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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)
25.65%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. First Commonwealth Financial Corp
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2024 Q2

First Commonwealth Financial Corp - 10-Q quarterly report FY2024 Q2


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 June 30, 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 August 7, 2024, was 102,363,222.



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)
9
Notes to the Unaudited Consolidated Financial Statements
10
ITEM 2.
61
ITEM 3.
86
ITEM 4.
86
PART II.
ITEM 1.
87
ITEM 1A.
87
ITEM 2.
87
ITEM 3.
87
ITEM 4.
87
ITEM 5.
87
ITEM 6.
88
89

2



ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)
June 30, 2024December 31, 2023
 (dollars in thousands, except share data)
Assets
Cash and due from banks$109,907 $125,436 
Interest-bearing bank deposits78,386 21,557 
Securities available for sale, at fair value1,071,161 1,020,986 
Equity securities, at fair value5,558 — 
Securities held to maturity, at amortized cost (Fair value of $381,965 and $350,595 at June 30, 2024 and December 31, 2023, respectively)
453,820 419,009 
Other investments24,435 50,871 
Loans held for sale50,769 29,820 
Loans and leases:
Portfolio loans and leases8,994,890 8,968,761 
Allowance for credit losses(123,654)(117,718)
Net loans and leases8,871,236 8,851,043 
Premises and equipment, net119,008 121,015 
Other real estate owned484 422 
Goodwill363,715 363,715 
Amortizing intangibles, net21,139 22,820 
Bank owned life insurance227,654 228,479 
Other assets229,601 204,315 
Total assets$11,626,873 $11,459,488 
Liabilities
Deposits (all domestic):
Noninterest-bearing$2,304,830 $2,388,533 
Interest-bearing7,104,091 6,803,776 
Total deposits9,408,921 9,192,309 
Short-term borrowings537,613 597,835 
Subordinated debentures128,226 177,741 
Other long-term debt3,742 4,122 
Capital lease obligation4,613 4,894 
Total long-term debt136,581 186,757 
Other liabilities181,253 168,313 
Total liabilities10,264,368 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 June 30, 2024 and December 31, 2023, respectively, and 102,297,847 and 102,114,664 shares outstanding at June 30, 2024 and December 31, 2023, respectively
123,603 123,603 
Additional paid-in capital630,910 630,154 
Retained earnings929,686 881,112 
Accumulated other comprehensive loss, net(113,416)(111,756)
Treasury stock (21,305,533 and 21,488,716 shares at June 30, 2024 and December 31, 2023, respectively)
(208,278)(208,839)
Total shareholders’ equity1,362,505 1,314,274 
Total liabilities and shareholders’ equity$11,626,873 $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 EndedFor the Six Months Ended
 June 30,June 30,
 2024202320242023
(dollars in thousands, except share data)
Interest Income
Interest and fees on loans and leases$135,674 $120,694 $268,434 $228,362 
Interest and dividends on investments:
Taxable interest11,558 5,634 21,975 11,423 
Interest exempt from federal income taxes107 114 215 231 
Dividends450 782 1,054 1,287 
Interest on bank deposits2,893 4,043 4,466 4,553 
Total interest income150,682 131,267 296,144 245,856 
Interest Expense
Interest on deposits47,004 25,901 90,724 41,419 
Interest on short-term borrowings6,339 5,193 13,104 7,594 
Interest on subordinated debentures2,264 2,254 4,851 4,468 
Interest on other long-term debt36 44 74 89 
Interest on lease obligations47 51 95 104 
Total interest expense55,690 33,443 108,848 53,674 
Net Interest Income94,992 97,824 187,296 192,182 
Provision for credit losses7,827 2,790 12,065 140 
Provision for credit losses - acquisition day 1 non-PCD— — — 10,653 
Net Interest Income after Provision for Credit Losses87,165 95,034 175,231 181,389 
Noninterest Income
Net securities losses(5,535)— (5,535)— 
Gain on VISA exchange5,558 — 5,558 — 
Trust income2,821 2,532 5,548 5,018 
Service charges on deposit accounts5,546 5,324 10,929 10,242 
Insurance and retail brokerage commissions2,709 2,314 4,955 4,866 
Income from bank owned life insurance1,371 1,195 2,665 2,422 
Gain on sale of mortgage loans1,671 1,253 2,999 1,905 
Gain on sale of other loans and assets1,408 1,891 3,459 3,977 
Card-related interchange income7,137 7,372 13,827 14,201 
Derivatives mark to market— 81 12 (8)
Swap fee income— 332 — 577 
Other income2,524 2,229 4,781 4,286 
Total noninterest income25,210 24,523 49,198 47,486 
Noninterest Expense
Salaries and employee benefits37,320 36,735 72,644 70,999 
Net occupancy4,822 4,784 10,156 9,802 
Furniture and equipment4,278 4,284 8,758 8,522 
Data processing3,840 3,763 7,664 7,167 
Advertising and promotion898 1,327 2,217 2,990 
Pennsylvania shares tax1,126 1,173 2,328 2,425 
Intangible amortization1,169 1,282 2,433 2,429 
Other professional fees and services1,286 1,182 2,528 2,773 
FDIC insurance1,286 1,277 2,899 2,694 
Loss on sale or write-down of assets77 6 220 47 
Litigation and operational losses494 894 1,491 1,637 
Loss on early redemption of subordinated debt369 — 369 — 
Merger and acquisition related— (60)114 8,481 
Other operating8,833 9,296 17,550 17,358 
Total noninterest expense65,798 65,943 131,371 137,324 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
4


For the Three Months EndedFor the Six Months Ended
 June 30,June 30,
 2024202320242023
(dollars in thousands, except share data)
Income Before Income Taxes46,577 53,614 93,058 91,551 
Income tax provision9,489 10,833 18,421 18,546 
Net Income$37,088 $42,781 $74,637 $73,005 
Average Shares Outstanding102,047,224 102,530,052 102,014,236 101,056,432 
Average Shares Outstanding Assuming Dilution102,287,598 102,760,266 102,238,489 101,281,899 
Per Share Data: Basic Earnings per Share
$0.36 $0.42 $0.73 $0.72 
 Diluted Earnings per Share$0.36 $0.42 $0.73 $0.72 
Cash Dividends Declared per Common Share$0.130 $0.125 $0.255 $0.245 

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


ITEM 1. Financial Statements and Supplementary Data (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
 
For the Three Months EndedFor the Six Months Ended
 June 30,June 30,
 2024202320242023
 (dollars in thousands)
Net Income$37,088 $42,781 $74,637 $73,005 
Other comprehensive loss, before tax benefit:
Unrealized holding losses on securities arising during the period(1,919)(14,116)(11,794)(3,761)
Reclassification adjustment for losses on securities included in net income5,535 — 5,535 — 
Unrealized holding (losses) gains on derivatives arising during the period3,575 (3,581)4,158 2,225 
Total other comprehensive income (loss), before tax (expense) benefit7,191 (17,697)(2,101)(1,536)
Income tax (expense) benefit related to items of other comprehensive income (loss)(1,510)3,716 441 677 
Total other comprehensive income (loss)5,681 (13,981)(1,660)(859)
Comprehensive Income$42,769 $28,800 $72,977 $72,146 

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 income74,637 74,637 
Other comprehensive loss(1,660)(1,660)
Cash dividends declared ($0.255 per share)
(26,063)(26,063)
Treasury stock acquired(155,940)(2,072)(2,072)
Treasury stock reissued230,051 313 — 2,216 2,529 
Restricted stock109,072 — 443 — 417 860 
Balance at June 30, 2024102,297,847 $123,603 $630,910 $929,686 $(113,416)$(208,278)$1,362,505 
 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 income73,005 73,005 
Other comprehensive loss(859)(859)
Cash dividends declared ($0.245 per share)
(25,249)(25,249)
Treasury stock acquired(877,212)(10,889)(10,889)
Treasury stock reissued163,950 660 — 1,551 2,211 
Restricted stock93,385 — 488 — 283 771 
Common stock issuance9,688,478 9,688 131,667 141,355 
Balance at June 30, 2023102,444,915 $123,603 $630,246 $822,619 $(138,551)$(205,498)$1,232,419 




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


ITEM 1. Financial Statements and Supplementary Data (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)
Shares
Outstanding		Common
Stock		Additional
Paid-in-
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss),
net		Treasury
Stock		Total
Shareholders’
Equity
 (dollars in thousands, except share and per share data)
Balance at March 31, 2024102,303,974 $123,603 $630,837 $905,897 $(119,097)$(208,520)$1,332,720 
Net income37,088 37,088 
Other comprehensive income5,681 5,681 
Cash dividends declared ($0.130 per share)
(13,299)(13,299)
Treasury stock acquired(25,078)(315)(315)
Treasury stock reissued14,951 59 — 145 204 
Restricted stock4,000 — 14 — 412 426 
Balance at June 30, 2024102,297,847 $123,603 $630,910 $929,686 $(113,416)$(208,278)$1,362,505 
 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 March 31, 2023103,193,127 $123,603 $630,196 $792,720 $(124,570)$(196,935)$1,225,014 
Net income42,781 42,781 
Other comprehensive loss(13,981)(13,981)
Cash dividends declared ($0.125 per share)
(12,882)(12,882)
Treasury stock acquired(768,100)(9,157)(9,157)
Treasury stock reissued20,538 50 — 195 245 
Restricted stock(650)— — — 399 399 
Balance at June 30, 2023102,444,915 $123,603 $630,246 $822,619 $(138,551)$(205,498)$1,232,419 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
8


ITEM 1. Financial Statements and Supplementary Data (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
For the Six Months Ended
 June 30,
 20242023
Operating Activities(dollars in thousands)
Net income$74,637 $73,005 
Adjustment to reconcile net income to net cash provided by operating activities:
Provision for credit losses12,065 10,793 
Deferred tax expense3,180 3,535 
Depreciation and amortization2,229 1,895 
Net gains on securities and other assets(6,201)(5,521)
Net amortization of premiums and discounts on securities439 725 
Loss on early redemption of subordinated debentures369 — 
Income from increase in cash surrender value of bank owned life insurance(2,583)(2,386)
Increase in interest receivable(64)(91)
Mortgage loans originated for sale(113,778)(83,788)
Proceeds from sale of mortgage loans89,278 80,749 
Increase in interest payable10,396 2,063 
Decrease in income taxes payable(53)(2,206)
Other-net(7,576)7,568 
Net cash provided by operating activities62,338 86,341 
Investing Activities
Transactions with securities held to maturity:
Proceeds from maturities and redemptions20,195 21,154 
Purchases(55,276)(200)
Transactions with securities available for sale:
Proceeds from sales69,598 30,686 
Proceeds from maturities and redemptions79,606 48,521 
Purchases(211,341)(24,555)
Purchases of FHLB stock(18,707)(45,719)
Proceeds from the redemption of FHLB stock45,143 38,397 
Proceeds from bank owned life insurance1,617 2,246 
Proceeds from sale of loans43,046 63,839 
Proceeds from sale of other assets 2,905 1,472 
Net cash received from business acquisition— 14,492 
Net increase in loans and leases(67,251)(274,082)
Purchases of premises and equipment and other assets(8,395)(13,219)
Net cash used in investing activities(98,860)(136,968)
Financing Activities
Net decrease in other short-term borrowings(60,222)(2,590)
Net increase in deposits216,636 384,365 
Repayments of other long-term debt(380)(367)
Repayments of capital lease obligation(281)(263)
Repayments of subordinated debentures(50,000)— 
Dividends paid(26,063)(25,249)
Proceeds from reissuance of treasury stock204 245 
Purchase of treasury stock(2,072)(10,889)
Net cash provided by financing activities77,822 345,252 
Net increase in cash and cash equivalents41,300 294,625 
Cash and cash equivalents at January 1146,993 154,244 
Cash and cash equivalents at June 30$188,293 $448,869 

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

ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Note 1 Basis of Presentation
The accounting and reporting policies of First Commonwealth Financial Corporation and subsidiaries (“First Commonwealth” or the “Company”) conform with generally accepted accounting principles in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates, assumptions and judgments that affect the amounts reported in the financial statements and accompanying notes. Actual realized amounts could differ from those estimates. In the opinion of management, the unaudited interim consolidated financial statements include all adjustments (consisting of only normal recurring adjustments) necessary for a fair presentation of First Commonwealth’s financial position, results of operations, comprehensive income, cash flows and changes in shareholders’ equity as of and for the periods presented. Certain information and Note disclosures normally included in Consolidated Financial Statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC.
For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, federal funds sold and interest-bearing bank deposits. Generally, federal funds are sold for one-day periods.
The results of operations for the six months ended June 30, 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 
10
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The Company determined that this acquisition constitutes a business combination and therefore was accounted for using the acquisition method of accounting. Accordingly, as of the date of the acquisition, the Company recorded the assets acquired, liabilities assumed and consideration paid at fair value. The $60.4 million excess of the consideration paid over the fair value of assets acquired was recorded as goodwill and is not amortizable or deductible for tax purposes. The amount of goodwill arising from the acquisition consists largely of the synergies and economies of scale expected from combining the operations of the Company with Centric.
The fair value of the 9,688,478 common shares issued was determined based on the $14.59 closing market price of the Company's common shares on the acquisition date, January 31, 2023.
The valuation of the acquired assets and liabilities was completed in the second quarter of 2023. The following is a description of the valuation methodologies used to estimate the fair values of major categories of assets acquired and liabilities assumed. The Company used an independent valuation specialist to assist with the determination of fair values for certain acquired assets and assumed liabilities.
Cash and due from banks - The estimated fair value was determined to approximate the carrying amount of these assets.
Investment securities - The estimated fair value of the investment portfolio was based on quoted market prices, dealer quotes, and pricing obtained from independent pricing services.
Loans - The estimated fair value of loans 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.
11

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


The following table provides details related to the fair value of acquired PCD loans as of 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 
12

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

The following table provides details related to the fair value and Day 1 provision related to the acquired non-PCD loans as of 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.
13

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

Note 3 Supplemental Comprehensive Income Disclosures
The following table identifies the related tax effects allocated to each component of other comprehensive income (“OCI”) in the unaudited Consolidated Statements of Comprehensive Income. Reclassification adjustments related to securities available for sale are included in the "Net securities gains" line in the unaudited Consolidated Statements of Income.
For the Six Months Ended June 30,
20242023
Pretax AmountTax (Expense) BenefitNet of Tax AmountPretax AmountTax (Expense) BenefitNet of Tax Amount
(dollars in thousands)
Unrealized losses on securities:
Unrealized holding losses on securities arising during the period$(11,794)$2,476 $(9,318)$(3,761)$1,144 $(2,617)
Reclassification adjustment for losses on securities included in net income5,535 (1,162)4,373 — — — 
Total unrealized losses on securities(6,259)1,314 (4,945)(3,761)1,144 (2,617)
Unrealized gains on derivatives:
Unrealized holding gains on derivatives arising during the period4,158 (873)3,285 2,225 (467)1,758 
Total unrealized gains on derivatives4,158 (873)3,285 2,225 (467)1,758 
Total other comprehensive loss$(2,101)$441 $(1,660)$(1,536)$677 $(859)

For the Three Months Ended June 30,
20242023
Pretax AmountTax (Expense) BenefitNet of Tax AmountPretax AmountTax (Expense) BenefitNet of Tax Amount
(dollars in thousands)
Unrealized gains (losses) on securities:
Unrealized holding losses on securities arising during the period$(1,919)$402 $(1,517)$(14,116)$2,964 $(11,152)
Reclassification adjustment for losses on securities included in net income5,535 (1,162)4,373 — — — 
Total unrealized gains (losses) on securities3,616 (760)2,856 (14,116)2,964 (11,152)
Unrealized gains (losses) on derivatives:
Unrealized holding gains (losses) on derivatives arising during the period3,575 (750)2,825 (3,581)752 (2,829)
Total unrealized gains (losses) on derivatives3,575 (750)2,825 (3,581)752 (2,829)
Total other comprehensive income (loss)$7,191 $(1,510)$5,681 $(17,697)$3,716 $(13,981)


14

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

The following table details the change in components of OCI for the six months ended June 30:

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 before reclassification adjustment(9,318)— 3,285 (6,033)(2,617)— 1,758 (859)
Amounts reclassified from accumulated other comprehensive (loss) income4,373 — — 4,373 — — — — 
Net other comprehensive loss during the period(4,945)— 3,285 (1,660)(2,617)— 1,758 (859)
Balance at June 30$(97,285)$344 $(16,475)$(113,416)$(110,088)$268 $(28,731)$(138,551)

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

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 March 31$(100,141)$344 $(19,300)$(119,097)$(98,936)$268 $(25,902)$(124,570)
Other comprehensive loss before reclassification adjustment(1,517)— 2,825 1,308 (11,152)— (2,829)(13,981)
Amounts reclassified from accumulated other comprehensive (loss) income4,373 — — 4,373 — — — — 
Net other comprehensive income (loss) during the period2,856 — 2,825 5,681 (11,152)— (2,829)(13,981)
Balance at June 30$(97,285)$344 $(16,475)$(113,416)$(110,088)$268 $(28,731)$(138,551)
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 six months ended June 30:
20242023
(dollars in thousands)
Cash paid during the period for:
Interest$98,341 $52,038 
Income taxes14,946 16,924 
Non-cash investing and financing activities:
Loans transferred to other real estate owned and repossessed assets2,784 1,443 
Loans transferred from held to maturity to held for sale38,207 60,611 
Loans transferred from held for sale to held to maturity(1,296)(519)
Gross decrease in market value adjustment to securities available for sale(6,259)(3,761)
Gross increase in market value adjustment to derivatives4,158 2,225 
Increase in limited partnership investment unfunded commitment— 3,350 
Noncash treasury stock reissuance2,325 1,966 
Net assets acquired through acquisition— 66,477 
Proceeds from death benefit on bank owned life insurance not received1,790 — 
15

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

Note 5 Earnings per Share
The following table summarizes the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computations:
For the Three Months Ended June 30,For the Six Months Ended June 30,
2024202320242023
Weighted average common shares issued123,603,380 123,603,380 123,603,380 121,944,027 
Average treasury stock shares(21,304,610)(20,824,677)(21,365,195)(20,659,899)
Average deferred compensation shares(57,308)(55,859)(57,137)(55,840)
Average unearned non-vested shares(194,238)(192,792)(166,812)(171,856)
Weighted average common shares and common stock equivalents used to calculate basic earnings per share
102,047,224 102,530,052 102,014,236 101,056,432 
Additional common stock equivalents (non-vested stock) used to calculate diluted earnings per share182,749 173,818 166,628 169,071 
Additional common stock equivalents (deferred compensation) used to calculate diluted earnings per share
57,625 56,396 57,625 56,396 
Weighted average common shares and common stock equivalents used to calculate diluted earnings per share
102,287,598 102,760,266 102,238,489 101,281,899 
Per Share Data:
Basic Earnings per Share$0.36 $0.42 $0.73 $0.72 
Diluted Earnings per Share$0.36 $0.42 $0.73 $0.72 
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 six months ended June 30, because to do so would have been antidilutive.
20242023
Price RangePrice Range
SharesFromToSharesFromTo
Restricted Stock143,589 $12.39 $16.43 139,684 $12.77 $16.43 
Restricted Stock Units106,488 $15.05 $17.09 28,769 $17.53 $17.53 

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:
June 30, 2024December 31, 2023
 (dollars in thousands)
Financial instruments whose contract amounts represent credit risk:
Commitments to extend credit$2,321,372 $2,517,905 
Financial standby letters of credit14,297 14,300 
Performance standby letters of credit17,407 17,194 
Commercial letters of credit554 555 
 
16

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

The notional amounts outstanding as of June 30, 2024 include amounts issued in 2024 of $1.9 million 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 $0.2 million and $0.1 million has been recorded as of June 30, 2024 and December 31, 2023, respectively, which represents the estimated fair value of letters of credit issued. The fair value of letters of credit is estimated based on the unrecognized portion of fees received at the time the commitment was issued.
Unused commitments and letters of credit provide exposure to future credit loss in the event of nonperformance by the borrower or guaranteed parties. Management’s evaluation of the credit risk related to these commitments resulted in the recording of a liability of $4.7 million and $7.3 million as of June 30, 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 June 30, 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.

17

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

Note 7 Investment Securities
Securities Available for Sale
Below is an analysis of the amortized cost and estimated fair values of securities available for sale at:
 June 30, 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$3,322 $18 $(201)$3,139 $3,565 $47 $(147)$3,465 
Mortgage-Backed Securities – Commercial665,954 1,329 (54,947)612,336 512,979 4,935 (52,521)465,393 
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential448,484 596 (65,456)383,624 559,769 3,052 (68,222)494,599 
Other Government-Sponsored Enterprises1,000 — (78)922 1,000 — (85)915 
Obligations of States and Political Subdivisions8,965 — (1,116)7,849 9,226 3 (1,027)8,202 
Corporate Securities67,133 476 (4,318)63,291 51,886 145 (3,619)48,412 
Total Debt Securities Available for Sale$1,194,858 $2,419 $(126,116)$1,071,161 $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.
18

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

The amortized cost and estimated fair value of debt securities available for sale at June 30, 2024, by contractual maturity, are shown below.
Amortized
Cost		Estimated
Fair Value
 (dollars in thousands)
Due within 1 year$490 $487 
Due after 1 but within 5 years17,568 17,480 
Due after 5 but within 10 years59,040 54,095 
Due after 10 years— — 
77,098 72,062 
Mortgage-Backed Securities (a)1,117,760 999,099 
Total Debt Securities$1,194,858 $1,071,161 
(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 $669.3 million and a fair value of $615.5 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $448.5 million and a fair value of $383.6 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.

 
Proceeds from sales, gross gains (losses) realized on sales and maturities related to securities held to maturity and securities available for sale were as follows for the six months ended June 30:
20242023
 (dollars in thousands)
Proceeds from sales$69,598 $30,686 
Gross gains (losses) realized:
Sales transactions:
Gross gains$— $— 
Gross losses(5,535)— 
(5,535)— 
Maturities
Gross gains— — 
Gross losses— — 
— — 
Net losses$(5,535)$— 
For the six months ended June 30, 2024, proceeds from sales included in above table are a result of management selling $75.1 million in available for sale investment securities yielding 2.17% and reinvesting the proceeds into securities yielding 5.49%.
For the six months ended June 30, 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 $850.9 million and $386.5 million were pledged as of June 30, 2024 and December 31, 2023, respectively, to secure public deposits and for other purposes required or permitted by law.
Equity Securities
During the second quarter of 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 and received 13,340 Class B-2 shares and 5,294 Class C shares. The newly issued Class C shares are expected to be sold at market prices by
19

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

Visa during the third quarter of 2024. As of June 30, 2024, the Class C shares are held at fair value and resulted in a gain of $5.6 million. The Class B-2 shares will continue to be carried by the company with a zero basis.
The unrealized gains and losses recognized related to equity securities still held at each reporting date is as follows:
For the Three Months Ended June 30,For the Six Months Ended June 30,
2024202320242023
(dollars in thousands)
Net gains and losses recognized during the period on equity securities$5,558 $— $5,558 $— 
Less: Net gains and losses recognized during the period on equity securities sold during the period— — — — 
Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date$5,558 $— $5,558 $— 
Securities Held to Maturity
Below is an analysis of the amortized cost and fair values of debt securities held to maturity at:
 June 30, 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$1,622 $— $(216)$1,406 $1,781 $— $(175)$1,606 
Mortgage-Backed Securities- Commercial120,525 — (15,269)105,256 69,502 — (14,435)55,067 
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential281,562 — (49,420)232,142 296,432 — (47,148)249,284 
Mortgage-Backed Securities – Commercial861 — (6)855 2,190 — (30)2,160 
Other Government-Sponsored Enterprises22,704 — (4,340)18,364 22,543 — (4,178)18,365 
Obligations of States and Political Subdivisions25,546 — (2,573)22,973 25,561 — (2,412)23,149 
Debt Securities Issued by Foreign Governments1,000 — (31)969 1,000 — (36)964 
Total Securities Held to Maturity$453,820 $— $(71,855)$381,965 $419,009 $— $(68,414)$350,595 
20

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 held to maturity at June 30, 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 $652 
Due after 1 but within 5 years13,371 12,594 
Due after 5 but within 10 years34,656 28,616 
Due after 10 years563 444 
49,250 42,306 
Mortgage-Backed Securities (a)404,570 339,659 
Total Debt Securities$453,820 $381,965 
(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 $122.1 million and a fair value of $106.7 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $282.4 million and a fair value of $233.0 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 $374.6 million and $98.1 million were pledged as of June 30, 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 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 June 30, 2024 and December 31, 2023, our FHLB stock totaled $18.3 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 and six months ended June 30, 2024.
As of both June 30, 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 six-months ended June 30, 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.
21

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

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 June 30, 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$— $— $3,098 $(417)$3,098 $(417)
Mortgage-Backed Securities – Commercial230,812 (474)284,577 (69,742)515,389 (70,216)
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential5,166 (57)527,185 (114,819)532,351 (114,876)
Mortgage-Backed Securities – Commercial— — 855 (6)855 (6)
Other Government-Sponsored Enterprises— — 19,286 (4,418)19,286 (4,418)
Obligations of States and Political Subdivisions1,447 (28)29,029 (3,661)30,476 (3,689)
Debt Securities Issued by Foreign Governments199 (1)770 (30)969 (31)
Corporate Securities19,482 (1,170)16,102 (3,148)35,584 (4,318)
Total Securities$257,106 $(1,730)$880,902 $(196,241)$1,138,008 $(197,971)
    
At June 30, 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 June 30, 2024, there are 187 debt securities in an unrealized loss position.
22

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 June 30, 2024, our corporate securities had an amortized cost and an estimated fair value of $67.1 million and $63.3 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 ten and eight corporate securities, respectively, in an unrealized loss position as of June 30, 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 six months ended June 30, 2024 and 2023.
23

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 $11.6 million and $8.2 million as of June 30, 2024 and December 31, 2023, respectively, and discounts on purchased loans from acquisitions were $22.0 million and $25.7 million as of June 30, 2024 and December 31, 2023, respectively. The following table provides outstanding balances related to each of our loan types:
 
June 30, 2024December 31, 2023
 (dollars in thousands)
Commercial, financial, agricultural and other$1,629,516 $1,543,349 
Time and demand1,189,361 1,187,300 
Commercial credit cards13,225 12,906 
Equipment finance316,700 232,944 
Time and demand other110,230 110,199 
Real estate construction548,055 597,735 
Construction other523,595 541,633 
Construction residential24,460 56,102 
Residential real estate2,394,306 2,416,876 
Residential first lien1,718,734 1,739,107 
Residential junior lien/home equity675,572 677,769 
Commercial real estate3,077,013 3,053,152 
Multifamily590,471 551,142 
Non-owner occupied1,766,550 1,772,785 
Owner occupied719,992 729,225 
Loans to individuals1,346,000 1,357,649 
Automobile and recreational vehicles1,270,044 1,277,969 
Consumer credit cards9,753 10,291 
Consumer other66,203 69,389 
Total loans and leases$8,994,890 $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.
24

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 3.99% and during the one-year forecast period it was projected to average 4.71%, with a peak of 4.92%.
25

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:
 June 30, 2024
Non-Pass
PassOAEMSubstandardDoubtfulLossTotal Non-PassTotal
(dollars in thousands)
Commercial, financial, agricultural and other$1,525,447 $68,769 $35,300 $— $— $104,069 $1,629,516 
Time and demand1,087,859 67,387 34,115 — — 101,502 1,189,361 
Commercial credit cards13,225 — — — — — 13,225 
Equipment finance314,138 1,377 1,185 — — 2,562 316,700 
Time and demand other110,225 5 — — — 5 110,230 
Real estate construction534,646 154 13,255 — — 13,409 548,055 
Construction other510,186 154 13,255 — — 13,409 523,595 
Construction residential24,460 — — — — — 24,460 
Residential real estate2,382,983 1,479 9,844 — — 11,323 2,394,306 
Residential first lien1,712,284 1,139 5,311 — — 6,450 1,718,734 
Residential junior lien/home equity670,699 340 4,533 — — 4,873 675,572 
Commercial real estate2,964,331 68,098 44,584 — — 112,682 3,077,013 
Multifamily572,395 18,007 69 — — 18,076 590,471 
Non-owner occupied1,715,053 27,137 24,360 — — 51,497 1,766,550 
Owner occupied676,883 22,954 20,155 — — 43,109 719,992 
Loans to individuals1,345,872 — 128 — — 128 1,346,000 
Automobile and recreational vehicles1,269,918 — 126 — — 126 1,270,044 
Consumer credit cards9,753 — — — — — 9,753 
Consumer other66,201 — 2 — — 2 66,203 
Total loans and leases$8,753,279 $138,500 $103,111 $— $— $241,611 $8,994,890 
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
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:
June 30, 2024
Term LoansRevolving Loans
20242023202220212020PriorTotal
(dollars in thousands)
Time and demand$67,286 $165,293 $136,171 $92,799 $58,954 $83,412 $585,446 $1,189,361 
Pass66,090 161,409 131,748 72,433 55,186 67,031 533,962 1,087,859 
OAEM1,196 2,007 3,642 12,448 2,960 7,005 38,129 67,387 
Substandard— 1,877 781 7,918 808 9,376 13,355 34,115 
Gross charge-offs— (11)(26)(34)(497)(1,426)(1,383)(3,377)
Gross recoveries— — 1 — 181 188 24 394 
Commercial credit cards— — — — — — 13,225 13,225 
Pass— — — — — — 13,225 13,225 
Gross charge-offs— — — — — — (102)(102)
Gross recoveries— — — — — — — — 
27

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

June 30, 2024
Term LoansRevolving Loans
20242023202220212020PriorTotal
(dollars in thousands)
Equipment finance112,321 151,881 52,498 — — — — 316,700 
Pass112,321 150,160 51,657 — — — — 314,138 
OAEM— 815 562 — — — — 1,377 
Substandard— 906 279 — — — — 1,185 
Gross charge-offs— (345)(369)— — — — (714)
Gross recoveries— 11 25 — — — — 36 
Time and demand other2,620 10,064 5,624 16,835 19,329 45,558 10,200 110,230 
Pass2,620 10,064 5,624 16,835 19,329 45,558 10,195 110,225 
OAEM— — — — — — 5 5 
Gross charge-offs— — — — — — (1,057)(1,057)
Gross recoveries— — — — — 1 92 93 
Construction other8,072 156,011 237,638 83,601 5,729 31,564 980 523,595 
Pass8,072 156,011 233,280 82,090 5,729 24,178 826 510,186 
OAEM— — — — — — 154 154 
Substandard— — 4,358 1,511 — 7,386 — 13,255 
Gross charge-offs— — — (35)— — — (35)
Gross recoveries— — — — — 6 — 6 
Construction residential154 20,456 1,895 1,448 — 29 478 24,460 
Pass154 20,456 1,895 1,448 — 29 478 24,460 
Gross charge-offs— — — — — — — — 
Gross recoveries— — — — — — — — 
Residential first lien24,836 129,912 389,106 504,624 310,153 358,357 1,746 1,718,734 
Pass24,836 129,141 388,434 503,615 309,810 354,778 1,670 1,712,284 
OAEM— — — 179 — 884 76 1,139 
Substandard— 771 672 830 343 2,695 — 5,311 
Gross charge-offs— (77)(1)(21)— (10)— (109)
Gross recoveries— — — — — 113 — 113 
Residential junior lien/home equity9,964 58,566 66,845 40,871 2,500 6,365 490,461 675,572 
Pass9,964 58,555 66,693 40,871 2,500 6,159 485,957 670,699 
OAEM— — — — — 194 146 340 
Substandard— 11 152 — — 12 4,358 4,533 
Gross charge-offs— — (1)— — — (145)(146)
Gross recoveries— — — — — 32 25 57 
Multifamily9,642 7,097 173,918 161,264 116,090 121,888 572 590,471 
Pass9,642 7,097 161,507 156,121 116,090 121,366 572 572,395 
OAEM— — 12,411 5,143 — 453 — 18,007 
Substandard— — — — — 69 — 69 
Gross charge-offs— — — — — — — — 
Gross recoveries— — — — — — — — 
Non-owner occupied13,727 192,964 416,073 190,018 164,420 775,897 13,451 1,766,550 
Pass13,727 189,954 408,117 189,774 159,792 740,303 13,386 1,715,053 
OAEM— — 7,785 244 1,686 17,422 — 27,137 
Substandard— 3,010 171 — 2,942 18,172 65 24,360 
Gross charge-offs— — (50)— — (420)— (470)
Gross recoveries— — — — — 48 — 48 
28

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

June 30, 2024
Term LoansRevolving Loans
20242023202220212020PriorTotal
(dollars in thousands)
Owner occupied33,806 105,265 153,006 152,083 68,245 195,475 12,112 719,992 
Pass32,756 104,533 146,115 146,580 62,878 173,778 10,243 676,883 
OAEM1,050 113 5,232 5,233 341 9,222 1,763 22,954 
Substandard— 619 1,659 270 5,026 12,475 106 20,155 
Gross charge-offs— — (141)— — (13)— (154)
Gross recoveries— — — — — 35 41 76 
Automobile and recreational vehicles201,312 372,475 388,619 190,931 91,692 25,015 — 1,270,044 
Pass201,312 372,475 388,618 190,875 91,685 24,953 — 1,269,918 
Substandard— — 1 56 7 62 — 126 
Gross charge-offs— (892)(1,693)(555)(283)(302)— (3,725)
Gross recoveries— 151 406 300 184 220 — 1,261 
Consumer credit cards— — — — — — 9,753 9,753 
Pass— — — — — — 9,753 9,753 
Gross charge-offs— — — — — — (228)(228)
Gross recoveries— — — — — — 45 45 
Consumer other4,581 5,588 3,321 11,794 988 2,756 37,175 66,203 
Pass4,581 5,588 3,321 11,794 988 2,756 37,173 66,201 
Substandard— — — — — — 2 2 
Gross charge-offs— (57)(56)(46)(12)(27)(717)(915)
Gross recoveries— — 14 19 3 67 96 199 
Total loans and leases$488,321 $1,375,572 $2,024,714 $1,446,268 $838,100 $1,646,316 $1,175,599 $8,994,890 
Total charge-offs$— $(1,382)$(2,337)$(691)$(792)$(2,198)$(3,632)$(11,032)
Total recoveries$— $162 $446 $319 $368 $710 $323 $2,328 
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— — — — — — — — 
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
Term LoansRevolving Loans
20232022202120202019PriorTotal
(dollars in thousands)
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 
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 
30

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 credit cards— — — — — — 10,291 10,291 
Pass— — — — — — 10,291 10,291 
Gross charge-offs— — — — — — (290)(290)
Gross recoveries— — — — — — 87 87 
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 Risk Committee of the First Commonwealth Board of Directors.
Total net charge-offs for the six months ended June 30, 2024 and 2023 were $8.7 million and $9.8 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 June 30, 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.
Subsequent to June 30, 2024, a commercial real estate borrower with an outstanding balance of $10.1 million included in the table below as 30-59 days delinquent was paid off in full by the borrower.
31

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

 June 30, 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$910 $663 $16 $13,767 $15,356 $1,614,160 $1,629,516 
Time and demand193 81 16 12,780 13,070 1,176,291 1,189,361 
Commercial credit cards65 20 — — 85 13,140 13,225 
Equipment finance652 562 — 987 2,201 314,499 316,700 
Time and demand other— — — — — 110,230 110,230 
Real estate construction377 — — 5,869 6,246 541,809 548,055 
Construction other377 — — 5,869 6,246 517,349 523,595 
Construction residential— — — — — 24,460 24,460 
Residential real estate7,419 1,766 1,341 9,576 20,102 2,374,204 2,394,306 
Residential first lien5,680 1,095 946 5,043 12,764 1,705,970 1,718,734 
Residential junior lien/home equity1,739 671 395 4,533 7,338 668,234 675,572 
Commercial real estate19,816 — — 27,779 47,595 3,029,418 3,077,013 
Multifamily21 — — 47 68 590,403 590,471 
Non-owner occupied10,918 — — 23,226 34,144 1,732,406 1,766,550 
Owner occupied8,877 — — 4,506 13,383 706,609 719,992 
Loans to individuals4,619 919 396 128 6,062 1,339,938 1,346,000 
Automobile and recreational vehicles4,374 695 87 126 5,282 1,264,762 1,270,044 
Consumer credit cards58 47 7 — 112 9,641 9,753 
Consumer other187 177 302 2 668 65,535 66,203 
Total loans and leases$33,141 $3,348 $1,753 $57,119 $95,361 $8,899,529 $8,994,890 
32

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.
33

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 June 30, 2024 and December 31, 2023, there were no nonperforming loans held for sale. During both the six months ended June 30, 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 June 30, 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.
34

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

 June 30, 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$3,634 $16,474 $4,369 $18,014 
Time and demand2,907 15,747 3,527 17,172 
Equipment finance727 727 842 842 
Time and demand other— — — — 
Real estate construction5,869 5,869 3,288 3,288 
Construction other5,869 5,869 3,288 3,288 
Construction residential— — — — 
Residential real estate8,327 9,974 7,042 8,763 
Residential first lien5,043 5,952 4,161 5,151 
Residential junior lien/home equity3,284 4,022 2,881 3,612 
Commercial real estate6,682 6,565 12,402 18,219 
Multifamily47 52 55 58 
Non-owner occupied3,923 3,687 10,971 17,092 
Owner occupied2,712 2,826 1,376 1,069 
Loans to individuals128 220 166 259 
Automobile and recreational vehicles126 218 164 257 
Consumer other2 2 2 2 
Subtotal24,640 39,102 27,267 48,543 
With a specific allowance recorded:
Commercial, financial, agricultural and other10,133 11,036 $6,199 5,691 6,787 $4,044 
Time and demand9,873 10,776 6,114 5,691 6,787 4,044 
Equipment finance260 260 85 — — — 
Time and demand other— — — — — — 
Real estate construction— — — — — — 
Construction other— — — — — — 
Construction residential— — — — — — 
Residential real estate1,249 1,418 140 1,531 1,697 118 
Residential first lien— — — 282 279 39 
Residential junior lien/home equity1,249 1,418 140 1,249 1,418 79 
Commercial real estate21,097 22,648 4,572 4,983 5,294 387 
Multifamily— — — — — — 
Non-owner occupied19,303 20,729 3,624 3,311 3,550 174 
Owner occupied1,794 1,919 948 1,672 1,744 213 
Loans to individuals— — — — — — 
Automobile and recreational vehicles— — — — — — 
Consumer other— — — — — — 
Subtotal32,479 35,102 10,911 12,205 13,778 4,549 
Total$57,119 $74,204 $10,911 $39,472 $62,321 $4,549 

35

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

 For the Six Months Ended June 30,
 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$5,153 $— $4,444 $(10)
Time and demand4,366 — 4,283 (10)
Equipment finance787 — 161 — 
Time and demand other— — — — 
Real estate construction3,718 — — — 
Construction other3,718 — — — 
Construction residential— — — — 
Residential real estate7,943 113 6,190 40 
Residential first lien4,708 110 3,510 40 
Residential junior lien/home equity3,235 3 2,680 — 
Commercial real estate5,426 46 22,769 (43)
Multifamily50 — 11 — 
Non-owner occupied2,513 3 20,565 4 
Owner occupied2,863 43 2,193 (47)
Loans to individuals143 3 443 1 
Automobile and recreational vehicles141 3 355 1 
Consumer other2 — 88 — 
Subtotal22,383 162 33,846 (12)
With a specific allowance recorded:
Commercial, financial, agricultural and other4,585 8 8,056 — 
Time and demand4,542 8 8,056 — 
Equipment finance43 — — — 
Time and demand other— — — — 
Real estate construction— — — — 
Construction other— — — — 
Construction residential— — — — 
Residential real estate1,249 — 1,030 — 
Residential first lien— — — — 
Residential junior lien/home equity1,249 — 1,030 — 
Commercial real estate13,193 — 100 — 
Multifamily— — — — 
Non-owner occupied12,223 — — — 
Owner occupied970 — 100 — 
Loans to individuals— — — — 
Automobile and recreational vehicles— — — — 
Consumer other— — — — 
Subtotal19,027 8 9,186 — 
Total$41,410 $170 $43,032 $(12)
36

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 June 30,
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$4,764 $— $4,416 $(10)
Time and demand3,959 — 4,332 (10)
Equipment finance805 — 84 — 
Time and demand other— — — — 
Real estate construction4,148 — — — 
Construction other4,148 — — — 
Construction residential— — — — 
Residential real estate8,169 105 6,312 19 
Residential first lien4,855 102 3,584 19 
Residential junior lien/home equity3,314 3 2,728 — 
Commercial real estate4,102 11 22,853 (43)
Multifamily48 — 23 — 
Non-owner occupied1,890 1 20,527 4 
Owner occupied2,164 10 2,303 (47)
Loans to individuals134 2 454 1 
Automobile and recreational vehicles132 2 353 1 
Consumer other2 — 101 — 
Subtotal21,317 118 34,035 (33)
With a specific allowance recorded:
Commercial, financial, agricultural and other6,014 8 11,445 — 
Time and demand5,927 8 11,445 — 
Equipment finance87 — — — 
Time and demand other— — — — 
Real estate construction— — — — 
Construction other— — — — 
Construction residential— — — — 
Residential real estate1,249 — 1,237 — 
Residential first lien— — — — 
Residential junior lien/home equity1,249 — 1,237 — 
Commercial real estate17,354 — 200 — 
Multifamily— — — — 
Non-owner occupied15,785 — — — 
Owner occupied1,569 — 200 — 
Loans to individuals— — — — 
Automobile and recreational vehicles— — — — 
Consumer other— — — — 
Subtotal24,617 8 12,882 — 
Total$45,934 $126 $46,917 $(33)
Unfunded commitments related to nonperforming loans were $0.4 million and $0.1 million at June 30, 2024 and December 31, 2023, respectively. After consideration of the requirements to draw and available collateral related to these commitments, it was determined that no reserve was required for these commitments at June 30, 2024 and December 31, 2023.
37

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

Loan Modifications Made to Borrowers Experiencing Financial Difficulty
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 Six Months Ended June 30, 2024
Rate ReductionTerm ExtensionPayment DeferralTerm 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$189 $1,114 $— $66 $— $102 $1,471 0.09 %
Time and demand189 1,114 — — — — 1,303 0.11 
Equipment finance— — — 66 — 102 168 0.05 
Residential real estate— 89 — 389 — — 478 0.02 
Residential first lien— 89 — 360 — — 449 0.03 
Residential junior lien/home equity— — — 29 — — 29 — 
Commercial real estate— — 9,675 152 — — 9,827 0.32 
Owner occupied— — 9,675 152 — — 9,827 1.36 
Loans to individuals— 12 — 9 13 — 34 — 
Automobile and recreational vehicles— 12 — 9 13 — 34 — 
Total$189 $1,215 $9,675 $616 $13 $102 $11,810 0.13 %
For the Six Months Ended June 30, 2023
Rate ReductionTerm ExtensionPrincipal ForgivenessTerm Extension and Payment DeferralTotalPercentage of Total Loans and Leases
(dollars in thousands)
Residential real estate$24 $161 $— $244 $429 0.02 %
Residential first lien24 161 — 244 429 0.03 
Total$24 $161 $— $244 $429 — %
38

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 June 30, 2024
Rate ReductionTerm ExtensionPayment DeferralTerm Extension and Payment DeferralTotalPercentage of Total Loans and Leases
(dollars in thousands)
Commercial, financial, agricultural and other$— $245 $— $— $245 0.02 %
Time and demand— 245 — — 245 0.02 
Residential real estate— — — 193 193 0.01 
Residential first lien— — — 193 193 0.01 
Commercial real estate— — 9,675 — 9,675 0.31 
Owner occupied— — 9,675 — 9,675 1.34 
Total$— $245 $9,675 $193 $10,113 0.11 %
For the Three Months Ended June 30, 2023
Rate ReductionTerm ExtensionPrincipal ForgivenessTerm Extension and Payment DeferralTotalPercentage of Total Loans and Leases
(dollars in thousands)
Residential real estate$— $161 $— $244 $405 0.02 %
Residential first lien— 161 — 244 405 0.02 
Total loans and leases$— $161 $— $244 $405 — %
The following tables describe the financial effect of the modifications made to borrowers experiencing financial difficulty:
For the Six Months Ended June 30, 2024
Rate ReductionTerm Extension (Years)Principal ForgivenessPayment Deferral (Years)
(dollars in thousands)
Commercial, financial, agricultural and other1.78 %2.1$— 0.4
Time and demand1.50 2.1— 0.0
Equipment finance2.30 0.5— 0.4
Residential real estate— 4.2— 0.6
Residential first lien— 3.8— 0.7
Residential junior lien/home equity— 10.3— 0.3
Commercial real estate— 0.5— 0.9
Owner occupied— 0.5— 0.9
Loans to individuals2.39 2.6— 0.4
Automobile and recreational vehicles2.39 2.6— 0.4
Total1.81 %2.5$— 0.9
For the Six Months Ended June 30, 2023
Rate ReductionTerm Extension (Years)Principal ForgivenessPayment Deferral (Years)
(dollars in thousands)
Residential real estate2.25 %3.1$— 0.5
Residential first lien2.25 3.1— 0.5
Total2.25 %3.1$— 0.5

39

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 June 30, 2024
Rate ReductionTerm Extension (Years)Principal ForgivenessPayment Deferral (Years)
(dollars in thousands)
Commercial, financial, agricultural and other— %5.0$— 0.0
Time and demand— 5.0— 0.0
Residential real estate— 1.4— 0.5
Residential first lien— 1.4— 0.5
Commercial real estate— 0.0— 0.9
Owner occupied— 0.0— 0.9
Total— %3.4$— 0.9
For the Three Months Ended June 30, 2023
Rate ReductionTerm Extension (Years)Principal ForgivenessPayment Deferral (Years)
(dollars in thousands)
Residential real estate— %3.1— 0.5
Residential first lien— 3.1— 0.5
Total— %3.1$— 0.5
40

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 six months ended June 30, 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 in the last twelve months prior to the date presented:
June 30, 2024
Current30 - 59 days past due60 - 89 days past due90 days or greater and still accruingTotal
(dollars in thousands)
Commercial, financial, agricultural and other$1,273 $245 $— $— $1,518 
Time and demand1,105 245 — — 1,350 
Equipment finance168 — — — 168 
Residential real estate570 238 — — 808 
Residential first lien541 238 — — 779 
Residential junior lien/home equity29 — — — 29 
Commercial real estate9,675 152 — — 9,827 
Owner occupied9,675 152 — — 9,827 
Loans to individuals34 — — — 34 
Automobile and recreational vehicles34 — — — 34 
Total loans and leases$11,552 $635 $— $— $12,187 
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 

41

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 Six Months Ended June 30, 2024
Beginning balanceCharge-offsRecoveries
Provision (credit)a
Ending balance
(dollars in thousands)
Commercial, financial, agricultural and other$27,996 $(5,250)$523 $7,339 $30,608 
Time and demand22,819 (3,377)394 3,753 23,589 
Commercial credit cards278 (102)— 68 244 
Equipment finance3,399 (714)36 2,571 5,292 
Time and demand other1,500 (1,057)93 947 1,483 
Real estate construction7,418 (35)6 (1,000)6,389 
Construction other6,448 (35)6 (402)6,017 
Construction residential970 — — (598)372 
Residential real estate23,901 (255)170 (1,643)22,173 
Residential first lien16,975 (109)113 (1,234)15,745 
Residential junior lien/home equity6,926 (146)57 (409)6,428 
Commercial real estate37,071 (624)124 5,973 42,544 
Multifamily5,233 — — (27)5,206 
Non-owner occupied19,995 (470)48 5,463 25,036 
Owner occupied11,843 (154)76 537 12,302 
Loans to individuals21,332 (4,868)1,505 3,971 21,940 
Automobile and recreational vehicles19,142 (3,725)1,261 2,998 19,676 
Consumer credit cards372 (228)45 157 346 
Consumer other1,818 (915)199 816 1,918 
Total loans and leases$117,718 $(11,032)$2,328 $14,640 $123,654 
a) The provision expense (credit) shown here excludes the provision for off-balance sheet credit exposure included in the income statement.
42

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

 For the Six Months Ended June 30, 2023
 Beginning balanceAllowance for credit loss on PCD acquired loansCharge-offsRecoveries
Provision (credit)a
Ending balance
 (dollars in thousands)
Commercial, financial, agricultural and other$22,650 $19,417 $(7,340)$254 $6,733 $41,714 
Time and demand20,040 19,417 (6,470)168 4,718 37,873 
Commercial credit cards335 — (35)7 13 320 
Equipment finance1,086 — (45)— 1,033 2,074 
Time and demand other1,189 — (790)79 969 1,447 
Real estate construction8,822 287 — — (1,381)7,728 
Construction other6,360 227 — — (442)6,145 
Construction residential2,462 60 — — (939)1,583 
Residential real estate21,412 527 (80)71 1,810 23,740 
Residential first lien14,822 197 (17)43 1,518 16,563 
Residential junior lien/home equity6,590 330 (63)28 292 7,177 
Commercial real estate28,804 6,971 (1,517)136 4,533 38,927 
Multifamily4,726 234 — — 815 5,775 
Non-owner occupied16,426 2,739 — 124 2,421 21,710 
Owner occupied7,652 3,998 (1,517)12 1,297 11,442 
Loans to individuals21,218 3 (2,289)927 1,578 21,437 
Automobile and recreational vehicles18,819 3 (1,586)702 1,320 19,258 
Consumer credit cards412 — (146)47 62 375 
Consumer other1,987 — (557)178 196 1,804 
Total loans and leases$102,906 $27,205 $(11,226)$1,388 $13,273 $133,546 
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.
43

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 June 30, 2024
Beginning balanceCharge-offsRecoveries
Provision (credit)a
Ending balance
(dollars in thousands)
Commercial, financial, agricultural and other$27,046 $(2,588)$103 $6,047 $30,608 
Time and demand20,836 (1,612)47 4,318 23,589 
Commercial credit cards305 (58)— (3)244 
Equipment finance4,326 (363)21 1,308 5,292 
Time and demand other1,579 (555)35 424 1,483 
Real estate construction6,549 (35)— (125)6,389 
Construction other5,801 (35)— 251 6,017 
Construction residential748 — — (376)372 
Residential real estate23,893 (175)111 (1,656)22,173 
Residential first lien16,883 (81)70 (1,127)15,745 
Residential junior lien/home equity7,010 (94)41 (529)6,428 
Commercial real estate39,103 (341)10 3,772 42,544 
Multifamily5,225 — — (19)5,206 
Non-owner occupied22,064 (187)4 3,155 25,036 
Owner occupied11,814 (154)6 636 12,302 
Loans to individuals22,507 (2,330)843 920 21,940 
Automobile and recreational vehicles20,243 (1,783)708 508 19,676 
Consumer credit cards347 (78)27 50 346 
Consumer other1,917 (469)108 362 1,918 
Total loans and leases$119,098 $(5,469)$1,067 $8,958 $123,654 
a) The provision expense (credit) shown here excludes the provision for off-balance sheet credit exposure included in the income statement.
44

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 June 30, 2023
 Beginning balanceAllowance for credit loss on PCD acquired loansCharge-offsRecoveries
Provision (credit)a
Ending balance
 (dollars in thousands)
Commercial, financial, agricultural and other$42,568 $3,468 $(6,677)$95 $2,260 $41,714 
Time and demand39,465 3,468 (6,215)52 1,103 37,873 
Commercial credit cards331 — (9)5 (7)320 
Equipment finance1,461 — — — 613 2,074 
Time and demand other1,311 — (453)38 551 1,447 
Real estate construction7,949 — — — (221)7,728 
Construction other5,891 — — — 254 6,145 
Construction residential2,058 — — — (475)1,583 
Residential real estate22,773 — (1)33 935 23,740 
Residential first lien15,824 — (1)17 723 16,563 
Residential junior lien/home equity6,949 — — 16 212 7,177 
Commercial real estate39,377 1,658 (1,517)94 (685)38,927 
Multifamily5,541 — — — 234 5,775 
Non-owner occupied21,552 — — 86 72 21,710 
Owner occupied12,284 1,658 (1,517)8 (991)11,442 
Loans to individuals21,218 — (1,148)456 911 21,437 
Automobile and recreational vehicles19,013 — (784)312 717 19,258 
Consumer credit cards368 — (80)30 57 375 
Consumer other1,837 — (284)114 137 1,804 
Total loans and leases$133,885 $5,126 $(9,343)$678 $3,200 $133,546 
a) The provision expense (credit) shown here excludes the provision for off-balance sheet credit exposure included in the income statement.

Note 9 Leases
First Commonwealth has elected to apply certain practical expedients provided under ASU 2016-02 "Leases" (Topic 842) including (i) to not apply the requirements in the new standard to short-term leases; (ii) to not reassess the lease classification for any expired or existing lease; (iii) to account for lease and non-lease components separately; and (iv) to not reassess initial direct costs for any existing leases. The impact of this standard primarily relates to operating leases of certain real estate properties, including certain branch and ATM locations and office space. First Commonwealth has no material leasing arrangements for which it is the lessor of property or equipment.
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 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.
June 30, 2024December 31, 2023
Balance sheet:
Operating lease asset classified as premises and equipment$42,537 $45,005 
Operating lease liability classified as other liabilities47,043 49,327 
For the Three Months EndedFor the Six Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Income statement:
    Operating lease cost classified as occupancy and equipment expense
$1,455 $1,550 $2,927 $3,044 
Weighted average lease term, in years13.1513.52
Weighted average discount rate3.65 %3.50 %
Operating cash flows$1,532 $1,573 
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 June 30, 2024 were as follows (dollars in thousands):
For the twelve months ended:
June 30, 2025$5,862 
June 30, 20265,379 
June 30, 20274,864 
June 30, 20284,422 
June 30, 20294,456 
Thereafter35,349 
Total future minimum lease payments60,332 
Less remaining imputed interest13,289 
Operating lease liability$47,043 

Note 10 Income Taxes
In accordance with FASB ASC Topic 740-10, “Accounting for Uncertainty in Income Taxes,” at June 30, 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.
46

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
47

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.
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)
June 30, 2024
Other Investments$6,182 Carrying ValueN/AN/A
Limited Partnership Investments28,825 Par ValueN/AN/A
December 31, 2023
Other Investments$6,182 Carrying ValueN/AN/A
Limited Partnership Investments27,137 Par ValueN/AN/A
48

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:
 June 30, 2024
 Level 1Level 2Level 3Total
 (dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities - Residential$— $3,139 $— $3,139 
Mortgage-Backed Securities - Commercial— 612,336 — 612,336 
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities - Residential— 383,624 — 383,624 
Other Government-Sponsored Enterprises— 922 — 922 
Obligations of States and Political Subdivisions— 7,849 — 7,849 
Corporate Securities— 63,291 — 63,291 
Total Debt Securities— 1,071,161 — 1,071,161 
Equity Securities5,558 — — 5,558 
Total Securities Available for Sale5,558 1,071,161 — 1,076,719 
Other Investments— 18,253 6,182 24,435 
Loans Held for Sale— 50,769 — 50,769 
Other Assets(a)
— 49,147 28,825 77,972 
Total Assets$5,558 $1,189,330 $35,007 $1,229,895 
Other Liabilities(a)
$— $70,067 $— $70,067 
Total Liabilities$— $70,067 $— $70,067 
(a)Hedging and non-hedging interest rate derivatives and limited partnership investments
 December 31, 2023
 Level 1Level 2Level 3Total
 (dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities - Residential$— $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
49

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

For the six months ended June 30, 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— (11)(11)
Included in other comprehensive income— — — 
Purchases, issuances, sales and settlements
Purchases— 2,236 2,236 
Issuances— — — 
Sales— — — 
Settlements— (537)(537)
Transfers from Level 3— — — 
Transfers into Level 3— — — 
Balance, end of period$6,182 $28,825 $35,007 


 
 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 7,617 12,617 
Issuances— — — 
Sales— — — 
Settlements— (354)(354)
Transfers from Level 3— — — 
Transfers into Level 312 57 69 
Balance, end of period$6,182 $25,011 $31,193 
During the six months ended June 30, 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 June 30, 2024 and 2023.
50

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 June 30, 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 $28,445 $34,627 
Total gains or losses
Included in earnings— (5)(5)
Included in other comprehensive income— — — 
Purchases, issuances, sales and settlements
Purchases— 727 727 
Issuances— — — 
Sales— — — 
Settlements— (342)(342)
Transfers from Level 3— — — 
Transfers into Level 3— — — 
Balance, end of period$6,182 $28,825 $35,007 
 
 2023
 Other InvestmentsOther
Assets		Total
 (dollars in thousands)
Balance, beginning of period$6,182 $24,486 $30,668 
Total gains or losses
Included in earnings— — — 
Included in other comprehensive income— — — 
Purchases, issuances, sales and settlements
Purchases— 728 728 
Issuances— — — 
Sales— — — 
Settlements— (203)(203)
Transfers from Level 3— — — 
Transfers into Level 3— — — 
Balance, end of period$6,182 $25,011 $31,193 
During the three months ended June 30, 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 June 30, 2024 and 2023.
51

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:
 June 30, 2024
 Level 1Level 2Level 3Total
 (dollars in thousands)
Nonperforming loans$— $35,702 $10,506 $46,208 
Other real estate owned— 701 — 701 
Total Assets$— $36,403 $10,506 $46,909 

 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 $35,532 
The following (losses) gains were realized on the assets measured on a nonrecurring basis:
 For the Three Months Ended June 30,For the Six Months Ended June 30,
 2024202320242023
 (dollars in thousands)
Nonperforming loans$(6,750)$(848)$(8,554)$(500)
Other real estate owned(4)— (38)— 
Total losses$(6,754)$(848)$(8,592)$(500)
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 $0.5 million as of June 30, 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 six months ended June 30, 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
52

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 $0.2 million and $0.1 million at June 30, 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.
53

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

The following table presents carrying amounts and fair values of First Commonwealth’s financial instruments:
 June 30, 2024
  Fair Value Measurements Using:
 Carrying
Amount		TotalLevel 1Level 2Level 3
 (dollars in thousands)
Financial assets
Cash and due from banks$109,907 $109,907 $109,907 $— $— 
Interest-bearing deposits78,386 78,386 78,386 — — 
Securities available for sale1,071,161 1,071,161 — 1,071,161 — 
Equity securities5,558 5,558 5,558 — — 
Securities held to maturity453,820 381,965 — 381,965 — 
Other investments24,435 24,435 — 18,253 6,182 
Loans held for sale50,769 50,769 — 50,769 — 
Loans and leases8,994,890 8,781,146 — 35,702 8,745,444 
Financial liabilities
Deposits9,408,921 9,402,057 — 9,402,057 — 
Short-term borrowings537,613 533,349 — 533,349 — 
Subordinated debt128,226 108,686 — — 108,686 
Long-term debt3,742 3,643 — 3,643 — 
Capital lease obligation4,613 4,613 — 4,613 — 
 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 — 
54

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

Note 12 Derivatives
Derivatives Not Designated as Hedging Instruments
First Commonwealth is a party to interest rate derivatives that are not designated as hedging instruments. These derivatives relate to interest rate swaps that First Commonwealth enters into with customers to allow customers to convert variable rate loans to a fixed rate. First Commonwealth pays interest to the customer at a floating rate on the notional amount and receives interest from the customer at a fixed rate for the same notional amount. At the same time the interest rate swap is entered into with the customer, an offsetting interest rate swap is entered into with another financial institution. First Commonwealth pays the other financial institution interest at the same fixed rate on the same notional amount as the swap entered into with the customer, and receives interest from the financial institution for the same floating rate on the same notional amount.
The changes in the fair value of the swaps offset each other, except for the credit risk of the counterparties, which is determined by taking into consideration the risk rating, probability of default and loss given default for all counterparties.
We have 26 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, for such derivatives, less the estimate of the loss for the credit exposure, are recognized in earnings at the time of the transaction.
The Company also enters into interest rate lock commitments in conjunction with its mortgage origination business. These are commitments to originate loans whereby the interest rate on the loan is determined prior to funding and the customers have locked into that interest rate. The Company locks in the rate with an investor and commits to deliver the loan if settlement occurs (“best efforts”) or commits to deliver the locked loan in a binding (“mandatory”) delivery program with an investor. Loans under mandatory rate lock commitments are covered under forward sales contracts of mortgage-backed securities (“MBS”). Forward sales contracts of MBS are recorded at fair value with changes in fair value recorded in "Noninterest income" in the unaudited Consolidated Statements of Income. The impact to noninterest income for the three and six months ended June 30, 2024 was an increase of $13 thousand and $0.3 million, respectively.
Interest rate lock commitments and commitments to deliver loans to investors are considered derivatives. The market value of interest rate lock commitments and best efforts contracts are not readily ascertainable with precision because they are not actively traded in stand-alone markets. We determine the fair value of rate lock commitments and delivery contracts by measuring the fair value of the underlying asset, which is impacted by current interest rates and takes into consideration the probability that the rate lock commitments will close or will be funded. At June 30, 2024, the underlying funded mortgage loan commitments had a carrying value of $14.9 million and a fair value of $16.2 million, while the underlying unfunded mortgage loan commitments had a notional amount of $75.0 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 and $0.4 million for the three and six months ended June 30, 2024, respectively.
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,
55

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

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, $25.0 million of which matured during the second quarter of 2024. The remaining interest rate swaps have a total notional amount of $475.0 million: $50.0 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)
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
$475,000
The periodic net settlement of these interest rate swaps are recorded as an adjustment to "Interest on subordinated debentures" or "Interest and fees on loans" in the unaudited Consolidated Statements of Income. For the three and six months ended June 30, 2024, there was a negative impact of $10.8 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 June 30, 2024, and changes in the fair value attributed to hedge ineffectiveness were not material.
56

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

The following table depicts the credit value and fair value adjustments recorded related to the notional amount of derivatives outstanding as well as the notional amount of risk participation agreements participated to other banks:
June 30, 2024December 31, 2023
 (dollars in thousands)
Derivatives not Designated as Hedging Instruments
Interest rate derivatives:
Credit value adjustment$(1)$(13)
Notional amount:
Interest rate derivatives922,177 945,046 
Interest rate caps37,445 37,647 
Interest rate collars524 35,878 
Risk participation agreements179,386 206,325 
Sold credit protection on risk participation agreements(152,342)(121,265)
Interest rate options75,006 38,155 
Interest rate forwards:
Fair value adjustment56 (352)
Notional amount77,000 39,000 
Derivatives Designated as Hedging Instruments
Interest rate swaps:
Fair value adjustment(20,976)(25,133)
Notional amount545,000 570,000 
 

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 June 30,For the Six Months Ended June 30,
 2024202320242023
 (dollars in thousands)
Non-hedging interest rate derivatives
Increase in other income$13 $164 $296 $403 
Non-hedging interest rate forwards
Increase (decrease) in other income206 (253)408 (130)
Hedging interest rate derivatives
Decrease in interest and fees on loans(5,907)(5,412)(12,202)(10,170)
Decrease in interest from subordinated debentures(724)(650)(1,447)(1,210)

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 June 30, 2024 and December 31, 2023 was $363.7 million. No impairment charges on goodwill or other intangible assets were incurred in 2024 or 2023.
57

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

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 June 30, 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.
Note 14 Subordinated Debentures
Subordinated debentures outstanding are as follows:
  June 30, 2024December 31, 2023
 DueRateAmountAmount
  (dollars in thousands)
Owed to:
First Commonwealth Bank20283-Month CME Term SOFR + 0.26161% + 1.845%$— $49,592 
First Commonwealth Bank20335.50% until June 1, 2028, then 3-Month CME Term SOFR + 0.26161% + 2.37%49,376 49,341 
First Commonwealth Financial Corp20314.50% until March 29, 2026, then Prime + 1.00%6,683 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$128,226 $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 was paid quarterly at a rate of three-month CME Term SOFR + 0.26161% + 1.845%. On June, 1, 2024, the Bank redeemed the notes, in whole, 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. As part of the redemption of these notes, the remaining deferred issuance costs of $0.4 million were recognized as a loss on redemption.
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
58

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

redeem the debentures, in whole or in part, at its option at a redemption price equal to 100% of the principal amount of the debentures, plus accrued and unpaid interest to the date of the redemption. Deferred issuance costs of $0.5 million are being amortized on a straight-line basis over the term of the securities.
In order to reduce its exposure to variability in expected future cash flows related to interest payments on First Commonwealth Capital Trust II and III, the Company entered into two interest rate swap contracts that are designated as cash flow hedges. These contracts fix the index rate based portion of the interest rate on Capital Trust II at 1.515% until August 15, 2024 and on Capital Trust III at 1.525% until August 15, 2026. Additional information related to these cash flow hedges can be found in Note 12 - "Derivatives".
Note 15 Revenue Recognition

Substantially all of the Company’s revenue is generated from contracts with customers. Revenue associated with financial instruments, including revenue from loans and securities, certain noninterest income streams such as fees associated with derivatives are not in scope of FASB ASC Topic 606 - "Revenue from Contracts with Customers" ("Topic 606"). Topic 606 is applicable to noninterest revenue streams such as trust income, service charges on deposits, insurance and retail brokerage commissions, card-related interchange income and gain(loss) on sale of OREO. For contracts within the scope of Topic 606, the Company immediately expenses contract acquisition costs when the asset that would have resulted from capitalizing these costs would have been amortized in one year or less.
Noninterest revenue streams in-scope of Topic 606 are discussed below:
Trust Income
Trust income is primarily comprised of fees earned from the management and administration of trusts and other customer assets. The Company’s performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon a tiered scale of market value of the assets under management at month-end. Payment is generally received a few days after month end through a direct charge to customers’ accounts. The Company does not earn performance-based incentives. Optional services such as financial planning or tax return preparation services are also available to trust customers. The Company’s performance obligation for these transactional-based services is generally satisfied and related revenue recognized at a point in time. Payment is received shortly after services are rendered.
Service Charges on Deposit Accounts
Service charges on deposit accounts consist of fees earned from its deposit customers for transaction-based, account maintenance, overdraft services and account analysis fees. Transaction-based fees, which include services such as ATM use fees, stop payment fees, statement rendering and ACH fees are recognized at the time the transaction is executed which is the point in time the Company fulfills the customer’s request. Monthly account maintenance fees are earned over the course of the month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. The Company’s performance obligation for account analysis fees is generally satisfied, and the related revenue recognized, during the month the service is provided. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to customers’ accounts.
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
59

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

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 $2.5 million and $2.1 million in commission expense as of June 30, 2024 and 2023, respectively.
Card-Related Interchange Income
Card-related interchange income is primarily comprised of debit and credit card income, ATM fees and merchant services income. Debit and credit card income is primarily comprised of interchange fees earned whenever the Company’s debit and credit cards are processed through card payment networks such as MasterCard. ATM fees are primarily generated when a Company cardholder uses a non-Company ATM or a non-Company cardholder uses a Company ATM. Merchant services income mainly represents fees charged to merchants to process their debit and credit card transactions, in addition to account management fees. Card-related interchange income is recognized daily as the customer transactions are settled.
Other Income
Other income includes service revenue from processing wire transfers, bill pay service, cashier’s checks, and other services. The Company’s performance obligation for these services are largely satisfied, and related revenue recognized, when the services are rendered or upon completion. Payment is typically received immediately or in the following month.
Gains(losses) on sales of OREO
First Commonwealth records a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When First Commonwealth finances the sale of OREO to the buyer, an assessment of whether the buyer is committed to perform their obligations under the contract is completed along with an evaluation of whether collectability of the transaction price is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon transfer of control of the property to the buyer. In determining the gain or loss on the sale, First Commonwealth adjusts the transaction price and the related gain or loss on sale if a significant financing component is present.
The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606:
 For the Three Months Ended June 30,For the Six Months Ended June 30,
 2024202320242023
 (dollars in thousands)
Noninterest Income
In-scope of Topic 606:
Trust income$2,821 $2,532 $5,548 $5,018 
Service charges on deposit accounts5,546 5,324 10,929 10,242 
Insurance and retail brokerage commissions2,709 2,314 4,955 4,866 
Card-related interchange income7,137 7,372 13,827 14,201 
Gain on sale of other loans and assets143 105 278 166 
Other income1,181 1,067 2,312 2,136 
Noninterest Income (in-scope of Topic 606)19,537 18,714 37,849 36,629 
Noninterest Income (out-of-scope of Topic 606)5,673 5,809 11,349 10,857 
Total Noninterest Income$25,210 $24,523 $49,198 $47,486 
60



ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
This discussion and the related financial data are presented to assist in the understanding and evaluation of the consolidated financial condition and the results of operations of First Commonwealth Financial Corporation including its subsidiaries (“First Commonwealth”) for the three and six months ended June 30, 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.
61

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 pages 64 and 72 for six and three months ended June 30, 2024 and 2023.
62

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 June 30,For the Six Months Ended June 30,
2024202320242023
(dollars in thousands, except per share data)
Net Income$37,088 $42,781 $74,637 $73,005 
Per Share Data:
Basic Earnings per Share$0.36 $0.42 $0.73 $0.72 
Diluted Earnings per Share0.36 0.42 0.73 0.72 
Cash Dividends Declared per Common Share0.130 0.125 0.255 0.245 
Average Balance:
Total assets$11,695,160 $11,156,913 $11,608,301 $10,824,756 
Total equity1,344,360 1,234,834 1,334,843 1,198,147 
End of Period Balance:
Net loans and leases (1)
$8,922,005 $8,682,590 
Total assets11,626,873 11,318,604 
Total deposits9,408,921 9,146,278 
Total equity1,362,505 1,232,419 
Key Ratios:
Return on average assets1.28 %1.54 %1.29 %1.36 %
Return on average equity11.10 %13.90 %11.24 %12.29 %
Dividends payout ratio36.11 %29.76 %34.93 %34.03 %
Average equity to average assets ratio11.50 %11.07 %11.50 %11.07 %
Net interest margin3.57 %3.85 %3.55 %3.93 %
Net loans to deposits ratio94.82 %94.93 %
(1) Includes loans held for sale.

Results of Operations
Six Months Ended June 30, 2024 Compared to Six Months Ended June 30, 2023
Net Income
For the six months ended June 30, 2024, First Commonwealth had net income of $74.6 million, or $0.73 diluted earnings per share, compared to net income of $73.0 million, or $0.72 diluted earnings per share, in the six months ended June 30, 2023. The increase in net income was primarily the result of a $6.0 million decrease in noninterest expense as a result of $8.5 million in expenses related to the Centric acquisition recognized in the six months ended June 30, 2023. Other items impacting net income include a $4.9 million decrease in net interest income and a $1.3 million increase in the provision for credit losses offset by a $1.7 million increase in noninterest income.
For the six months ended June 30, 2024, the Company’s return on average equity was 11.24% and its return on average assets was 1.29%, compared to 12.29% and 1.36%, respectively, for the six months ended June 30, 2023.
Net Interest Income
Net interest income, on a fully taxable equivalent basis, was $187.9 million in the first six months of 2024, compared to $192.8 million for the same period in 2023. The decrease in net interest income can be attributed to a 122 basis point increase in the cost of interest-bearing liabilities offset by a 58 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 79.2% and 80.2% for the six months ended June 30, 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


The net interest margin on a fully taxable equivalent basis was 3.55% for the six months ended June 30, 2024 and 3.93% for the six months ended June 30, 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 5.60% for the six months ended June 30, 2024, an increase of 58 basis points compared to the 5.02% 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 58 basis points when compared to the six months ended June 30, 2023. Contributing to this increase was the yield on our adjustable and variable rate commercial loan portfolios, which increased 46 basis points due to the impact on loan repricing and new volumes at higher interest rates. Additionally, 8 basis points of the yield on interest-earning assets can be attributed to the recognition of $4.1 million in accretion of purchase accounting marks, primarily from the Centric acquisition. For the six months ended June 30, 2023, accretion of purchase accounting marks contributed $4.4 million, or 9 basis points, to the yield on interest-earning assets.
The investment portfolio yield increased 101 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 June 30, 2024 increased $261.4 million as compared to the six months ended June 30, 2023 as a result of liquidity from growth in interest-bearing liabilities. The yield on interest-bearing deposits with banks increased 44 basis points for the six months ended June 30, 2024 as compared to the prior year, while the average balance decreased from $178.1 million in 2023 to $160.4 million in 2024.
The cost of interest-bearing liabilities increased to 2.81% for the six months ended June 30, 2024, from 1.59% for the same period in 2023. The cost of interest-bearing deposits increased 126 basis points and short-term borrowings increased 26 basis points in comparison to the same period last year. The increase in the 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 deposit accounts. Comparing the six months ended June 30, 2024 with the comparable period in 2023, average time deposits increased $638.8 million, or 79.2%, with an increase in the cost of these deposits of 154 basis points. Other interest-bearing deposits increased on average $137.3 million, or 2.5%, compared to the six months ended June 30, 2023 and the cost of these deposits increased 103 basis points. Compared to the prior period, short-term borrowings increased an average of $219.4 million in order to fund growth in loans and investments.
For the six months ended June 30, 2024, changes in rates negatively impacted net interest income by $6.9 million when compared with the same period in 2023. The higher yield on interest-earning assets positively impacted net interest income by $34.3 million, while the increase in the cost of interest-bearing liabilities negatively impacted net interest income by $41.1 million.
Changes in the volume of interest-earning assets and interest-bearing liabilities positively impacted net interest income by $2.0 million for the six months ended June 30, 2024, as compared to the same period in 2023. Higher levels of interest-earning assets resulted in an increase of $16.1 million in interest income, and changes in the volume and mix of interest-bearing liabilities increased interest expense by $14.0 million. Average interest-earning assets for the six months ended June 30, 2024 increased $755.4 million, or 7.6%, compared to the same period in 2023. Average loans for the comparable period increased $511.7 million, or 6.0%.
Net interest income was negatively impacted by a $232.5 million decrease in average net free funds for the six months ended June 30, 2024 as compared to June 30, 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 six months ended June 30:
 
20242023
 (dollars in thousands)
Interest income per Consolidated Statements of Income$296,144 $245,856 
Adjustment to fully taxable equivalent basis652 610 
Interest income adjusted to fully taxable equivalent basis (non-GAAP)296,796 246,466 
Interest expense108,848 53,674 
Net interest income adjusted to fully taxable equivalent basis (non-GAAP)$187,948 $192,792 
64

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 six months ended June 30:
 
 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$160,398 $4,466 5.60 %$178,084 $4,553 5.16 %
Tax-free investment securities20,320 272 2.69 21,772 292 2.70 
Taxable investment securities1,471,002 23,029 3.15 1,208,158 12,710 2.12 
Loans and leases, net of unearned income (b)(c)
9,007,969 269,029 6.01 8,496,305 228,911 5.43 
Total interest-earning assets10,659,689 296,796 5.60 9,904,319 246,466 5.02 
Noninterest-earning assets:
Cash114,049 110,367 
Allowance for credit losses(119,947)(129,242)
Other assets954,510 939,312 
Total noninterest-earning assets948,612 920,437 
Total Assets$11,608,301 $10,824,756 
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand deposits (d)
$1,882,353 $16,239 1.73 %$1,947,587 $10,369 1.07 %
Savings deposits (d)
3,709,488 43,690 2.37 3,506,907 20,081 1.15 
Time deposits1,445,752 30,795 4.28 806,981 10,969 2.74 
Short-term borrowings570,717 13,104 4.62 351,321 7,594 4.36 
Long-term debt178,780 5,020 5.65 186,378 4,661 5.04 
Total interest-bearing liabilities7,787,090 108,848 2.81 6,799,174 53,674 1.59 
Noninterest-bearing liabilities and shareholders’ equity:
Noninterest-bearing demand deposits (d)
2,306,306 2,629,575 
Other liabilities180,062 197,860 
Shareholders’ equity1,334,843 1,198,147 
Total Noninterest-Bearing Funding Sources3,821,211 4,025,582 
Total Liabilities and Shareholders’ Equity$11,608,301 $10,824,756 
Net Interest Income and Net Yield on Interest-Earning Assets$187,948 3.55 %$192,792 3.93 %
(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 six months ended June 30, 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.

 
65

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 six months ended June 30, 2024 compared with June 30, 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$(87)$(453)$366 
Tax-free investment securities(20)(19)(1)
Taxable investment securities10,319 2,763 7,556 
Loans and leases40,118 13,777 26,341 
Total interest income (b)50,330 16,068 34,262 
Interest-bearing liabilities:
Interest-bearing demand deposits5,870 (346)6,216 
Savings deposits23,609 1,155 22,454 
Time deposits19,826 8,679 11,147 
Short-term borrowings5,510 4,744 766 
Long-term debt359 (190)549 
Total interest expense55,174 14,042 41,132 
Net interest income$(4,844)$2,026 $(6,870)
(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.  
66

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 six months ended June 30: 
 20242023
 DollarsPercentageDollarsPercentage
 (dollars in thousands)
Commercial, financial, agricultural and other$7,339 50 %$3,251 124 %
Time and demand3,753 26 1,282 49 
Commercial credit cards68 — 13 1 
Equipment finance2,571 18 1,033 39 
Time and demand other947 6 923 35 
Real estate construction(1,000)(7)(3,019)(115)
Construction other(402)(3)(1,588)(60)
Construction residential(598)(4)(1,431)(55)
Residential real estate(1,643)(11)1,196 45 
Residential first lien(1,234)(8)1,081 41 
Residential junior lien/home equity(409)(3)115 4 
Commercial real estate5,973 41 (378)(14)
Multifamily(27)— 301 12 
Non-owner occupied5,463 37 310 12 
Owner occupied537 4 (989)(38)
Loans to individuals3,971 27 1,570 60 
Automobile and recreational vehicles2,998 20 1,316 50 
Consumer credit cards157 1 62 3 
Consumer other816 6 192 7 
Provision for credit losses on loans and leases$14,640 100 %$2,620 100 %
Provision for credit losses - acquisition day 1 non-PCD— 10,653 
Total provision for credit losses on loans and leases14,640 13,273 
Provision for off-balance sheet credit exposure(2,575)(2,480)
       Total provision for credit losses$12,065 $10,793 
Total provision expense for the six months ended June 30, 2024, increased $1.3 million compared to the six months ended June 30, 2023. The increase can be attributed to $8.7 million in net charge-offs as well as an increase of $6.7 million in specific reserves. The specific reserves can be attributed to $3.8 million for two time and demand relationships and $2.6 million for three non-owner occupied relationships, all of which were moved to nonaccrual during the six months ended June 30, 2024. During the first six months of 2023, provision expense of $10.7 million was recognized as the day 1 non-PCD provision expense resulting from the Centric acquisition and a $0.1 million decrease in the provision for off-balance sheet commitments. The negative provision for off-balance sheet commitments for the six months ended June 30, 2024 was a result of lower off-balance sheet commitments related to construction and time and demand loans.
The allowance for credit losses was $123.7 million, or 1.37%, of total loans and leases outstanding at June 30, 2024, compared to $117.7 million, or 1.31%, at December 31, 2023 and $133.5 million, or 1.52%, at June 30, 2023. Nonperforming loans as a percentage of total loans and leases increased to 0.63% at June 30, 2024 from 0.54% as of June 30, 2023 and 0.44% at December 31, 2023. The allowance to nonperforming loan ratio was 216.48%, 298.23% and 278.17% as of June 30, 2024, December 31, 2023 and June 30, 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 June 30, 2024.
67

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 six months ended June 30, 2024 and 2023 and the year-ended December 31, 2023:
 
June 30, 2024June 30, 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— 27,205 27,205 
Provision for credit losses - acquisition day 1 non-PCD— 10,653 10,653 
Loans charged off:
Commercial, financial, agricultural and other5,250 7,340 19,199 
Real estate construction35 — — 
Residential real estate255 80 561 
Commercial real estate624 1,517 6,277 
Loans to individuals4,868 2,289 7,230 
Total loans charged off11,032 11,226 33,267 
Recoveries of loans previously charged off:
Commercial, financial, agricultural and other523 254 498 
Real estate construction6 — — 
Residential real estate170 71 247 
Commercial real estate124 136 151 
Loans to individuals1,505 927 2,219 
Total recoveries2,328 1,388 3,115 
Net charge-offs8,704 9,838 30,152 
Provision for credit losses on loans and leases charged to expense14,640 2,620 7,106 
Balance, end of period$123,654 $133,546 $117,718 
Net charge-offs as a percentage of average loans and leases outstanding (annualized)0.19 %0.23 %0.35 %
Allowance for credit losses as a percentage of end-of-period loans and leases outstanding1.37 %1.52 %1.31 %
68

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


Noninterest Income
The following table presents the components of noninterest income for the six months ended June 30: 
20242023$ Change% Change
 (dollars in thousands)
Noninterest Income:
Trust income$5,548 $5,018 $530 11 %
Service charges on deposit accounts10,929 10,242 687 7 
Insurance and retail brokerage commissions4,955 4,866 89 2 
Income from bank owned life insurance2,665 2,422 243 10 
Card-related interchange income13,827 14,201 (374)(3)
Swap fee income— 577 (577)(100)
Other income4,781 4,286 495 12 
Subtotal42,705 41,612 1,093 3 
Net securities losses(5,535)— (5,535)— 
Gain on VISA exchange5,558 — 5,558 — 
Gain on sale of mortgage loans2,999 1,905 1,094 57 
Gain on sale of other loans and assets3,459 3,977 (518)(13)
Derivatives mark to market12 (8)20 (250)
Total noninterest income$49,198 $47,486 $1,712 4 %
Total noninterest income, excluding net securities losses, gain on VISA exchange, gain on sale of mortgage loans, gain on sale of other loans and assets and the derivatives mark to market for the six months ended June 30, 2024 increased $1.1 million, or 3%, compared to the six months ended June 30, 2023. Service charges on deposit accounts increased $0.7 million due to increased customer activity and trust income increased $0.5 million due to gains in the value of assets under management. Included in the $0.5 million increase in other income is a $0.2 million increase in income from limited partnership investments. Swap fee income declined $0.6 million as there were no new interest rate swaps entered into by our commercial loan customers and card-related interchange income decreased $0.4 million due to a slight decline in customer card usage.
Total noninterest income increased $1.7 million, or 4%, compared to the same period in the prior year. The most significant changes, other than the changes noted above, include a $5.6 million gain related to the conversion of Visa class B shares and a $1.1 million increase in gain on sale of mortgage loans as a result of changes in volume and the spread received on mortgage loans sold. Offsetting these are $5.5 million in losses recognized on the sale of $75.1 million in available for sale securities, which were sold in order to reinvest into higher yielding investments, and a $0.5 million decrease in the gain on sale of other loans and assets primarily due to a change in the spread on the sale of SBA loans.
The Company's total assets exceeded $10.0 billion as of December 31, 2023; therefore, beginning July 1, 2024, we are subject to the interchange fee cap included in the Durbin Amendment to the Dodd-Frank Act. We estimate that the application of the interchange fee cap, as compared to the twelve months prior to being subject to the cap, will decrease our interchange income by approximately $6.9 million during the last two quarters of 2024 and will decrease our annual interchange income by approximately $13.8 million in 2025.
69

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


Noninterest Expense
The following table presents the components of noninterest expense for the six months ended June 30: 
20242023$ Change% Change
 (dollars in thousands)
Noninterest Expense:
Salaries and employee benefits$72,644 $70,999 $1,645 2 %
Net occupancy10,156 9,802 354 4 
Furniture and equipment8,758 8,522 236 3 
Data processing7,664 7,167 497 7 
Advertising and promotion2,217 2,990 (773)(26)
Pennsylvania shares tax2,328 2,425 (97)(4)
Intangible amortization2,433 2,429 4 — 
Other professional fees and services2,528 2,773 (245)(9)
FDIC insurance2,899 2,694 205 8 
Other operating17,550 17,358 192 1 
Subtotal129,177 127,159 2,018 2 
Loss on sale or write-down of assets220 47 173 368 
Litigation and operational losses1,491 1,637 (146)(9)
Loss on early redemption of subordinated debt369 — 369 — 
Merger and acquisition related114 8,481 (8,367)(99)
Total noninterest expense$131,371 $137,324 $(5,953)(4)%
Noninterest expense decreased $6.0 million, or 4%, for the six months ended June 30, 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 during the comparable period in 2023. Advertising and promotion expense decreased $0.8 million due to the timing and types of advertising in 2024 compared to 2023. Offsetting these decreases is a $1.6 million increase in salaries and benefits expense primarily due to annual merit salary increases and the inclusion of Centric employees for six months in 2024, as compared to five months in 2023. The number of full time equivalent employees totaled 1,483 at June 30, 2023 and 1,472 at June 30, 2024. Increases in net occupancy, furniture and equipment and intangible amortization all reflected increases primarily due to the Centric acquisition, while data processing costs increased $0.5 million due to continued investment in our digital banking and other product offerings. During the six months ended June 30, 2024, $0.4 million in remaining subordinated debt issuance costs that were being amortized over the life of the instrument were accelerated and recognized in conjunction with the redemption of $50.0 million in subordinated debentures.
Income Tax
The provision for income taxes decreased $0.1 million for the six months ended June 30, 2024, compared to the corresponding period in 2023.  
We applied the “annual effective tax rate approach” to determine the provision for income taxes, which applies an annual forecast of tax expense as a percentage of expected full year income, for the six months ended June 30, 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 19.8% and 20.3% for the six months ended June 30, 2024 and 2023, respectively.
As of June 30, 2024, our deferred tax assets totaled $60.0 million. Based on our evaluation, we determined that it is more likely than not that all of these assets will be realized. As a result, a valuation allowance against these assets was not recorded. In evaluating the need for a valuation allowance, we estimate future taxable income based on management approved forecasts, evaluation of historical earnings 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.
70

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


Results of Operations
Three Months Ended June 30, 2024 Compared to Three Months Ended June 30, 2023
Net Income
For the three months ended June 30, 2024, First Commonwealth recognized net income of $37.1 million, or $0.36 diluted earnings per share, compared to net income of $42.8 million, or $0.42 diluted earnings per share, in the three months ended June 30, 2023. The decrease in net income was primarily the result of a $2.8 million decrease in net interest income and a $5.0 million increase in the provision for credit losses.
For the three months ended June 30, 2024, the Company’s return on average equity was 11.10% and its return on average assets was 1.28%, compared to 13.90% and 1.54%, respectively, for the three months ended June 30, 2023.
Net Interest Income
Net interest income, on a fully taxable equivalent basis, was $95.3 million in the second quarter of 2024, compared to $98.1 million for the same period in 2023. The decrease in net interest income can be attributed to a 97 basis point increase in the cost of interest-bearing liabilities offset by a 50 basis point increase in the yield on interest-earning assets. Net interest income comprises the majority of our operating revenue (i.e., net interest income before provision expense plus noninterest income), at 79.0% and 80.0% for the three months ended June 30, 2024 and 2023, respectively.
The net interest margin, on a fully taxable equivalent basis, was 3.57% and 3.85% for the three months ended June 30, 2024 and 2023, respectively.

The taxable equivalent yield on interest-earning assets was 5.66% for the three months ended June 30, 2024, an increase of 50 basis points compared to the 5.16% yield for the same period in 2023. This is largely due to a 48 basis point increase in the loan portfolio yield when compared to the three months ended June 30, 2023 as a result of a higher interest rate environment in 2024. Contributing to this increase was the yield on our adjustable and variable rate commercial loan portfolios, which increased 31 basis points due to the impact on loan repricing and new volumes at higher interest rates. Additionally, 8 basis points of the increase in the yield on interest-earnings assets can be attributed to the recognition of $2.1 million in accretion of purchase accounting marks, primarily as a result of the Centric acquisition. For the three months ended June 30, 2023, accretion of purchase accounting marks contributed $3.2 million, or 12 basis points, to the yield on interest-earning assets. During the three months ended June 30, 2024, the yield on interest-earning assets increased by 2 basis points as a result of $0.6 million in deferred interest being recognized with the payoff of a commercial loan which was previously in nonaccrual status.
The investment portfolio yield increased 109 basis points in comparison to the prior year as new volume rates were higher than the portfolio yield. The average investment portfolio balance increased $283.7 million as a result of liquidity from growth in interest-bearing liabilities. The average balance of interest-bearing deposits with banks decreased from $308.4 million in 2023 to $208.4 million in 2024 while the yield increased 32 basis points. During the second quarter of 2024, $75.1 million in available for sale investment securities yielding 2.17% were sold and the proceeds were reinvested into securities yielding 5.49%. This transaction is expected to increase the net interest margin by 2 basis points beginning in the third quarter of 2024.
The cost of interest-bearing liabilities increased to 2.85% for the three months ended June 30, 2024, from 1.88% for the same period in 2023, primarily due to an increase in the cost of time deposits and savings deposits. The cost of interest-bearing demand deposits increased 50 basis points and short-term borrowings decreased 12 basis points in comparison to the same period last year. The increase in the cost of interest-bearing demand deposits can be attributed to higher market interest rates and changes in the mix of deposits as customers moved funds to take advantage of the increased rates on money market and time deposits. Comparing the three months ended June 30, 2024 with the comparable period in 2023, average time deposits increased $574.1 million, or 61.7%, with an increase in the cost of these deposits of 132 basis points. Other interest-bearing deposits increased on average $33.7 million, or 0.6%, compared to the three months ended June 30, 2023 and the cost of these deposits increased 84 basis points. Additionally, on June 1, 2024, the company redeemed a $50 million variable rate subordinated debenture with an interest rate of 7.45%. This redemption is expected to improve the net interest margin by approximately 2 basis points for the remainder of 2024.
For the three months ended June 30, 2024, changes in interest rates negatively impacted net interest income by $2.0 million when compared with the same period in 2023. The higher yield on loans contributed to interest-earning assets positively impacting net interest income by $14.7 million, while an increase in the cost of interest-bearing liabilities negatively impacted net interest income by $16.6 million.
71

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


Changes in the volume of interest-earning assets and interest-bearing liabilities negatively impacted net interest income by $0.8 million during the three months ended June 30, 2024, as compared to the same period in 2023. The mix of interest-earning assets resulted in an increase of $4.8 million in interest income, while changes in the volume and mix of interest-bearing liabilities increased interest expense by $5.6 million. Average interest-earning assets for the three months ended June 30, 2024 increased $511.9 million, or 5.0%, compared to the same period in 2023. Average loans for the comparable period increased $328.3 million, or 3.8%. Average time deposits for the three months ended June 30, 2024 increased by $574.1 million compared to the comparable period in 2023, increasing interest expense by $4.3 million.
Net interest income was negatively impacted by a $190.2 million decrease in average net free funds for the three months ended June 30, 2024 as compared to June 30, 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 decline in the level of net free funds was primarily the result of a decrease in noninterest-bearing demand deposits as a result of customers becoming more rate sensitive as interest rates increased.
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 June 30:
 
20242023
 (dollars in thousands)
Interest income per Consolidated Statements of Income$150,682 $131,267 
Adjustment to fully taxable equivalent basis329 305 
Interest income adjusted to fully taxable equivalent basis (non-GAAP)151,011 131,572 
Interest expense55,690 33,443 
Net interest income adjusted to fully taxable equivalent basis (non-GAAP)$95,321 $98,129 


72

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 June 30:
 
 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$208,360 $2,893 5.58 %$308,412 $4,043 5.26 %
Tax-free investment securities20,174 135 2.69 21,564 144 2.68 
Taxable investment securities1,490,235 12,008 3.24 1,205,160 6,416 2.14 
Loans and leases, net of unearned income (b)(c)
9,017,288 135,975 6.06 8,689,021 120,969 5.58 
Total interest-earning assets10,736,057 151,011 5.66 10,224,157 131,572 5.16 
Noninterest-earning assets:
Cash110,802 108,596 
Allowance for credit losses(120,077)(134,750)
Other assets968,378 958,910 
Total noninterest-earning assets959,103 932,756 
Total Assets$11,695,160 $11,156,913 
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand deposits (d)
$1,905,013 $8,539 1.80 %$2,045,853 $6,637 1.30 %
Savings deposits (d)
3,724,015 22,202 2.40 3,549,483 12,228 1.38 
Time deposits1,504,544 16,263 4.35 930,447 7,036 3.03 
Short-term borrowings545,551 6,339 4.67 434,783 5,193 4.79 
Long-term debt170,963 2,347 5.52 187,379 2,349 5.03 
Total interest-bearing liabilities7,850,086 55,690 2.85 7,147,945 33,443 1.88 
Noninterest-bearing liabilities and shareholders’ equity:
Noninterest-bearing demand deposits (d)
2,310,274 2,580,842 
Other liabilities190,440 193,292 
Shareholders’ equity1,344,360 1,234,834 
Total noninterest-bearing funding sources3,845,074 4,008,968 
Total Liabilities and Shareholders’ Equity$11,695,160 $11,156,913 
Net Interest Income and Net Yield on Interest-Earning Assets$95,321 3.57 %$98,129 3.85 %
(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 June 30, 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.

 
73

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 June 30, 2024 compared with June 30, 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$(1,150)$(1,312)$162 
Tax-free investment securities(9)(9)— 
Taxable investment securities5,592 1,521 4,071 
Loans and leases15,006 4,567 10,439 
Total interest income (b)19,439 4,767 14,672 
Interest-bearing liabilities:
Interest-bearing demand deposits1,902 (456)2,358 
Savings deposits9,974 600 9,374 
Time deposits9,227 4,337 4,890 
Short-term borrowings1,146 1,323 (177)
Long-term debt(2)(206)204 
Total interest expense22,247 5,598 16,649 
Net interest income$(2,808)$(831)$(1,977)
 
(a)Changes in interest income or expense not arising solely as a result of volume or rate variances are allocated to rate variances.
(b)Changes in interest income have been computed on a fully taxable equivalent basis using the 21% federal income tax statutory rate.
Provision for Credit Losses
The provision for credit losses is determined based on management’s estimates of the appropriate level of the allowance for credit losses needed for probable losses inherent in the loan portfolio, after giving consideration to charge-offs and recoveries for the period. The provision for credit losses is an amount added to the allowance, against which credit losses are charged.
 
74

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 June 30: 
20242023
DollarsPercentageDollarsPercentage
(dollars in thousands)
Commercial, financial, agricultural and other$6,047 67 %$2,260 71 %
Time and demand4,318 48 1,103 35 
Commercial credit cards(3)— (7)— 
Equipment finance1,308 14 613 19 
Time and demand other424 5 551 17 
Real estate construction(125)(1)(221)(7)
Construction other251 3 254 8 
Construction residential(376)(4)(475)(15)
Residential real estate(1,656)(18)935 29 
Residential first lien(1,127)(12)723 22 
Residential junior lien/home equity(529)(6)212 7 
Commercial real estate3,772 42 (685)(21)
Multifamily(19)— 234 8 
Non-owner occupied3,155 35 72 2 
Owner occupied636 7 (991)(31)
Loans to individuals920 10 911 28 
Automobile and recreational vehicles508 5 717 22 
Consumer credit cards50 1 57 2 
Consumer other362 4 137 4 
Provision for credit losses on loans and leases$8,958 100 %$3,200 100 %
Provision for off-balance sheet credit exposure(1,131)(410)
Total provision for credit losses$7,827 $2,790 

The provision for credit losses on loans and leases for the three months ended June 30, 2024 increased in comparison to the three months ended June 30, 2023 by $5.8 million. The level of provision expense in the second quarter of 2024 is primarily the result of $4.4 million in net charges-offs and an additional $5.8 million in specific reserves. The provision for off-balance sheet credit exposure decreased $0.7 million primarily due to the level of unfunded commitments. The increase in specific reserves relates to $3.8 million in specific reserves for two time and demand relationships and $1.5 million in specific reserves related to two non-owner occupied relationships, all of which were moved to nonaccrual during the second quarter of 2024. In addition, specific reserves increased by $0.6 million due to an updated appraisal for a non-owner occupied real estate loan.

The level of provision expense in the second quarter of 2023 was primarily the result of increases in loan balances and changes in economic forecasts used in the calculation of the allowance for credit losses. Net charge-offs for the three months ended June 30, 2023 were $8.7 million.


75

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 June 30, 2024 and 2023 and the year-ended December 31, 2023:
 
June 30, 2024June 30, 2023December 31, 2023
 (dollars in thousands)
Balance, beginning of period$119,098 $133,885 $102,906 
Day 1 allowance for credit loss on PCD acquired loans— — 27,205 
Provision for credit losses - acquisition day 1 non-PCD— 5,126 10,653 
Loans charged off:
Commercial, financial, agricultural and other2,588 6,677 19,199 
Real estate construction35 — — 
Residential real estate175 1 561 
Commercial real estate341 1,517 6,277 
Loans to individuals2,330 1,148 7,230 
Total loans charged off5,469 9,343 33,267 
Recoveries of loans previously charged off:
Commercial, financial, agricultural and other103 95 498 
Real estate construction— — — 
Residential real estate111 33 247 
Commercial real estate10 94 151 
Loans to individuals843 456 2,219 
Total recoveries1,067 678 3,115 
Net charge-offs4,402 8,665 30,152 
Provision for credit losses on loans charged to expense8,958 3,200 7,106 
Balance, end of period$123,654 $133,546 $117,718 

Noninterest Income
The following table presents the components of noninterest income for the three months ended June 30: 
20242023$ Change% Change
 (dollars in thousands)
Noninterest Income:
Trust income$2,821 $2,532 $289 11 %
Service charges on deposit accounts5,546 5,324 222 4 
Insurance and retail brokerage commissions2,709 2,314 395 17 
Income from bank owned life insurance1,371 1,195 176 15 
Card-related interchange income7,137 7,372 (235)(3)
Swap fee income— 332 (332)(100)
Other income2,524 2,229 295 13 
Subtotal22,108 21,298 810 4 
Net securities losses(5,535)— (5,535)— 
Gain on VISA exchange5,558 — 5,558 — 
Gain on sale of mortgage loans1,671 1,253 418 33 
Gain on sale of other loans and assets1,408 1,891 (483)(26)
Derivatives mark to market— 81 (81)(100)
Total noninterest income$25,210 $24,523 $687 3 %

Total noninterest income for the three months ended June 30, 2024 increased $0.7 million compared to the three months ended June 30, 2023. The most significant changes include a $5.6 million gain recognized upon the conversion of Visa class B shares, an increase of $0.4 million in insurance and retail brokerage fees due to increased annuity sales, a $0.4 million increase in gain
76

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


on sale of mortgage loans due to an increase in the volume in sales of mortgage loans and an increase of $0.3 million in trust income fees resulting from a gain in the value of assets under management. Offsetting these increases to noninterest income, were $5.5 million in losses recognized on the sale of available for sale securities, a $0.5 million decrease in the gain on sale of other loans and assets due to changes in the spread of SBA loans sold, and a decrease of $0.3 million in swap fee income as no new interest rate swaps were entered into during the second quarter of 2024.
Noninterest Expense
The following table presents the components of noninterest expense for the three months ended June 30:
 
20242023$ Change% Change
 (dollars in thousands)
Noninterest Expense:
Salaries and employee benefits$37,320 $36,735 $585 2 %
Net occupancy4,822 4,784 38 1 
Furniture and equipment4,278 4,284 (6)— 
Data processing3,840 3,763 77 2 
Advertising and promotion898 1,327 (429)(32)
Pennsylvania shares tax1,126 1,173 (47)(4)
Intangible amortization1,169 1,282 (113)(9)
Other professional fees and services1,286 1,182 104 9 
FDIC insurance1,286 1,277 9 1 
Other operating8,833 9,296 (463)(5)
Subtotal64,858 65,103 (245)— 
Loss on sale or write-down of assets77 6 71 1,183 
Litigation and operational losses494 894 (400)(45)
Loss on early redemption of subordinated debt369 — 369 — 
Merger and acquisition related— (60)60 (100)
Total noninterest expense$65,798 $65,943 $(145)— %

Noninterest expense decreased $0.1 million for the three months ended June 30, 2024 compared to the same period in 2023. The decrease is a result of a $0.4 million decrease in advertising and promotion expense, a $0.4 million decrease in litigation and operational losses, and a $0.5 million decrease in other operating expense primarily due to decreases in printing and postage related expenses. Offsetting these are a $0.6 million increase in salaries and employee benefits expense due to annual merit increases and $0.4 million in loss recognized related to the early redemption of $50.0 million of the company's subordinated debentures.
Income Tax
The provision for income taxes decreased $1.3 million for the three months ended June 30, 2024, compared to the corresponding period in 2023.  The effective tax rate increased 20 basis points from 20.2% for the three months ended June 30, 2023 to 20.4% for the three months ended June 30, 2024.
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 June 30, 2024 and 2023.
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 six months of 2024, the sale, maturity and redemption of investment securities provided $169.4 million in liquidity. These funds contributed to the liquidity used to originate loans, purchase investment securities and fund depositor withdrawals.
77

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


The following represents our expanded sources of liquidity as of June 30, 2024:
Total AvailableAmount UsedOutstanding Letters of CreditNet Available
(dollars in thousands)
Internal liquidity sources
Unencumbered securities$284,104 $— $— $284,104 
Other (excess pledged)81,302 — — 81,302 
External liquidity sources
FHLB advances2,394,114 3,741 213,100 2,177,273 
FRB borrowings1,671,013 516,000 — 1,155,013 
Lines with other financial institutions160,000 — — 160,000 
CDARs (1)
1,159,719 21,682 — 1,138,037 
Total liquidity$5,750,252 $541,423 $213,100 $4,995,729 
(1) Reflects internal policy limit. Maximum capacity with CDARs is $1.7 billion.
Our participation in the Certificate of Deposit Account Registry Services (“CDARS”) program is part of an Asset/Liability Committee (“ALCO”) strategy to increase and diversify funding sources. As of June 30, 2024, the outstanding balance of $21.7 million carried an average weighted rate of 3.74% and an average original term of 307 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.
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: 
June 30, 2024December 31, 2023
 (dollars in thousands)
Noninterest-bearing demand deposits(a)
$2,304,830 $2,388,533 
Interest-bearing demand deposits(a)
619,877 629,138 
Savings deposits(a)
4,955,718 4,886,781 
Time deposits1,528,496 1,287,857 
Total$9,408,921 $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 six months of 2024, total deposits increased $216.6 million. Interest-bearing demand and savings deposits increased $59.7 million, time deposits increased $240.6 million and noninterest-bearing demand deposits decreased $83.7 million.
The estimated total of uninsured deposits was $2.5 billion at both June 30, 2024 and December 31, 2023, of which $0.8 billion were secured by pledged investment securities or letters of credit at both June 30, 2024 and December 31, 2023. Uninsured amounts are estimated based on known account relationships for each depositor and insurance guidelines provided by the FDIC.
78

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


Market Risk
The following gap analysis compares the difference between the amount of interest-earning assets and interest-bearing liabilities subject to repricing over a period of time. The ratio of rate-sensitive assets to rate-sensitive liabilities repricing within a one-year period was 0.67 and 0.69 at June 30, 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.
The following is the gap analysis as of June 30, 2024 and December 31, 2023: 
 June 30, 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$3,668,042 $441,406 $694,830 $4,804,278 $3,150,923 $954,028 
Investments57,525 47,901 91,198 196,624 673,382 778,672 
Other interest-earning assets77,228 — — 77,228 1,158 — 
Total interest-sensitive assets (ISA)3,802,795 489,307 786,028 5,078,130 3,825,463 1,732,700 
Certificates of deposit400,260 612,090 357,745 1,370,095 157,398 1,146 
Other deposits5,575,595 — — 5,575,595 — — 
Borrowings616,673 209 419 617,301 52,872 32 
Total interest-sensitive liabilities (ISL)6,592,528 612,299 358,164 7,562,991 210,270 1,178 
Gap$(2,789,733)$(122,992)$427,864 $(2,484,861)$3,615,193 $1,731,522 
ISA/ISL0.58 0.80 2.19 0.67 18.19 1,470.88 
Gap/Total assets23.99 %1.06 %3.68 %21.37 %31.09 %14.89 %

 
 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 %

79

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


The following table presents an analysis of the potential sensitivity of our annual net interest income to gradual changes in interest rates over a 12-month time frame as compared with net interest income if rates remained unchanged and there are no changes in balance sheet categories.
 
 Net interest income change (12 months) for basis point movements of:
 -200-100+100+200
 (dollars in thousands)
June 30, 2024 ($)$(19,979)$(9,643)$7,148 $12,961 
June 30, 2024 (%)(4.76)%(2.30)%1.70 %3.09 %
December 31, 2023 ($)$(9,867)$(4,504)$6,215 $11,091 
December 31, 2023 (%)(2.53)%(1.16)%1.59 %2.84 %
The following table represents the potential sensitivity of our annual net interest income to immediate changes in interest rates versus if rates remained unchanged and there are no changes in balance sheet categories.
 Net interest income change (12 months) for basis point movements of:
 -200-100+100+200
 (dollars in thousands)
June 30, 2024 ($)$(37,145)$(19,357)$19,551 $36,859 
June 30, 2024 (%)(8.85)%(4.61)%4.66 %8.78 %
December 31, 2023 ($)$(38,890)$(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 six months ended June 30, 2024 and 2023, the cost of our interest-bearing liabilities averaged 2.81% and 1.59%, respectively, and the yield on our average interest-earning assets, on a fully taxable equivalent basis, averaged 5.60% and 5.02%, 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 $4.7 million at June 30, 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. Consumer loans related to automobile and recreational vehicles are either charged off or repossessed at no later than 90 days past due.
80

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


Nonperforming loans are closely monitored on an ongoing basis as part of our loan review and work-out process. The probable risk of loss on these loans is evaluated by comparing the loan balance to the fair value of any underlying collateral or the present value of projected future cash flows. Losses or a specifically assigned allowance for loan losses are recognized where appropriate.
Nonperforming loans and leases, including loans held for sale, increased $17.6 million to $57.1 million at June 30, 2024, compared to $39.5 million at December 31, 2023. The increase in nonperforming loans is primarily a result of $33.7 million in commercial loans that were moved to nonaccrual during the first six months of 2024. Offsetting these additions is the payoff of three commercial real estate relationships totaling $10.3 million, accompanied by $0.5 million in charge-offs and the payoff of two commercial, financial, agricultural and other relationships totaling $1.3 million.
The allowance for credit losses as a percentage of nonperforming loans was 216.48% as of June 30, 2024, compared to 298.23% at December 31, 2023, and 278.17% at June 30, 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 updated discounted cash flow analyses. The allowance for credit losses includes specific reserves of $11.8 million and general reserves of $111.9 million as of June 30, 2024. Specific reserves increased $6.7 million from December 31, 2023, and decreased $1.3 million from June 30, 2023. The increase from December 31, 2023 is primarily due to $7.4 million in specific reserves on nonperforming loans moved to nonaccrual and $1.8 million in specific reserves increased from December 31, 2023 due to updated appraisals and credit information obtained. Offsetting this are charge-offs totaling $1.8 million on two commercial, financial, agricultural and other relationship, both of which were fully reserved. The decrease from June 30, 2023 is due to the charge-off of $6.4 million related to three commercial, financial, agricultural and other relationships, all of which were fully reserved, and the payoff of loans releasing $4.4 million in specific reserves. Offsetting these are specific reserves on loans moved to nonaccrual of $6.6 million and increase in specific reserves of $2.6 million due to updated financial information.
Criticized loans totaled $241.6 million at June 30, 2024 and represented 3% of the loan portfolio. The level of criticized loans increased as of June 30, 2024 when compared to December 31, 2023, by $31.4 million, or 15%. Classified loans totaled $103.1 million at June 30, 2024 compared to $87.1 million at December 31, 2023, an increase of $16.1 million, or 18%. The increase in classified loans can be attributed to the increase in nonperforming loans.
The allowance for credit losses was $123.7 million at June 30, 2024, or 1.37% of total loans and leases outstanding, compared to 1.31% reported at December 31, 2023, and 1.52% at June 30, 2023. General reserves, or the portion of the allowance related to loans that were not specifically evaluated, as a percentage of performing loans were 1.25% at June 30, 2024 compared to 1.26% at December 31, 2023 and 1.38% at June 30, 2023.
81

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:
 June 30, December 31, 2023 
 2024 2023 
 (dollars in thousands) 
Nonperforming Loans:
Total nonperforming loans$57,119   $48,009   $39,472   
Loans past due 30 to 90 days and still accruing$36,489 $15,693 $20,116 
Loans past due in excess of 90 days and still accruing$1,753   $2,474   $9,436   
Other real estate owned$484   $324   $422   
Loans held for sale at end of period$50,769 $16,300 $29,820 
Portfolio loans and leases outstanding at end of period$8,994,890   $8,799,836 $8,968,761   
Average loans and leases outstanding$9,007,969 (a) $8,496,305 (a) $8,714,770 (b) 
Nonperforming loans as a percentage of total loans and leases0.63 %0.54 %0.44 %
Provision for credit losses on loans and leases (e)
$14,640 (a) $2,620 (a) $7,106 (b) 
Provision for credit losses - acquisition day 1 non-PCD$— $10,653 $10,653 
Allowance for credit losses$123,654   $133,546   $117,718   
Net charge-offs$8,704 (a) $9,838 (a) $30,152 (b) 
Net charge-offs as a percentage of average loans and leases outstanding (annualized)0.19 %0.23 %0.35 %
Provision for credit losses as a percentage of net charge-offs (e)
168.20 %(a) 26.63 %(a) 23.57 %(b) 
Allowance for credit losses as a percentage of end-of-period loans and leases outstanding (c)
1.37 %1.52 %1.31 %
Allowance for credit losses as a percentage of nonperforming loans (d)
216.48 %278.17 %298.23 %
(a)For the six-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:
 
 June 30, 2024December 31, 2023
 Amount%Amount%
 (dollars in thousands)
Commercial, financial, agricultural and other$1,629,516 18 %$1,543,349 17 %
Real estate construction548,055 6 597,735 7 
Residential real estate2,394,306 27 2,416,876 27 
Commercial real estate3,077,013 34 3,053,152 34 
Loans to individuals1,346,000 15 1,357,649 15 
Total loans and leases, net of unearned income$8,994,890 100 %$8,968,761 100 %
During the six months ended June 30, 2024, loans increased $26.1 million, or 0.3%, compared to balances outstanding at December 31, 2023.
Real estate construction loans decreased $49.7 million, or 8.3%, due to the completion of commercial real estate projects that were then moved to permanent financing. Residential real estate decreased $22.6 million, or 0.9%, primarily due to sales of closed-end 1-4 family mortgage loans originated for sale. Commercial real estate loans increased $23.9 million, or 0.8%, as a result of growth in loans secured by nonresidential property, due in part to the completion of several construction projects. Loans to individuals decreased $11.6 million, or 0.9%, primarily due to declines in the automobile and recreational vehicles portfolio as well as the personal lines of credit portfolio. Commercial, financial, agricultural and other loans increased $86.2 million, or 5.6%, primarily due to growth in the equipment finance portfolio.
82

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.
June 30, 2024December 31, 2023
Amount%Amount%
(dollars in thousands)
Land$4,892 0.3 %$3,180 0.1 %
Residential 1-49,938 0.3 39,776 1.3 
Industrial and Storage441,968 14.4 456,759 15.0 
Multifamily637,618 20.7 597,262 19.6 
Office527,517 17.1 550,889 18.0 
Healthcare177,709 5.8 149,909 4.9 
Student Housing96,887 3.1 88,557 2.9 
Retail755,801 24.6 750,899 24.6 
Hospitality219,661 7.1 210,485 6.9 
Specialty Use197,449 6.4 192,570 6.3 
Other7,573 0.2 12,866 0.4 
Total$3,077,013 100.0 %$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 June 30, 2024.
For the Six Months Ended June 30, 2024As of June 30, 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$4,727 54.31 %0.11 %$13,767 24.11 %0.15 %
Real estate construction29 0.33 — 5,869 10.28 0.06 
Residential real estate85 0.98 — 9,576 16.76 0.11 
Commercial real estate500 5.74 0.01 27,779 48.63 0.31 
Loans to individuals3,363 38.64 0.08 128 0.22 — 
Total loans and leases, net of unearned income$8,704 100.00 %0.19 %$57,119 100.00 %0.63 %
Net charge-offs for the six months ended June 30, 2024 totaled $8.7 million, compared to $9.8 million for the six months ended June 30, 2023. The most significant charge-off during the six months ended June 30, 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, $3.4 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 June 30, 2024, shareholders’ equity was $1.4 billion, an increase of $48.2 million from December 31, 2023. The increase was primarily the result of $74.6 million in net income. Offsetting this increase was a $1.7 million decrease in the fair value of available for sale investments and interest rate swaps, which is reflected in the Other Comprehensive Income component of capital. Other items impacting capital include an increase due to $3.4 million in treasury stock sales and decreases due to $26.1 million of dividends paid to shareholders and $2.1 million of common stock repurchases. Cash dividends declared per common share were $0.255 for the six months ended June 30, 2024.
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ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES


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, of which $50 million remained outstanding at June 30, 2024. which under the regulatory rules qualifies as Tier II capital. As of June 30, 2024, this subordinated debt issuance increased the total risk-based capital ratio by 52 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 June 30, 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 June 30, 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$1,331,287 14.19 %$985,048 10.50 %$938,141 10.00 %
First Commonwealth Bank1,228,625 13.12 983,079 10.50 936,266 10.00 
Tier I Capital to Risk Weighted Assets
First Commonwealth Financial Corporation$1,168,905 12.46 %$797,420 8.50 %$750,513 8.00 %
First Commonwealth Bank1,066,243 11.39 795,826 8.50 749,012 8.00 
Tier I Capital to Average Assets
First Commonwealth Financial Corporation$1,168,905 10.20 %$458,230 4.00 %$572,788 5.00 %
First Commonwealth Bank1,066,243 9.33 456,953 4.00 571,192 5.00 
Common Equity Tier I to Risk Weighted Assets
First Commonwealth Financial Corporation$1,098,905 11.71 %$656,699 7.00 %$609,792 6.50 %
First Commonwealth Bank1,066,243 11.39 655,386 7.00 608,573 6.50 
On July 23, 2024, First Commonwealth Financial Corporation declared a quarterly dividend of $0.13 per share payable on August 16, 2024 to shareholders of record as of August 2, 2024. The timing and amount of future dividends are at the
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ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES


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 June 30, 2024, 2,514,538 common shares had been repurchased under these program at an average price of $13.07 per share. During the three months ended June 30, 2024, 22,961 common shares were repurchased under these programs at an average price of $12.48 per share. There were no shares purchased during the three months ended March 31, 2024.
New Accounting Pronouncements
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.
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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.
86

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
    
On October 26, 2021, a share repurchase program was authorized for up to $25.0 million in shares of the Company's common stock with a $25 million increase in April of 2023. The following table details the amount of shares repurchased under this program in the second quarter of 2024:

Month Ending:Total Number of
Shares
Purchased		Average Price
Paid per Share
(or Unit)		Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs		Maximum Number
of Shares that
May Yet Be
Purchased Under
the Plans or
Programs*
April 30, 202422,961 $12.48 22,961 1,296,771 
May 31, 2024— — — 1,266,055 
June 30, 2024— — — 1,238,552 
Total22,961 $12.48 22,961 
* Remaining number of shares approved under the Plan is based on the market value of the Company's common stock of $13.19 at April 30, 2024, $13.51 at May 31, 2024 and $13.81 at June 30, 2024.

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 June 30, 2024, as such terms are defined under Item 408(a) of Regulation S-K.
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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
    Filed herewith
    Filed herewith
101  The following materials from First Commonwealth Financial Corporation’s Quarterly Report on Form 10-Q, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income and Comprehensive Income, (iii) the Consolidated Statements of Changes in Stockholders’ Equity, (iv) the Consolidated Statements of Cash Flows, and (v) the Notes to Unaudited Consolidated Financial Statements. Note that XBRL tags are embedded within the document.  Filed herewith

88

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
FIRST COMMONWEALTH FINANCIAL CORPORATION
(Registrant)
 
DATED: August 8, 2024 /s/ T. Michael Price
 
T. Michael Price
President and Chief Executive Officer
DATED: August 8, 2024 /s/ James R. Reske
 James R. Reske
Executive Vice President, Chief Financial Officer and Treasurer

89

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