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美國

證券交易委員會

華盛頓特區20549

形式 10-Q

 

ý			根據1934年《證券交易法》第13或15(D)條規定的季度報告

截至本季度末2024年9月30日

或

☐			根據1934年證券交易法第13或15（d）條提交的過渡報告

從 到

佣金文件編號001-11138

第一英聯邦金融公司

(註冊人的確切姓名載於其章程)

賓夕法尼亞									25-1428528
(註冊成立或組織的國家或其他司法管轄區)									(國際稅務局僱主身分證號碼)
費城街601號
印第安納州			帕						15701
（主要行政辦公室地址）									(郵政編碼)

724-349-7220

(註冊人的電話號碼，包括區號)

N/A

(前姓名、前地址和前財政年度，如果自上次報告以來發生變化)

根據該法第12(B)條登記的證券：

每個班級的標題			交易代碼			註冊的每個交易所的名稱
普通股，面值1.00美元			FCF			紐約證券交易所

通過勾選標記標記註冊人是否（1）在過去12個月內（或在註冊人被要求提交此類報告的較短期限內）提交了1934年證券交易法第13或15（d）條要求提交的所有報告，以及（2）在過去90天內是否遵守此類提交要求。 是的  x*¨.

用複選標記表示註冊人是否在過去12個月內(或在註冊人被要求提交此類文件的較短時間內)以電子方式提交了根據S-T規則第405條(本章232.405節)要求提交的每個交互數據文件。是的  x*¨

用複選標記表示註冊人是大型加速申報公司、加速申報公司、非加速申報公司還是較小的報告公司。請參閱《交易法》第12b-2條規則中「大型加速申報公司」、「加速申報公司」和「較小申報公司」的定義。

大型加速文件服務器  x 加速編報公司 ¨ 小型上市公司 ☐ 新興成長型公司：☐

非加速歸檔 ¨ (不要檢查是否有規模較小的報告公司) 

如果是一家新興的成長型公司，用複選標記表示註冊人是否已選擇不使用延長的過渡期來遵守根據《交易所法》第13(A)節提供的任何新的或修訂的財務會計準則。 ¨

用複選標記表示註冊人是否是空殼公司(如交易法第12b-2條所定義)。☐*編號：x

截至2024年11月11日，發行人普通股（面值1.00美元）已發行股數爲 101,782,705.

---

目錄表

第一英聯邦金融公司及其子公司

表格10-Q

索引

 

						頁
第一部分。			財務信息
第1項。			財務報表和補充數據
			包括在本報告第一部分中：
			第一英聯邦金融公司及其子公司
			合併財務狀況報表（未經審計）			3
			合併利潤表（未經審計）			4
			合併全面收益表（未經審計）			6
			合併股東權益變動表（未經審計）			7
			合併現金流量表(未經審計)			9
			未經審計的合併財務報表附註			10
第二項。			管理層對財務狀況和經營成果的探討與分析			62
第三項。			關於市場風險的定量和定性披露			89
第四項。			控制和程序			89
第二部分。			其他信息
第1項。			法律訴訟			90
項目1A.			危險因素			90
第二項。			未登記的股權證券銷售和收益的使用			90
第三項。			高級證券違約			90
第四項。			煤礦安全信息披露			90
第5項。			其他信息			90
第6項。			陳列品			91
			簽名			92

2

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目錄表

項目1. 財務報表和補充數據

第一英聯邦金融公司及其子公司

合併財務狀況報表（未經審計）

			2024年9月30日						2023年12月31日
			(千美元，共享數據除外)
資產
現金和銀行到期款項			$	126,598					$	125,436
計息銀行存款			455,711						21,557
可供出售的證券，按公允價值計算			1,140,800						1,020,986
持有至到期的證券，按攤銷成本計算（公允價值爲美元373,160 和$350,595 分別於2024年9月30日和2023年12月31日）			430,425						419,009
其他投資			24,592						50,871
持有待售貸款			46,785						29,820
貸款和租賃：
證券組合貸款和租賃			8,965,500						8,968,761
信貸損失準備			(126,112)						(117,718)
貸款和租賃淨額			8,839,388						8,851,043
房舍和設備，淨額			116,752						121,015
擁有的其他房地產			669						422
商譽			363,715						363,715
攤銷無形資產，淨值			20,457						22,820
銀行自營人壽保險			228,601						228,479
其他資產			188,706						204,315
總資產			$	11,983,199					$	11,459,488
負債
存款（全部國內）：
不計息			$	2,463,971					$	2,388,533
計息			7,281,581						6,803,776
總存款			9,745,552						9,192,309
短期借款			538,828						597,835
次級債券			128,266						177,741
其他長期債務			3,548						4,122
資本租賃義務			4,471						4,894
長期債務總額			136,285						186,757
其他負債			152,918						168,313
總負債			10,573,583						10,145,214
股東權益
優先股，$1 每股面值， 3,000,000 授權股份， 無 發佈			—						—
普通股，$1 每股面值， 200,000,000 授權股份; 123,603,380 分別於2024年9月30日和2023年12月31日發行的股票，以及 102,237,941和102,114,664 分別於2024年9月30日和2023年12月31日發行在外的股票			123,603						123,603
額外實收資本			631,408						630,154
留存收益			948,464						881,112
累計其他綜合損失，淨			(83,086)						(111,756)
庫存股(21,365,439 和 21,488,716 分別於2024年9月30日和2023年12月31日的股票）			(210,773)						(208,839)
股東權益總額			1,409,616						1,314,274
總負債和股東權益			$	11,983,199					$	11,459,488

附註是這些未經審計的綜合財務報表的組成部分。

3

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目錄表

項目1. 財務報表和補充數據（續）

第一英聯邦金融公司及其子公司

合併收益表（未經審計）

			截至以下三個月												在截至的9個月中
			9月30日，												9月30日，
			2024						2023						2024						2023
			(千美元，共享數據除外)
利息收入
貸款和租賃的利息和費用			$	137,555					$	129,373					$	405,989					$	357,735
投資利息和股息：
應納稅利息			12,381						6,229						34,356						17,652
利息免徵聯邦所得稅			105						114						320						345
紅利			444						823						1,498						2,110
銀行存款利息			3,838						3,346						8,304						7,899
利息收入總額			154,323						139,885						450,467						385,741
利息支出
存款利息			49,663						32,685						140,387						74,104
短期借款利息			6,279						6,643						19,383						14,237
次級債券利息			1,786						2,707						6,637						7,175
其他長期債務利息			35						41						109						130
租賃債務利息			45						52						140						156
總利息支出			57,808						42,128						166,656						95,802
淨利息收入			96,515						97,757						283,811						289,939
信貸損失準備金			10,615						5,885						22,680						6,025
信用損失撥備-收購第1天非PD			—						—						—						10,653
扣除信用損失撥備後的淨利息收入			85,900						91,872						261,131						273,261
非利息收入
證券收益（損失）淨額			88						(103)						(5,447)						(103)
VISA交換和銷售的收益			106						—						5,664						—
信託收益			3,242						2,949						8,790						7,967
存款帳戶手續費			5,840						5,600						16,769						15,842
保險和零售經紀佣金			2,663						2,305						7,618						7,171
銀行自營人壽保險收入			2,278						1,242						4,943						3,664
出售按揭貸款的收益			1,151						1,270						4,150						3,175
出售其他貸款和資產的收益			2,576						1,027						6,035						5,004
與卡相關的交換收入			4,137						7,221						17,964						21,422
衍生品按市價計價			(153)						35						(141)						27
掉期費收入			88						452						88						1,029
其他收入			2,682						2,828						7,463						7,114
非利息收入總額			24,698						24,826						73,896						72,312
非利息支出
薪酬和員工福利			38,618						35,640						111,262						106,639
淨佔用率			4,858						4,782						15,014						14,584
傢俱和設備			4,335						4,414						13,093						12,936
數據處理			3,879						3,857						11,543						11,024
廣告和促銷			1,960						1,662						4,177						4,652
賓夕法尼亞州股票稅			1,126						1,588						3,454						4,013
無形攤銷			1,223						1,344						3,656						3,773
其他專業費用和服務			1,448						1,603						3,976						4,376
FDIC保險			1,638						1,920						4,537						4,614
資產出售或減記損失			132						50						352						97
訴訟和運營損失			2,181						1,626						3,672						3,263
提前贖回次級債務損失			—						—						369						—
併購相關			—						379						114						8,860
其他運營			8,672						8,548						26,222						25,906
總非利息支出			70,070						67,413						201,441						204,737

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

4

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Table of Contents

			For the Three Months Ended												For the Nine Months Ended
			September 30,												September 30,
			2024						2023						2024						2023
			(dollars in thousands, except share data)
Income Before Income Taxes			40,528						49,285						133,586						140,836
Income tax provision			8,442						10,054						26,863						28,600
Net Income			$	32,086					$	39,231					$	106,723					$	112,236
Average Shares Outstanding			102,069,233						102,159,213						102,032,702						101,428,065
Average Shares Outstanding Assuming Dilution			102,418,964						102,442,878						102,293,213						101,674,970
Per Share Data: Basic Earnings per Share			$	0.31					$	0.38					$	1.05					$	1.11
Diluted Earnings per Share			$	0.31					$	0.38					$	1.04					$	1.10
Cash Dividends Declared per Common Share			$	0.130					$	0.125					$	0.385					$	0.370

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

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Table of Contents

ITEM 1. Financial Statements and Supplementary Data (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

 

			For the Three Months Ended												For the Nine Months Ended
			September 30,												September 30,
			2024						2023						2024						2023
			(dollars in thousands)
Net Income			$	32,086					$	39,231					$	106,723					$	112,236
Other comprehensive income (loss), before tax (expense) benefit:
Unrealized holding gains (losses) on securities arising during the period			30,372						(21,389)						18,578						(25,150)
Reclassification adjustment for (gains) losses included in net income			(88)						103						5,447						103
Unrealized holding gains on derivatives arising during the period			8,108						2,111						12,266						4,336
Total other comprehensive income (loss), before tax (expense) benefit			38,392						(19,175)						36,291						(20,711)
Income tax (expense) benefit related to items of other comprehensive income (loss)			(8,062)						3,672						(7,621)						4,349
Total other comprehensive income (loss)			30,330						(15,503)						28,670						(16,362)
Comprehensive Income			$	62,416					$	23,728					$	135,393					$	95,874

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

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Table of Contents

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, 2023			102,114,664						$	123,603					$	630,154					$	881,112					$	(111,756)					$	(208,839)											$	1,314,274
Net income																					106,723																								106,723
Other comprehensive income																											28,670																		28,670
Cash dividends declared ($0.385 per share)																					(39,371)																								(39,371)
Treasury stock acquired			(303,471)																														(4,554)												(4,554)
Treasury stock reissued			230,051												313						—												2,216												2,529
Restricted stock			196,697						—						941						—												404												1,345
Balance at September 30, 2024			102,237,941						$	123,603					$	631,408					$	948,464					$	(83,086)					$	(210,773)											$	1,409,616

			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, 2022			93,376,314						$	113,915					$	497,431					$	774,863					$	(137,692)					$	(196,443)											$	1,052,074
Net income																					112,236																								112,236
Other comprehensive loss																											(16,362)																		(16,362)
Cash dividends declared ($0.370 per share)																					(38,050)																								(38,050)
Treasury stock acquired			(1,137,475)																														(14,105)												(14,105)
Treasury stock reissued			163,950												660						—												1,551												2,211
Restricted stock			93,385						—						488						—												684												1,172
Common stock issuance			9,688,478						9,688						131,667																														141,355
Balance at September 30, 2023			102,184,652						$	123,603					$	630,246					$	849,049					$	(154,054)					$	(208,313)											$	1,240,531

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

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Table of Contents

ITEM 1. Financial Statements and Supplementary Data (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

			Shares Outstanding						Common Stock						Additional Paid-in- Capital						Retained Earnings						Accumulated Other Comprehensive Income (Loss), net						Treasury Stock												Total Shareholders’ Equity
			(dollars in thousands, except share and per share data)
Balance at June 30, 2024			102,297,847						$	123,603					$	630,910					$	929,686					$	(113,416)					$	(208,278)											$	1,362,505
Net income																					32,086																								32,086
Other comprehensive income																											30,330																		30,330
Cash dividends declared ($0.130 per share)																					(13,308)																								(13,308)
Treasury stock acquired			(147,531)																														(2,482)												(2,482)
Treasury stock reissued			—												—						—												—												—
Restricted stock			87,625						—						498						—												(13)												485
Balance at September 30, 2024			102,237,941						$	123,603					$	631,408					$	948,464					$	(83,086)					$	(210,773)											$	1,409,616

			Shares Outstanding						Common Stock						Additional Paid-in- Capital						Retained Earnings						Accumulated Other Comprehensive Income (Loss), net						Treasury Stock												Total Shareholders’ Equity
			(dollars in thousands, except share and per share data)
Balance at June 30, 2023			102,444,915						$	123,603					$	630,246					$	822,619					$	(138,551)					$	(205,498)											$	1,232,419
Net income																					39,231																								39,231
Other comprehensive loss																											(15,503)																		(15,503)
Cash dividends declared ($0.125 per share)																					(12,801)																								(12,801)
Treasury stock acquired			(260,263)																														(3,216)												(3,216)
Treasury stock reissued			—												—						—												—												—
Restricted stock			—						—						—						—												401												401
Balance at September 30, 2023			102,184,652						$	123,603					$	630,246					$	849,049					$	(154,054)					$	(208,313)											$	1,240,531

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

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Table of Contents

ITEM 1. Financial Statements and Supplementary Data (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

			For the Nine Months Ended
			September 30,
			2024						2023
Operating Activities			(dollars in thousands)
Net income			$	106,723					$	112,236
Adjustment to reconcile net income to net cash provided by operating activities:
Provision for credit losses			22,680						16,678
Deferred tax expense			1,888						3,179
Depreciation and amortization			3,629						2,831
Net gains on securities and other assets			(9,714)						(7,701)
Net amortization of premiums and discounts on securities			635						1,052
Loss on early redemption of subordinated debentures			369						—
Income from increase in cash surrender value of bank owned life insurance			(3,935)						(3,627)
Decrease (increase) in interest receivable			2,771						(5,156)
Mortgage loans originated for sale			(185,514)						(137,721)
Proceeds from sale of mortgage loans			162,210						128,270
Increase in interest payable			17,601						3,937
Increase (decrease) in income taxes payable			1,461						(1,905)
Other, net			(4,858)						(5,336)
Net cash provided by operating activities			115,946						106,737
Investing Activities
Transactions with securities held to maturity:
Proceeds from maturities and redemptions			43,400						31,394
Purchases			(55,276)						(200)
Transactions with securities available for sale:
Proceeds from sales			69,598						33,756
Proceeds from maturities and redemptions			140,079						75,593
Purchases			(311,088)						(155,782)
Proceeds from sale of equity securities			5,664						—
Purchases of FHLB stock			(26,117)						(83,218)
Proceeds from the redemption of FHLB stock			51,946						73,311
Proceeds from the redemption of other investments			450						—
Proceeds from bank owned life insurance			3,813						2,246
Proceeds from sale of loans			73,756						110,695
Proceeds from sale of other assets			4,986						2,836
Net cash received from business acquisition			—						14,492
Net increase in loans and leases			(69,614)						(435,093)
Purchases of premises and equipment and other assets			(11,771)						(19,020)
Net cash used in investing activities			(80,174)						(348,990)
Financing Activities
Net decrease in other short-term borrowings			(59,007)						(1,368)
Net increase in deposits			553,269						479,307
Repayments of other long-term debt			(574)						(553)
Repayments of capital lease obligation			(423)						(397)
Repayments of subordinated debentures			(50,000)						—
Dividends paid			(39,371)						(38,050)
Proceeds from reissuance of treasury stock			204						245
Purchase of treasury stock			(4,554)						(14,105)
Net cash provided by financing activities			399,544						425,079
Net increase in cash and cash equivalents			435,316						182,826
Cash and cash equivalents at January 1			146,993						154,244
Cash and cash equivalents at September 30			$	582,309					$	337,070

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

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ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Note 1 Basis of Presentation

The accounting and reporting policies of First Commonwealth Financial Corporation and subsidiaries (“First Commonwealth” or the “Company”) conform with generally accepted accounting principles in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates, assumptions and judgments that affect the amounts reported in the financial statements and accompanying notes. Actual realized amounts could differ from those estimates. In the opinion of management, the unaudited interim consolidated financial statements include all adjustments (consisting of only normal recurring adjustments) necessary for a fair presentation of First Commonwealth’s financial position, results of operations, comprehensive income, cash flows and changes in shareholders’ equity as of and for the periods presented. Certain information and Note disclosures normally included in Consolidated Financial Statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC.

For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, federal funds sold and interest-bearing bank deposits. Generally, federal funds are sold for one-day periods.

The results of operations for the nine months ended September 30, 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 banks			14,492
Investment securities			34,302
FHLB stock			7,658
Loans			923,555
Premises and equipment			17,186
Core deposit intangible			16,671
Bank owned life insurance			4,502
Other assets			17,391
Total assets acquired						1,035,757
Fair value of liabilities assumed
Deposits			757,003
Borrowings			179,301
Other liabilities			18,484
Total liabilities assumed						954,788
Total fair value of identifiable net assets						80,969
Goodwill						$	60,387

10

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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

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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 Balance						PCD Allowance for Credit Loss at Acquisition						(Discount) Premium on Acquired Loans						Fair Value of PCD Loans at Acquisition
			(dollars in thousands)
Commercial, financial, agricultural and other			$	84,095					$	(19,417)					$	117					$	64,795
Time and demand			84,095						(19,417)						117						64,795
Real estate construction			29,947						(287)						(479)						29,181
Construction other			16,978						(227)						(179)						16,572
Construction residential			12,969						(60)						(300)						12,609
Residential real estate			16,564						(527)						(496)						15,541
Residential first lien			13,740						(197)						(264)						13,279
Residential junior lien/home equity			2,824						(330)						(232)						2,262
Commercial real estate			174,002						(6,971)						(6,073)						160,958
Multifamily			13,169						(234)						(1,413)						11,522
Non-owner occupied			97,324						(2,739)						(1,902)						92,683
Owner occupied			63,509						(3,998)						(2,758)						56,753
Loans to individuals			62						(3)						(3)						56
Automobile and recreational vehicles			62						(3)						(3)						56
Total loans and leases			$	304,670					$	(27,205)					$	(6,934)					$	270,531

12

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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 loans						Fair Value of Non-PCD Loans at Acquisition						Day 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 demand			165,878						(5,342)						160,536						3,436
Equipment finance			4						—						4						—
Time and demand other			1,724						(109)						1,615						46
Real estate construction			52,773						(1,126)						51,647						1,638
Construction other			34,801						(971)						33,830						1,146
Construction residential			17,972						(155)						17,817						492
Residential real estate			75,041						(2,593)						72,448						614
Residential first lien			53,612						(1,981)						51,631						437
Residential junior lien/home equity			21,429						(612)						20,817						177
Commercial real estate			378,777						(12,607)						366,170						4,911
Multifamily			45,475						(1,203)						44,272						514
Non-owner occupied			182,793						(5,660)						177,133						2,111
Owner occupied			150,509						(5,744)						144,765						2,286
Loans to individuals			640						(36)						604						8
Automobile and recreational vehicles			449						(25)						424						4
Consumer other			191						(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

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ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 3 Supplemental Comprehensive Income Disclosures

The following table identifies the related tax effects allocated to each component of other comprehensive income (“OCI”) in the unaudited Consolidated Statements of Comprehensive Income. Reclassification adjustments related to securities available for sale are included in the "Net securities gains" line in the unaudited Consolidated Statements of Income.

			For the Nine Months Ended September 30,
			2024																		2023
			Pretax Amount						Tax (Expense) Benefit						Net of Tax Amount						Pretax Amount						Tax (Expense) Benefit						Net of Tax Amount
			(dollars in thousands)
Unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period			$	18,578					$	(3,901)					$	14,677					$	(25,150)					$	5,282					$	(19,868)
Reclassification adjustment for losses on securities included in net income			5,447						(1,144)						4,303						103						(22)						81
Total unrealized gains (losses) on securities			24,025						(5,045)						18,980						(25,047)						5,260						(19,787)
Unrealized gains on derivatives:
Unrealized holding gains on derivatives arising during the period			12,266						(2,576)						9,690						4,336						(911)						3,425
Total unrealized gains on derivatives			12,266						(2,576)						9,690						4,336						(911)						3,425
Total other comprehensive income (loss)			$	36,291					$	(7,621)					$	28,670					$	(20,711)					$	4,349					$	(16,362)

			For the Three Months Ended September 30,
			2024																		2023
			Pretax Amount						Tax (Expense) Benefit						Net of Tax Amount						Pretax Amount						Tax (Expense) Benefit						Net of Tax Amount
			(dollars in thousands)
Unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period			$	30,372					$	(6,377)					$	23,995					$	(21,389)					$	4,138					$	(17,251)
Reclassification adjustment for (gains) losses on securities included in net income			(88)						18						(70)						103						(22)						81
Total unrealized gains (losses) on securities			30,284						(6,359)						23,925						(21,286)						4,116						(17,170)
Unrealized gains on derivatives:
Unrealized holding gains on derivatives arising during the period			8,108						(1,703)						6,405						2,111						(444)						1,667
Total unrealized gains on derivatives			8,108						(1,703)						6,405						2,111						(444)						1,667
Total other comprehensive income (loss)			$	38,392					$	(8,062)					$	30,330					$	(19,175)					$	3,672					$	(15,503)

14

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ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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

			2024															2023
			Securities Available for Sale			Post-Retirement Obligation			Derivatives			Accumulated Other Comprehensive Income (Loss)						Securities Available for Sale			Post-Retirement Obligation			Derivatives			Accumulated 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 income (loss) before reclassification adjustment			14,677			—			9,690			24,367						(19,868)			—			3,425			(16,443)
Amounts reclassified from accumulated other comprehensive (loss) income			4,303			—			—			4,303						81			—			—			81
Net other comprehensive income (loss) during the period			18,980			—			9,690			28,670						(19,787)			—			3,425			(16,362)
Balance at September 30			$	(73,360)		$	344		$	(10,070)		$	(83,086)					$	(127,258)		$	268		$	(27,064)		$	(154,054)

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

			2024															2023
			Securities Available for Sale			Post-Retirement Obligation			Derivatives			Accumulated Other Comprehensive Income (Loss)						Securities Available for Sale			Post-Retirement Obligation			Derivatives			Accumulated Other Comprehensive Income (Loss)
			(dollars in thousands)
Balance at June 30			$	(97,285)		$	344		$	(16,475)		$	(113,416)					$	(110,088)		$	268		$	(28,731)		$	(138,551)
Other comprehensive income (loss) before reclassification adjustment			23,995			—			6,405			30,400						(17,251)			—			1,667			(15,584)
Amounts reclassified from accumulated other comprehensive (loss) income			(70)			—			—			(70)						81			—			—			81
Net other comprehensive income (loss) during the period			23,925			—			6,405			30,330						(17,170)			—			1,667			(15,503)
Balance at September 30			$	(73,360)		$	344		$	(10,070)		$	(83,086)					$	(127,258)		$	268		$	(27,064)		$	(154,054)

Note 4 Supplemental Cash Flow Disclosures

The following table presents information related to cash paid during the period for interest and income taxes, as well as detail on non-cash investing and financing activities for the nine months ended September 30:

			2024						2023
			(dollars in thousands)
Cash paid during the period for:
Interest			$	148,897					$	92,376
Income taxes			22,946						26,874
Non-cash investing and financing activities:
Loans transferred to other real estate owned and repossessed assets			4,472						2,933
Loans transferred from held to maturity to held for sale			65,427						117,143
Loans transferred from held for sale to held to maturity			(3,127)						(519)
Gross increase (decrease) in market value adjustment to securities available for sale			24,025						(25,047)
Gross increase in market value adjustment to derivatives			12,266						4,336
Increase in limited partnership investment unfunded commitment			—						1,320
Noncash treasury stock reissuance			2,325						1,966
Net assets acquired through acquisition			—						66,477

15

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ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 5 Earnings per Share

The following table summarizes the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computations:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2024						2023						2024						2023
Weighted average common shares issued			123,603,380						123,603,380						123,603,380						122,503,223
Average treasury stock shares			(21,238,907)						(21,222,298)						(21,322,792)						(20,849,426)
Average deferred compensation shares			(57,617)						(56,402)						(57,298)						(56,029)
Average unearned non-vested shares			(237,623)						(165,467)						(190,588)						(169,703)
Weighted average common shares and common stock equivalents used to calculate basic earnings per share			102,069,233						102,159,213						102,032,702						101,428,065
Additional common stock equivalents (non-vested stock) used to calculate diluted earnings per share			292,820						226,939						203,600						190,178
Additional common stock equivalents (deferred compensation) used to calculate diluted earnings per share			56,911						56,726						56,911						56,727
Weighted average common shares and common stock equivalents used to calculate diluted earnings per share			102,418,964						102,442,878						102,293,213						101,674,970
Per Share Data:
Basic Earnings per Share			$	0.31					$	0.38					$	1.05					$	1.11
Diluted Earnings per Share			$	0.31					$	0.38					$	1.04					$	1.10

The following table shows the number of shares and the price per share related to common stock equivalents that were not included in the computation of diluted earnings per share for the nine months ended September 30, because to do so would have been antidilutive.

			2024																		2023
									Price Range																		Price Range
			Shares						From						To						Shares						From						To
Restricted Stock			140,439						$	12.39					$	18.08					137,169						$	12.70					$	16.43
Restricted Stock Units			34,700						$	17.09					$	17.09					32,470						$	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:

			September 30, 2024						December 31, 2023
			(dollars in thousands)
Financial instruments whose contract amounts represent credit risk:
Commitments to extend credit			$	2,290,477					$	2,517,905
Financial standby letters of credit			14,493						14,300
Performance standby letters of credit			17,926						17,194
Commercial letters of credit			152						555

 

16

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ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The notional amounts outstanding as of September 30, 2024 include amounts issued in 2024 of $1.9 million in performance standby letters of credit and $1.2 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 September 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 $4.1 million and $7.3 million as of September 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 September 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

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ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 7 Investment Securities

Securities Available for Sale

Below is an analysis of the amortized cost and estimated fair values of securities available for sale at:

			September 30, 2024																								December 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			$	3,209					$	33					$	(126)					$	3,116					$	3,565					$	47					$	(147)					$	3,465
Mortgage-Backed Securities – Commercial			724,019						6,683						(45,868)						684,834						512,979						4,935						(52,521)						465,393
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential			434,676						2,236						(53,457)						383,455						559,769						3,052						(68,222)						494,599
Other Government-Sponsored Enterprises			1,000						—						(53)						947						1,000						—						(85)						915
Obligations of States and Political Subdivisions			8,962						2						(785)						8,179						9,226						3						(1,027)						8,202
Corporate Securities			62,347						1,324						(3,402)						60,269						51,886						145						(3,619)						48,412
Total Debt Securities Available for Sale			$	1,234,213					$	10,278					$	(103,691)					$	1,140,800					$	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 42 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

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ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The amortized cost and estimated fair value of debt securities available for sale at September 30, 2024, by contractual maturity, are shown below.

			Amortized Cost						Estimated Fair Value
			(dollars in thousands)
Due within 1 year			$	490					$	489
Due after 1 but within 5 years			17,900						18,139
Due after 5 but within 10 years			53,919						50,767
Due after 10 years			—						—
			72,309						69,395
Mortgage-Backed Securities (a)			1,161,904						1,071,405
Total Debt Securities			$	1,234,213					$	1,140,800

(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 $727.2 million and a fair value of $688.0 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $434.7 million and a fair value of $383.5 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.

 

Proceeds from sales, gross gains (losses) realized on sales and maturities related to securities held to maturity and securities available for sale were as follows for the nine months ended September 30:

			2024						2023
			(dollars in thousands)
Proceeds from sales			$	69,598					$	33,756
Gross gains (losses) realized:
Sales transactions:
Gross gains			$	—					$	—
Gross losses			(5,535)						(103)
			(5,535)						(103)
Maturities
Gross gains			88						—
Gross losses			—						—
			88						—
Net losses			$	(5,447)					$	(103)

For the nine months ended September 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 nine months ended September 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 $895.0 million and $386.5 million were pledged as of September 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

19

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ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

13,340 Class B-2 shares and 5,294 Class C shares. As of September 30, 2024, the Class C shares were sold at fair value resulting in a gain of $5.7 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 September 30,												For the Nine Months Ended September 30,
			2024						2023						2024						2023
			(dollars in thousands)
Net gains and losses recognized during the period on equity securities			$	106					$	—					$	5,664					$	—
Less: Net gains and losses recognized during the period on equity securities sold during the period			(106)						—						(5,664)						—
Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date			$	—					$	—					$	—					$	—

Securities Held to Maturity

Below is an analysis of the amortized cost and fair values of debt securities held to maturity at:

			September 30, 2024																								December 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			$	1,604					$	—					$	(151)					$	1,453					$	1,781					$	—					$	(175)					$	1,606
Mortgage-Backed Securities- Commercial			105,996						613						(13,012)						93,597						69,502						—						(14,435)						55,067
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential			274,026						—						(39,570)						234,456						296,432						—						(47,148)						249,284
Mortgage-Backed Securities – Commercial			—						—						—						—						2,190						—						(30)						2,160
Other Government-Sponsored Enterprises			22,786						—						(3,426)						19,360						22,543						—						(4,178)						18,365
Obligations of States and Political Subdivisions			25,013						—						(1,704)						23,309						25,561						—						(2,412)						23,149
Debt Securities Issued by Foreign Governments			1,000						—						(15)						985						1,000						—						(36)						964
Total Securities Held to Maturity			$	430,425					$	613					$	(57,878)					$	373,160					$	419,009					$	—					$	(68,414)					$	350,595

20

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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 September 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			$	1,090					$	1,083
Due after 1 but within 5 years			13,786						13,311
Due after 5 but within 10 years			33,360						28,790
Due after 10 years			563						470
			48,799						43,654
Mortgage-Backed Securities (a)			381,626						329,506
Total Debt Securities			$	430,425					$	373,160

(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 $107.6 million and a fair value of $95.1 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $274.0 million and a fair value of $234.5 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 $394.8 million and $98.1 million were pledged as of September 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 September 30, 2024 and December 31, 2023, our FHLB stock totaled $18.9 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 nine months ended September 30, 2024.

As of September 30, 2024 and December 31, 2023, "Other investments" also includes $5.7 million and $6.2 million, respectively, in equity securities. These securities do not have a readily determinable fair value and are carried at cost. During the nine-months ended September 30, 2024 and 2023, there were no gains or losses recognized through earnings on these 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

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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 September 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 Months															12 Months or More															Total
			Estimated Fair Value						Gross Unrealized Losses									Estimated Fair Value						Gross Unrealized Losses									Estimated Fair Value						Gross Unrealized Losses
			(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential			$	—					$	—								$	3,198					$	(277)								$	3,198					$	(277)
Mortgage-Backed Securities – Commercial			—						—									289,554						(58,880)									289,554						(58,880)
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential			1,412						(2)									532,114						(93,025)									533,526						(93,027)
Mortgage-Backed Securities – Commercial			—						—									—						—									—						—
Other Government-Sponsored Enterprises			—						—									20,307						(3,479)									20,307						(3,479)
Obligations of States and Political Subdivisions			360						(1)									29,666						(2,488)									30,026						(2,489)
Debt Securities Issued by Foreign Governments			—						—									585						(15)									585						(15)
Corporate Securities			11,134						(965)									16,813						(2,437)									27,947						(3,402)
Total Securities			$	12,906					$	(968)								$	892,237					$	(160,601)								$	905,143					$	(161,569)

    

At September 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 September 30, 2024, there are 156 debt securities in an unrealized loss position.

22

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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 Months															12 Months or More															Total
			Estimated Fair Value						Gross Unrealized Losses									Estimated Fair Value						Gross Unrealized Losses									Estimated Fair Value						Gross Unrealized Losses
			(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential			$	—					$	—								$	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 – Residential			1,124						(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 Subdivisions			2,641						(62)									26,887						(3,377)									29,528						(3,439)
Debt Securities Issued by Foreign Governments			199						(1)									765						(35)									964						(36)
Corporate Securities			11,416						(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 September 30, 2024, our corporate securities had an amortized cost and an estimated fair value of $62.3 million and $60.3 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 eight corporate securities, respectively, in an unrealized loss position at both September 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 nine months ended September 30, 2024 and 2023.

23

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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 $13.6 million and $8.2 million as of September 30, 2024 and December 31, 2023, respectively, and discounts on purchased loans from acquisitions were $20.1 million and $25.7 million as of September 30, 2024 and December 31, 2023, respectively. The following table provides outstanding balances related to each of our loan types:

 

															September 30, 2024																		December 31, 2023
															(dollars in thousands)
Commercial, financial, agricultural and other															$	1,629,535																	$	1,543,349
Time and demand															1,141,477																		1,187,300
Commercial credit cards															12,405																		12,906
Equipment finance															366,527																		232,944
Time and demand other															109,126																		110,199
Real estate construction															540,775																		597,735
Construction other															522,548																		541,633
Construction residential															18,227																		56,102
Residential real estate															2,374,376																		2,416,876
Residential first lien															1,698,863																		1,739,107
Residential junior lien/home equity															675,513																		677,769
Commercial real estate															3,069,438																		3,053,152
Multifamily															540,427																		551,142
Non-owner occupied															1,803,084																		1,772,785
Owner occupied															725,927																		729,225
Loans to individuals															1,351,376																		1,357,649
Automobile and recreational vehicles															1,275,765																		1,277,969
Consumer credit cards															9,610																		10,291
Consumer other															66,001																		69,389
Total loans and leases															$	8,965,500																	$	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

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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 or raw land.

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 4.26% and during the one-year forecast period it was projected to average 4.87%, with a peak of 5.07%.

25

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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.
Substandard						Well-defined weakness or a weakness that jeopardizes the repayment of the debt. A loan may be classified as substandard as a result of deterioration of the borrower’s financial condition and repayment capacity. Loans for which repayment plans have not been met or collateral equity margins do not protect the Company may also be classified as substandard.
Doubtful						Loans with the characteristics of substandard loans with the added characteristic that collection or liquidation in full, on the basis of presently existing facts and conditions, is highly improbable.

The 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:

			September 30, 2024
									Non-Pass
			Pass						OAEM						Substandard						Doubtful						Loss						Total Non-Pass						Total
			(dollars in thousands)
Commercial, financial, agricultural and other			$	1,527,815					$	70,382					$	31,338					$	—					$	—					$	101,720					$	1,629,535
Time and demand			1,042,940						69,135						29,402						—						—						98,537						1,141,477
Commercial credit cards			12,405						—						—						—						—						—						12,405
Equipment finance			363,348						1,243						1,936						—						—						3,179						366,527
Time and demand other			109,122						4						—						—						—						4						109,126
Real estate construction			527,529						51						13,195						—						—						13,246						540,775
Construction other			509,302						51						13,195						—						—						13,246						522,548
Construction residential			18,227						—						—						—						—						—						18,227
Residential real estate			2,362,443						1,454						10,479						—						—						11,933						2,374,376
Residential first lien			1,691,847						1,116						5,900						—						—						7,016						1,698,863
Residential junior lien/home equity			670,596						338						4,579						—						—						4,917						675,513
Commercial real estate			2,954,477						55,324						59,637						—						—						114,961						3,069,438
Multifamily			522,389						17,956						82						—						—						18,038						540,427
Non-owner occupied			1,749,506						13,841						39,737						—						—						53,578						1,803,084
Owner occupied			682,582						23,527						19,818						—						—						43,345						725,927
Loans to individuals			1,351,274						—						102						—						—						102						1,351,376
Automobile and recreational vehicles			1,275,665						—						100						—						—						100						1,275,765
Consumer credit cards			9,610						—						—						—						—						—						9,610
Consumer other			65,999						—						2						—						—						2						66,001
Total loans and leases			$	8,723,538					$	127,211					$	114,751					$	—					$	—					$	241,962					$	8,965,500

26

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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
			Pass						OAEM						Substandard						Doubtful						Loss						Total Non-Pass						Total
			(dollars in thousands)
Commercial, financial, agricultural and other			$	1,453,970					$	58,325					$	31,054					$	—					$	—					$	89,379					$	1,543,349
Time and demand			1,098,763						58,325						30,212						—						—						88,537						1,187,300
Commercial credit cards			12,906						—						—						—						—						—						12,906
Equipment finance			232,102						—						842						—						—						842						232,944
Time and demand other			110,199						—						—						—						—						—						110,199
Real estate construction			585,543						—						12,192						—						—						12,192						597,735
Construction other			529,441						—						12,192						—						—						12,192						541,633
Construction residential			56,102						—						—						—						—						—						56,102
Residential real estate			2,405,240						2,768						8,868						—						—						11,636						2,416,876
Residential first lien			1,732,006						2,415						4,686						—						—						7,101						1,739,107
Residential junior lien/home equity			673,234						353						4,182						—						—						4,535						677,769
Commercial real estate			2,956,338						62,038						34,776						—						—						96,814						3,053,152
Multifamily			538,939						12,117						86						—						—						12,203						551,142
Non-owner occupied			1,722,315						31,652						18,818						—						—						50,470						1,772,785
Owner occupied			695,084						18,269						15,872						—						—						34,141						729,225
Loans to individuals			1,357,483						—						166						—						—						166						1,357,649
Automobile and recreational vehicles			1,277,805						—						164						—						—						164						1,277,969
Consumer credit cards			10,291						—						—						—						—						—						10,291
Consumer other			69,387						—						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:

			September 30, 2024
			Term Loans																																				Revolving Loans
			2024						2023						2022						2021						2020						Prior												Total
			(dollars in thousands)
Time and demand			$	106,373					$	122,043					$	127,757					$	85,518					$	55,193					$	78,136					$	566,457					$	1,141,477
Pass			104,939						114,374						122,913						65,957						51,512						62,727						520,518						1,042,940
OAEM			1,434						5,792						3,687						12,182						2,777						6,310						36,953						69,135
Substandard			—						1,877						1,157						7,379						904						9,099						8,986						29,402
Gross charge-offs			—						(11)						(25)						(247)						(658)						(1,550)						(5,670)						(8,161)
Gross recoveries			—						—						1						—						183						195						26						405
Commercial credit cards			—						—						—						—						—						—						12,405						12,405
Pass			—						—						—						—						—						—						12,405						12,405
Gross charge-offs			—						—						—						—						—						—						(183)						(183)
Gross recoveries			—						—						—						—						—						—						5						5

27

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ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

			September 30, 2024
			Term Loans																																				Revolving Loans
			2024						2023						2022						2021						2020						Prior												Total
			(dollars in thousands)
Equipment finance			178,083						141,087						47,357						—						—						—						—						366,527
Pass			177,770						139,936						45,642						—						—						—						—						363,348
OAEM			313						414						516						—						—						—						—						1,243
Substandard			—						737						1,199						—						—						—						—						1,936
Gross charge-offs			(60)						(806)						(369)						—						—						—						—						(1,235)
Gross recoveries			—						16						56						—						—						—						—						72
Time and demand other			10,226						10,732						4,822						16,685						19,372						44,696						2,593						109,126
Pass			10,226						10,732						4,822						16,685						19,372						44,696						2,589						109,122
OAEM			—						—						—						—						—						—						4						4
Gross charge-offs			—						—						—						—						—						—						(1,651)						(1,651)
Gross recoveries			—						—						—						—						—						5						146						151
Construction other			24,384						176,947						212,015						76,444						5,669						26,215						874						522,548
Pass			24,384						176,947						207,709						74,933						5,669						18,837						823						509,302
OAEM			—						—						—						—						—						—						51						51
Substandard			—						—						4,306						1,511						—						7,378						—						13,195
Gross charge-offs			—						—						—						(35)						—						—						—						(35)
Gross recoveries			—						—						—						—						—						6						—						6
Construction residential			1,102						13,387						1,804						1,427						—						29						478						18,227
Pass			1,102						13,387						1,804						1,427						—						29						478						18,227
Gross charge-offs			—						—						—						—						—						—						—						—
Gross recoveries			—						—						—						—						—						—						—						—
Residential first lien			36,625						140,707						379,382						493,014						303,754						343,477						1,904						1,698,863
Pass			36,625						139,494						378,595						491,873						303,323						340,106						1,831						1,691,847
OAEM			—						—						—						177						—						866						73						1,116
Substandard			—						1,213						787						964						431						2,505						—						5,900
Gross charge-offs			—						(77)						(1)						(21)						(1)						(37)						—						(137)
Gross recoveries			—						—						—						—						—						150						—						150
Residential junior lien/home equity			14,688						55,779						64,171						38,954						2,148						5,920						493,853						675,513
Pass			14,688						55,768						64,019						38,954						2,148						5,718						489,301						670,596
OAEM			—						—						—						—						—						192						146						338
Substandard			—						11						152						—						—						10						4,406						4,579
Gross charge-offs			—						—						(1)						—						—						—						(223)						(224)
Gross recoveries			—						—						—						—						—						32						39						71
Multifamily			11,914						7,053						163,202						160,295						84,929						112,253						781						540,427
Pass			11,914						7,053						150,791						155,172						84,929						111,749						781						522,389
OAEM			—						—						12,411						5,123						—						422						—						17,956
Substandard			—						—						—						—						—						82						—						82
Gross charge-offs			—						—						—						—						—						—						—						—
Gross recoveries			—						—						—						—						—						—						—						—
Non-owner occupied			48,625						201,299						457,064						185,451						153,016						745,884						11,745						1,803,084
Pass			48,625						198,289						454,957						185,208						138,414						712,333						11,680						1,749,506
OAEM			—						—						2,107						243						1,660						9,831						—						13,841
Substandard			—						3,010						—						—						12,942						23,720						65						39,737
Gross charge-offs			—						—						(50)						—						—						(457)						—						(507)
Gross recoveries			—						—						—						—						—						53						—						53

28

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ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

			September 30, 2024
			Term Loans																																				Revolving Loans
			2024						2023						2022						2021						2020						Prior												Total
			(dollars in thousands)
Owner occupied			55,366						104,679						152,829						150,658						62,568						186,763						13,064						725,927
Pass			54,316						103,705						140,557						144,791						60,920						167,112						11,181						682,582
OAEM			1,050						113						7,086						5,832						202						7,415						1,829						23,527
Substandard			—						861						5,186						35						1,446						12,236						54						19,818
Gross charge-offs			—						—						(141)						(136)						(1,050)						(163)						(50)						(1,540)
Gross recoveries			—						—						—						28						—						44						41						113
Automobile and recreational vehicles			308,474						343,733						353,335						170,238						81,085						18,900						—						1,275,765
Pass			308,474						343,733						353,335						170,184						81,079						18,860						—						1,275,665
Substandard			—						—						—						54						6						40						—						100
Gross charge-offs			(88)						(1,242)						(2,490)						(898)						(454)						(380)						—						(5,552)
Gross recoveries			2						298						669						406						243						319						—						1,937
Consumer credit cards			—						—						—						—						—						—						9,610						9,610
Pass			—						—						—						—						—						—						9,610						9,610
Gross charge-offs			—						—						—						—						—						—						(348)						(348)
Gross recoveries			—						—						—						—						—						—						78						78
Consumer other			6,618						4,948						2,905						10,850						803						2,411						37,466						66,001
Pass			6,618						4,948						2,905						10,850						803						2,411						37,464						65,999
Substandard			—						—						—						—						—						—						2						2
Gross charge-offs			—						(91)						(73)						(57)						(16)						(34)						(977)						(1,248)
Gross recoveries			—						—						14						20						13						93						151						291
Total loans and leases			$	802,478					$	1,322,394					$	1,966,643					$	1,389,534					$	768,537					$	1,564,684					$	1,151,230					$	8,965,500
Total charge-offs			$	(148)					$	(2,227)					$	(3,150)					$	(1,394)					$	(2,179)					$	(2,621)					$	(9,102)					$	(20,821)
Total recoveries			$	2					$	314					$	740					$	454					$	439					$	897					$	486					$	3,332

			December 31, 2023
			Term Loans																																				Revolving Loans
			2023						2022						2021						2020						2019						Prior												Total
			(dollars in thousands)
Time and demand			$	170,285					$	178,568					$	111,288					$	73,487					$	42,502					$	65,419					$	545,751					$	1,187,300
Pass			166,716						174,699						100,779						71,125						29,812						57,660						497,972						1,098,763
OAEM			1,707						3,129						2,948						1,530						10,873						2,553						35,585						58,325
Substandard			1,862						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 finance			170,630						62,314						—						—						—						—						—						232,944
Pass			170,302						61,800						—						—						—						—						—						232,102
Substandard			328						514						—						—						—						—						—						842
Gross charge-offs			(104)						(433)						—						—						—						—						—						(537)
Gross recoveries			—						—						—						—						—						—						—						—
Time and demand other			9,965						6,022						17,860						19,352						3,025						46,466						7,509						110,199
Pass			9,965						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

29

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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 Loans																																				Revolving Loans
			2023						2022						2021						2020						2019						Prior												Total
			(dollars in thousands)
Construction other			94,150						217,565						154,873						44,428						5,379						24,541						697						541,633
Pass			94,150						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 residential			27,487						19,322						2,284						3,194						3,337						—						478						56,102
Pass			27,487						19,322						2,284						3,194						3,337						—						478						56,102
Gross charge-offs			—						—						—						—						—						—						—						—
Gross recoveries			—						—						—						—						—						—						—						—
Residential first lien			120,053						385,917						527,057						320,107						97,529						286,503						1,941						1,739,107
Pass			119,903						385,269						524,841						319,762						96,702						283,665						1,864						1,732,006
OAEM			—						80						1,527						—						—						731						77						2,415
Substandard			150						568						689						345						827						2,107						—						4,686
Gross charge-offs			—						(98)						—						(31)						(1)						(116)						—						(246)
Gross recoveries			—						—						—						—						—						177						—						177
Residential junior lien/home equity			62,098						70,171						44,359						2,487						2,305						4,949						491,400						677,769
Pass			62,098						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
Multifamily			6,839						156,393						155,067						94,284						44,121						92,585						1,853						551,142
Pass			6,839						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 occupied			184,562						423,543						159,593						148,716						221,551						621,678						13,142						1,772,785
Pass			181,578						415,577						159,593						148,716						211,019						592,755						13,077						1,722,315
OAEM			—						7,546						—						—						7,313						16,793						—						31,652
Substandard			2,984						420						—						—						3,219						12,130						65						18,818
Gross charge-offs			—						(232)						—						—						—						(4,473)						—						(4,705)
Gross recoveries			—						—						—						—						—						127						—						127
Owner occupied			106,831						163,830						153,996						80,522						59,357						152,728						11,961						729,225
Pass			106,583						161,071						149,788						75,267						42,745						147,809						11,821						695,084
OAEM			112						785						3,950						4,000						5,363						4,026						33						18,269
Substandard			136						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 vehicles			427,112						459,836						234,144						115,364						35,402						6,111						—						1,277,969
Pass			427,112						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 recoveries			71						479						419						367						347						149						—						1,832
Consumer credit cards			—						—						—						—						—						—						10,291						10,291
Pass			—						—						—						—						—						—						10,291						10,291
Gross charge-offs			—						—						—						—						—						—						(290)						(290)
Gross recoveries			—						—						—						—						—						—						87						87

30

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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 Loans																																				Revolving Loans
			2023						2022						2021						2020						2019						Prior												Total
			(dollars in thousands)
Consumer other			6,893						4,224						13,277						1,411						1,090						3,440						39,054						69,389
Pass			6,893						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 nine months ended September 30, 2024 and 2023 were $17.5 million and $13.8 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 September 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.

31

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ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

			September 30, 2024
			30 - 59 days past due						60 - 89 days past due						90 days or greater and still accruing						Nonaccrual						Total past due and nonaccrual						Current						Total
			(dollars in thousands)
Commercial, financial, agricultural and other			$	1,809					$	3,315					$	—					$	15,409					$	20,533					$	1,609,002					$	1,629,535
Time and demand			891						3,146						—						13,689						17,726						1,123,751						1,141,477
Commercial credit cards			41						53						—						—						94						12,311						12,405
Equipment finance			875						116						—						1,720						2,711						363,816						366,527
Time and demand other			2						—						—						—						2						109,124						109,126
Real estate construction			6,016						—						—						5,817						11,833						528,942						540,775
Construction other			6,016						—						—						5,817						11,833						510,715						522,548
Construction residential			—						—						—						—						—						18,227						18,227
Residential real estate			4,745						2,505						994						10,223						18,467						2,355,909						2,374,376
Residential first lien			3,428						1,753						436						5,644						11,261						1,687,602						1,698,863
Residential junior lien/home equity			1,317						752						558						4,579						7,206						668,307						675,513
Commercial real estate			10,599						479						—						43,172						54,250						3,015,188						3,069,438
Multifamily			69						—						—						21						90						540,337						540,427
Non-owner occupied			6,520						180						—						35,314						42,014						1,761,070						1,803,084
Owner occupied			4,010						299						—						7,837						12,146						713,781						725,927
Loans to individuals			4,416						1,249						197						102						5,964						1,345,412						1,351,376
Automobile and recreational vehicles			4,083						896						79						100						5,158						1,270,607						1,275,765
Consumer credit cards			27						32						—						—						59						9,551						9,610
Consumer other			306						321						118						2						747						65,254						66,001
Total loans and leases			$	27,585					$	7,548					$	1,191					$	74,723					$	111,047					$	8,854,453					$	8,965,500

32

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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 due						60 - 89 days past due						90 days or greater and still accruing						Nonaccrual						Total past due and nonaccrual						Current						Total
			(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 demand			565						691						4,187						9,218						14,661						1,172,639						1,187,300
Commercial credit cards			7						54						—						—						61						12,845						12,906
Equipment finance			600						—						—						842						1,442						231,502						232,944
Time and demand other			34						—						—						—						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 estate			6,982						1,535						1,062						8,573						18,152						2,398,724						2,416,876
Residential first lien			4,130						940						171						4,443						9,684						1,729,423						1,739,107
Residential junior lien/home equity			2,852						595						891						4,130						8,468						669,301						677,769
Commercial real estate			4,157						—						3,509						17,385						25,051						3,028,101						3,053,152
Multifamily			—						—						—						55						55						551,087						551,142
Non-owner occupied			2,303						—						3,509						14,282						20,094						1,752,691						1,772,785
Owner occupied			1,854						—						—						3,048						4,902						724,323						729,225
Loans to individuals			4,613						878						678						166						6,335						1,351,314						1,357,649
Automobile and recreational vehicles			4,115						612						151						164						5,042						1,272,927						1,277,969
Consumer credit cards			39						71						—						—						110						10,181						10,291
Consumer other			459						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

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

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ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

			September 30, 2024																		December 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			$	3,631					$	16,697											$	4,369					$	18,014
Time and demand			2,324						15,390												3,527						17,172
Equipment finance			1,307						1,307												842						842
Time and demand other			—						—												—						—
Real estate construction			5,817						5,869												3,288						3,288
Construction other			5,817						5,869												3,288						3,288
Construction residential			—						—												—						—
Residential real estate			8,669						10,357												7,042						8,763
Residential first lien			5,351						6,290												4,161						5,151
Residential junior lien/home equity			3,318						4,067												2,881						3,612
Commercial real estate			9,524						9,951												12,402						18,219
Multifamily			21						21												55						58
Non-owner occupied			7,236						7,419												10,971						17,092
Owner occupied			2,267						2,511												1,376						1,069
Loans to individuals			102						157												166						259
Automobile and recreational vehicles			100						141												164						257
Consumer other			2						16												2						2
Subtotal			27,743						43,031												27,267						48,543
With a specific allowance recorded:
Commercial, financial, agricultural and other			11,778						12,886						$	6,534					5,691						6,787						$	4,044
Time and demand			11,365						12,473						6,397						5,691						6,787						4,044
Equipment finance			413						413						137						—						—						—
Time and demand other			—						—						—						—						—						—
Real estate construction			—						—						—						—						—						—
Construction other			—						—						—						—						—						—
Construction residential			—						—						—						—						—						—
Residential real estate			1,554						1,723						249						1,531						1,697						118
Residential first lien			293						293						44						282						279						39
Residential junior lien/home equity			1,261						1,430						205						1,249						1,418						79
Commercial real estate			33,648						34,798						7,491						4,983						5,294						387
Multifamily			—						—						—						—						—						—
Non-owner occupied			28,078						29,050						6,686						3,311						3,550						174
Owner occupied			5,570						5,748						805						1,672						1,744						213
Loans to individuals			—						—						—						—						—						—
Automobile and recreational vehicles			—						—						—						—						—						—
Consumer other			—						—						—						—						—						—
Subtotal			46,980						49,407						14,274						12,205						13,778						4,549
Total			$	74,723					$	92,438					$	14,274					$	39,472					$	62,321					$	4,549

35

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ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

															For the Nine Months Ended September 30,
															2024																								2023
															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															$	5,720					$	10																	$	3,974					$	141
Time and demand															4,673						10																		3,786						141
Equipment finance															1,047						—																		188						—
Time and demand other															—						—																		—						—
Real estate construction															4,424						—																		365						—
Construction other															4,424						—																		365						—
Construction residential															—						—																		—						—
Residential real estate															8,223						117																		6,224						75
Residential first lien															4,946						114																		3,602						74
Residential junior lien/home equity															3,277						3																		2,622						1
Commercial real estate															8,951						62																		9,253						170
Multifamily															38						—																		30						—
Non-owner occupied															6,177						20																		7,313						57
Owner occupied															2,736						42																		1,910						113
Loans to individuals															136						5																		428						7
Automobile and recreational vehicles															134						5																		341						7
Consumer other															2						—																		87						—
Subtotal															27,454						194																		20,244						393
With a specific allowance recorded:
Commercial, financial, agricultural and other															5,128						37																		10,190						(16)
Time and demand															5,083						37																		10,190						(16)
Equipment finance															45						—																		—						—
Time and demand other															—						—																		—						—
Real estate construction															—						—																		—						—
Construction other															—						—																		—						—
Construction residential															—						—																		—						—
Residential real estate															1,283						—																		1,099						—
Residential first lien															33						—																		—						—
Residential junior lien/home equity															1,250						—																		1,099						—
Commercial real estate															15,034						233																		13,134						—
Multifamily															—						—																		—						—
Non-owner occupied															12,979						—																		12,763						—
Owner occupied															2,055						233																		371						—
Loans to individuals															—						—																		—						—
Automobile and recreational vehicles															—						—																		—						—
Consumer other															—						—																		—						—
Subtotal															21,445						270																		24,423						(16)
Total															$	48,899					$	464																	$	44,667					$	377

36

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ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

															For the Three Months Ended September 30,
															2024																					2023
															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															$	5,252					$	10																	$	2,509					$	135
Time and demand															3,770						10																		2,269						135
Equipment finance															1,482						—																		240						—
Time and demand other															—						—																		—						—
Real estate construction															5,834						—																		1,096						—
Construction other															5,834						—																		1,096						—
Construction residential															—						—																		—						—
Residential real estate															8,781						4																		6,290						35
Residential first lien															5,420						4																		3,784						34
Residential junior lien/home equity															3,361						—																		2,506						1
Commercial real estate															10,089						17																		7,908						213
Multifamily															14						—																		68						—
Non-owner occupied															7,593						17																		6,498						53
Owner occupied															2,482						—																		1,342						160
Loans to individuals															121						2																		401						6
Automobile and recreational vehicles															119						2																		315						6
Consumer other															2						—																		86						—
Subtotal															30,077						33																		18,204						389
With a specific allowance recorded:
Commercial, financial, agricultural and other															7,816						28																		14,980						—
Time and demand															7,679						28																		14,980						—
Equipment finance															137						—																		—						—
Time and demand other															—						—																		—						—
Real estate construction															—						—																		—						—
Construction other															—						—																		—						—
Construction residential															—						—																		—						—
Residential real estate															1,351						—																		1,236						—
Residential first lien															98						—																		—						—
Residential junior lien/home equity															1,253						—																		1,236						—
Commercial real estate															24,633						233																		13,514						—
Multifamily															—						—																		—						—
Non-owner occupied															20,406						—																		12,601						—
Owner occupied															4,227						233																		913						—
Loans to individuals															—						—																		—						—
Automobile and recreational vehicles															—						—																		—						—
Consumer other															—						—																		—						—
Subtotal															33,800						261																		29,730						—
Total															$	63,877					$	294																	$	47,934					$	389

Unfunded commitments related to nonperforming loans were $0.2 million and $0.1 million at September 30, 2024 and December 31, 2023, respectively. After consideration of the requirements to draw and available collateral related to these

37

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ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

commitments, it was determined that no reserve was required for these commitments at September 30, 2024 and December 31, 2023.

Loan Modifications Made to Borrowers Experiencing Financial Difficulty

In accordance with ASU 2022-02, Financial Instruments Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures ("ASU 2022-02"), modifications to borrowers experiencing financial difficulty may include interest rate reductions, principal forgiveness, other-than-insignificant payment delay, term extensions or any combination thereof. When calculating the allowance for credit losses, these modifications are included in their respective loan segment and an allowance is determined by a loss given default and probability of default methodology.

The following tables present the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty:

			For the Nine Months Ended September 30, 2024
			Rate Reduction						Term Extension						Payment Deferral						Term Extension and Payment Deferral						Rate Reduction, Term Extension and Payment Deferral						Rate Reduction and Payment Deferral						Total						Percentage of Total Loans and Leases
			(dollars in thousands)
Commercial, financial, agricultural and other			$	254					$	5,995					$	—					$	898					$	—					$	100					$	7,247					0.44		%
Time and demand			254						5,995						—						834						—						—						7,083						0.62
Equipment finance			—						—						—						64						—						100						164						0.04
Residential real estate			—						160						—						509						—						—						669						0.03
Residential first lien			—						160						—						482						—						—						642						0.04
Residential junior lien/home equity			—						—						—						27						—						—						27						—
Commercial real estate			—						—						9,674						—						—						—						9,674						0.32
Owner occupied			—						—						9,674						—						—						—						9,674						1.33
Loans to individuals			—						11						—						9						12						—						32						—
Automobile and recreational vehicles			—						11						—						9						12						—						32						—
Total			$	254					$	6,166					$	9,674					$	1,416					$	12					$	100					$	17,622					0.20		%

			For the Nine Months Ended September 30, 2023
			Rate Reduction						Term Extension						Principal Forgiveness						Term Extension and Payment Deferral						Total						Percentage of Total Loans and Leases
			(dollars in thousands)
Residential real estate			$	22					$	305					$	—					$	305					$	632					0.03		%
Residential first lien			22						305						—						305						632						0.04
Total			$	22					$	305					$	—					$	305					$	632					0.01		%

38

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ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

			For the Three Months Ended September 30, 2024
			Rate Reduction						Term Extension						Payment Deferral						Term Extension and Payment Deferral						Total						Percentage of Total Loans and Leases
			(dollars in thousands)
Commercial, financial, agricultural and other			$	75					$	4,885					$	—					$	834					$	5,794					0.36		%
Time and demand			75						4,885						—						834						5,794						0.51
Residential real estate			—						72						—						124						196						0.01
Residential first lien			—						72						—						124						196						0.01
Total			$	75					$	4,957					$	—					$	958					$	5,990					0.07		%

			For the Three Months Ended September 30, 2023
			Rate Reduction						Term Extension						Principal Forgiveness						Term Extension and Payment Deferral						Total						Percentage of Total Loans and Leases
			(dollars in thousands)
Residential real estate			$	—					$	144					$	—					$	63					$	207					0.01		%
Residential first lien			—						144						—						63						207						0.01
Total loans and leases			$	—					$	144					$	—					$	63					$	207					—		%

The following tables describe the financial effect of the modifications made to borrowers experiencing financial difficulty:

			For the Nine Months Ended September 30, 2024
			Rate Reduction						Term Extension (Years)						Principal Forgiveness						Payment Deferral (Years)
			(dollars in thousands)
Commercial, financial, agricultural and other			1.99		%				1.5						$	—					0.9
Time and demand			1.87						1.5						—						1.0
Equipment finance			2.30						0.5						—						0.4
Residential real estate			—						3.8						—						0.7
Residential first lien			—						3.5						—						0.7
Residential junior lien/home equity			—						10.3						—						0.3
Commercial real estate			—						0.0						—						0.9
Owner occupied			—						0.5						—						0.9
Loans to individuals			2.39						2.6						—						0.4
Automobile and recreational vehicles			2.39						2.6						—						0.4
Total			2.01		%				1.7						$	—					0.9

			For the Nine Months Ended September 30, 2023
			Rate Reduction						Term Extension (Years)						Principal Forgiveness						Payment Deferral (Years)
			(dollars in thousands)
Residential real estate			2.25		%				2.8						$	—					0.5
Residential first lien			2.25						2.8						—						0.5
Total			2.25		%				2.8						$	—					0.5

39

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ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

			For the Three Months Ended September 30, 2024
			Rate Reduction						Term Extension (Years)						Principal Forgiveness						Payment Deferral (Years)
			(dollars in thousands)
Commercial, financial, agricultural and other			2.75		%				1.4						$	—					1.0
Time and demand			2.75						1.4						—						1.0
Residential real estate			—						2.9						—						0.7
Residential first lien			—						2.9						—						0.7
Total			2.75		%				1.5						$	—					1.0

			For the Three Months Ended September 30, 2023
			Rate Reduction						Term Extension (Years)						Principal Forgiveness						Payment Deferral (Years)
			(dollars in thousands)
Residential real estate			—		%				2.2						—						0.5
Residential first lien			—						2.2						—						0.5
Total			—		%				2.2						$	—					0.5

40

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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. The following table shows modifications considered to be in default.

			September 30, 2024												December 31, 2023
			Number of Contracts						Balance						Number of Contracts						Balance
			(dollars in thousands)
Commercial, financial, agricultural and other			2						$	164					—						$	—
Equipment finance			2						164						—						—
Residential real estate			1						95						—						—
Residential first lien			1						95						—						—
Total loans and leases			3						$	259					—						$	—

The following table shows the payment status of loans that have been modified in the last twelve months prior to the date presented:

			September 30, 2024
			Current						30 - 59 days past due						60 - 89 days past due						90 days or greater						Total
			(dollars in thousands)
Commercial, financial, agricultural and other			$	7,129					$	—					$	—					$	164					$	7,293
Time and demand			7,129						—						—						—						7,129
Equipment finance			—						—						—						164						164
Residential real estate			616						—						84						95						795
Residential first lien			589						—						84						95						768
Residential junior lien/home equity			27						—						—						—						27
Commercial real estate			9,674						—						—						—						9,674
Owner occupied			9,674						—						—						—						9,674
Loans to individuals			32						—						—						—						32
Automobile and recreational vehicles			32						—						—						—						32
Total loans and leases			$	17,451					$	—					$	84					$	259					$	17,794

			December 31, 2023
			Current						30 - 59 days past due						60 - 89 days past due						90 days or greater						Total
			(dollars in thousands)
Commercial, financial, agricultural and other			$	50					$	—					$	—					$	—					$	50
Time and demand			50						—						—						—						50
Residential real estate			758						—						—						—						758
Residential first lien			758						—						—						—						758
Commercial real estate			9,663						—						—						—						9,663
Owner occupied			9,663						—						—						—						9,663
Total loans and leases			$	10,471					$	—					$	—					$	—					$	10,471

41

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ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following tables provide detail related to the allowance for credit losses:

			For the Nine Months Ended September 30, 2024
			Beginning balance																		Charge-offs						Recoveries						Provision (credit)a						Ending balance
			(dollars in thousands)
Commercial, financial, agricultural and other			$	27,996																	$	(11,230)					$	633					$	13,304					$	30,703
Time and demand			22,819																		(8,161)						405						7,483						22,546
Commercial credit cards			278																		(183)						5						137						237
Equipment finance			3,399																		(1,235)						72						4,294						6,530
Time and demand other			1,500																		(1,651)						151						1,390						1,390
Real estate construction			7,418																		(35)						6						(1,209)						6,180
Construction other			6,448																		(35)						6						(527)						5,892
Construction residential			970																		—						—						(682)						288
Residential real estate			23,901																		(361)						221						(1,122)						22,639
Residential first lien			16,975																		(137)						150						(985)						16,003
Residential junior lien/home equity			6,926																		(224)						71						(137)						6,636
Commercial real estate			37,071																		(2,047)						166						9,492						44,682
Multifamily			5,233																		—						—						(178)						5,055
Non-owner occupied			19,995																		(507)						53						8,405						27,946
Owner occupied			11,843																		(1,540)						113						1,265						11,681
Loans to individuals			21,332																		(7,148)						2,306						5,418						21,908
Automobile and recreational vehicles			19,142																		(5,552)						1,937						4,065						19,592
Consumer credit cards			372																		(348)						78						238						340
Consumer other			1,818																		(1,248)						291						1,115						1,976
Total loans and leases			$	117,718																	$	(20,821)					$	3,332					$	25,883					$	126,112

a) The provision expense (credit) shown here excludes the provision for off-balance sheet credit exposure included in the income statement.

42

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ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

			For the Nine Months Ended September 30, 2023
			Beginning balance						Allowance for credit loss on PCD acquired loans						Charge-offs						Recoveries						Provision (credit)a						Ending balance
			(dollars in thousands)
Commercial, financial, agricultural and other			$	22,650					$	19,417					$	(9,102)					$	352					$	4,088					$	37,405
Time and demand			20,040						19,417						(7,424)						214						804						33,051
Commercial credit cards			335						—						(63)						13						22						307
Equipment finance			1,086						—						(45)						—						1,586						2,627
Time and demand other			1,189						—						(1,570)						125						1,676						1,420
Real estate construction			8,822						287						—						—						(605)						8,504
Construction other			6,360						227						—						—						765						7,352
Construction residential			2,462						60						—						—						(1,370)						1,152
Residential real estate			21,412						527						(384)						128						2,257						23,940
Residential first lien			14,822						197						(124)						65						2,071						17,031
Residential junior lien/home equity			6,590						330						(260)						63						186						6,909
Commercial real estate			28,804						6,971						(1,689)						142						8,871						43,099
Multifamily			4,726						234						—						—						861						5,821
Non-owner occupied			16,426						2,739						(172)						126						6,373						25,492
Owner occupied			7,652						3,998						(1,517)						16						1,637						11,786
Loans to individuals			21,218						3						(4,649)						1,388						3,429						21,389
Automobile and recreational vehicles			18,819						3						(3,469)						1,114						2,823						19,290
Consumer credit cards			412						—						(205)						63						100						370
Consumer other			1,987						—						(975)						211						506						1,729
Total loans and leases			$	102,906					$	27,205					$	(15,824)					$	2,010					$	18,040					$	134,337

a) The provision expense (credit) shown here includes the day 1 provision on non-PCD loans acquired from Centric and excludes the provision for off-balance sheet credit exposure included in the income statement.

43

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ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

			For the Three Months Ended September 30, 2024
			Beginning balance												Charge-offs						Recoveries						Provision (credit)a						Ending balance
			(dollars in thousands)
Commercial, financial, agricultural and other			$	30,608											$	(5,980)					$	110					$	5,965					$	30,703
Time and demand			23,589												(4,784)						11						3,730						22,546
Commercial credit cards			244												(81)						5						69						237
Equipment finance			5,292												(521)						36						1,723						6,530
Time and demand other			1,483												(594)						58						443						1,390
Real estate construction			6,389												—						—						(209)						6,180
Construction other			6,017												—						—						(125)						5,892
Construction residential			372												—						—						(84)						288
Residential real estate			22,173												(106)						51						521						22,639
Residential first lien			15,745												(28)						37						249						16,003
Residential junior lien/home equity			6,428												(78)						14						272						6,636
Commercial real estate			42,544												(1,423)						42						3,519						44,682
Multifamily			5,206												—						—						(151)						5,055
Non-owner occupied			25,036												(37)						5						2,942						27,946
Owner occupied			12,302												(1,386)						37						728						11,681
Loans to individuals			21,940												(2,280)						801						1,447						21,908
Automobile and recreational vehicles			19,676												(1,827)						676						1,067						19,592
Consumer credit cards			346												(120)						33						81						340
Consumer other			1,918												(333)						92						299						1,976
Total loans and leases			$	123,654											$	(9,789)					$	1,004					$	11,243					$	126,112

a) The provision expense (credit) shown here excludes the provision for off-balance sheet credit exposure included in the income statement.

44

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ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

			For the Three Months Ended September 30, 2023
			Beginning balance						Allowance for credit loss on PCD acquired loans						Charge-offs						Recoveries						Provision (credit)a						Ending balance
			(dollars in thousands)
Commercial, financial, agricultural and other			$	41,714					$	—					$	(1,762)					$	98					$	(2,645)					$	37,405
Time and demand			37,873						—						(954)						46						(3,914)						33,051
Commercial credit cards			320						—						(28)						6						9						307
Equipment finance			2,074						—						—						—						553						2,627
Time and demand other			1,447						—						(780)						46						707						1,420
Real estate construction			7,728						—						—						—						776						8,504
Construction other			6,145						—						—						—						1,207						7,352
Construction residential			1,583						—						—						—						(431)						1,152
Residential real estate			23,740						—						(304)						57						447						23,940
Residential first lien			16,563						—						(107)						22						553						17,031
Residential junior lien/home equity			7,177						—						(197)						35						(106)						6,909
Commercial real estate			38,927						—						(172)						6						4,338						43,099
Multifamily			5,775						—						—						—						46						5,821
Non-owner occupied			21,710						—						(172)						2						3,952						25,492
Owner occupied			11,442						—						—						4						340						11,786
Loans to individuals			21,437						—						(2,360)						461						1,851						21,389
Automobile and recreational vehicles			19,258						—						(1,883)						412						1,503						19,290
Consumer credit cards			375						—						(59)						16						38						370
Consumer other			1,804						—						(418)						33						310						1,729
Total loans and leases			$	133,546					$	—					$	(4,598)					$	622					$	4,767					$	134,337

a) The provision expense (credit) shown here excludes the provision for off-balance sheet credit exposure included in the income statement.

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

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ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following table represents the unaudited Consolidated Statements of Condition classification of the Company’s right of use ("ROU") assets and lease liabilities, lease costs and other lease information.

															September 30, 2024			December 31, 2023
Balance sheet:
Operating lease asset classified as premises and equipment															$	40,982		$	45,005
Operating lease liability classified as other liabilities															45,472			49,327
						For the Three Months Ended									For the Nine Months Ended
						September 30, 2024			September 30, 2023						September 30, 2024			September 30, 2023
Income statement:
Operating lease cost classified as occupancy and equipment expense						$	1,406		$	1,521					$	4,333		$	4,565
Weighted average lease term, in years															13.12			13.37
Weighted average discount rate															3.72		%	3.51		%
Operating cash flows															$	1,404		$	1,571

The ROU assets and lease liabilities are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. First Commonwealth's lease agreements often include one or more options to renew at the Company's discretion. If we consider the renewal option to be reasonably certain, we include the extended term in the calculation of the ROU asset and lease liability.

First Commonwealth uses incremental borrowing rates when calculating the lease liability because the rate implicit in the lease is not readily determinable. The incremental borrowing rate used by First Commonwealth is an amortizing loan rate obtained from the Federal Home Loan Bank ("FHLB") of Pittsburgh. This rate is consistent with a collateralized borrowing rate and is available for terms similar to the lease payment schedules.

Future minimum payments for operating leases with initial or remaining terms of one year or more as of September 30, 2024 were as follows (dollars in thousands):

For the twelve months ended:
September 30, 2025						$	5,577
September 30, 2026						5,063
September 30, 2027						4,749
September 30, 2028						4,415
September 30, 2029						4,456
Thereafter						34,237
Total future minimum lease payments						58,497
Less remaining imputed interest						13,025
Operating lease liability						$	45,472

Note 10 Income Taxes

In accordance with FASB ASC Topic 740-10, “Accounting for Uncertainty in Income Taxes,” at September 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

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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

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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 Inputs

Range / (weighted average)

September 30, 2024

Other Investments

$

5,732

Carrying Value

N/A

N/A

Limited Partnership Investments

29,757

Par Value

N/A

N/A

December 31, 2023

Other Investments

$

6,182

Carrying Value

N/A

N/A

Limited Partnership Investments

27,137

Par Value

N/A

N/A

48

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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:

			September 30, 2024
			Level 1						Level 2						Level 3						Total
			(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities - Residential			$	—					$	3,116					$	—					$	3,116
Mortgage-Backed Securities - Commercial			—						684,834						—						684,834
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities - Residential			—						383,455						—						383,455
Other Government-Sponsored Enterprises			—						947						—						947
Obligations of States and Political Subdivisions			—						8,179						—						8,179
Corporate Securities			—						60,269						—						60,269
Total Debt Securities			—						1,140,800						—						1,140,800
Equity Securities			—						—						—						—
Total Securities Available for Sale			—						1,140,800						—						1,140,800
Other Investments			—						18,860						5,732						24,592
Loans Held for Sale			—						46,785						—						46,785
Other Assets(a)			—						17,815						29,757						47,572
Total Assets			$	—					$	1,224,260					$	35,489					$	1,259,749
Other Liabilities(a)			$	—					$	30,860					$	—					$	30,860
Total Liabilities			$	—					$	30,860					$	—					$	30,860

(a)Hedging and non-hedging interest rate derivatives and limited partnership investments

			December 31, 2023
			Level 1						Level 2						Level 3						Total
			(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

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ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the nine months ended September 30, changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows:

									2024
									Other Investments												Other Assets						Total
									(dollars in thousands)
Balance, beginning of period									$	6,182											$	27,137					$	33,319
Total gains or losses
Included in earnings									—												(7)						(7)
Included in other comprehensive income									—												—						—
Purchases, issuances, sales and settlements
Purchases									—												3,383						3,383
Issuances									—												—						—
Sales									(450)												—						(450)
Settlements									—												(756)						(756)
Transfers from Level 3									—												—						—
Transfers into Level 3									—												—						—
Balance, end of period									$	5,732											$	29,757					$	35,489

 

									2023
									Other Investments												Other 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
Purchases									5,000												9,161						14,161
Issuances									—												—						—
Sales									—												—						—
Settlements									—												(512)						(512)
Transfers from Level 3									—												—						—
Transfers into Level 3									12												57						69
Balance, end of period									$	6,182											$	26,397					$	32,579

During the nine months ended September 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 September 30, 2024 and 2023.

50

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ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the three months ended September 30, changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows:

									2024
									Other Investments												Other Assets						Total
									(dollars in thousands)
Balance, beginning of period									$	6,182											$	28,825					$	35,007
Total gains or losses
Included in earnings									—												4						4
Included in other comprehensive income									—												—						—
Purchases, issuances, sales and settlements
Purchases									—												1,147						1,147
Issuances									—												—						—
Sales									(450)												—						(450)
Settlements									—												(219)						(219)
Transfers from Level 3									—												—						—
Transfers into Level 3									—												—						—
Balance, end of period									$	5,732											$	29,757					$	35,489

 

									2023
									Other Investments												Other Assets						Total
									(dollars in thousands)
Balance, beginning of period									$	6,182											$	25,011					$	31,193
Total gains or losses
Included in earnings									—												—						—
Included in other comprehensive income									—												—						—
Purchases, issuances, sales and settlements
Purchases									—												1,544						1,544
Issuances									—												—						—
Sales									—												—						—
Settlements									—												(158)						(158)
Transfers from Level 3									—												—						—
Transfers into Level 3									—												—						—
Balance, end of period									$	6,182											$	26,397					$	32,579

During the three months ended September 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 September 30, 2024 and 2023.

51

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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:

			September 30, 2024
			Level 1						Level 2						Level 3						Total
			(dollars in thousands)
Nonperforming loans			$	—					$	49,501					$	10,948					$	60,449
Other real estate owned			—						1,018						—						1,018
Total Assets			$	—					$	50,519					$	10,948					$	61,467

			December 31, 2023
			Level 1						Level 2						Level 3						Total
			(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 September 30,												For the Nine Months Ended September 30,
			2024						2023						2024						2023
			(dollars in thousands)
Nonperforming loans			$	(6,914)					$	(4,598)					$	(12,413)					$	(5,265)
Other real estate owned			(34)						—						(68)						—
Total losses			$	(6,948)					$	(4,598)					$	(12,481)					$	(5,265)

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 $0.7 million as of September 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 nine months ended September 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

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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 September 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

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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:

			September 30, 2024
									Fair Value Measurements Using:
			Carrying Amount						Total						Level 1						Level 2						Level 3
			(dollars in thousands)
Financial assets
Cash and due from banks			$	126,598					$	126,598					$	126,598					$	—					$	—
Interest-bearing deposits			455,711						455,711						455,711						—						—
Securities available for sale			1,140,800						1,140,800						—						1,140,800						—
Equity securities			—						—						—						—						—
Securities held to maturity			430,425						373,160						—						373,160						—
Other investments			24,592						24,592						—						18,860						5,732
Loans held for sale			46,785						46,785						—						46,785						—
Loans and leases			8,965,500						8,903,333						—						49,501						8,853,832
Financial liabilities
Deposits			9,745,552						9,745,094						—						9,745,094						—
Short-term borrowings			538,828						537,568						—						537,568						—
Subordinated debt			128,266						111,785						—						—						111,785
Long-term debt			3,548						3,539						—						3,539						—
Capital lease obligation			4,471						4,471						—						4,471						—

			December 31, 2023
									Fair Value Measurements Using:
			Carrying Amount						Total						Level 1						Level 2						Level 3
			(dollars in thousands)
Financial assets
Cash and due from banks			$	125,436					$	125,436					$	125,436					$	—					$	—
Interest-bearing deposits			21,557						21,557						21,557						—						—
Securities available for sale			1,020,986						1,020,986						—						1,020,986						—
Securities held to maturity			419,009						350,595						—						350,595						—
Other investments			50,871						50,871						—						44,689						6,182
Loans held for sale			29,820						29,820						—						29,820						—
Loans and leases			8,968,761						8,860,736						—						25,215						8,835,521
Financial liabilities
Deposits			9,192,309						9,187,655						—						9,187,655						—
Short-term borrowings			597,835						594,670						—						594,670						—
Subordinated debt			177,741						151,525						—						—						151,525
Long-term debt			4,122						4,041						—						4,041						—
Capital lease obligation			4,894						4,894						—						4,894						—

54

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ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 12 Derivatives

Derivatives Not Designated as Hedging Instruments

First Commonwealth is a party to interest rate derivatives that are not designated as hedging instruments. These derivatives relate to interest rate swaps that First Commonwealth enters into with customers to allow customers to convert variable rate loans to a fixed rate. First Commonwealth pays interest to the customer at a floating rate on the notional amount and receives interest from the customer at a fixed rate for the same notional amount. At the same time the interest rate swap is entered into with the customer, an offsetting interest rate swap is entered into with another financial institution. First Commonwealth pays the other financial institution interest at the same fixed rate on the same notional amount as the swap entered into with the customer, and receives interest from the financial institution for the same floating rate on the same notional amount.

The changes in the fair value of the swaps offset each other, except for the credit risk of the counterparties, which is determined by taking into consideration the risk rating, probability of default and loss given default for all counterparties.

We have 27 risk participation agreements with financial institution counterparties for interest rate swaps related to loans in which we are a participant. The risk participation agreements provide credit protection to the financial institution should the borrower fail to perform on its interest rate derivative contract with the financial institution. We have 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, is 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 nine months ended September 30, 2024 was an increase of $0.6 million and $0.9 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 September 30, 2024, the underlying funded mortgage loan commitments had a carrying value of $9.5 million and a fair value of $11.4 million, while the underlying unfunded mortgage loan commitments had a notional amount of $64.0 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 decreased other noninterest income by $0.1 million for the three months ended September 30, 2024 and increased other noninterest income by $0.3 million for the nine months ended September 30, 2024, respectively.

55

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ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Derivatives Designated as Hedging Instruments

In August 2019, the Company entered into two interest rate swap contracts that are designated as cash flow hedges. These contracts mature on August 15, 2024 and August 15, 2026 and have notional amounts of $30.0 million and $40.0 million, respectively. The Company's risk management objective for these hedges is to reduce its exposure to variability in expected future cash flows related to interest payments made on subordinated debentures. Initially these swaps were benchmarked to the 3-month LIBOR rate; however, as a result of the discontinuance of the LIBOR rate on June 30, 2023, both of the swap contracts were amended to hedge exposure to the variability of the 3-month Daily Simple SOFR, compounded in arrears. 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 Daily Simple SOFR rate compounded in arrears. Therefore, the interest rate swaps convert the interest payments on the first $500.0 million of 1-month Daily Simple 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 Amount						Maturity Date
(dollars in thousands)
50,000						12/01/24
150,000						05/01/25
25,000						08/25/25
25,000						10/10/25
50,000						11/05/25
150,000						05/01/26
25,000						10/15/26
$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 nine months ended September 30, 2024, there was a negative impact of $5.1 million and $15.8 million, respectively, on net interest income as a result of these interest rate swaps. Changes in the fair value of the cash flow hedges are reported on the balance sheet and in OCI. When the cash flows associated with the hedged item are realized, the gain or loss included in OCI is recognized in "Interest on subordinated debentures," or "Interest and fees on loans", the same line items in the unaudited Consolidated Statements of Income as the income on the hedged items. The cash flow hedges were highly effective at September 30, 2024, and changes in the fair value attributed to hedge ineffectiveness were not material.

56

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ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following table depicts the credit value and fair value adjustments recorded related to the notional amount of derivatives outstanding as well as the notional amount of risk participation agreements participated to other banks:

			September 30, 2024						December 31, 2023
			(dollars in thousands)
Derivatives not Designated as Hedging Instruments
Interest rate derivatives:
Credit value adjustment			$	(154)					$	(13)
Notional amount:
Interest rate derivatives			921,088						945,046
Interest rate caps			37,295						37,647
Interest rate collars			524						35,878
Risk participation agreements			182,869						206,325
Sold credit protection on risk participation agreements			(151,714)						(121,265)
Interest rate options			64,016						38,155
Interest rate forwards:
Fair value adjustment			(24)						(352)
Notional amount			48,000						39,000
Derivatives Designated as Hedging Instruments
Interest rate swaps:
Fair value adjustment			(12,867)						(25,133)
Notional amount			515,000						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 September 30,												For the Nine Months Ended September 30,
			2024						2023						2024						2023
			(dollars in thousands)
Non-hedging interest rate derivatives
Increase (decrease) in other income			$	425					$	(581)					$	721					$	(178)
Non-hedging interest rate forwards
(Decrease) increase in other income			(79)						(460)						329						(590)
Hedging interest rate derivatives
Decrease in interest and fees on loans			(5,630)						(5,508)						(17,832)						(15,678)
Decrease in interest from subordinated debentures			(567)						(715)						(2,014)						(1,925)

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 September 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.

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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 September 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:

																		September 30, 2024						December 31, 2023
			Due			Rate												Amount												Amount
																		(dollars in thousands)
Owed to:
First Commonwealth Bank			2028			3-Month CME Term SOFR + 0.26161% + 1.845%												$	—											$	49,592
First Commonwealth Bank			2033			5.50% until June 1, 2028, then 3-Month CME Term SOFR + 0.26161% + 2.37%												49,393												49,341
First Commonwealth Financial Corp			2031			4.50% until March 29, 2026, then Prime + 1.00%												6,706												6,641
First Commonwealth Capital Trust II			2034			3-Month CME Term SOFR + 0.26161% + 2.85%												30,929												30,929
First Commonwealth Capital Trust III			2034			3-Month CME Term SOFR + 0.26161% + 2.85%												41,238												41,238
Total																		$	128,266											$	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 II is paid quarterly at a floating rate of three-month CME Term SOFR + 0.26161% + 2.85%, which is reset quarterly. Subject to regulatory approval, First Commonwealth may redeem the debentures, in whole or in part, at its option at a redemption price equal to 100% of the principal amount of the debentures, plus accrued and unpaid interest to the date of the redemption. Deferred issuance costs of $0.5 million are being amortized on a straight-line basis over the term of the securities.

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

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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 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.

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 III at 1.525% until August 15, 2026. A similar interest rate swap contract was entered for Capital Trust II which fixed the index rate based portion at 1.515%, however that swap expired on August 15, 2024. 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.

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ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Insurance and Retail Brokerage Commissions

Insurance income primarily consists of commissions received from execution of personal, business and health insurance policies when acting as an agent on behalf of insurance carriers. The Company’s performance obligation is generally satisfied upon the issuance of the insurance policy. Because the Company’s contracts with the insurance carriers are generally cancellable by either party with minimal notice, insurance commissions are recognized during the policy period as received. Also, the majority of insurance commissions are received on a monthly basis during the policy period; however, some carriers pay the full annual commission to First Commonwealth at the time of policy issuance or renewal. In these cases, First Commonwealth would be required to refund any commissions it would not be entitled to as a result of cancelled or terminated policies. The Company has established a refund liability for the remaining term of the policies expected to be cancelled. The Company also receives incentive-based contingency fees from the insurance carriers. Contingency fee revenue, which totals approximately $0.3 million per year, is recognized as received due to the immaterial amount.

Retail brokerage income primarily consists of commissions received on annuity and investment product sales through a third-party service provider. The Company’s performance obligation is generally satisfied upon the issuance of the annuity policy or the execution of an investment transaction. The Company does not earn a significant amount of trailer fees on annuity sales. However, after considering the factors impacting these trailer fees, such as the uncertainty of investor behavior and changes in the market value of assets, First Commonwealth determined that it would recognize trailing fees as received because it could not reasonably estimate an amount of future trailing commissions for which collection is probable. Commissions from the third-party service provider are received on a monthly basis based upon customer activity for the month. The fees are recognized monthly with a receivable until commissions are received from the third-party service provider the following month. Because the Company acts as an agent in arranging the relationship between the customer and the third-party service provider and does not control the services rendered to the customers, retail brokerage fees are presented net of related costs, including $3.9 million and $3.1 million in commission expense as of September 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.

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ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2024						2023						2024						2023
			(dollars in thousands)
Noninterest Income
In-scope of Topic 606:
Trust income			$	3,242					$	2,949					$	8,790					$	7,967
Service charges on deposit accounts			5,840						5,600						16,769						15,842
Insurance and retail brokerage commissions			2,663						2,305						7,618						7,171
Card-related interchange income			4,137						7,221						17,964						21,422
Gain on sale of other loans and assets			290						102						567						268
Other income			1,121						1,097						3,433						3,233
Noninterest Income (in-scope of Topic 606)			17,293						19,274						55,141						55,903
Noninterest Income (out-of-scope of Topic 606)			7,405						5,552						18,755						16,409
Total Noninterest Income			$	24,698					$	24,826					$	73,896					$	72,312

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Table of Contents

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

This discussion and the related financial data are presented to assist in the understanding and evaluation of the consolidated financial condition and the results of operations of First Commonwealth Financial Corporation including its subsidiaries (“First Commonwealth”) for the three and nine months ended September 30, 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.

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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

•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 66 and 74 for nine and three months ended September 30, 2024 and 2023.

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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

Selected Financial Data

The following selected financial data should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations, which follows, and with the unaudited Consolidated Financial Statements and related notes. 

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2024						2023						2024						2023
			(dollars in thousands, except per share data)
Net Income			$	32,086					$	39,231					$	106,723					$	112,236
Per Share Data:
Basic Earnings per Share			$	0.31					$	0.38					$	1.05					$	1.11
Diluted Earnings per Share			0.31						0.38						1.04						1.10
Cash Dividends Declared per Common Share			0.130						0.125						0.385						0.370
Average Balance:
Total assets			$	11,776,532					$	11,307,058					$	11,664,788					$	10,987,290
Total equity			1,389,290						1,249,441						1,353,125						1,215,433
End of Period Balance:
Net loans and leases (1)															$	8,886,173					$	8,800,515
Total assets															11,983,199						11,421,988
Total deposits															9,745,552						9,241,065
Total equity															1,409,616						1,240,531
Key Ratios:
Return on average assets			1.08		%				1.38		%				1.22		%				1.37		%
Return on average equity			9.19		%				12.46		%				10.54		%				12.35		%
Dividends payout ratio			41.94		%				32.89		%				36.67		%				33.33		%
Average equity to average assets ratio			11.80		%				11.05		%				11.60		%				11.06		%
Net interest margin			3.56		%				3.76		%				3.55		%				3.87		%
Net loans to deposits ratio															91.18		%				95.23		%

(1) Includes loans held for sale.

Results of Operations

Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023

Net Income

For the nine months ended September 30, 2024, First Commonwealth had net income of $106.7 million, or $1.04 diluted earnings per share, compared to net income of $112.2 million, or $1.10 diluted earnings per share, in the nine months ended September 30, 2023. The decrease in net income was primarily the result of a $6.1 million decrease in net interest income and a $6.0 million increase in the provision for credit losses. Offsetting these items was a $1.6 million increase in noninterest income and a $3.3 million decrease in noninterest expense, the latter of which was primarily due to $8.9 million in expenses related to the Centric acquisition recognized in the nine months ended September 30, 2023.

For the nine months ended September 30, 2024, the Company’s return on average equity was 10.54% and its return on average assets was 1.22%, compared to 12.35% and 1.37%, respectively, for the nine months ended September 30, 2023.

Net Interest Income

Net interest income, on a fully taxable equivalent basis, was $284.8 million in the first nine months of 2024, compared to $290.9 million for the same period in 2023. The decrease in net interest income can be attributed to a 100 basis point increase in the cost of interest-bearing liabilities offset by a 49 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 79.3% and 80.0% for the nine months ended September 30, 2024 and 2023, respectively.

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ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

The net interest margin on a fully taxable equivalent basis was 3.55% for the nine months ended September 30, 2024 and 3.87% for the nine months ended September 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 5.63% for the nine months ended September 30, 2024, an increase of 49 basis points compared to the 5.14% 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 47 basis points when compared to the nine months ended September 30, 2023. Contributing to this increase was the yield on our adjustable and variable rate commercial loan portfolios, which increased 30 basis points due to the impact on loan repricing and new volumes at higher interest rates. Additionally, for the nine months ended September 30, 2024, 8 basis points of the yield on interest-earning assets can be attributed to the recognition of $6.1 million in accretion of purchase accounting marks, primarily from the Centric acquisition. For the nine months ended September 30, 2023, accretion of purchase accounting marks contributed $6.9 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 September 30, 2024 increased $278.9 million as compared to the nine months ended September 30, 2023 as a result of liquidity from growth in interest-bearing liabilities. The yield on interest-bearing deposits with banks increased 20 basis points for the nine months ended September 30, 2024 as compared to the prior year, while the average balance increased from $197.5 million in 2023 to $199.9 million in 2024.

The cost of interest-bearing liabilities increased to 2.84% for the nine months ended September 30, 2024, from 1.84% for the same period in 2023. The cost of interest-bearing deposits increased 109 basis points and short-term borrowings decreased 11 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, as well as 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 nine months ended September 30, 2024 with the comparable period in 2023, average time deposits increased $599.2 million, or 67.3%, with an increase in the cost of these deposits of 130 basis points. Other interest-bearing deposits increased on average $116.7 million, or 2.1%, compared to the nine months ended September 30, 2023 and the cost of these deposits increased 88 basis points. Compared to the prior period, short-term borrowings increased an average of $158.0 million in order to provide liquidity and fund growth in loans and investments.

For the nine months ended September 30, 2024, changes in rates negatively impacted net interest income by $7.0 million when compared with the same period in 2023. The higher yield on interest-earning assets positively impacted net interest income by $44.3 million, while the increase in the cost of interest-bearing liabilities negatively impacted net interest income by $51.3 million.

Changes in the volume of interest-earning assets and interest-bearing liabilities positively impacted net interest income by $0.9 million for the nine months ended September 30, 2024, as compared to the same period in 2023. Higher levels of interest-earning assets resulted in an increase of $20.4 million in interest income, while changes in the volume and mix of interest-bearing liabilities increased interest expense by $19.5 million. Average interest-earning assets for the nine months ended September 30, 2024 increased $661.0 million, or 6.6%, compared to the same period in 2023. Average loans for the comparable period increased $379.7 million, or 4.4% and average investments increased $278.9 million, or 22.7%.

Net interest income was negatively impacted by a $190.8 million decrease in average net free funds for the nine months ended September 30, 2024 as compared to September 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. Average noninterest-bearing demand deposits for the nine months ended September 30, 2024 decreased $292.7 million, or 11.3%, compared to the same period in 2023.

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ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

The following table reconciles interest income in the Consolidated Statements of Income to net interest income adjusted to a fully taxable equivalent basis for the nine months ended September 30:

 

			2024						2023
			(dollars in thousands)
Interest income per Consolidated Statements of Income			$	450,467					$	385,741
Adjustment to fully taxable equivalent basis			994						923
Interest income adjusted to fully taxable equivalent basis (non-GAAP)			451,461						386,664
Interest expense			166,656						95,802
Net interest income adjusted to fully taxable equivalent basis (non-GAAP)			$	284,805					$	290,862

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ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

The following is an analysis of the average balance sheets and net interest income on a fully taxable equivalent basis for the nine months ended September 30:

 

			2024									2023
			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			$	199,887		$	8,304		5.55		%	$	197,522		$	7,899		5.35		%
Tax-free investment securities			20,218			405			2.68			21,660			437			2.70
Taxable investment securities			1,488,386			35,854			3.22			1,208,061			19,762			2.19
Loans and leases, net of unearned income (b)(c)			9,006,908			406,898			6.03			8,627,203			358,566			5.56
Total interest-earning assets			10,715,399			451,461			5.63			10,054,446			386,664			5.14
Noninterest-earning assets:
Cash			113,798									111,732
Allowance for credit losses			(121,331)									(131,297)
Other assets			956,922									952,409
Total noninterest-earning assets			949,389									932,844
Total Assets			$	11,664,788								$	10,987,290
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand deposits (d)			$	1,909,166		$	25,902		1.81		%	$	1,970,178		$	17,977		1.22		%
Savings deposits (d)			3,704,820			66,256			2.39			3,527,158			35,923			1.36
Time deposits			1,489,476			48,229			4.33			890,299			20,204			3.03
Short-term borrowings			560,743			19,383			4.62			402,782			14,237			4.73
Long-term debt			164,553			6,886			5.59			186,629			7,461			5.35
Total interest-bearing liabilities			7,828,758			166,656			2.84			6,977,046			95,802			1.84
Noninterest-bearing liabilities and shareholders’ equity:
Noninterest-bearing demand deposits (d)			2,299,650									2,592,373
Other liabilities			183,255									202,438
Shareholders’ equity			1,353,125									1,215,433
Total Noninterest-Bearing Funding Sources			3,836,030									4,010,244
Total Liabilities and Shareholders’ Equity			$	11,664,788								$	10,987,290
Net Interest Income and Net Yield on Interest-Earning Assets						$	284,805		3.55		%				$	290,862		3.87		%

(a)Income on interest-earning assets has been computed on a fully taxable equivalent basis using the 21% federal income tax statutory rate for the nine months ended September 30, 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.

 

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ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

The following table shows the effect of changes in volumes and rates on interest income and interest expense for the nine months ended September 30, 2024 compared with September 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						$	405					$	95					$	310
Tax-free investment securities						(32)						(29)						(3)
Taxable investment securities						16,092						4,592						11,500
Loans and leases						48,332						15,790						32,542
Total interest income (b)						64,797						20,448						44,349
Interest-bearing liabilities:
Interest-bearing demand deposits						7,925						(557)						8,482
Savings deposits						30,333						1,807						28,526
Time deposits						28,025						13,579						14,446
Short-term borrowings						5,146						5,588						(442)
Long-term debt						(575)						(883)						308
Total interest expense						70,854						19,534						51,320
Net interest income						$	(6,057)					$	914					$	(6,971)

(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.  

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ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

The table below provides a breakout of the provision for credit losses by loan category for the nine months ended September 30: 

			2024									2023
			Dollars			Percentage						Dollars			Percentage
			(dollars in thousands)
Commercial, financial, agricultural and other			$	13,304		51		%				$	606		8		%
Time and demand			7,483			29						(2,632)			(36)
Commercial credit cards			137			1						22			—
Equipment finance			4,294			16						1,586			22
Time and demand other			1,390			5						1,630			22
Real estate construction			(1,209)			(5)						(2,243)			(30)
Construction other			(527)			(2)						(381)			(5)
Construction residential			(682)			(3)						(1,862)			(25)
Residential real estate			(1,122)			(4)						1,643			22
Residential first lien			(985)			(3)						1,634			22
Residential junior lien/home equity			(137)			(1)						9			—
Commercial real estate			9,492			37						3,960			54
Multifamily			(178)			(1)						347			5
Non-owner occupied			8,405			33						4,262			58
Owner occupied			1,265			5						(649)			(9)
Loans to individuals			5,418			21						3,421			46
Automobile and recreational vehicles			4,065			16						2,819			38
Consumer credit cards			238			1						100			1
Consumer other			1,115			4						502			7
Provision for credit losses on loans and leases			$	25,883		100		%				$	7,387		100		%
Provision for credit losses - acquisition day 1 non-PCD			—									10,653
Total provision for credit losses on loans and leases			25,883									18,040
Provision for off-balance sheet credit exposure			(3,203)									(1,362)
Total provision for credit losses			$	22,680								$	16,678

Total provision expense for the nine months ended September 30, 2024, increased $6.0 million compared to the nine months ended September 30, 2023. The increase can be attributed to $17.5 million in net charge-offs as well as an increase of $9.2 million in specific reserves. The specific reserves can be attributed to $6.2 million for three non-owner occupied relationships and $2.8 million for a time and demand relationship, all of which were moved to nonaccrual during the nine months ended September 30, 2024. During the first nine months of 2023, provision expense of $10.7 million was recognized as the day 1 non-PCD provision expense resulting from the Centric acquisition. A $1.8 million decrease in the provision for off-balance sheet commitments was recognized for the nine months ended September 30, 2024 as a result of lower off-balance sheet commitments related to construction and time and demand loans.

The allowance for credit losses was $126.1 million, or 1.41%, of total loans and leases outstanding at September 30, 2024, compared to $117.7 million, or 1.31%, at December 31, 2023 and $134.3 million, or 1.51%, at September 30, 2023. Nonperforming loans as a percentage of total loans and leases increased to 0.83% at September 30, 2024 from 0.54% as of September 30, 2023 and 0.44% at December 31, 2023. The allowance to nonperforming loan ratio was 168.77%, 298.23% and 280.31% as of September 30, 2024, December 31, 2023 and September 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 September 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

Below is an analysis of the consolidated allowance for credit losses for the nine months ended September 30, 2024 and 2023 and the year-ended December 31, 2023:

 

						September 30, 2024						September 30, 2023						December 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 other						11,230						9,102						19,199
Real estate construction						35						—						—
Residential real estate						361						384						561
Commercial real estate						2,047						1,689						6,277
Loans to individuals						7,148						4,649						7,230
Total loans charged off						20,821						15,824						33,267
Recoveries of loans previously charged off:
Commercial, financial, agricultural and other						633						352						498
Real estate construction						6						—						—
Residential real estate						221						128						247
Commercial real estate						166						142						151
Loans to individuals						2,306						1,388						2,219
Total recoveries						3,332						2,010						3,115
Net charge-offs						17,489						13,814						30,152
Provision for credit losses on loans and leases charged to expense						25,883						7,387						7,106
Balance, end of period						$	126,112					$	134,337					$	117,718
Net charge-offs as a percentage of average loans and leases outstanding (annualized)						0.26		%				0.21		%				0.35		%
Allowance for credit losses as a percentage of end-of-period loans and leases outstanding						1.41		%				1.51		%				1.31		%

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ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

Noninterest Income

The following table presents the components of noninterest income for the nine months ended September 30: 

						2024						2023						$ Change						% Change
						(dollars in thousands)
Noninterest Income:
Trust income						$	8,790					$	7,967					$	823					10		%
Service charges on deposit accounts						16,769						15,842						927						6
Insurance and retail brokerage commissions						7,618						7,171						447						6
Income from bank owned life insurance						4,943						3,664						1,279						35
Card-related interchange income						17,964						21,422						(3,458)						(16)
Swap fee income						88						1,029						(941)						(91)
Other income						7,463						7,114						349						5
Subtotal						63,635						64,209						(574)						(1)
Net securities losses						(5,447)						(103)						(5,344)						5,188
Gain on VISA exchange and sale						5,664						—						5,664						—
Gain on sale of mortgage loans						4,150						3,175						975						31
Gain on sale of other loans and assets						6,035						5,004						1,031						21
Derivatives mark to market						(141)						27						(168)						(622)
Total noninterest income						$	73,896					$	72,312					$	1,584					2		%

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 nine months ended September 30, 2024 decreased $0.6 million, or 1%, compared to the nine months ended September 30, 2023. This decrease is primarily due to a $3.5 million decline in card-related interchange income resulting from the Company being subject to the Durbin Amendment to the Dodd-Frank Act beginning July 1, 2024. The Durbin Amendment is now applicable to the Company because its total assets exceeded $10.0 billion as of December 31, 2023. We estimate that the application of the interchange fee cap, as compared to the twelve months prior to the July 1, 2024 effective date, will decrease our interchange income by approximately $6.3 million in 2024 and approximately $12.8 million in 2025.

Income from bank owned life insurance increased $1.3 million, of which $1.0 million was related to an increase in policy death benefits. Service charges on deposit accounts increased $0.9 million primarily due to higher business account analysis income and increased customer activity. Trust income increased $0.8 million due to gains in the value of assets under management. Swap fee income declined $0.9 million as a result of a decrease in new interest rate swaps entered into by our commercial loan customers compared to the prior period.

Total noninterest income increased $1.6 million, or 2%, compared to the same period in the prior year. The most significant changes, other than the changes noted above, include a $5.7 million gain related to the conversion and sale of Visa class B shares. Gain on sale of mortgages increased $1.0 million as a result of changes in volume and spread received on mortgage loans sold, and gain on sale of other loans and assets increased $1.0 million due to an increase in the volume and spread on the sale of SBA loans. Offsetting these gains are $5.3 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.

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ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

Noninterest Expense

The following table presents the components of noninterest expense for the nine months ended September 30: 

						2024						2023						$ Change						% Change
						(dollars in thousands)
Noninterest Expense:
Salaries and employee benefits						$	111,262					$	106,639					$	4,623					4		%
Net occupancy						15,014						14,584						430						3
Furniture and equipment						13,093						12,936						157						1
Data processing						11,543						11,024						519						5
Advertising and promotion						4,177						4,652						(475)						(10)
Pennsylvania shares tax						3,454						4,013						(559)						(14)
Intangible amortization						3,656						3,773						(117)						(3)
Other professional fees and services						3,976						4,376						(400)						(9)
FDIC insurance						4,537						4,614						(77)						(2)
Other operating						26,222						25,906						316						1
Subtotal						196,934						192,517						4,417						2
Loss on sale or write-down of assets						352						97						255						263
Litigation and operational losses						3,672						3,263						409						13
Loss on early redemption of subordinated debt						369						—						369						—
Merger and acquisition related						114						8,860						(8,746)						(99)
Total noninterest expense						$	201,441					$	204,737					$	(3,296)					(2)		%

Noninterest expense decreased $3.3 million, or 2%, for the nine months ended September 30, 2024 compared to the same period in 2023. This decrease is primarily the result of $8.9 million in merger-related expenses associated with the Centric acquisition recognized during the comparable period in 2023. For the nine months ended September, 30, 2024, advertising and promotion expense decreased $0.5 million due to the timing and types of advertising in 2024 compared to 2023. Offsetting these decreases is a $4.6 million increase in salaries and benefits expense primarily due to annual merit salary increases, higher severance expense and an increase in the number of full-time employees. The number of full time equivalent employees totaled 1,481 at September 30, 2023 and 1,500 at September 30, 2024. Increases in net occupancy expense can be attributed to insurance costs as well as higher depreciation expenses from new or improved locations. Data processing costs increased $0.5 million due to continued investment in our digital banking and other product offerings. During the nine months ended September 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 $1.7 million for the nine months ended September 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 nine months ended September 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 20.1% and 20.3% for the nine months ended September 30, 2024 and 2023, respectively.

As of September 30, 2024, our deferred tax assets totaled $53.2 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.

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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

Results of Operations

Three Months Ended September 30, 2024 Compared to Three Months Ended September 30, 2023

Net Income

For the three months ended September 30, 2024, First Commonwealth recognized net income of $32.1 million, or $0.31 diluted earnings per share, compared to net income of $39.2 million, or $0.38 diluted earnings per share, in the three months ended September 30, 2023. The decrease in net income was primarily the result of a $1.2 million decrease in net interest income, a $4.7 million increase in the provision for credit losses and a $2.7 million increase in noninterest expense.

For the three months ended September 30, 2024, the Company’s return on average equity was 9.19% and its return on average assets was 1.08%, compared to 12.46% and 1.38%, respectively, for the three months ended September 30, 2023.

Net Interest Income

Net interest income, on a fully taxable equivalent basis, was $96.9 million in the third 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 63 basis point increase in the cost of interest-bearing liabilities offset by a 31 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 79.6% and 79.7% for the three months ended September 30, 2024 and 2023, respectively.

The net interest margin, on a fully taxable equivalent basis, was 3.56% and 3.76% for the three months ended September 30, 2024 and 2023, respectively.

The taxable equivalent yield on interest-earning assets was 5.68% for the three months ended September 30, 2024, an increase of 31 basis points compared to the 5.37% yield for the same period in 2023. This is largely due to a 30 basis point increase in the loan portfolio yield when compared to the three months ended September 30, 2023 as a result of a higher repricing rates in 2024. Also contributing to this increase is the growth in average loans of $120.1 million. Additionally, accretion of purchase accounting marks, primarily related to the Centric acquisition, contributed $2.0 million or 7 basis points to the yield on interest-earnings assets in the three months ended September 30, 2024. For the three months ended September 30, 2023, accretion of purchase accounting marks contributed $2.4 million, or 9 basis points, to the yield on interest-earning assets.

The investment portfolio yield increased 102 basis points in comparison to the prior year as new volume rates were higher than the portfolio yield. The average investment portfolio balance increased $313.5 million as a result of liquidity from growth in interest-bearing liabilities. The average balance of interest-bearing deposits with banks increased from $235.8 million in 2023 to $278.0 million in 2024, while the yield decreased 14 basis points.

The cost of interest-bearing liabilities increased to 2.91% for the three months ended September 30, 2024, from 2.28% 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 46 basis points and short-term borrowings decreased 61 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 September 30, 2024 with the comparable period in 2023, average time deposits increased $521.8 million, or 49.5%, with an increase in the cost of these deposits of 92 basis points. Other interest-bearing deposits increased on average $76.2 million, or 1.4%, compared to the three months ended September 30, 2023 and the cost of those deposits increased 60 basis points.

For the three months ended September 30, 2024, changes in interest rates negatively impacted net interest income by $0.7 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 $10.3 million, while an increase in the cost of interest-bearing liabilities negatively impacted net interest income by $11.0 million.

Changes in the volume of interest-earning assets and interest-bearing liabilities negatively impacted net interest income by $0.5 million during the three months ended September 30, 2024, as compared to the same period in 2023. The mix of interest-earning assets resulted in an increase of $4.2 million in interest income, while changes in the volume and mix of interest-bearing liabilities increased interest expense by $4.7 million. Average interest-earning assets for the three months ended September 30, 2024 increased $475.8 million, or 4.6%, compared to the same period in 2023. Average loans for the comparable period increased $120.1 million, or 1.4%. Average time deposits for the three months ended September 30, 2024 increased by $521.8 million compared to the comparable period in 2023, increasing interest expense by $4.6 million.

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ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

Net interest income was negatively impacted by a $108.4 million decrease in average net free funds for the three months ended September 30, 2024 as compared to September 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, which decreased $232.7 million, as a result of customers becoming more rate sensitive due to higher interest rates.

The following table reconciles interest income in the Consolidated Statements of Income to net interest income adjusted to a fully taxable equivalent basis for the three months ended September 30:

 

			2024						2023
			(dollars in thousands)
Interest income per Consolidated Statements of Income			$	154,323					$	139,885
Adjustment to fully taxable equivalent basis			342						313
Interest income adjusted to fully taxable equivalent basis (non-GAAP)			154,665						140,198
Interest expense			57,808						42,128
Net interest income adjusted to fully taxable equivalent basis (non-GAAP)			$	96,857					$	98,070

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ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

The following is an analysis of the average balance sheets and net interest income on a fully taxable equivalent basis for the three months ended September 30:

 

			2024									2023
			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			$	278,006		$	3,838		5.49		%	$	235,761		$	3,346		5.63		%
Tax-free investment securities			20,016			133			2.64			21,439			144			2.66
Taxable investment securities			1,522,776			12,825			3.35			1,207,869			7,052			2.32
Loans and leases, net of unearned income (b)(c)			9,004,808			137,869			6.09			8,884,731			129,656			5.79
Total interest-earning assets			10,825,606			154,665			5.68			10,349,800			140,198			5.37
Noninterest-earning assets:
Cash			113,301									114,419
Allowance for credit losses			(124,070)									(135,340)
Other assets			961,695									978,179
Total noninterest-earning assets			950,926									957,258
Total Assets			$	11,776,532								$	11,307,058
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand deposits (d)			$	1,962,209		$	9,663		1.96		%	$	2,014,623		$	7,608		1.50		%
Savings deposits (d)			3,695,587			22,565			2.43			3,567,000			15,842			1.76
Time deposits			1,575,975			17,435			4.40			1,054,216			9,235			3.48
Short-term borrowings			541,010			6,279			4.62			504,025			6,643			5.23
Long-term debt			136,408			1,866			5.44			187,122			2,800			5.94
Total interest-bearing liabilities			7,911,189			57,808			2.91			7,326,986			42,128			2.28
Noninterest-bearing liabilities and shareholders’ equity:
Noninterest-bearing demand deposits (d)			2,286,482									2,519,184
Other liabilities			189,571									211,447
Shareholders’ equity			1,389,290									1,249,441
Total noninterest-bearing funding sources			3,865,343									3,980,072
Total Liabilities and Shareholders’ Equity			$	11,776,532								$	11,307,058
Net Interest Income and Net Yield on Interest-Earning Assets						$	96,857		3.56		%				$	98,070		3.76		%

(a)Income on interest-earning assets has been computed on a fully taxable equivalent basis using the 21% federal income tax statutory rate for the three months ended September 30, 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.

 

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ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

The following table shows the effect of changes in volumes and rates on interest income and interest expense for the three months ended September 30, 2024 compared with September 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						$	492					$	599					$	(107)
Tax-free investment securities						(11)						(10)						(1)
Taxable investment securities						5,773						1,841						3,932
Loans and leases						8,213						1,752						6,461
Total interest income (b)						14,467						4,182						10,285
Interest-bearing liabilities:
Interest-bearing demand deposits						2,055						(198)						2,253
Savings deposits						6,723						570						6,153
Time deposits						8,200						4,577						3,623
Short-term borrowings						(364)						488						(852)
Long-term debt						(934)						(759)						(175)
Total interest expense						15,680						4,678						11,002
Net interest income						$	(1,213)					$	(496)					$	(717)

 

(a)Changes in interest income or expense not arising solely as a result of volume or rate variances are allocated to rate variances.

(b)Changes in interest income have been computed on a fully taxable equivalent basis using the 21% federal income tax statutory rate.

Provision for Credit Losses

The provision for credit losses is determined based on management’s estimates of the appropriate level of the allowance for credit losses needed for probable losses inherent in the loan portfolio, after giving consideration to charge-offs and recoveries for the period. The provision for credit losses is an amount added to the allowance, against which credit losses are charged.

 

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ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

The table below provides a breakout of the provision for credit losses by loan category for the three months ended September 30: 

			2024									2023
			Dollars			Percentage						Dollars			Percentage
			(dollars in thousands)
Commercial, financial, agricultural and other			$	5,965		53		%				$	(2,645)		(55)		%
Time and demand			3,730			33						(3,914)			(82)
Commercial credit cards			69			1						9			—
Equipment finance			1,723			15						553			12
Time and demand other			443			4						707			15
Real estate construction			(209)			(2)						776			16
Construction other			(125)			(1)						1,207			25
Construction residential			(84)			(1)						(431)			(9)
Residential real estate			521			5						447			9
Residential first lien			249			2						553			11
Residential junior lien/home equity			272			3						(106)			(2)
Commercial real estate			3,519			31						4,338			91
Multifamily			(151)			(1)						46			1
Non-owner occupied			2,942			26						3,952			83
Owner occupied			728			6						340			7
Loans to individuals			1,447			13						1,851			39
Automobile and recreational vehicles			1,067			9						1,503			32
Consumer credit cards			81			1						38			1
Consumer other			299			3						310			6
Provision for credit losses on loans and leases			$	11,243		100		%				$	4,767		100		%
Provision for off-balance sheet credit exposure			(628)									1,118
Total provision for credit losses			$	10,615								$	5,885

The provision for credit losses on loans and leases for the three months ended September 30, 2024 increased in comparison to the three months ended September 30, 2023 by $6.5 million. The level of provision expense in the third quarter of 2024 was impacted by specific reserves for two commercial loans moved to nonaccrual status during the period, resulting in $5.5 million in specific reserves. Additionally, the provision expense reflected $8.8 million in net charges-offs, of which $5.1 million related to two commercial borrowers and resulted in $1.5 million of provision expense for the quarter. The provision for off-balance sheet credit exposure decreased $1.7 million primarily due to the level of unfunded commitments for construction and time and demand.

The level of provision expense in the third quarter of 2023 was primarily the result of an increase in loan balances and an additional $4.1 million in specific reserves for a commercial real estate loan as a result of an updated appraisal. Net charge-offs for the three months ended September 30, 2023 were $4.0 million.

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ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

Below is an analysis of the consolidated allowance for credit losses for the three months ended September 30, 2024 and 2023 and the year-ended December 31, 2023:

 

						September 30, 2024						September 30, 2023						December 31, 2023
						(dollars in thousands)
Balance, beginning of period						$	123,654					$	133,546					$	102,906
Day 1 allowance for credit loss on PCD acquired loans						—						—						27,205
Provision for credit losses - acquisition day 1 non-PCD						—						—						10,653
Loans charged off:
Commercial, financial, agricultural and other						5,980						1,762						19,199
Real estate construction						—						—						—
Residential real estate						106						304						561
Commercial real estate						1,423						172						6,277
Loans to individuals						2,280						2,360						7,230
Total loans charged off						9,789						4,598						33,267
Recoveries of loans previously charged off:
Commercial, financial, agricultural and other						110						98						498
Real estate construction						—						—						—
Residential real estate						51						57						247
Commercial real estate						42						6						151
Loans to individuals						801						461						2,219
Total recoveries						1,004						622						3,115
Net charge-offs						8,785						3,976						30,152
Provision for credit losses on loans charged to expense						11,243						4,767						7,106
Balance, end of period						$	126,112					$	134,337					$	117,718

Noninterest Income

The following table presents the components of noninterest income for the three months ended September 30: 

						2024						2023						$ Change						% Change
						(dollars in thousands)
Noninterest Income:
Trust income						$	3,242					$	2,949					$	293					10		%
Service charges on deposit accounts						5,840						5,600						240						4
Insurance and retail brokerage commissions						2,663						2,305						358						16
Income from bank owned life insurance						2,278						1,242						1,036						83
Card-related interchange income						4,137						7,221						(3,084)						(43)
Swap fee income						88						452						(364)						(81)
Other income						2,682						2,828						(146)						(5)
Subtotal						20,930						22,597						(1,667)						(7)
Net securities gains (losses)						88						(103)						191						(185)
Gain on VISA exchange and sale						106						—						106						—
Gain on sale of mortgage loans						1,151						1,270						(119)						(9)
Gain on sale of other loans and assets						2,576						1,027						1,549						151
Derivatives mark to market						(153)						35						(188)						(537)
Total noninterest income						$	24,698					$	24,826					$	(128)					(1)		%

Total noninterest income for the three months ended September 30, 2024 decreased $0.1 million compared to the three months ended September 30, 2023. The most significant change includes a $3.1 million decrease in card-related interchange income primarily due to the Durbin Amendment, which impacted the Company beginning July 1, 2024. Swap fee income declined

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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

$0.4 million as a result of a reduction in new swaps entered by our commercial customers. Offsetting these decreases is a $1.0 million increase in income from bank owned life insurance, primarily due to policy death benefits and a $0.4 million increase in insurance and retail brokerage income due to growth in annuity sales. Additionally, gain on sale of other loans and assets increased $1.5 million due to the volume and spread related to the sale of SBA loans.

Noninterest Expense

The following table presents the components of noninterest expense for the three months ended September 30:

 

						2024						2023						$ Change						% Change
						(dollars in thousands)
Noninterest Expense:
Salaries and employee benefits						$	38,618					$	35,640					$	2,978					8		%
Net occupancy						4,858						4,782						76						2
Furniture and equipment						4,335						4,414						(79)						(2)
Data processing						3,879						3,857						22						1
Advertising and promotion						1,960						1,662						298						18
Pennsylvania shares tax						1,126						1,588						(462)						(29)
Intangible amortization						1,223						1,344						(121)						(9)
Other professional fees and services						1,448						1,603						(155)						(10)
FDIC insurance						1,638						1,920						(282)						(15)
Other operating						8,672						8,548						124						1
Subtotal						67,757						65,358						2,399						4
Loss on sale or write-down of assets						132						50						82						164
Litigation and operational losses						2,181						1,626						555						34
Merger and acquisition related						—						379						(379)						(100)
Total noninterest expense						$	70,070					$	67,413					$	2,657					4		%

Noninterest expense increased $2.7 million for the three months ended September 30, 2024 compared to the same period in 2023. The increase is primarily a result of a $3.0 million increase in salaries and employee benefits expense due to annual merit increases, increased severance expense and a higher number of full time equivalent employees.

Income Tax

The provision for income taxes decreased $1.6 million for the three months ended September 30, 2024, compared to the corresponding period in 2023.  The effective tax rate increased 40 basis points from 20.4% for the three months ended September 30, 2023 to 20.8% for the three months ended September 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 September 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 nine months of 2024, the sale, maturity and redemption of investment securities provided $253.1 million in liquidity. These funds contributed to the liquidity available to originate loans, purchase investment securities and fund depositor withdrawals.

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ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

The following represents our expanded sources of liquidity as of September 30, 2024:

						Total Available						Amount Used						Outstanding Letters of Credit						Net Available
						(dollars in thousands)
Internal liquidity sources
Unencumbered securities						$	275,136					$	—					$	—					$	275,136
Other (excess pledged)						49,167						—						—						49,167
External liquidity sources
FHLB advances						2,418,474						3,548						197,100						2,217,826
FRB borrowings						1,626,705						516,000						—						1,110,705
Lines with other financial institutions						160,000						—						—						160,000
CDARs (1)						1,195,398						17,600						—						1,177,798
Total liquidity						$	5,724,880					$	537,148					$	197,100					$	4,990,632

(1) Reflects internal policy limit. Maximum capacity with CDARs is $1.8 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 September 30, 2024, the outstanding CDARS balance of $17.6 million carried an average weighted rate of 3.53% and an average original term of 364 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. Subsequent to September 30, 2024, the Company paid off $436.0 million of the borrowings under the Bank Term Funding Program.

First Commonwealth’s long-term liquidity source is its core deposit base. Core deposits are the most stable source of liquidity a bank can have due to the long-term relationship with a deposit customer. The following table shows a breakdown of the components of First Commonwealth’s deposits: 

						September 30, 2024						December 31, 2023
						(dollars in thousands)
Noninterest-bearing demand deposits(a)						$	2,463,971					$	2,388,533
Interest-bearing demand deposits(a)						671,667						629,138
Savings deposits(a)						4,953,206						4,886,781
Time deposits						1,656,708						1,287,857
Total						$	9,745,552					$	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 nine months of 2024, total deposits increased $553.2 million. Interest-bearing demand and savings deposits increased $109.0 million, time deposits increased $368.9 million and noninterest-bearing demand deposits increased $75.4 million.

The estimated total of uninsured deposits was $2.8 billion and $2.5 billion at September 30, 2024 and December 31, 2023, respectively, of which $0.9 billion and $0.8 billion were secured by pledged investment securities or letters of credit at September 30, 2024 and December 31, 2023, respectively. Uninsured amounts are estimated based on known account relationships for each depositor and insurance guidelines provided by the FDIC.

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ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

Market Risk

The following gap analysis compares the difference between the amount of interest-earning assets and interest-bearing liabilities subject to repricing over a period of time. The ratio of rate-sensitive assets to rate-sensitive liabilities repricing within a one-year period was 0.70 and 0.69 at September 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 September 30, 2024 and December 31, 2023: 

						September 30, 2024
						0-90 Days						91-180 Days						181-365 Days						Cumulative 0-365 Days						Over 1 Year Through 5 Years						Over 5 Years
						(dollars in thousands)
Loans and leases						$	3,637,934					$	452,379					$	707,259					$	4,797,572					$	3,200,940					$	865,426
Investments						60,671						53,057						123,452						237,180						688,115						739,343
Other interest-earning assets						454,535						—						—						454,535						—						1,176
Total interest-sensitive assets (ISA)						4,153,140						505,436						830,711						5,489,287						3,889,055						1,605,945
Certificates of deposit						625,573						515,465						402,499						1,543,537						112,135						1,437
Other deposits						5,624,873						—						—						5,624,873						—						—
Borrowings						617,910						210						421						618,541						52,707						—
Total interest-sensitive liabilities (ISL)						6,868,356						515,675						402,920						7,786,951						164,842						1,437
Gap						$	(2,715,216)					$	(10,239)					$	427,791					$	(2,297,664)					$	3,724,213					$	1,604,508
ISA/ISL						0.60						0.98						2.06						0.70						23.59						1,117.57
Gap/Total assets						22.66		%				0.08		%				3.57		%				19.17		%				31.08		%				13.39		%

 

						December 31, 2023
						0-90 Days						91-180 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
Investments						72,358						44,567						97,544						214,469						606,670						733,418
Other interest-earning assets						20,440						—						—						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 deposit						271,662						210,793						569,507						1,051,962						235,562						974
Other deposits						5,515,919						—						—						5,515,919						—						—
Borrowings						726,850						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/ISL						0.57						2.33						1.50						0.69						12.97						1,401.76
Gap/Total assets						24.46		%				2.44		%				2.48		%				19.54		%				30.16		%				14.64		%

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ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

The following table presents an analysis of the potential sensitivity of our annual net interest income to gradual changes in interest rates over a 12-month time frame as compared with net interest income if rates remained unchanged and there are no changes in balance sheet categories.

 

						Net interest income change (12 months) for basis point movements of:
						-200						-100						+100						+200
						(dollars in thousands)
September 30, 2024 ($)						$	(21,635)					$	(5,748)					$	6,883					$	12,408
September 30, 2024 (%)						(5.34)		%				(1.42)		%				1.70		%				3.06		%
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)
September 30, 2024 ($)						$	(35,299)					$	(16,827)					$	17,203					$	31,981
September 30, 2024 (%)						(8.71)		%				(4.15)		%				4.25		%				7.89		%
December 31, 2023 ($)						$	(38,890)					$	(17,930)					$	18,545					$	34,788
December 31, 2023 (%)						(9.97)		%				(4.60)		%				4.76		%				8.92		%

The Company evaluates its potential interest rate sensitivity by utilizing multiple interest rate scenarios that incorporate both rising and declining rates. Results of these scenarios are impacted by variables that include the current level of interest rates, product characteristics such as floors and ceilings, the frequency with which variable rate products reset their rates, and projected pricing changes for non-maturity deposits. For example, the results in a declining rate scenario could be affected by the model's use of an assumed interest rate floor of zero. In the nine months ended September 30, 2024 and 2023, the cost of our interest-bearing liabilities averaged 2.84% and 1.84%, respectively, and the yield on our average interest-earning assets, on a fully taxable equivalent basis, averaged 5.63% and 5.14%, 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

Management of credit risk within our loan and lease portfolio is a focus of the Company and is a continuous process in order to address changing economic and lending environments. In order to identify and manage credit risk, segment and concentration limits are established and approved by our Board of Directors’ Risk Committee in order to maintain alignment with our credit risk appetite, loan strategic plan, loan policy and underwriting guidelines. In addition, our Credit Department completes industry studies to identify potential risk in the portfolio. For example, within the commercial real estate portfolio, industry studies are completed for the following sectors: hospitality, industrial, multifamily, office, retail, senior living, healthcare and student housing.

On an annual basis, the Credit Department also reviews the commercial real estate portfolio as a whole, along with underwriting practices and loan level stress testing procedures, to enhance risk management practices and monitor commercial real estate concentrations. This review provides an overview of the portfolio to ensure that emerging risks have been identified, and documents and validates the standard interest rate and capitalization rate stress scenarios.

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.

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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’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 $4.1 million at September 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.

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 $35.3 million to $74.7 million at September 30, 2024, compared to $39.5 million at December 31, 2023. The increase in nonperforming loans is primarily a result of $54.2 million in commercial loans that were moved to nonaccrual during the first nine months of 2024. Offsetting these additions is the payoff or sale of $12.8 million for five commercial real estate relationships 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 168.77% as of September 30, 2024, compared to 298.23% at December 31, 2023, and 280.31% at September 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 $14.3 million and general reserves of $111.8 million as of September 30, 2024. Specific reserves increased $9.2 million from December 31, 2023, and decreased $2.4 million from September 30, 2023. The increase from December 31, 2023 is primarily due to $9.0 million in specific reserves related to loans moved to nonaccrual during the period. The decrease from September 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 $6.2 million.

Criticized loans totaled $242.0 million at September 30, 2024 and represented 2.7% of the loan portfolio. The level of criticized loans increased as of September 30, 2024 when compared to December 31, 2023, by $31.8 million, or 15%. Classified loans totaled $114.8 million at September 30, 2024 compared to $87.1 million at December 31, 2023, an increase of $27.7 million, or 32%. The increase in classified loans can be attributed to the increase in nonperforming loans.

The allowance for credit losses was $126.1 million at September 30, 2024, or 1.41% of total loans and leases outstanding, compared to 1.31% reported at December 31, 2023, and 1.51% at September 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 1.26% at September 30, 2024 compared to 1.26% at December 31, 2023 and 1.33% at September 30, 2023.

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ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

The following table provides information related to nonperforming assets, the allowance for credit losses and other credit-related measurements:

						September 30,																					December 31, 2023
						2024												2023
						(dollars in thousands)
Nonperforming Loans:
Total nonperforming loans						$	74,723											$	47,924											$	39,472
Loans past due 30 to 90 days and still accruing						$	35,133											$	19,957											$	20,116
Loans past due in excess of 90 days and still accruing						$	1,191											$	2,484											$	9,436
Other real estate owned						$	669											$	765											$	422
Loans held for sale at end of period						$	46,785											$	33,127											$	29,820
Portfolio loans and leases outstanding at end of period						$	8,965,500											$	8,901,725											$	8,968,761
Average loans and leases outstanding						$	9,006,908					(a)						$	8,627,203					(a)						$	8,714,770					(b)
Nonperforming loans as a percentage of total loans and leases						0.83		%										0.54		%										0.44		%
Provision for credit losses on loans and leases (e)						$	25,883					(a)						$	7,387					(a)						$	7,106					(b)
Provision for credit losses - acquisition day 1 non-PCD						$	—											$	10,653											$	10,653
Allowance for credit losses						$	126,112											$	134,337											$	117,718
Net charge-offs						$	17,489					(a)						$	13,814					(a)						$	30,152					(b)
Net charge-offs as a percentage of average loans and leases outstanding (annualized)						0.26		%										0.21		%										0.35		%
Provision for credit losses as a percentage of net charge-offs (e)						148.00		%				(a)						53.47		%				(a)						23.57		%				(b)
Allowance for credit losses as a percentage of end-of-period loans and leases outstanding (c)						1.41		%										1.51		%										1.31		%
Allowance for credit losses as a percentage of nonperforming loans (d)						168.77		%										280.31		%										298.23		%

(a)For the nine-month period ended.

(b)For the twelve-month period ended.

(c)Does not include loans held for sale.

(d)Does not include nonperforming loans held for sale.

(e)Does not include provision for credit losses on loans and leases - acquisition day 1 non-PCD.

The following tables show the outstanding balances of our loan and lease portfolio and the breakdown of net charge-offs and nonperforming loans, excluding loans held for sale, by loan type as of and for the periods presented:

 

																		September 30, 2024												December 31, 2023
																		Amount						%						Amount						%
																		(dollars in thousands)
Commercial, financial, agricultural and other																		$	1,629,535					18		%				$	1,543,349					17		%
Real estate construction																		540,775						6						597,735						7
Residential real estate																		2,374,376						27						2,416,876						27
Commercial real estate																		3,069,438						34						3,053,152						34
Loans to individuals																		1,351,376						15						1,357,649						15
Total loans and leases, net of unearned income																		$	8,965,500					100		%				$	8,968,761					100		%

During the nine months ended September 30, 2024, loans decreased $3.3 million compared to balances outstanding at December 31, 2023.

Real estate construction loans decreased $57.0 million, or 9.5%, due to the completion of commercial real estate projects that subsequently received permanent financing. Residential real estate decreased $42.5 million, or 1.8%, primarily due to sales of closed-end 1-4 family mortgage loans originated for sale. Commercial real estate loans increased $16.3 million, or 0.5%, 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 $6.3 million, or 0.5%, 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.

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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

Commercial real estate comprises 34% of our total loan portfolio. Commercial real estate loans are collateralized by real estate properties including, but not limited to, multifamily properties, office, retail, hotels and student housing. The following table summarizes the commercial real estate portfolio by type of property securing the credit.

						September 30, 2024												December 31, 2023
						Amount						%						Amount						%
						(dollars in thousands)
Land						$	4,679					0.2		%				$	3,180					0.1		%
Residential 1-4						11,273						0.4						39,776						1.3
Industrial and Storage						496,274						16.2						456,759						15.0
Multifamily						589,308						19.2						597,262						19.6
Office						515,511						16.8						550,889						18.0
Healthcare						174,077						5.6						149,909						4.9
Student Housing						96,329						3.1						88,557						2.9
Retail						767,760						25.0						750,899						24.6
Hospitality						216,057						7.0						210,485						6.9
Specialty Use						189,948						6.2						192,570						6.3
Other						8,222						0.3						12,866						0.4
Total						$	3,069,438					100.0		%				$	3,053,152					100.0		%

The following tables represent our commercial real estate portfolio by type of property securing the credit as of September 30, 2024. Total non-pass commercial real estate loans increased by $0.3 million to $115.0 million when compared to December 31, 2023.

						Pass						OAEM						Substandard Accruing						Substandard Nonaccruing						Total Non-Pass						Total						% Non-Pass
						(dollars in thousands)
Land						$	4,506					$	—					$	173					$	—					$	173					$	4,679					3.7		%
Residential 1-4						10,914						—						—						359						359						11,273						3.2
Industrial and Storage						483,808						8,421						783						3,262						12,466						496,274						2.5
Multifamily						555,590						27,824						61						5,833						33,718						589,308						5.7
Office						478,000						11,182						1,103						25,226						37,511						515,511						7.3
Healthcare						171,311						2,439						327						—						2,766						174,077						1.6
Student Housing						96,329						—						—						—						—						96,329						—
Retail						748,178						4,886						13,399						1,297						19,582						767,760						2.6
Hospitality						209,111						—						—						6,946						6,946						216,057						3.2
Specialty Use						188,621						459						619						249						1,327						189,948						0.7
Other						8,109						113						—						—						113						8,222						1.4
Total						$	2,954,477					$	55,324					$	16,465					$	43,172					$	114,961					$	3,069,438					3.7		%

The office portfolio comprises 17% of total commercial real estate loans and 33% of total commercial real estate non-pass loans. The average loan commitment size for the office portfolio is $1.0 million and the average outstanding balance as of September 30, 2024 is $0.9 million. Within the office portfolio, exposures over $1.0 million have an average debt service coverage ratio of 1.48x, which exceeds our internal guidelines of 1.35x to 1.40x, depending on property class. Additionally, for loans with exposure over $1.0 million, the office portfolio has an average loan to value of 62.1% compared to internal guidelines of 60-75%, depending on property class. Our current measure is based off of the most recent appraisal on file, the majority of which are from origination.

As previously noted, portfolio segment limits are approved by our Board of Directors' Risk Committee. These segment limits incorporate loan commitments and are based off of total Tier 1 capital plus the allowable allowance for credit losses. In the second quarter of 2024, after considering the current environment and potential risks related to the office portfolio, the segment

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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

limit for the office portfolio was decreased from 65% to 50%, with the actual segment concentration at 40% as of September 30, 2024.

The following table summarizes commercial real estate loans by the location of the properties by which they are collateralized as of September 30, 2024. Some loans are collateralized by multiple properties spread over various states. In those instances, the loan is included below based on the location of the primary property collateralizing the loan.

						Balance						% of Total
						(dollars in thousands)
Pennsylvania						$	1,570,866					51		%
Ohio						1,107,632						36
New Jersey						61,934						2
Indiana						52,824						2
New York						45,597						2
Delaware						44,189						1
Other						186,396						6
						$	3,069,438					100		%

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 September 30, 2024.

						For the Nine Months Ended September 30, 2024																		As of September 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						$	10,597					60.59		%				0.16		%				$	15,409					20.62		%				0.17		%
Real estate construction						29						0.17						—						5,817						7.78						0.07
Residential real estate						140						0.80						—						10,223						13.68						0.11
Commercial real estate						1,881						10.75						0.03						43,172						57.78						0.48
Loans to individuals						4,842						27.69						0.07						102						0.14						—
Total loans and leases, net of unearned income						$	17,489					100.00		%				0.26		%				$	74,723					100.00		%				0.83		%

Net charge-offs for the nine months ended September 30, 2024 totaled $17.5 million, compared to $13.8 million for the nine months ended September 30, 2023. The most significant charge-off during the nine months ended September 30, 2024 included a $5.4 million charge-off for two commercial, financial, agricultural and other loan, $3.8 million of which was fully provided for as part of Centric purchase accounting marks and a $1.0 million charge-off of a commercial real estate loan, $0.9 million of which was provided for as part of Centric purchase accounting marks. Additionally, $4.8 million in charge-offs relate to loans to individuals, primarily indirect auto loans and personal credit lines. See discussions related to the provision for credit losses and loans for more information.

Capital Resources

At September 30, 2024, shareholders’ equity was $1.4 billion, an increase of $95.3 million from December 31, 2023. The increase was primarily the result of $106.7 million in net income and a $28.7 million increase 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 $3.9 million in treasury stock sales and decreases due to $39.4 million of dividends paid to shareholders and $4.6 million of common stock repurchases. Cash dividends declared per common share were $0.385 for the nine months ended September 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 September 30, 2024, which under the regulatory rules qualifies as Tier II capital. As of September 30, 2024, this subordinated debt issuance increased the total risk-based capital ratio by 53 basis points.

In March 2020, regulators issued interim financial rule (“IFR”) “Regulatory Capital Rule: Revised Transition of the Current Expected Losses Methodology for Allowances” in response to the disrupted economic activity from the pandemic. The IFR provides financial institutions that adopt CECL during 2020 with the option to delay for two years the estimated impact of CECL on regulatory capital, followed by a three-year transition period to phase out the aggregate amount of the capital benefit provided by the initial two-year delay (“five-year transition”). The Company adopted CECL effective January 1, 2020 and elected to implement the five-year transition. Regulatory capital levels without the capital benefit at September 30, 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 5 to 6 basis points.

As of September 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:

			Actual																		Minimum Capital Required												Required to be Considered Well Capitalized
			Capital Amount						Ratio																		Capital Amount						Ratio						Capital Amount						Ratio
			(dollars in thousands)
Total Capital to Risk Weighted Assets
First Commonwealth Financial Corporation			$	1,352,337					14.50		%																$	979,228					10.50		%				$	932,598					10.00		%
First Commonwealth Bank			1,249,560						13.43																		977,220						10.50						930,685						10.00
Tier I Capital to Risk Weighted Assets
First Commonwealth Financial Corporation			$	1,186,365					12.72		%																$	792,708					8.50		%				$	746,078					8.00		%
First Commonwealth Bank			1,083,824						11.65																		791,082						8.50						744,548						8.00
Tier I Capital to Average Assets
First Commonwealth Financial Corporation			$	1,186,365					10.31		%																$	460,492					4.00		%				$	575,615					5.00		%
First Commonwealth Bank			1,083,824						9.44																		459,432						4.00						574,290						5.00
Common Equity Tier I to Risk Weighted Assets
First Commonwealth Financial Corporation			$	1,116,365					11.97		%																$	652,820					7.00		%				$	606,189					6.50		%
First Commonwealth Bank			1,083,824						11.65																		651,480						7.00						604,945						6.50

On October 29, 2024, First Commonwealth Financial Corporation declared a quarterly dividend of $0.13 per share payable on November 22, 2024 to shareholders of record as of November 8, 2024. The timing and amount of future dividends are at the

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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 September 30, 2024, 2,661,388 common shares had been repurchased under these program at an average price of $13.28 per share. During the nine months ended September 30, 2024, 169,811 common shares were repurchased under these programs at an average price of $16.24 per share.

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.

In November 2023, FASB released Accounting Standards Update 2023-07 (“ASU 2023-07”), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve disclosure requirements, primarily through enhanced disclosures about significant segment expenses on an interim and annual basis. ASU 2023-07 does not change how an entity identifies its operating segments, but does require that an entity that has a single reportable segment, such as First Commonwealth, to provide the required enhanced disclosures. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. ASU 2023-07 should be applied retrospectively to all prior periods presented in the consolidated financial statements. The Company is in the process of assessing the impact of the adoption of ASU 2023-07 on its consolidated financial statements and related disclosures.

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Table of Contents

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.

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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*
July 31, 2024			—						$	—					—						946,040
August 31, 2024			—						—						—						993,287
September 30, 2024			146,850						16.83						146,850						853,252
Total			146,850						$	16.83					146,850
* Remaining number of shares approved under the Plan is based on the market value of the Company's common stock of $18.08 at July 31, 2024, $17.22 at August 31, 2024 and $17.15 at September 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 10b5-1 trading arrangement during quarter ended September 30, 2024, as such terms are defined under Item 408(a) of Regulation S-K. On September 17, 2024, the Corporation entered into a Rule 10b5-1 Issuer Repurchase Plan with a registered broker to effect repurchases of the Corporation’s common stock under the Corporation’s treasury stock repurchase program. The 10b5-1 issuer repurchase plan will terminate upon the earlier of $10,000,000 in shares of common stock authorized for repurchase having been repurchased or November 1, 2024.

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PART II – OTHER INFORMATION

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

ITEM 6.     EXHIBITS

Exhibit Number

Description

Incorporated by Reference to

10.1

Separation Agreement dated August 15, 2024 between First Commonwealth Financial Corporation and Brian G. Karrip

Filed herewith

10.2

Change of Control Agreement dated August 16, 2024 between First Commonwealth Financial Corporation and Brian J. Sohocki

Filed herewith

10.3

Employment Agreement dated August 16, 2024 between First Commonwealth Financial Corporation and Brian J. Sohocki

Filed herewith

10.4

Restricted Stock Agreement dated August 16, 2024 between First Commonwealth Financial Corporation and Brian J. Sohocki

Filed herewith

31.1

Chief Executive Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Filed herewith

31.2

Chief Financial Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Filed herewith

32.1

Chief Executive Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Filed herewith

32.2

Chief Financial Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

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

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

FIRST COMMONWEALTH FINANCIAL CORPORATION

(Registrant)

 

DATED: November 12, 2024						/s/ T. Michael Price
						T. Michael Price President and Chief Executive Officer
DATED: November 12, 2024						/s/ James R. Reske
						James R. Reske Executive Vice President, Chief Financial Officer and Treasurer

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