Allowance for Credit Losses" of the unaudited consolidated financial statements.
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 March 31, 2024.
For the Three Months Ended March 31, 2024As of March 31, 2024
 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$2,242 52.11 %0.10 %$9,757 22.99 %0.11 %
Real estate construction(6)(0.14)— 3,288 7.75 0.04 
Residential real estate21 0.49 — 9,019 21.25 0.10 
Commercial real estate169 3.93 0.01 20,236 47.67 0.22 
Loans to individuals1,876 43.61 0.08 146 0.34 — 
Total loans and leases, net of unearned income$4,302 100.00 %0.19 %$42,446 100.00 %0.47 %
Net charge-offs for the three months ended March 31, 2024 totaled $4.3 million, compared to $1.2 million for the three months ended March 31, 2023. The most significant charge-off during the three months ended March 31, 2024 included $1.4 million for a commercial, financial, agricultural and other loan which was fully provided for as part of Centric purchase accounting marks. Additionally, $1.9 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 March 31, 2024, shareholders’ equity was $1.3 billion, an increase of $18.4 million from December 31, 2023. The increase was primarily the result of $37.5 million in net income. Offsetting this increase was a $7.3 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 $2.8 million in treasury stock sales and decreases due to $12.8 million of dividends paid to shareholders and $1.8 million of common stock repurchases. Cash dividends declared per common share were $0.125 for the three months ended March 31, 2024.
70

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


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.
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 March 31, 2024, this subordinated debt issuance increased the total risk-based capital ratio by 95 basis points. The Company has announced the redemption of $50 million of this subordinated debt as of June 1, 2024. The impact of this redemption on the total risk based capital ratio is a decrease of 44 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 March 31, 2024 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 4 to 6 basis points.
As of March 31, 2024, 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$1,342,820 14.27 %$988,359 10.50 %$941,294 10.00 %
First Commonwealth Bank1,244,857 13.25 986,440 10.50 939,467 10.00 
Tier I Capital to Risk Weighted Assets
First Commonwealth Financial Corporation$1,143,916 12.15 %$800,100 8.50 %$753,035 8.00 %
First Commonwealth Bank1,045,953 11.13 798,547 8.50 751,574 8.00 
Tier I Capital to Average Assets
First Commonwealth Financial Corporation$1,143,916 10.15 %$450,665 4.00 %$563,332 5.00 %
First Commonwealth Bank1,045,953 9.32 448,940 4.00 561,175 5.00 
Common Equity Tier I to Risk Weighted Assets
First Commonwealth Financial Corporation$1,073,916 11.41 %$658,906 7.00 %$611,841 6.50 %
First Commonwealth Bank1,045,953 11.13 657,627 7.00 610,654 6.50 
71

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


On April 23, 2024, First Commonwealth Financial Corporation declared a quarterly dividend of $0.13 per share payable on May 17, 2024 to shareholders of record as of May 3, 2024. 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 March 31, 2024, 2,491,577 common shares had been repurchased under theses program at an average price of $13.08 per share. There were no repurchases during the three months ended March 31, 2024.
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
fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption
permitted. The adoption of ASU 2023-02 did not have a material impact on the Company's consolidated financial statements.

In December 2023, FASB released Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740):
Improvements to Income Tax Disclosures. ASU 2023-09 requires additional disclosure information in specified categories with
respect to the reconciliation of the effective tax rate to the statutory rate (the rate reconciliation) for federal, state and foreign
income taxes. ASU 2023-09 also requires greater detail about individual reconciling items in the rate reconciliation for those
items that exceed a specified threshold. In addition to the new rate reconciliation disclosures, ASU 2023-09 requires
information related to taxes paid (net of refunds received) to be disaggregated for federal, state and foreign taxes, along with
further disaggregation for specific jurisdictions, to the extent the related amounts exceed a quantitative threshold. ASU 2023-09
is effective for the Company for annual periods beginning after December 15, 2024, with early adoption permitted. ASU
2023-09 should be applied prospectively, with an option for retrospective application to each period in the financial statements.
The Company is in the process of assessing the impact of adoption on its consolidated financial statements.
72


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 1-934 (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.
73

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, 2023.


ITEM 2.    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
    
None

ITEM 3.    DEFAULTS UPON SENIOR SECURITIES
    None

ITEM 4.    MINE SAFETY DISCLOSURES
    Not applicable

ITEM 5.    OTHER INFORMATION
    None of our directors or executive officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1trading arrangement during quarter ended March 31, 2024, as such terms are defined under Item 408(a) of Regulation S-K. On February 22, 2024, the Corporation entered into a Rule 10b5-1 Issuer Repurchase Plan with a registered broker to effect repurchases of the Corporation’s common stock under the Corporation’s treasury stock repurchase program. The 10b5-1 issuer repurchase plan will terminate upon the earlier of $5,000,00 in shares of common stock authorized for repurchase having been repurchased or April 30, 2024.
74

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
    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

75

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
FIRST COMMONWEALTH FINANCIAL CORPORATION
(Registrant)
 
DATED: May 7, 2024 /s/ T. Michael Price
 
T. Michael Price
President and Chief Executive Officer
DATED: May 7, 2024 /s/ James R. Reske
 James R. Reske
Executive Vice President, Chief Financial Officer and Treasurer

76

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