FCF 10-Q Quarterly Report June 30, 2021 | Alphaminr
FIRST COMMONWEALTH FINANCIAL CORP /PA/
ALPHAMINR

FCF 10-Q Quarter ended June 30, 2021

Balance Sheet
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FIRST COMMONWEALTH FINANCIAL CORP /PA/
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fcf-20210630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
Or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to
Commission File Number 001-11138
First Commonwealth Financial Corporation
(Exact name of registrant as specified in its charter)
Pennsylvania 25-1428528
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
601 Philadelphia Street
Indiana PA 15701
(Address of principal executive offices) (Zip Code)
724 - 349-7220
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Indicate by a check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨ .
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer x Accelerated filer ¨ Smaller reporting company ☐ Emerging growth company ☐
Non-accelerated filer ¨ (Do not check if a smaller reporting company)

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ☐ No x
The number of shares outstanding of issuer’s common stock, $1.00 par value, as of August 5, 2021, was 95,938,473 .



FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
FORM 10-Q
INDEX
PAGE
PART I.
ITEM 1.
ITEM 2.
ITEM 3.
ITEM 4.
PART II.
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 5.
ITEM 6.

2



ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (unaudited)
June 30, 2021 December 31, 2020
(dollars in thousands, except share data)
Assets
Cash and due from banks $ 89,505 $ 100,009
Interest-bearing bank deposits 194,948 256,572
Securities available for sale, at fair value 1,090,530 831,223
Securities held to maturity, at amortized cost (Fair value of $ 555,820 and $ 369,851 at June 30, 2021 and December 31, 2020, respectively)
554,225 361,844
Other investments 11,527 12,227
Loans held for sale 19,530 33,436
Loans:
Portfolio loans 6,740,535 6,761,183
Allowance for credit losses ( 97,038 ) ( 101,309 )
Net loans 6,643,497 6,659,874
Premises and equipment, net (1)
118,410 125,517
Other real estate owned 394 1,215
Goodwill 303,328 303,328
Amortizing intangibles, net 12,169 13,492
Bank owned life insurance 226,371 225,952
Other assets 137,968 143,415
Total assets $ 9,402,402 $ 9,068,104
Liabilities
Deposits (all domestic):
Noninterest-bearing $ 2,617,651 $ 2,319,958
Interest-bearing 5,267,368 5,118,708
Total deposits 7,885,019 7,438,666
Short-term borrowings 107,372 117,373
Subordinated debentures 170,694 170,612
Other long-term debt 5,918 56,258
Capital lease obligation 6,155 6,385
Total long-term debt 182,767 233,255
Other liabilities 120,825 210,193
Total liabilities 8,295,983 7,999,487
Shareholders’ Equity
Preferred stock, $ 1 par value per share, 3,000,000 shares authorized, none issued
— —
Common stock, $ 1 par value per share, 200,000,000 shares authorized; 113,914,902 shares issued at June 30, 2021 and December 31, 2020, and 96,201,628 and 96,130,751 shares outstanding at June 30, 2021 and December 31, 2020, respectively
113,915 113,915
Additional paid-in capital 495,899 494,683
Retained earnings 644,362 596,614
Accumulated other comprehensive income, net 7,115 17,233
Treasury stock ( 17,713,274 and 17,784,151 shares at June 30, 2021 and December 31, 2020, respectively)
( 154,872 ) ( 153,828 )
Total shareholders’ equity 1,106,419 1,068,617
Total liabilities and shareholders’ equity $ 9,402,402 $ 9,068,104

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


ITEM 1. Financial Statements and Supplementary Data (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
For the Three Months Ended For the Six Months Ended
June 30, June 30,
2021 2020 2021 2020
(dollars in thousands, except share data)
Interest Income
Interest and fees on loans $ 65,367 $ 68,076 $ 133,680 $ 139,816
Interest and dividends on investments:
Taxable interest 6,302 6,493 11,666 13,466
Interest exempt from federal income taxes 154 267 318 582
Dividends 138 113 281 377
Interest on bank deposits 90 32 167 69
Total interest income 72,051 74,981 146,112 154,310
Interest Expense
Interest on deposits 1,433 5,686 3,485 14,135
Interest on short-term borrowings 27 47 58 635
Interest on subordinated debentures 2,136 2,142 4,264 4,288
Interest on other long-term debt 194 354 540 709
Interest on lease obligations 62 66 124 133
Total interest expense 3,852 8,295 8,471 19,900
Net Interest Income 68,199 66,686 137,641 134,410
Provision for credit losses 5,413 6,859 1,023 37,826
Net Interest Income after Provision for Credit Losses 62,786 59,827 136,618 96,584
Noninterest Income
Net securities gains 10 8 16 27
Trust income 2,706 2,109 5,222 4,220
Service charges on deposit accounts 4,310 3,286 8,357 8,031
Insurance and retail brokerage commissions 1,978 1,831 4,150 3,826
Income from bank owned life insurance 1,509 1,800 3,460 3,416
Gain on sale of mortgage loans 3,084 4,243 8,130 6,789
Gain on sale of other loans and assets 2,111 581 3,801 1,280
Card-related interchange income 7,406 5,886 13,833 11,148
Derivatives mark to market ( 277 ) ( 221 ) 1,153 ( 1,962 )
Swap fee income 1,252 609 1,398 823
Other income 1,997 1,680 3,921 3,487
Total noninterest income 26,086 21,812 53,441 41,085
Noninterest Expense
Salaries and employee benefits 28,347 28,773 57,018 58,750
Net occupancy 3,881 4,397 8,654 9,370
Furniture and equipment 3,866 3,657 7,814 7,435
Data processing 3,192 2,596 6,244 5,063
Advertising and promotion 1,355 1,535 2,679 2,685
Pennsylvania shares tax 1,258 1,254 2,090 1,992
Intangible amortization 863 919 1,729 1,853
Other professional fees and services 1,091 920 1,842 1,818
FDIC insurance 438 733 1,134 761
Loss on sale or write-down of assets 43 140 52 353
Litigation and operational losses 556 319 1,035 709
COVID-19 related 232 419 306 442
Branch consolidation ( 22 ) — 18 —
Other operating 6,442 7,094 12,786 11,796
Total noninterest expense 51,542 52,756 103,401 103,027
Income Before Income Taxes 37,330 28,883 86,658 34,642
Income tax provision 7,711 5,032 17,269 6,064
Net Income $ 29,619 $ 23,851 $ 69,389 $ 28,578
Average Shares Outstanding 96,012,828 97,932,333 96,019,808 98,027,980
The accompanying notes are an integral part of these unaudited consolidated financial statements.
4


Average Shares Outstanding Assuming Dilution 96,282,425 98,146,854 96,255,475 98,254,429
Per Share Data: Basic Earnings per Share
$ 0.31 $ 0.24 $ 0.72 $ 0.29
Diluted Earnings per Share $ 0.31 $ 0.24 $ 0.72 $ 0.29
Cash Dividends Declared per Common Share $ 0.115 $ 0.110 $ 0.225 $ 0.220

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


ITEM 1. Financial Statements and Supplementary Data (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
For the Three Months Ended For the Six Months Ended
June 30, June 30,
2021 2020 2021 2020
(dollars in thousands)
Net Income $ 29,619 $ 23,851 $ 69,389 $ 28,578
Other comprehensive (loss) income, before tax benefit (expense):
Unrealized holding (losses) gains on securities arising during the period 1,707 5,822 ( 14,097 ) 25,325
Less: reclassification adjustment for gains on securities included in net income ( 10 ) ( 8 ) ( 16 ) ( 27 )
Unrealized holding gains (losses) on derivatives arising during the period ( 537 ) ( 536 ) 1,305 ( 5,117 )
Total other comprehensive (loss) income, before tax benefit (expense) 1,160 5,278 ( 12,808 ) 20,181
Income tax benefit (expense) related to items of other comprehensive (loss) income ( 243 ) ( 1,108 ) 2,690 ( 4,238 )
Total other comprehensive (loss) income 917 4,170 ( 10,118 ) 15,943
Comprehensive Income $ 30,536 $ 28,021 $ 59,271 $ 44,521

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


ITEM 1. Financial Statements and Supplementary Data (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)
Shares
Outstanding 		Common
Stock 		Additional
Paid-in-
Capital 		Retained
Earnings 		Accumulated
Other
Comprehensive
Income (Loss),
net 		Treasury
Stock 		Total
Shareholders’
Equity
(dollars in thousands, except share and per share data)
Balance at December 31, 2020 96,130,751 $ 113,915 $ 494,683 $ 596,614 $ 17,233 $ ( 153,828 ) $ 1,068,617
Net income 69,389 69,389
Other comprehensive loss ( 10,118 ) ( 10,118 )
Cash dividends declared ($ 0.225 per share)
( 21,641 ) ( 21,641 )
Treasury stock acquired ( 196,119 ) ( 2,658 ) ( 2,658 )
Treasury stock reissued 173,907 771 — 1,493 2,264
Restricted stock 93,089 — 445 — 121 566
Balance at June 30, 2021 96,201,628 $ 113,915 $ 495,899 $ 644,362 $ 7,115 $ ( 154,872 ) $ 1,106,419
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, 2019 98,311,840 $ 113,915 $ 493,737 $ 577,348 $ 5,579 $ ( 134,914 ) $ 1,055,665
Net income 28,578 28,578
Other comprehensive income 15,943 15,943
Cash dividends declared ($ 0.22 per share)
( 21,614 ) ( 21,614 )
Treasury stock acquired ( 430,896 ) ( 5,220 ) ( 5,220 )
Treasury stock reissued 158,453 458 — 1,358 1,816
Restricted stock 93,300 — 487 — 50 537
Balance at June 30, 2020 98,132,697 $ 113,915 $ 494,682 $ 584,312 $ 21,522 $ ( 138,726 ) $ 1,075,705




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


ITEM 1. Financial Statements and Supplementary Data (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)
Shares
Outstanding 		Common
Stock 		Additional
Paid-in-
Capital 		Retained
Earnings 		Accumulated
Other
Comprehensive
Income (Loss),
net 		Treasury
Stock 		Total
Shareholders’
Equity
(dollars in thousands, except share and per share data)
Balance at March 31, 2021 96,248,476 $ 113,915 $ 495,720 $ 625,806 $ 6,198 $ ( 154,159 ) $ 1,087,480
Net income 29,619 29,619
Other comprehensive income 917 917
Cash dividends declared ($ 0.115 per share)
( 11,063 ) ( 11,063 )
Treasury stock acquired ( 72,724 ) ( 1,015 ) ( 1,015 )
Treasury stock reissued 15,376 90 — 133 223
Restricted stock 10,500 — 89 — 169 258
Balance at June 30, 2021 96,201,628 $ 113,915 $ 495,899 $ 644,362 $ 7,115 $ ( 154,872 ) $ 1,106,419
Shares
Outstanding 		Common
Stock 		Additional
Paid-in-
Capital 		Retained
Earnings 		Accumulated
Other
Comprehensive
Income (Loss),
net 		Treasury
Stock 		Total
Shareholders’
Equity
(dollars in thousands, except share and per share data)
Balance at March 31, 2020 98,015,396 $ 113,915 $ 494,181 $ 571,256 $ 17,352 $ ( 138,780 ) $ 1,057,924
Net income 23,851 23,851
Other comprehensive income 4,170 4,170
Cash dividends declared ($ 0.110 per share)
( 10,795 ) ( 10,795 )
Treasury stock acquired — — — —
Treasury stock reissued 24,001 14 — 208 222
Restricted stock 93,300 — 487 — ( 154 ) 333
Balance at June 30, 2020 98,132,697 $ 113,915 $ 494,682 $ 584,312 $ 21,522 $ ( 138,726 ) $ 1,075,705
The accompanying notes are an integral part of these unaudited consolidated financial statements.
8


ITEM 1. Financial Statements and Supplementary Data (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
For the Six Months Ended
June 30,
2021 2020
Operating Activities (dollars in thousands)
Net income $ 69,389 $ 28,578
Adjustment to reconcile net income to net cash provided by operating activities:
Provision for credit losses 1,023 37,826
Deferred tax expense (benefit) 2,863 ( 3,387 )
Depreciation and amortization 5,931 5,549
Net gains on securities and other assets ( 13,205 ) ( 5,896 )
Net amortization of premiums and discounts on securities 2,588 2,993
Income from increase in cash surrender value of bank owned life insurance ( 3,132 ) ( 3,149 )
Decrease (increase) in interest receivable 3,697 ( 10,218 )
Mortgage loans originated for sale ( 210,746 ) ( 155,916 )
Proceeds from sale of mortgage loans 231,321 150,821
Decrease in interest payable ( 357 ) ( 484 )
(Decrease) increase in income taxes payable ( 1,870 ) 9,349
Other-net ( 14,178 ) ( 4,875 )
Net cash provided by operating activities 73,324 51,191
Investing Activities
Transactions with securities held to maturity:
Proceeds from maturities and redemptions 59,170 42,175
Purchases ( 312,247 ) ( 200 )
Transactions with securities available for sale:
Proceeds from maturities and redemptions 285,216 125,162
Purchases ( 560,180 ) ( 127,368 )
Purchases of FHLB stock ( 2,134 ) ( 20,927 )
Proceeds from the redemption of FHLB stock 2,834 25,416
Proceeds from bank owned life insurance 3,097 201
Proceeds from sale of loans 33,824 10,335
Proceeds from sale of other assets 4,979 3,173
Net increase in loans ( 17,885 ) ( 752,191 )
Purchases of premises and equipment and other assets ( 3,909 ) ( 5,363 )
Net cash used in investing activities ( 507,235 ) ( 699,587 )
Financing Activities
Net decrease in other short-term borrowings ( 10,001 ) ( 93,369 )
Net increase in deposits 446,426 1,104,794
Repayments of other long-term debt ( 50,339 ) ( 327 )
Repayments of capital lease obligation ( 230 ) ( 213 )
Dividends paid ( 21,641 ) ( 21,614 )
Proceeds from reissuance of treasury stock 222 222
Purchase of treasury stock ( 2,654 ) ( 5,220 )
Net cash provided by financing activities 361,783 984,273
Net (decrease) increase in cash and cash equivalents ( 72,128 ) 335,877
Cash and cash equivalents at January 1 356,581 121,856
Cash and cash equivalents at June 30 $ 284,453 $ 457,733

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

ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Note 1 Basis of Presentation
The accounting and reporting policies of First Commonwealth Financial Corporation and its subsidiaries (“First Commonwealth” or the “Company”) conform with generally accepted accounting principles in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates, assumptions and judgments that affect the amounts reported in the financial statements and accompanying notes. Actual realized amounts could differ from those estimates. In the opinion of management, the unaudited interim consolidated financial statements include all adjustments (consisting of only normal recurring adjustments) necessary for a fair presentation of First Commonwealth’s financial position, results of operations, comprehensive income, cash flows and changes in shareholders’ equity as of and for the periods presented. Certain information and Note disclosures normally included in Consolidated Financial Statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC.
For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, federal funds sold and interest-bearing bank deposits. Generally, federal funds are sold for one-day periods.
The results of operations for the six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the full year of 2021. These interim financial statements should be read in conjunction with First Commonwealth’s 2020 Annual Report on Form 10-K.
Note 2 Supplemental Comprehensive Income Disclosures
The following table identifies the related tax effects allocated to each component of other comprehensive income (“OCI”) in the unaudited Consolidated Statements of Comprehensive Income. Reclassification adjustments related to securities available for sale are included in the "Net securities gains" line and reclassification adjustments related to losses on derivatives are included in the "Other operating" line in the unaudited Consolidated Statements of Income.
For the Six Months Ended June 30,
2021 2020
Pretax Amount Tax (Expense) Benefit Net of Tax Amount Pretax Amount Tax (Expense) Benefit Net of Tax Amount
(dollars in thousands)
Unrealized (losses) gains on securities:
Unrealized holding (losses) gains on securities arising during the period $ ( 14,097 ) $ 2,961 $ ( 11,136 ) $ 25,325 $ ( 5,319 ) $ 20,006
Reclassification adjustment for gains on securities included in net income ( 16 ) 3 ( 13 ) ( 27 ) 6 ( 21 )
Total unrealized (losses) gains on securities ( 14,113 ) 2,964 ( 11,149 ) 25,298 ( 5,313 ) 19,985
Unrealized gains (losses) on derivatives:
Unrealized holding gains (losses) on derivatives arising during the period 1,305 ( 274 ) 1,031 ( 5,117 ) 1,075 ( 4,042 )
Reclassification adjustment for losses on derivatives included in net income — — — — — —
Total unrealized gains (losses) on derivatives 1,305 ( 274 ) 1,031 ( 5,117 ) 1,075 ( 4,042 )
Total other comprehensive (loss) income $ ( 12,808 ) $ 2,690 $ ( 10,118 ) $ 20,181 $ ( 4,238 ) $ 15,943

10
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the Three Months Ended June 30,
2021 2020
Pretax Amount Tax (Expense) Benefit Net of Tax Amount Pretax Amount Tax (Expense) Benefit Net of Tax Amount
(dollars in thousands)
Unrealized gains on securities:
Unrealized holding gains on securities arising during the period $ 1,707 $ ( 358 ) $ 1,349 $ 5,822 $ ( 1,223 ) $ 4,599
Reclassification adjustment for gains on securities included in net income ( 10 ) 2 ( 8 ) ( 8 ) 2 ( 6 )
Total unrealized gains on securities 1,697 ( 356 ) 1,341 5,814 ( 1,221 ) 4,593
Unrealized losses on derivatives:
Unrealized holding losses on derivatives arising during the period ( 537 ) 113 ( 424 ) ( 536 ) 113 ( 423 )
Reclassification adjustment for losses on derivatives included in net income — — — — — —
Total unrealized losses on derivatives ( 537 ) 113 ( 424 ) ( 536 ) 113 ( 423 )
Total other comprehensive income $ 1,160 $ ( 243 ) $ 917 $ 5,278 $ ( 1,108 ) $ 4,170


The following table details the change in components of OCI for the six months ended June 30:
2021 2020
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 $ 20,310 $ ( 182 ) $ ( 2,895 ) $ 17,233 $ 4,580 $ 365 $ 634 $ 5,579
Other comprehensive (loss) income before reclassification adjustment ( 11,136 ) — 1,031 ( 10,105 ) 20,006 — ( 4,042 ) 15,964
Amounts reclassified from accumulated other comprehensive (loss) income ( 13 ) — — ( 13 ) ( 21 ) — — ( 21 )
Net other comprehensive (loss) income during the period ( 11,149 ) — 1,031 ( 10,118 ) 19,985 — ( 4,042 ) 15,943
Balance at June 30 $ 9,161 $ ( 182 ) $ ( 1,864 ) $ 7,115 $ 24,565 $ 365 $ ( 3,408 ) $ 21,522

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

2021 2020
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 March 31 $ 7,820 $ ( 182 ) $ ( 1,440 ) $ 6,198 $ 19,972 $ 365 $ ( 2,985 ) $ 17,352
Other comprehensive income before reclassification adjustment 1,349 — ( 424 ) 925 4,599 — ( 423 ) 4,176
Amounts reclassified from accumulated other comprehensive (loss) income ( 8 ) — — ( 8 ) ( 6 ) — — ( 6 )
Net other comprehensive income during the period 1,341 — ( 424 ) 917 4,593 — ( 423 ) 4,170
Balance at June 30 $ 9,161 $ ( 182 ) $ ( 1,864 ) $ 7,115 $ 24,565 $ 365 $ ( 3,408 ) $ 21,522
11
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 3 Supplemental Cash Flow Disclosures
The following table presents information related to cash paid during the period for interest and income taxes, as well as detail on non-cash investing and financing activities for the six months ended June 30:
2021 2020
(dollars in thousands)
Cash paid during the period for:
Interest $ 8,800 $ 20,493
Income taxes 16,209 130
Non-cash investing and financing activities:
Loans transferred to other real estate owned and repossessed assets 1,649 2,368
Loans transferred from held to maturity to held for sale 30,704 13,442
Loans transferred from available for sale to held to maturity — 1,908
Gross (decrease) increase in market value adjustment to securities available for sale ( 14,113 ) 25,298
Gross increase (decrease) in market value adjustment to derivatives 1,305 ( 5,117 )
Investments committed to purchase, not settled — 21,853
Noncash treasury stock reissuance 2,042 1,594
Unsettled treasury stock repurchases 4 —
Proceeds from death benefit on bank owned life insurance not received ( 384 ) 557
Note 4 Earnings per Share
The following table summarizes the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computations:
For the Three Months Ended June 30, For the Six Months Ended June 30,
2021 2020 2021 2020
Weighted average common shares issued 113,914,902 113,914,902 113,914,902 113,914,902
Average treasury stock shares ( 17,695,829 ) ( 15,788,359 ) ( 17,707,057 ) ( 15,730,604 )
Average deferred compensation shares ( 55,582 ) ( 41,426 ) ( 55,563 ) ( 39,939 )
Average unearned nonvested shares ( 150,663 ) ( 152,784 ) ( 132,474 ) ( 116,379 )
Weighted average common shares and common stock equivalents used to calculate basic earnings per share
96,012,828 97,932,333 96,019,808 98,027,980
Additional common stock equivalents (nonvested stock) used to calculate diluted earnings per share
213,982 173,095 180,052 185,023
Additional common stock equivalents (deferred compensation) used to calculate diluted earnings per share
55,615 41,426 55,615 41,426
Weighted average common shares and common stock equivalents used to calculate diluted earnings per share
96,282,425 98,146,854 96,255,475 98,254,429
Basic Earnings per Share $ 0.31 $ 0.24 $ 0.72 $ 0.29
Diluted Earnings per Share $ 0.31 $ 0.24 $ 0.72 $ 0.29
The following table shows the number of shares and the price per share related to common stock equivalents that were not included in the computation of diluted earnings per share for the six months ended June 30 because to do so would have been antidilutive.
2021 2020
Price Range Price Range
Shares From To Shares From To
Restricted Stock 66,092 $ 13.72 $ 14.58 122,066 $ 13.72 $ 15.44
Restricted Stock Units 26,343 $ 16.41 $ 16.41 91,240 $ 12.43 $ 15.37

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

Note 5 Commitments and Contingent Liabilities
Commitments and Letters of Credit
Standby letters of credit and commercial letters of credit are conditional commitments issued by First Commonwealth to guarantee the performance of a customer to a third party. The contract or notional amount of these instruments reflects the maximum amount of future payments that First Commonwealth could be required to pay under the guarantees if there were a total default by the guaranteed parties, without consideration of possible recoveries under recourse provisions or from collateral held or pledged. In addition, many of these commitments are expected to expire without being drawn upon; therefore, the total commitment amounts do not necessarily represent future cash requirements.
The following table identifies the notional amount of those instruments at:
June 30, 2021 December 31, 2020
(dollars in thousands)
Financial instruments whose contract amounts represent credit risk:
Commitments to extend credit $ 2,195,786 $ 2,097,628
Financial standby letters of credit 18,514 15,988
Performance standby letters of credit 16,545 16,864
Commercial letters of credit 965 783
The notional amounts outstanding as of June 30, 2021 include amounts issued in 2021 of $ 0.5 million in performance standby letters of credit and $ 0.1 million in financial standby letters of credit. There were no commercial letters of credit issued in 2021. A liability of $ 0.1 million has been recorded as of both June 30, 2021 and December 31, 2020, which represents the estimated fair value of letters of credit issued. The fair value of letters of credit is estimated based on the unrecognized portion of fees received at the time the commitment was issued.
Unused commitments and letters of credit provide exposure to future credit loss in the event of nonperformance by the borrower or guaranteed parties. Management’s evaluation of the credit risk related to these commitments resulted in the recording of a liability of $ 5.5 million and $ 7.4 million as of June 30, 2021 and December 31, 2020, respectively. This liability is reflected in "Other liabilities" in the unaudited Consolidated Statements of Financial Condition. The credit risk evaluation incorporates the expected loss percentage calculated for comparable loan categories as part of the allowance for credit losses for loans as well as estimated utilization for each loan category.
Legal Proceedings
First Commonwealth and its subsidiaries are subject in the normal course of business to various pending and threatened legal proceedings in which claims for monetary damages are asserted. As of June 30, 2021, management, after consultation with legal counsel, does not anticipate that the aggregate ultimate liability arising out of litigation pending or threatened against First Commonwealth or its subsidiaries will be material to First Commonwealth’s consolidated financial position. On at least a quarterly basis, First Commonwealth assesses its liabilities and contingencies in connection with such legal proceedings. For those matters where it is probable that First Commonwealth will incur losses and the amounts of the losses can be reasonably estimated, First Commonwealth records an expense and corresponding liability in its consolidated financial statements. To the extent the pending or threatened litigation could result in exposure in excess of that liability, the amount of such excess is not currently estimable. Although not considered probable, the range of reasonably possible losses for such matters in the aggregate, beyond the existing recorded liability (if any), is between $ 0 and $ 1 million. Although First Commonwealth does not believe that the outcome of pending litigation will be material to First Commonwealth’s consolidated financial position, it cannot rule out the possibility that such outcomes will be material to the consolidated results of operations and cash flows for a particular reporting period in the future.
First Commonwealth Bank was named a defendant in a putative class action that commenced on October 14, 2020 in the Court of Common Pleas of Allegheny County, Pennsylvania. The claims related to certain notices and other practices in connection with the repossession of motor vehicles. On May 4, 2021, the Court granted the Bank’s preliminary objections and dismissed the plaintiffs’ complaint with prejudice. The plaintiffs have filed a notice of appeal of the Court’s order dismissing the complaint.
13
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 6 Investment Securities
Securities Available for Sale
Below is an analysis of the amortized cost and estimated fair values of securities available for sale at:
June 30, 2021 December 31, 2020
Amortized
Cost 		Gross
Unrealized
Gains 		Gross
Unrealized
Losses 		Estimated
Fair Value 		Amortized
Cost 		Gross
Unrealized
Gains 		Gross
Unrealized
Losses 		Estimated
Fair Value
(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential $ 5,772 $ 555 $ — $ 6,327 $ 6,492 $ 738 $ — $ 7,230
Mortgage-Backed Securities – Commercial 326,712 4,296 ( 540 ) 330,468 182,823 8,357 — 191,180
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential 712,715 10,398 ( 4,486 ) 718,627 481,109 14,924 — 496,033
Other Government-Sponsored Enterprises 1,000 — ( 10 ) 990 100,996 2 — 100,998
Obligations of States and Political Subdivisions 9,609 131 ( 59 ) 9,681 11,154 243 — 11,397
Corporate Securities 23,126 1,350 ( 39 ) 24,437 22,941 1,444 — 24,385
Total Securities Available for Sale $ 1,078,934 $ 16,730 $ ( 5,134 ) $ 1,090,530 $ 805,515 $ 25,708 $ — $ 831,223

Mortgage-backed securities include mortgage-backed obligations of U.S. Government agencies and obligations of U.S. Government-sponsored enterprises. These obligations have contractual maturities ranging from less than one year to approximately 30 years with lower anticipated lives to maturity due to prepayments. All mortgage-backed securities contain a certain amount of risk related to the uncertainty of prepayments of the underlying mortgages. Interest rate changes have a direct impact upon prepayment speeds; therefore, First Commonwealth uses computer simulation models to test the average life and yield volatility of all mortgage-backed securities under various interest rate scenarios to monitor the potential impact on earnings and interest rate risk positions.

Expected maturities will differ from contractual maturities because issuers may have the right to call or repay obligations with or without call or prepayment penalties. Other fixed income securities within the portfolio also contain prepayment risk.
14
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The amortized cost and estimated fair value of debt securities available for sale at June 30, 2021, by contractual maturity, are shown below.
Amortized
Cost 		Estimated
Fair Value
(dollars in thousands)
Due within 1 year $ 5,000 $ 5,058
Due after 1 but within 5 years 12,871 13,610
Due after 5 but within 10 years 15,864 16,440
Due after 10 years — —
33,735 35,108
Mortgage-Backed Securities (a) 1,045,199 1,055,422
Total Debt Securities $ 1,078,934 $ 1,090,530
(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 $ 332.5 million and a fair value of $ 336.8 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $ 712.7 million and a fair value of $ 718.6 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac .
Proceeds from sales, gross gains (losses) realized on sales and maturities related to securities held to maturity and securities available for sale were as follows for the six months ended June 30:
2021 2020
(dollars in thousands)
Proceeds from sales $ — $ —
Gross gains (losses) realized:
Sales transactions:
Gross gains $ — $ —
Gross losses — —
— —
Maturities
Gross gains 16 27
Gross losses — —
16 27
Net gains and impairment $ 16 $ 27
Securities available for sale with an estimated fair value of $ 838.4 million and $ 792.1 million were pledged as of June 30, 2021 and December 31, 2020, respectively, to secure public deposits and for other purposes required or permitted by law.
15
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Securities Held to Maturity
Below is an analysis of the amortized cost and fair values of debt securities held to maturity at:
June 30, 2021 December 31, 2020
Amortized
Cost 		Gross
Unrealized
Gains 		Gross
Unrealized
Losses 		Estimated
Fair Value 		Amortized
Cost 		Gross
Unrealized
Gains 		Gross
Unrealized
Losses 		Estimated
Fair Value
(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential $ 2,652 $ 128 $ — $ 2,780 $ 2,766 $ 138 $ — $ 2,904
Mortgage-Backed Securities- Commercial 102,982 818 ( 728 ) 103,072 36,799 1,441 — 38,240
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential 384,392 3,712 ( 2,645 ) 385,459 277,351 5,389 ( 10 ) 282,730
Mortgage-Backed Securities – Commercial 8,527 275 — 8,802 9,737 344 — 10,081
Other Government-Sponsored Enterprises 21,747 — ( 452 ) 21,295 — — — —
Obligations of States and Political Subdivisions 32,925 566 ( 79 ) 33,412 34,391 705 — 35,096
Debt Securities Issued by Foreign Governments 1,000 — — 1,000 800 — — 800
Total Securities Held to Maturity $ 554,225 $ 5,499 $ ( 3,904 ) $ 555,820 $ 361,844 $ 8,017 $ ( 10 ) $ 369,851
The amortized cost and estimated fair value of debt securities held to maturity at June 30, 2021, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or prepayment penalties.
Amortized
Cost 		Estimated
Fair Value
(dollars in thousands)
Due within 1 year $ 3,465 $ 3,481
Due after 1 but within 5 years 4,772 4,826
Due after 5 but within 10 years 43,634 43,558
Due after 10 years 3,801 3,842
55,672 55,707
Mortgage-Backed Securities (a) 498,553 500,113
Total Debt Securities $ 554,225 $ 555,820
(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 $ 105.6 million and a fair value of $ 105.9 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $ 392.9 million and a fair value of $ 394.3 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.
Securities held to maturity with an amortized cost of $ 348.8 million and $ 228.1 million were pledged as of June 30, 2021 and December 31, 2020, respectively, to secure public deposits and for other purposes required or permitted by law.
Other Investments
As a member of the Federal Home Loan Bank ("FHLB"), First Commonwealth is required to purchase and hold stock in the FHLB to satisfy membership and borrowing requirements. The level of stock required to be held is dependent on the amount of First Commonwealth's mortgage-related assets and outstanding borrowings with the FHLB. This stock is restricted in that it can
16
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

only be sold to the FHLB or to another member institution, and all sales of FHLB stock must be at par. As a result of these restrictions, FHLB stock is unlike other investment securities insofar as there is no trading market for FHLB stock and the transfer price is determined by FHLB membership rules and not by market participants. As of June 30, 2021 and December 31, 2020, our FHLB stock totaled $ 9.9 million and $ 10.6 million, respectively, and is included in “Other investments” on the unaudited Consolidated Statements of Financial Condition.
FHLB stock is held as a long-term investment and its value is determined based on the ultimate recoverability of the par value. First Commonwealth evaluates impairment quarterly and has concluded that the par value of its investment in FHLB stock will be recovered. Accordingly, no impairment charge was recorded on these securities during the three and six months ended June 30, 2021.
As of both June 30, 2021 and December 31, 2020, "Other investments" also includes $ 1.7 million in equity securities. These securities do not have a readily determinable fair value and are carried at cost. During the three-months ended June 30, 2021 and 2020, there were no gains or losses recognized through earnings on equity securities. On a quarterly basis, management evaluates equity securities by reviewing the severity and duration of decline in estimated fair value, research reports, analysts’ recommendations, credit rating changes, news stories, annual reports, regulatory filings, impact of interest rate changes and other relevant information.
Impairment of Investment Securities
We review our investment portfolio on a quarterly basis for indications of impairment. For available for sale securities, the
review includes analyzing the financial condition and near-term prospects of the issuer, including any specific events which
may influence the operations of the issuer and whether we are more likely than not to sell the security. We evaluate whether we
are more likely than not to sell debt securities based upon our investment strategy for the particular type of security and our
cash flow needs, liquidity position, capital adequacy, tax position and interest rate risk position. Held-to-maturity securities are
evaluated for impairment on a quarterly basis using historical probability of default and loss given default information specific
to the investment category. If this evaluation determines that credit losses exist an allowance for credit loss is recorded and
included in earnings as a component of credit loss expense.
First Commonwealth utilizes the specific identification method to determine the net gain or loss on debt securities and the average cost method to determine the net gain or loss on equity securities.
The following table presents the gross unrealized losses and estimated fair values at June 30, 2021 for both available for sale and held to maturity securities by investment category and time frame for which securities have been in a continuous unrealized loss position:
Less Than 12 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 – Commercial $ 191,215 $ ( 1,268 ) $ — $ — $ 191,215 $ ( 1,268 )
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential 520,020 ( 7,131 ) — — 520,020 ( 7,131 )
Other Government-Sponsored Enterprises 22,285 ( 462 ) — — 22,285 ( 462 )
Obligations of States and Political Subdivisions 7,237 ( 138 ) — — 7,237 ( 138 )
Corporate Securities 5,136 ( 39 ) — — 5,136 ( 39 )
Total Securities $ 745,893 $ ( 9,038 ) $ — $ — $ 745,893 $ ( 9,038 )
At June 30, 2021, fixed income securities issued by the U.S. Government and U.S. Government-sponsored enterprises comprised 98 % of total unrealized losses due to changes in market interest rates. At June 30, 2021, there are 44 debt securities in an unrealized loss position.
17
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following table presents the gross unrealized losses and estimated fair values at December 31, 2020 by investment category and time frame for which securities have been in a continuous unrealized loss position:
Less Than 12 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-Sponsored Enterprises:
Mortgage-Backed Securities – Residential $ 3,755 $ ( 10 ) $ — $ — $ 3,755 $ ( 10 )
Total Securities $ 3,755 $ ( 10 ) $ — $ — $ 3,755 $ ( 10 )
As of June 30, 2021, our corporate securities had an amortized cost and an estimated fair value of $ 23.1 million and $ 24.4 million, respectively. As of December 31, 2020, our corporate securities had an amortized cost and estimated fair value of $ 22.9 million and $ 24.4 million, respectively. Corporate securities are comprised of debt issued by large regional banks. There was one corporate security in an unrealized loss position as of June 30, 2021 and none as of December 31, 2020. When unrealized losses exist, management reviews each of the issuer’s asset quality, earnings trends and capital position to determine whether the unrealized loss position is a result of credit losses. All interest payments on the corporate securities are being made as contractually required.
There was no expected credit related impairment recognized on investment securities during the six months ended June 30, 2021 and 2020.
Note 7 Loans and Allowance for Credit Losses
Loans are presented in the Consolidated Statements of Financial Condition net of deferred fees and costs, and discounts related to purchased loans. Net deferred fees were $ 7.1 million and $ 6.0 million as of June 30, 2021 and December 31, 2020, respectively, and discounts on purchased loans were $ 6.5 million and $ 7.0 million at March 31, 2021 and December 31, 2020, respectively. The following table provides outstanding balances related to each of our loan types:
June 30, 2021 December 31, 2020
(dollars in thousands)
Commercial, financial, agricultural and other $ 1,374,177 $ 1,555,986
Time and demand 1,360,065 1,541,382
Commercial credit cards 14,112 14,604
Real estate construction 414,816 427,221
Residential real estate 1,828,783 1,750,592
Residential first lien 1,218,300 1,144,323
Residential junior lien/home equity 610,483 606,269
Commercial real estate 2,205,758 2,211,569
Multifamily 385,905 371,239
Nonowner occupied 1,429,192 1,421,151
Owner occupied 390,661 419,179
Loans to individuals 917,001 815,815
Automobile 829,150 712,800
Consumer credit cards 10,834 12,360
Consumer other 77,017 90,655
Total loans $ 6,740,535 $ 6,761,183
In the table above, Commercial, financial, agricultural and other loans at June 30, 2021 and December 31, 2020 includes $ 292.4 million and $ 478.9 million, respectively, in Paycheck Protection Program ("PPP") loans for small businesses who meet the necessary eligibility requirements. PPP loans are 100% guaranteed by the Small Business Administration ("SBA") under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") and are forgivable, in whole or in part, if the proceeds are used for payroll and other permitted purposes in accordance with the PPP requirements. Because PPP loans are fully
18
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

guaranteed by the SBA, there is no allowance for credit losses recognized for these loans. Although the Company believes that the majority of these loans will ultimately be forgiven by the SBA in accordance with the terms of the program, there could be risks and liability to the Company associated with participation in the program.
On March 27, 2020, the CARES Act was signed into law, providing banking organizations with optional, temporary relief from complying with CECL. The Company elected to defer its adoption of CECL until the fourth quarter 2020. At the end of the deferral period, CECL was adopted effective January 1, 2020. The allowance for credit losses for the interim period ending June 30, 2020, was calculated in accordance with previously applicable GAAP.
First Commonwealth’s loan portfolio includes five primary loan categories. When calculating the allowance for credit losses these categories are classified into eleven portfolio segments. The composition of loans by portfolio segment includes:
Commercial, financial, agricultural and other
Time & Demand - Consists primarily of commercial and industrial loans. This category consists of loans that are typically cash flow dependent and therefore have different risk and loss characteristics than other commercial loans. Loans in this category include revolving and term structures with fixed and variable interest rates. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of national unemployment and economic conditions measured by GDP.
Commercial Credit Cards - Consists of unsecured credit cards for commercial customers. These commercial credit cards have separate characteristics outside of normal commercial non-real estate loans, as they tend to have shorter overall duration. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of national unemployment and economic conditions measured by GDP.
Real estate construction
Includes both 1-4 family and commercial construction loans. The risk and loss characteristics of the construction category are different than other real estate secured categories due to the collateral being at various stages of completion. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of national unemployment and measures of completed construction projects.
Residential real estate
Residential first lien - Consists of loans with collateral of 1-4 family residencies with a senior lien position. The risk and loss characteristics are unique for this group because the collateral for these loans are the borrower’s primary residence. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of national unemployment and residential property values.
Residential Junior Lien/Home Equity - Consists of loans with collateral of 1-4 family residencies with an open end line of credit or junior lien position. The junior lien position for the majority of these loans provides a higher risk of loss than other residential real estate loans. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of national unemployment and residential property values.
Commercial real estate
Multifamily - Consists of loans secured by commercial multifamily properties. Real estate related to rentals to consumers could provide unique risk and loss characteristics. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of commercial real estate values and rental vacancy.
Nonowner Occupied - Consists of loans secured by commercial real estate non-owner occupied and provides different loss characteristics than other real estate categories. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of national unemployment and economic conditions measured by GDP.
Owner Occupied - Consists of loans secured by commercial real estate owner occupied properties. The risk and loss characteristics of this category were considered different than other real estate categories because it is owner occupied and would impact the ability to conduct business. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of national unemployment and economic conditions measured by GDP.
19
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Loans to individuals
Automobile - Consists of both direct and indirect loans with automobiles and recreational vehicles held as collateral. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of consumer sentiment and automobile retention value.
Consumer Credit Cards – Consists of unsecured consumer credit cards. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of consumer sentiment and economic conditions measured by GDP.
Other Consumer - Consists of lines of credit, student loans and other consumer loans, not secured by real estate or autos. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of consumer sentiment and the level of household debt.
The allowance for credit losses is calculated by pooling loans of similar credit risk characteristics and applying a discounted cash flow methodology after incorporating probability of default and loss given default estimates. Probability of default represents an estimate of the likelihood of default and loss given default measures the expected loss upon default. Inputs impacting the expected losses include a forecast of macroeconomic factors, using a weighted forecast from a nationally recognized firm. Our model incorporates a one-year forecast of macroeconomic factors, after which the factors revert back to the historical mean over a one-year period. The most significant macroeconomic factor used in estimating credit losses is the national unemployment rate. The forecasted value for national unemployment at June 30, 2021 was 5.76 % and during the one-year forecast period it was projected to average 5.37 %, with a peak of 5.76 %.
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.
20
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following tables represent our credit risk profile by creditworthiness:
June 30, 2021
Non-Pass
Pass OAEM Substandard Doubtful Loss Total Non-Pass Total
(dollars in thousands)
Commercial, financial, agricultural and other $ 1,329,974 $ 28,567 $ 15,636 $ — $ — $ 44,203 $ 1,374,177
Time and demand 1,315,862 28,567 15,636 — — 44,203 1,360,065
Commercial credit cards 14,112 — — — — — 14,112
Real estate construction 413,059 1,703 54 — — 1,757 414,816
Residential real estate 1,820,506 1,531 6,746 — — 8,277 1,828,783
Residential first lien 1,213,599 1,457 3,244 — — 4,701 1,218,300
Residential junior lien/home equity 606,907 74 3,502 — — 3,576 610,483
Commercial real estate 2,009,839 162,669 33,250 — — 195,919 2,205,758
Multifamily 370,681 14,703 521 — — 15,224 385,905
Nonowner occupied 1,263,952 138,440 26,800 — — 165,240 1,429,192
Owner occupied 375,206 9,526 5,929 — — 15,455 390,661
Loans to individuals 916,730 — 271 — — 271 917,001
Automobile 828,936 — 214 — — 214 829,150
Consumer credit cards 10,834 — — — — — 10,834
Consumer other 76,960 — 57 — — 57 77,017
Total loans $ 6,490,108 $ 194,470 $ 55,957 $ — $ — $ 250,427 $ 6,740,535
December 31, 2020
Non-Pass
Pass OAEM Substandard Doubtful Loss Total Non-Pass Total
(dollars in thousands)
Commercial, financial, agricultural and other $ 1,491,916 $ 48,233 $ 15,837 $ — $ — $ 64,070 $ 1,555,986
Time and demand 1,477,312 48,233 15,837 — — 64,070 1,541,382
Commercial credit cards 14,604 — — — — — 14,604
Real estate construction 426,663 504 54 — — 558 427,221
Residential real estate 1,740,992 1,902 7,698 — — 9,600 1,750,592
Residential first lien 1,138,409 1,780 4,134 — — 5,914 1,144,323
Residential junior lien/home equity 602,583 122 3,564 — — 3,686 606,269
Commercial real estate 1,983,258 175,995 52,316 — — 228,311 2,211,569
Multifamily 369,883 131 1,225 — — 1,356 371,239
Nonowner occupied 1,216,252 161,336 43,563 — — 204,899 1,421,151
Owner occupied 397,123 14,528 7,528 — — 22,056 419,179
Loans to individuals 815,541 — 274 — — 274 815,815
Automobile 712,539 — 261 — — 261 712,800
Consumer credit cards 12,360 — — — — — 12,360
Consumer other 90,642 — 13 — — 13 90,655
Total loans $ 6,458,370 $ 226,634 $ 76,179 $ — $ — $ 302,813 $ 6,761,183

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

The following table summarizes the loan risk rating category by loan type including term loans on an amortized cost basis by origination year:
June 30, 2021
Term Loans Revolving Loans
2021 2020 2019 2018 2017 Prior Total
(dollars in thousands)
Time and demand $ 335,532 $ 188,651 $ 160,849 $ 109,102 $ 59,017 $ 133,929 $ 372,985 $ 1,360,065
Pass 335,532 188,552 149,819 108,430 52,920 118,387 362,222 1,315,862
OAEM — 89 10,943 135 2,147 7,373 7,880 28,567
Substandard — 10 87 537 3,950 8,169 2,883 15,636
Commercial credit cards — — — — — — 14,112 14,112
Pass — — — — — — 14,112 14,112
Real estate construction 42,696 172,170 137,732 49,029 10,255 1,799 1,135 414,816
Pass 42,694 170,912 137,732 49,029 10,255 1,548 889 413,059
OAEM 2 1,258 — — — 197 246 1,703
Substandard — — — — — 54 — 54
Residential first lien 195,705 354,035 150,421 108,962 89,214 317,986 1,977 1,218,300
Pass 195,694 354,013 150,391 108,596 89,073 313,932 1,900 1,213,599
OAEM — — — 75 — 1,305 77 1,457
Substandard 11 22 30 291 141 2,749 — 3,244
Residential junior lien/home equity 25,133 2,458 4,511 3,680 1,442 6,836 566,423 610,483
Pass 25,133 2,458 4,430 3,680 1,442 6,676 563,088 606,907
OAEM — — — — — 64 10 74
Substandard — — 81 — — 96 3,325 3,502
Multifamily 56,127 75,824 16,654 55,568 72,187 108,109 1,436 385,905
Pass 56,127 75,824 16,654 55,568 58,027 107,045 1,436 370,681
OAEM — — — — 14,160 543 — 14,703
Substandard — — — — — 521 — 521
Nonowner occupied 62,682 106,872 201,303 165,753 208,921 679,702 3,959 1,429,192
Pass 62,682 106,872 201,303 155,781 181,049 552,582 3,683 1,263,952
OAEM — — — 9,972 20,955 107,392 121 138,440
Substandard — — — — 6,917 19,728 155 26,800
Owner occupied 42,351 56,499 61,763 39,319 34,847 150,834 5,048 390,661
Pass 42,351 54,856 60,212 37,655 33,528 141,773 4,831 375,206
OAEM — 1,430 658 877 1,295 5,233 33 9,526
Substandard — 213 893 787 24 3,828 184 5,929
Automobile 261,079 302,782 159,487 69,074 28,644 8,084 — 829,150
Pass 261,079 302,782 159,399 69,058 28,616 8,002 — 828,936
Substandard — — 88 16 28 82 — 214
Consumer credit cards — — — — — — 10,834 10,834
Pass — — — — — — 10,834 10,834
Consumer other 2,414 6,060 11,100 7,362 1,171 6,131 42,779 77,017
Pass 2,414 6,060 11,100 7,362 1,171 6,086 42,767 76,960
Substandard — — — — — 45 12 57
Total $ 1,023,719 $ 1,265,351 $ 903,820 $ 607,849 $ 505,698 $ 1,413,410 $ 1,020,688 $ 6,740,535

22
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

December 31, 2020
Term Loans Revolving Loans
2020 2019 2018 2017 2016 Prior Total
(dollars in thousands)
Time and demand $ 598,053 $ 193,601 $ 142,224 $ 72,277 $ 74,228 $ 83,313 $ 377,686 $ 1,541,382
Pass 597,405 189,834 140,473 63,137 68,007 65,418 353,038 1,477,312
OAEM 93 3,373 972 8,820 6,182 8,043 20,750 48,233
Substandard 555 394 779 320 39 9,852 3,898 15,837
Commercial credit cards — — — — — — 14,604 14,604
Pass — — — — — — 14,604 14,604
Real estate construction 150,493 133,195 104,167 34,803 389 1,009 3,165 427,221
Pass 150,493 133,195 104,167 34,803 389 709 2,907 426,663
OAEM — — — — — 246 258 504
Substandard — — — — — 54 — 54
Residential first lien 316,052 184,550 142,823 110,365 91,495 297,057 1,981 1,144,323
Pass 316,028 184,533 142,467 110,260 91,059 292,158 1,904 1,138,409
OAEM — — 83 — 100 1,520 77 1,780
Substandard 24 17 273 105 336 3,379 — 4,134
Residential junior lien/home equity 3,055 5,783 4,545 2,005 1,303 7,127 582,451 606,269
Pass 3,055 5,698 4,545 2,005 1,303 6,909 579,068 602,583
OAEM — — — — — 112 10 122
Substandard — 85 — — — 106 3,373 3,564
Multifamily 76,249 16,287 69,439 66,963 34,383 106,328 1,590 371,239
Pass 76,249 16,287 69,439 66,963 34,383 104,972 1,590 369,883
OAEM — — — — — 131 — 131
Substandard — — — — — 1,225 — 1,225
Nonowner occupied 105,861 199,280 161,018 214,915 217,883 518,052 4,142 1,421,151
Pass 105,861 190,301 139,643 181,659 175,148 419,900 3,740 1,216,252
OAEM — 8,979 21,375 26,339 37,762 66,752 129 161,336
Substandard — — — 6,917 4,973 31,400 273 43,563
Owner occupied 59,519 72,313 61,079 40,796 27,415 152,555 5,502 419,179
Pass 58,551 70,726 55,478 39,351 26,359 141,376 5,282 397,123
OAEM 968 684 4,736 1,421 114 6,572 33 14,528
Substandard — 903 865 24 942 4,607 187 7,528
Automobile 350,293 202,923 96,355 45,218 14,285 3,726 — 712,800
Pass 350,293 202,827 96,336 45,187 14,255 3,641 — 712,539
Substandard — 96 19 31 30 85 — 261
Consumer credit cards — — — — — — 12,360 12,360
Pass — — — — — — 12,360 12,360
Consumer other 7,814 14,464 10,752 1,965 711 6,383 48,566 90,655
Pass 7,814 14,464 10,752 1,965 711 6,373 48,563 90,642
Substandard — — — — — 10 3 13
Total $ 1,667,389 $ 1,022,396 $ 792,402 $ 589,307 $ 462,092 $ 1,175,550 $ 1,052,047 $ 6,761,183

23
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Portfolio Risks
The credit quality of our loan portfolio can potentially represent significant risk to our earnings, capital and liquidity. First Commonwealth devotes substantial resources to managing this risk primarily through our credit administration department that develops and administers policies and procedures for underwriting, maintaining, monitoring and collecting loans. Credit administration is independent of lending departments and oversight is provided by the Credit Committee of the First Commonwealth Board of Directors.
Total net charge-offs for the six months ended June 30, 2021 and 2020 were $ 7.2 million and $ 8.0 million, respectively.
Age Analysis of Past Due Loans by Segment
The following tables delineate the aging analysis of the recorded investments in past due loans as of June 30, 2021 and December 31, 2020. Also included in these tables are loans that are 90 days or more past due and still accruing because they are well-secured and in the process of collection.
June 30, 2021
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 $ 166 $ 48 $ 8 $ 12,349 $ 12,571 $ 1,361,606 $ 1,374,177
Time and demand 116 6 — 12,349 12,471 1,347,594 1,360,065
Commercial credit cards 50 1 42 8 — 100 14,012 14,112
Real estate construction — — — 54 54 414,762 414,816
Residential real estate 3,064 578 434 6,102 10,178 1,818,605 1,828,783
Residential first lien 2,116 381 367 2,817 5,681 1,212,619 1,218,300
Residential junior lien/home equity 948 197 67 3,285 4,497 605,986 610,483
Commercial real estate 91 149 — 27,424 27,664 2,178,094 2,205,758
Multifamily — — — 445 445 385,460 385,905
Nonowner occupied — 101 — 24,726 24,827 1,404,365 1,429,192
Owner occupied 91 48 — 2,253 2,392 388,269 390,661
Loans to individuals 1,350 449 461 271 2,531 914,470 917,001
Automobile 945 1 322 66 214 1,547 827,603 829,150
Consumer credit cards 38 23 120 — 181 10,653 10,834
Consumer other 367 104 275 57 803 76,214 77,017
Total loans $ 4,671 $ 1,224 $ 903 $ 46,200 $ 52,998 $ 6,687,537 $ 6,740,535
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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, 2020
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 $ 146 $ 62 $ 112 $ 3,317 $ 3,637 $ 1,552,349 $ 1,555,986
Time and demand 97 28 23 3,317 3,465 1,537,917 1,541,382
Commercial credit cards 49 1 34 89 — 172 14,432 14,604
Real estate construction 936 — — 54 990 426,231 427,221
Residential real estate 3,883 1,492 769 6,824 12,968 1,737,624 1,750,592
Residential first lien 1,775 660 267 3,489 6,191 1,138,132 1,144,323
Residential junior lien/home equity 2,108 832 502 3,335 6,777 599,492 606,269
Commercial real estate 237 160 3 35,072 35,472 2,176,097 2,211,569
Multifamily — — — 460 460 370,779 371,239
Nonowner occupied 18 104 — 31,822 31,944 1,389,207 1,421,151
Owner occupied 219 56 3 2,790 3,068 416,111 419,179
Loans to individuals 2,870 852 639 274 4,635 811,180 815,815
Automobile 2,090 1 417 94 261 2,862 709,938 712,800
Consumer credit cards 52 39 123 — 214 12,146 12,360
Consumer other 728 396 422 13 1,559 89,096 90,655
Total loans $ 8,072 $ 2,566 $ 1,523 $ 45,541 $ 57,702 $ 6,703,481 $ 6,761,183
Nonaccrual Loans
The previous tables summarize nonaccrual loans by loan segment. The Company generally places loans on nonaccrual status when the full and timely collection of interest or principal becomes uncertain, when part of the principal balance has been charged off and no restructuring has occurred, or the loans reach a certain number of days past due. Generally, loans 90 days or more past due are placed on nonaccrual status, except for consumer loans, which are placed on nonaccrual status at 150 days past due.
When a loan is placed on nonaccrual, the accrued unpaid interest receivable is reversed against interest income and all future payments received are applied as a reduction to the loan principal. Generally, the loan is returned to accrual status when (a) all delinquent interest and principal becomes current under the terms of the loan agreement or (b) the loan is both well-secured and in the process of collection and collectability is no longer in doubt.
Nonperforming Loans
Management considers loans to be nonperforming when, based on current information and events, it is determined that the Company will not be able to collect all amounts due according to the loan contract, including scheduled interest payments. Nonperforming loans include nonaccrual loans and all troubled debt restructured loans. When management identifies a loan as nonperforming, the credit loss is measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, except when the sole source for repayment of the loan is the operation or liquidation of collateral. When the loan is collateral dependent, the appraised value less estimated cost to sell is utilized. If management determines the value of the loan is less than the recorded investment in the loan, a credit loss is recognized through an allowance estimate or a charge-off to the allowance for credit losses.
When the ultimate collectability of the total principal of a nonperforming loan is in doubt and the loan is on nonaccrual status, all payments are applied to principal, under the cost recovery method. When the ultimate collectability of the total principal of a nonperforming loan is not in doubt and the loan is on nonaccrual status, contractual interest is credited to interest income when received under the cash basis method.
At June 30, 2021, there were no nonperforming loans held for sale. At December 31, 2020, there was one nonperforming loan totaling $ 13 thousand classified as held for sale. During the six months ended June 30, 2021, a $ 5.0 million nonperforming
25
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

relationship was transferred to held for sale and sold, resulting in a $ 0.4 million gain. During the six months ended June 30, 2020, there were no gains recognized on the sale of nonperforming loans.
The following tables include the recorded investment and unpaid principal balance for nonperforming loans with the associated allowance amount, if applicable, as of June 30, 2021 and December 31, 2020. Also presented are the average recorded investment in nonperforming loans and the related amount of interest recognized while the loan was considered nonperforming. Average balances are calculated using month-end balances of the loans for the period reported and are included in the table below based on their period-end allowance position.
June 30, 2021 December 31, 2020
Recorded
investment 		Unpaid
principal
balance 		Related
allowance 		Recorded
investment 		Unpaid
principal
balance 		Related
allowance
(dollars in thousands)
With no related allowance recorded:
Commercial, financial, agricultural and other $ 5,598 $ 14,230 $ 2,025 $ 2,725
Time and demand 5,598 14,230 2,025 2,725
Real estate construction 54 53 54 53
Residential real estate 10,029 12,207 10,939 13,258
Residential first lien 5,364 6,746 6,062 7,575
Residential junior lien/home equity 4,665 5,461 4,877 5,683
Commercial real estate 13,575 14,388 20,650 23,641
Multifamily — — 1 82
Nonowner occupied 11,134 11,621 16,786 19,459
Owner occupied 2,441 2,767 3,863 4,100
Loans to individuals 476 513 418 447
Automobile 419 452 405 430
Consumer other 57 61 13 17
Subtotal 29,732 41,391 34,086 40,124
With an allowance recorded:
Commercial, financial, agricultural and other 8,737 8,889 2,358 4,210 9,377 1,268
Time and demand 8,737 8,889 2,358 4,210 9,377 1,268
Real estate construction — — — — — —
Residential real estate — — — — — —
Residential first lien — — — — — —
Residential junior lien/home equity — — — — — —
Commercial real estate 14,324 15,850 588 15,757 15,830 3,638
Multifamily 445 463 113 459 470 116
Nonowner occupied 13,614 15,122 475 15,060 15,122 3,508
Owner occupied 265 265 — 238 238 14
Loans to individuals — — — — — —
Automobile — — — — — —
Consumer other — — — — — —
Subtotal 23,061 24,739 2,946 19,967 25,207 4,906
Total $ 52,793 $ 66,130 $ 2,946 $ 54,053 $ 65,331 $ 4,906

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

For the Six Months Ended June 30,
2021 2020
Total Loans Originated Loans Acquired Loans
Average
recorded
investment 		Interest
income
recognized 		Average
recorded
investment 		Interest
income
recognized 		Average
recorded
investment 		Interest
income
recognized
(dollars in thousands)
With no related allowance recorded:
Commercial, financial, agricultural and other $ 3,966 $ 43 $ 6,894 $ 34 $ 74 $ —
Time and demand 3,966 43
Real estate construction 54 — — — — —
Residential real estate 10,726 221 10,182 159 1,922 17
Residential first lien 5,822 176
Residential junior lien/home equity 4,904 45
Commercial real estate 15,879 30 14,367 67 238 —
Multifamily — —
Nonowner occupied 13,079 10
Owner occupied 2,800 20
Loans to individuals 477 6 457 6 11 —
Automobile 426 6
Consumer other 51 —
Subtotal 31,102 300 31,900 266 2,245 17
With an allowance recorded:
Commercial, financial, agricultural and other 6,813 36 1,881 1 — —
Time and demand 6,813 36
Real estate construction — — — — 51 —
Residential real estate — — 290 — — —
Residential first lien — —
Residential junior lien/home equity — —
Commercial real estate 14,730 — 11,509 4 1,222 —
Multifamily 457 —
Nonowner occupied 14,096 —
Owner occupied 177 —
Loans to individuals — — — — — —
Automobile — —
Consumer other — —
Subtotal 21,543 36 13,680 5 1,273 —
Total $ 52,645 $ 336 $ 45,580 $ 271 $ 3,518 $ 17

27
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the Three Months Ended June 30,
2021 2020
Total Loans Originated Loans Acquired Loans
Average
recorded
investment 		Interest
income
recognized 		Average
recorded
investment 		Interest
Income
Recognized 		Average
recorded
investment 		Interest
Income
Recognized
(dollars in thousands)
With no related allowance recorded:
Commercial, financial, agricultural and other $ 5,591 $ 31 $ 6,758 $ 12 $ 74 $ —
Time and demand 5,591 31
Real estate construction 54 — — — — —
Residential real estate 10,560 1 159 9,836 80 1,753 15
Residential first lien 5,661 132
Residential junior lien/home equity 4,899 27
Commercial real estate 13,689 7 17,411 48 246 —
Multifamily — —
Nonowner occupied 11,227 2
Owner occupied 2,462 5
Loans to individuals 475 4 468 4 11 —
Automobile 415 4
Consumer other 60 —
Subtotal 30,369 201 34,473 144 2,084 15
With an allowance recorded:
Commercial, financial, agricultural and other 8,791 1 19 2,028 — — —
Time and demand 8,791 19
Real estate construction — — — — 103 —
Residential real estate — 1 — 254 — — —
Residential first lien — —
Residential junior lien/home equity — —
Commercial real estate 14,329 — 17,142 — 1,828 —
Multifamily 450 —
Nonowner occupied 13,614 —
Owner occupied 265 —
Loans to individuals — — — — — —
Automobile — —
Consumer other — —
Subtotal 23,120 19 19,424 — 1,931 —
Total $ 53,489 $ 220 $ 53,897 $ 144 $ 4,015 $ 15
Unfunded commitments related to nonperforming loans were $ 0.2 million at both June 30, 2021 and December 31, 2020. After consideration of the requirements to draw and available collateral related to these commitments, it was determined that no reserve was required at June 30, 2021. At December 31, 2020, a reserve of $ 26 thousand was established for these off balance sheet exposures.
Troubled debt restructured loans are those loans whose terms have been renegotiated to provide a reduction or deferral of principal or interest as result of the financial difficulties experienced by the borrower, who could not obtain comparable terms from alternative financing sources. Troubled debt restructured loans are considered to be nonperforming loans.
In March 2020, the Company began offering short-term loan modifications to assist borrowers during the COVID-19 national emergency. These modifications typically provide for the deferral of both principal and interest for 90 days. The CARES Act,
28
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

along with a joint agency statement issued by banking regulators, provides that short-term modifications, meeting certain criteria and in response to COVID-19, do not need to be accounted for as a troubled debt restructured loans. Additionally, short-term loan modifications that are not accounted for as a troubled debt restructured loan, in accordance with the CARES Act, would remain classified as current during the deferral period and therefore are not reflected in the past due loan tables provided on the prior page. As of June 30, 2021, loans with an aggregate principal balance of $ 59.5 million were in a forbearance period granted under the CARES Act.
The following table provides detail as to the total troubled debt restructured loans and total commitments outstanding on troubled debt restructured loans:
June 30, 2021 December 31, 2020
(dollars in thousands)
Troubled debt restructured loans
Accrual status $ 6,593 $ 8,512
Nonaccrual status 23,981 14,740
Total $ 30,574 $ 23,252
Commitments
Letters of credit $ 60 $ 60
Unused lines of credit 12 11
Total $ 72 $ 71
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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, including specific reserves and reasons for modification, related to loans identified as troubled debt restructurings:
For the Six Months Ended June 30, 2021
Type of Modification
Number
of
Contracts 		Extend
Maturity 		Modify
Rate 		Modify
Payments 		Total
Pre-Modification
Outstanding
Recorded
Investment 		Post-
Modification
Outstanding
Recorded
Investment 		Specific
Reserve
(dollars in thousands)
Commercial, financial, agricultural and other 3 $ 6,373 $ — $ 6,596 $ 12,969 $ 10,167 $ 1,091
Time and demand 3 6,373 — 6,596 12,969 10,167 1,091
Residential real estate 7 — 105 186 291 287 —
Residential first lien 6 — 105 172 277 274 —
Residential junior lien/home equity 1 — — 14 14 13 —
Loans to individuals 4 — 93 — 93 85 —
Automobile 4 — 93 — 93 85 —
Total 14 $ 6,373 $ 198 $ 6,782 $ 13,353 $ 10,539 $ 1,091

For the Six Months Ended June 30, 2020
Type of Modification
Number
of
Contracts 		Extend
Maturity 		Modify
Rate 		Modify
Payments 		Total
Pre-Modification
Outstanding
Recorded
Investment 		Post-
Modification
Outstanding
Recorded
Investment 		Specific
Reserve
(dollars in thousands)
Residential real estate 4 — — 264 264 256 —
Commercial real estate 2 — — 12 12 9 —
Loans to individuals 10 — 71 124 195 186 —
Total 16 $ — $ 71 $ 400 $ 471 $ 451 $ —
The troubled debt restructurings included in the above tables are also included in the nonperforming loan tables provided earlier in this note. Loans defined as modified due to a change in rate may include loans that were modified for a change in rate as well as a re-amortization of the principal and an extension of the maturity. For the six months ended June 30, 2021 and 2020, $ 198 thousand and $ 71 thousand, respectively, of total rate modifications represent loans with modifications to the rate as well as payment as a result of re-amortization. For both 2021 and 2020, the changes in loan balances between the pre-modification balance and the post-modification balance are due to customer payments.
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ITEM 1. Financial Statements and Supplementary Data
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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following tables provide detail, including specific reserves and reasons for modification, related to loans identified as troubled debt restructurings:
For the Three Months Ended June 30, 2021
Type of Modification
Number
of
Contracts 		Extend
Maturity 		Modify
Rate 		Modify
Payments 		Total
Pre-Modification
Outstanding
Recorded
Investment 		Post-
Modification
Outstanding
Recorded
Investment 		Specific
Reserve
(dollars in thousands)
Commercial, financial, agricultural and other 1 $ — $ — $ 6,596 $ 6,596 $ 3,916 $ —
Time and demand 1 — — 6,596 6,596 3,916 —
Residential real estate 4 — — 172 172 169 —
Residential first lien 4 — — 172 172 169 —
Loans to individuals 2 — 29 — 29 29 —
Automobile 2 — 29 — 29 29 —
Total 7 $ — $ 29 $ 6,768 $ 6,797 $ 4,114 $ —

For the Three Months Ended June 30, 2020
Type of Modification
Number
of
Contracts 		Extend
Maturity 		Modify
Rate 		Modify
Payments 		Total
Pre-Modification
Outstanding
Recorded
Investment 		Post-
Modification
Outstanding
Recorded
Investment 		Specific
Reserve
(dollars in thousands)
Residential real estate 2 $ — $ — $ 146 $ 146 $ 142 $ —
Loans to individuals 3 — 53 1 54 55 —
Total 5 $ — $ 53 $ 147 $ 200 $ 197 $ —

The troubled debt restructurings included in the above tables are also included in the nonperforming loan tables provided earlier in this note. Loans defined as modified due to a change in rate may include loans that were modified for a change in rate as well as a re-amortization of the principal and an extension of the maturity. For the six months ended June 30, 2021 and 2020, $ 29 thousand and $ 53 thousand, respectively, of total rate modifications represent loans with modifications to the rate as well as payment as a result of re-amortization. For both 2021 and 2020 the changes in loan balances between the pre-modification balance and the post-modification balance are due to customer payments.
A troubled debt restructuring is considered to be in default when a restructured loan is 90 days or more past due. The following table provides information related to loans that were restructured within the past twelve months and that were considered to be in default during the six months ended June 30:
2021 2020
Number of
Contracts 		Recorded
Investment 		Number of
Contracts 		Recorded
Investment
(dollars in thousands)
Residential real estate — $ — 1 $ 50
Total — $ — 1 $ 50
The following table provides information related to loans that were restructured within the past twelve months and that were considered to be in default during the three months ended June 30:
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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

2021 2020
Number of
Contracts 		Recorded
Investment 		Number of
Contracts 		Recorded
Investment
(dollars in thousands)
Residential real estate — $ — 1 $ 50
Total — $ — 1 $ 50
The following tables provide detail related to the allowance for credit losses:
For the Six Months Ended June 30, 2021
Beginning balance Charge-offs Recoveries
Provision (credit) a
Ending balance
(dollars in thousands)
Commercial, financial, agricultural and other $ 17,187 $ ( 4,456 ) $ 193 $ 8,542 $ 21,466
Time and demand 16,838 ( 4,338 ) 188 8,410 21,098
Commercial credit cards 349 ( 118 ) 5 132 368
Real estate construction 7,966 — 135 ( 3,816 ) 4,285
Residential real estate 14,358 — ( 119 ) 211 ( 1,517 ) 12,933
Residential first lien 7,919 ( 36 ) 182 ( 671 ) 7,394
Residential junior lien/home equity 6,439 ( 83 ) 29 ( 846 ) 5,539
Commercial real estate 41,953 ( 1,557 ) 40 ( 4,641 ) 35,795
Multifamily 6,240 ( 1 ) — ( 1,860 ) 4,379
Nonowner occupied 28,414 ( 1,556 ) 40 13 26,911
Owner occupied 7,299 — — — ( 2,794 ) 4,505
Loans to individuals 19,845 ( 2,472 ) 828 4,358 22,559
Automobile 16,133 ( 1,068 ) 575 3,658 19,298
Consumer credit cards 635 ( 247 ) 42 98 528
Consumer other 3,077 ( 1,157 ) 211 602 2,733
Total loans $ 101,309 $ ( 8,604 ) $ 1,407 $ 2,926 $ 97,038
a) The provision expense(credit) shown here excludes the provision for off-balance sheet credit exposure included in the income statement.

32
ITEM 1. Financial Statements and Supplementary Data
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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the Six Months Ended June 30, 2021
Loans
Ending balance Ending balance: individually evaluated for credit losses Ending balance: collectively evaluated for credit losses Ending balance Ending balance: individually evaluated for credit losses Ending balance: collectively evaluated for credit losses
(dollars in thousands)
Commercial, financial, agricultural and other $ 21,466 $ 2,358 $ 19,108 $ 1,374,177 $ 13,688 $ 1,360,489
Time and demand 21,098 2,358 18,740 1,360,065 13,688 1,346,377
Commercial credit cards 368 — 368 14,112 — 14,112
Real estate construction 4,285 — 4,285 414,816 — 414,816
Residential real estate 12,933 — 12,933 1,828,783 541 1,828,242
Residential first lien 7,394 — 7,394 1,218,300 — 1,218,300
Residential junior lien/home equity 5,539 — 5,539 610,483 541 609,942
Commercial real estate 35,795 588 35,207 2,205,758 27,099 2,178,659
Multifamily 4,379 113 4,266 385,905 445 385,460
Nonowner occupied 26,911 475 26,436 1,429,192 24,624 1,404,568
Owner occupied 4,505 — 4,505 390,661 2,030 388,631
Loans to individuals 22,559 — 22,559 917,001 — 917,001
Automobile 19,298 — 19,298 829,150 — 829,150
Consumer credit cards 528 — 528 10,834 — 10,834
Consumer other 2,733 — 2,733 77,017 — 77,017
Total loans $ 97,038 $ 2,946 $ 94,092 $ 6,740,535 $ 41,328 $ 6,699,207

33
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the Six Months Ended June 30, 2020
Commercial,
financial,
agricultural
and other 		Real estate
construction 		Residential
real estate 		Commercial
real estate 		Loans to
individuals 		Total
(dollars in thousands)
Allowance for credit losses:
Originated loans:
Beginning balance $ 20,221 $ 2,558 $ 4,091 $ 19,731 $ 4,984 $ 51,585
Charge-offs ( 1,771 ) — ( 559 ) ( 2,415 ) ( 3,809 ) ( 8,554 )
Recoveries 117 26 121 44 476 784
Provision (credit) 6,245 483 5,586 15,770 7,683 35,767
Ending balance 24,812 3,067 9,239 33,130 9,334 79,582
Acquired loans:
Beginning balance 13 — 2 37 — 52
Charge-offs — — ( 91 ) ( 2 ) ( 207 ) ( 300 )
Recoveries 15 — 25 — 8 48
Provision (credit) 304 171 64 1,321 199 2,059
Ending balance 332 171 — 1,356 — 1,859
Total ending balance $ 25,144 $ 3,238 $ 9,239 $ 34,486 $ 9,334 $ 81,441
Ending balance: individually evaluated for impairment $ 958 $ 171 $ — $ 5,766 $ — $ 6,895
Ending balance: collectively evaluated for impairment 24,186 3,067 9,239 28,720 9,334 74,546
Loans:
Ending balance 1,773,099 416,329 1,723,288 2,224,710 784,649 6,922,075
Ending balance: individually evaluated for impairment 3,336 308 1,498 32,537 — 37,679
Ending balance: collectively evaluated for impairment 1,769,763 416,021 1,721,790 2,192,173 784,649 6,884,396

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

For the Three Months Ended June 30, 2021
Beginning balance Charge-offs Recoveries
Provision (credit) a
Ending balance
(dollars in thousands)
Commercial, financial, agricultural and other $ 21,801 $ ( 3,887 ) $ 103 $ 3,449 $ 21,466
Time and demand 21,427 ( 3,878 ) 99 3,450 21,098
Commercial credit cards 374 ( 9 ) 4 ( 1 ) 368
Real estate construction 4,021 — 135 129 4,285
Residential real estate 12,829 — ( 14 ) 174 ( 56 ) 12,933
Residential first lien 7,227 ( 13 ) 159 21 7,394
Residential junior lien/home equity 5,602 ( 1 ) 15 ( 77 ) 5,539
Commercial real estate 37,668 ( 7 ) 1 ( 1,867 ) 35,795
Multifamily 4,251 — — 128 4,379
Nonowner occupied 27,889 ( 7 ) 1 ( 972 ) 26,911
Owner occupied 5,528 — — — ( 1,023 ) 4,505
Loans to individuals 20,444 ( 931 ) 499 2,547 22,559
Automobile 16,888 ( 388 ) 394 2,404 19,298
Consumer credit cards 689 ( 79 ) 25 ( 107 ) 528
Consumer other 2,867 ( 464 ) 80 250 2,733
Total loans $ 96,763 $ ( 4,839 ) $ 912 $ 4,202 $ 97,038
a) The provision expense(credit) shown here excludes the provision for off-balance sheet credit exposure included in the income statement.
For the Three Months Ended June 30, 2020
Commercial,
financial,
agricultural
and other 		Real estate
construction 		Residential
real estate 		Commercial
real estate 		Loans to
individuals 		Total
(dollars in thousands)
Allowance for credit losses:
Originated loans:
Beginning balance $ 27,378 $ 2,852 $ 7,724 $ 31,265 $ 8,268 $ 77,487
Charge-offs ( 1,285 ) — ( 7 ) ( 2,150 ) ( 1,326 ) ( 4,768 )
Recoveries 49 26 59 — 264 398
Provision (credit) ( 1,330 ) 189 1,463 4,015 2,128 6,465
Ending balance 24,812 3,067 9,239 33,130 9,334 79,582
Acquired loans:
Beginning balance 350 — — 1,238 — 1,588
Charge-offs — — ( 66 ) ( 1 ) ( 71 ) ( 138 )
Recoveries 2 — 12 — 1 15
Provision (credit) ( 20 ) 171 54 119 70 394
Ending balance 332 171 — 1,356 — 1,859
Total ending balance $ 25,144 $ 3,238 $ 9,239 $ 34,486 $ 9,334 $ 81,441

Note 8 Leases
First Commonwealth has elected to apply certain practical expedients provided under ASU 2016-02 "Leases" (Topic 842) including (i) to not apply the requirements in the new standard to short-term leases (ii) to not reassess the lease classification for any expired or existing lease (iii) to account for lease and non-lease components separately (iv) to not reassess initial direct costs for any existing leases. The impact of this standard primarily relates to operating leases of certain real estate properties, including certain branch and ATM locations and office space. First Commonwealth has no material leasing arrangements for which it is the lessor of property or equipment.
35
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)


The following table represents the unaudited Consolidated Statements of Condition classification of the Company’s right of use ("ROU") assets and lease liabilities, lease costs and other lease information.
June 30, 2021 December 31, 2020
Balance sheet:
Operating lease asset classified as premises and equipment $ 39,636 $ 42,617
Operating lease liability classified as other liabilities 43,854 46,819
For the Three Months Ended For the Six Months Ended
June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020
Income statement:
Operating lease cost classified as occupancy and equipment expense
$ 1,200 $ 1,368 $ 2,401 $ 2,736
Weighted average lease term, in years 14.69 14.96
Weighted average discount rate 3.41 % 3.41 %
Operating cash flows $ 1,193 $ 1,325
The ROU assets and lease liabilities are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. First Commonwealth's lease agreements often include one or more options to renew at the Company's discretion. If we consider the renewal option to be reasonably certain, we include the extended term in the calculation of the ROU asset and lease liability.
First Commonwealth uses incremental borrowing rates when calculating the lease liability because the rate implicit in the lease is not readily determinable. The incremental borrowing rate used by First Commonwealth is an amortizing loan rate obtained from the Federal Home Loan Bank ("FHLB") of Pittsburgh. This rate is consistent with a collateralized borrowing rate and is available for terms similar to the lease payment schedules.
Future minimum payments for operating leases with initial or remaining terms of one year or more as of June 30, 2021 were as follows (dollars in thousands):
For the twelve months ended:
June 30, 2022 $ 4,595
June 30, 2023 4,406
June 30, 2024 4,240
June 30, 2025 4,144
June 30, 2026 3,702
Thereafter 35,772
Total future minimum lease payments 56,859
Less remaining imputed interest 13,005
Operating lease liability $ 43,854

Note 9 Income Taxes
In accordance with FASB ASC Topic 740-10, “Accounting for Uncertainty in Income Taxes,” at June 30, 2021 and December 31, 2020, First Commonwealth had no material unrecognized tax benefits or accrued interest and penalties. If applicable, First Commonwealth will record interest and penalties as a component of noninterest expense.
First Commonwealth is subject to routine audits of our tax returns by the Internal Revenue Service (“IRS”) as well as all states in which we conduct business. Generally, tax years prior to the year ended December 31, 2017 are no longer open to examination by federal and state taxing authorities.
36
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 10 Fair Values of Assets and Liabilities
FASB ASC Topic 820, “Fair Value Measurements and Disclosures,” requires disclosures for non-financial assets and non-financial liabilities, except for items that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). All non-financial assets are included either as a separate line item on the unaudited Consolidated Statements of Financial Condition or in the “Other assets” category of the unaudited Consolidated Statements of Financial Condition. Currently, First Commonwealth does not have any non-financial liabilities to disclose.
FASB ASC Topic 825, “Financial Instruments,” permits entities to irrevocably elect to measure select financial instruments and certain other items at fair value. The unrealized gains and losses are required to be included in earnings each reporting period for the items that fair value measurement is elected. First Commonwealth has elected not to measure any existing financial instruments at fair value under FASB ASC Topic 825; however, in the future we may elect to adopt this guidance for select financial instruments.
In accordance with FASB ASC Topic 820, First Commonwealth groups financial assets and financial liabilities measured at fair value in three levels based on the principal markets in which the assets and liabilities are transacted and the observability of the data points used to determine fair value. These levels are:
• Level 1 – Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange (“NYSE”). Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.
• Level 2 – Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained for observable inputs for identical or comparable assets or liabilities from alternative pricing sources with reasonable levels of price transparency. Level 2 includes Obligations of U.S. Government securities issued by Agencies and Sponsored Enterprises, Obligations of States and Political Subdivisions, corporate securities, FHLB stock, loans held for sale, premise held for sale, interest rate derivatives (including interest rate caps, interest rate collars, interest rate swaps and risk participation agreements), certain other real estate owned and certain nonperforming loans.
Level 2 investment securities are valued by a recognized third party pricing service using observable inputs. The model used by the pricing service varies by asset class and incorporates available market, trade and bid information as well as cash flow information when applicable. Because many fixed-income investment securities do not trade on a daily basis, the model uses available information such as benchmark yield curves, benchmarking of like investment securities, sector groupings and matrix pricing. The model will also use processes such as an option adjusted spread to assess the impact of interest rates and to develop prepayment estimates. Market inputs normally used in the pricing model include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including market research publications.
Management validates the market values provided by the third party service by having another source price 100% of the securities on a monthly basis, monthly monitoring of variances from prior period pricing and, on a monthly basis, evaluating pricing changes compared to expectations based on changes in the financial markets.
Other investments recorded in the unaudited Consolidated Statements of Financial Condition are primarily comprised of FHLB stock whose estimated fair value is based on its par value. Additional information on FHLB stock is provided in Note 6, “Investment Securities.”
Loans held for sale include residential mortgage loans originated for sale in the secondary mortgage market. The estimated fair value for these loans was determined on the basis of rates obtained in the respective secondary market. Loans held for sale also include the Small Business Administration guaranteed portion of small business loans. The estimated fair value of these loans is based on the contract with the third party investor. Also included in loans held for sale are commercial loans for which fair value is determined using an executed trade or market bid obtained from potential buyers.
Interest rate derivatives are reported at an estimated fair value utilizing Level 2 inputs and are included in other assets and other liabilities, and consist of interest rate swaps where there is no significant deterioration in the counterparties' and/or loan customers' credit risk since origination of the interest rate swap as well as interest rate caps, interest rate collars and risk participation agreements. First Commonwealth values its interest rate swap and cap positions using a yield curve by taking market prices/rates for an appropriate set of instruments. The set of instruments currently used to determine the U.S. Dollar yield curve includes cash LIBOR rates from overnight to one year, Eurodollar futures contracts and swap rates from one year to
37
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

thirty years. These yield curves determine the valuations of interest rate swaps. Interest rate derivatives are further described in Note 11, “Derivatives.”
For purposes of potential valuation adjustments to our derivative positions, First Commonwealth evaluates the credit risk of its counterparties as well as our own credit risk. Accordingly, we have considered factors such as the likelihood of default, expected loss given default, net exposures and remaining contractual life, among other things, in determining if any estimated fair value adjustments related to credit risk are required. We review our counterparty exposure quarterly, and when necessary, appropriate adjustments are made to reflect the exposure.
Interest rate derivatives also include interest rate forwards entered into to hedge residential mortgage loans held for sale and the related interest-rate lock commitments. This includes forward commitments to sell mortgage loans. The fair value of these derivative financial instruments are based on derivative market data inputs as of the valuation date and the underlying value of mortgage loans for rate lock commitments.
In addition, the Company hedges foreign currency risk through the use of foreign exchange forward contracts. The fair value of foreign exchange forward contracts is based on the differential between the contract price and the market-based forward rate.
The estimated fair value for other real estate owned included in Level 2 is determined by either an independent market-based appraisal less estimated costs to sell or an executed sales agreement.
• Level 3 – Valuations for assets and liabilities that are derived from other valuation methodologies, including option pricing models, discounted cash flow models and similar techniques, and not based on market exchange, dealer or broker traded transactions. If the inputs used to provide the valuation are unobservable and/or there is very little, if any, market activity for the security or similar securities, the securities would be considered Level 3 securities. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities. The assets included in Level 3 are non-marketable equity investments, certain interest rate derivatives, certain other real estate owned and certain nonperforming loans.
The estimated fair value of other investments included in Level 3 is based on carrying value as these securities do not have a readily determinable fair value.
The estimated fair value of limited partnership investments included in Level 3 is based on par value.
For interest rate derivatives included in Level 3, the fair value incorporates credit risk by considering such factors as likelihood of default and expected loss given default based on the credit quality of the underlying counterparties (loan customers).
38
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

In accordance with ASU No. 2011-4, the following table provides information related to quantitative inputs and assumptions used in Level 3 fair value measurements.
Fair Value (dollars
in thousands) 		Valuation
Technique 		Unobservable Inputs Range /
(weighted average)
June 30, 2021
Other Investments $ 1,670 CarryingValue N/A N/A
Nonperforming Loans 712 (a) Gas Reserve Study Discount rate 10.00%
Gas per MMBTU $2.00 - $2.00 (b)
Oil per BBL/d $50.00 - $50.00 (b)
5,160 (a) Discounted Cash Flow Discount Rate 6.50%
Limited Partnership Investments 7,448 Par Value N/A N/A
December 31, 2020
Other Investments $ 1,670 CarryingValue N/A N/A
Nonperforming Loans 798 (a) Gas Reserve Study Discount rate 10.00%
Gas per MMBTU $1.46 - $1.48 (b)
Oil per BBL/d $36 - $36 (b)
Limited Partnership Investments 6,619 Par Value N/A N/A
(a) The remainder of nonperforming loans valued using Level 3 inputs are not included in this disclosure as the values of those loans are based on bankruptcy agreement documentation.
(b) Unobservable inputs are defined as follows: MMBTU - one million British thermal units; BBL/d - barrels per day.
The discount rate is the significant unobservable input used in the fair value measurement of nonperforming loans. Significant increases in this rate would result in a decrease in the estimated fair value of the loans, while a decrease in this rate would result in a higher fair value measurement. Other unobservable inputs in the fair value measurement of nonperforming loans relate to gas, oil and natural gas prices. Increases in these prices would result in an increase in the estimated fair value of the loans, while a decrease in these prices would result in a lower fair value measurement.
The tables below present the balances of assets and liabilities measured at fair value on a recurring basis:
June 30, 2021
Level 1 Level 2 Level 3 Total
(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities - Residential $ — $ 6,327 $ — $ 6,327
Mortgage-Backed Securities - Commercial — 330,468 — 330,468
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities - Residential — 718,627 — 718,627
Other Government-Sponsored Enterprises — 990 — 990
Obligations of States and Political Subdivisions — 9,681 — 9,681
Corporate Securities — 24,437 — 24,437
Total Securities Available for Sale — 1,090,530 — 1,090,530
Other Investments — 9,857 1,670 11,527
Loans Held for Sale — 19,530 — 19,530
Other Assets (a)
— 39,252 7,448 46,700
Total Assets $ — $ 1,159,169 $ 9,118 $ 1,168,287
Other Liabilities (a)
$ — $ 43,313 $ — $ 43,313
Total Liabilities $ — $ 43,313 $ — $ 43,313
(a) Hedging and non-hedging interest rate derivatives and limited partnership investments
39
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

December 31, 2020
Level 1 Level 2 Level 3 Total
(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities - Residential $ — $ 7,230 $ — $ 7,230
Mortgage-Backed Securities - Commercial — 191,180 — 191,180
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities - Residential — 496,033 — 496,033
Other Government-Sponsored Enterprises — 100,998 — 100,998
Obligations of States and Political Subdivisions — 11,397 — 11,397
Corporate Securities — 24,385 — 24,385
Total Securities Available for Sale — 831,223 — 831,223
Other Investments — 10,557 1,670 12,227
Loans Held for Sale — 33,436 — 33,436
Premises and Equipment, net — 442 — 442
Other Assets (a)
— 54,362 6,619 60,981
Total Assets $ — $ 930,020 $ 8,289 $ 938,309
Other Liabilities (a)
$ — $ 61,308 $ — $ 61,308
Total Liabilities $ — $ 61,308 $ — $ 61,308
(a) Hedging and n on-hedging interest rate derivatives and limited partnership investments
For the six months ended June 30, changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows:
2021
Other Investments Other
Assets 		Total
(dollars in thousands)
Balance, beginning of period $ 1,670 $ 6,620 $ 8,290
Total gains or losses
Included in earnings — — —
Included in other comprehensive income — — —
Purchases, issuances, sales and settlements
Purchases — 919 919
Issuances — — —
Sales — — —
Settlements — ( 91 ) ( 91 )
Transfers from Level 3 — — —
Transfers into Level 3 — — —
Balance, end of period $ 1,670 $ 7,448 $ 9,118
40
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)


2020
Other Investments Other
Assets 		Total
(dollars in thousands)
Balance, beginning of period $ 1,670 $ 5,795 $ 7,465
Total gains or losses
Included in earnings — — —
Included in other comprehensive income — — —
Purchases, issuances, sales and settlements
Purchases — 611 611
Issuances — — —
Sales — — —
Settlements — — —
Transfers from Level 3 — — —
Transfers into Level 3 — — —
Balance, end of period $ 1,670 $ 6,406 $ 8,076
During the six months ended June 30, 2021 and 2020, there were no transfers between fair value Levels 1, 2 or 3. There were no gains or losses included in earnings for the periods presented that are attributable to the change in realized gains (losses) relating to assets held at June 30, 2021 and 2020.
For the three months ended June 30, changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows:
2021
Other Investments Other
Assets 		Total
(dollars in thousands)
Balance, beginning of period $ 1,670 $ 7,010 $ 8,680
Total gains or losses
Included in earnings — — —
Included in other comprehensive income — — —
Purchases, issuances, sales and settlements
Purchases — 529 529
Issuances — — —
Sales — — —
Settlements — ( 91 ) ( 91 )
Transfers from Level 3 — — —
Transfers into Level 3 — — —
Balance, end of period $ 1,670 $ 7,448 $ 9,118
41
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

2020
Other Investments Other
Assets 		Total
(dollars in thousands)
Balance, beginning of period $ 1,670 $ 6,223 $ 7,893
Total gains or losses
Included in earnings — — —
Included in other comprehensive income — — —
Purchases, issuances, sales and settlements
Purchases — 183 183
Issuances — — —
Sales — — —
Settlements — — —
Transfers from Level 3 — — —
Transfers into Level 3 — — —
Balance, end of period $ 1,670 $ 6,406 $ 8,076
During the three months ended June 30, 2021 and 2020, there were no transfers between fair value Levels 1, 2 or 3. There were no gains or losses included in earnings for the periods presented that are attributable to the change in realized gains (losses) relating to assets held at June 30, 2021 and 2020.
The tables below present the balances of assets measured at fair value on a nonrecurring basis at:
June 30, 2021
Level 1 Level 2 Level 3 Total
(dollars in thousands)
Nonperforming loans $ — $ 32,510 $ 17,337 $ 49,847
Other real estate owned — 655 — 655
Total Assets $ — $ 33,165 $ 17,337 $ 50,502

December 31, 2020
Level 1 Level 2 Level 3 Total
(dollars in thousands)
Nonperforming loans $ — $ 35,543 $ 13,604 $ 49,147
Other real estate owned — 1,319 — 1,319
Total Assets $ — $ 36,862 $ 13,604 $ 50,466
The following losses were realized on the assets measured on a nonrecurring basis:
For the Three Months Ended June 30, For the Six Months Ended June 30,
2021 2020 2021 2020
(dollars in thousands)
Nonperforming loans $ ( 2,527 ) $ 191 $ ( 2,314 ) $ ( 6,822 )
Other real estate owned — ( 26 ) — ( 76 )
Total losses $ ( 2,527 ) $ 165 $ ( 2,314 ) $ ( 6,898 )
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
42
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

is performed to determine fair value for nonperforming loans when an observable market price or a current appraisal is not available. For real estate secured loans, First Commonwealth’s loan policy requires updated appraisals be obtained at least every twelve months on all nonperforming loans with balances of $ 250 thousand and over. For real estate secured loans with balances under $ 250 thousand, we rely on broker price opinions. For non-real estate secured assets, the Company normally relies on third party valuations specific to the collateral type.
The fair value for other real estate owned, determined by either an independent market-based appraisal less estimated costs to sell or an executed sales agreement, is classified as Level 2. The fair value for other real estate owned, determined using an internal valuation, is classified as Level 3. Other real estate owned has a current carrying value of $ 0.4 million as of June 30, 2021 and consists primarily of residential and commercial real estate properties in Pennsylvania. We review whether events and circumstances subsequent to a transfer to other real estate owned have occurred that indicate the balance of those assets may not be recoverable. If events and circumstances indicate further impairment we will record a charge to the extent that the carrying value of the assets exceed their fair values, less estimated cost to sell, as determined by valuation techniques appropriate in the circumstances.
Certain other assets and liabilities, including goodwill, core deposit intangibles and customer list intangibles are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances. Additional information related to goodwill is provided in Note 12, “Goodwill.” There were no other assets or liabilities measured at fair value on a nonrecurring basis during the six months ended June 30, 2021.
FASB ASC 825-10, “Transition Related to FSP FAS 107-1” and APB 28-1, “Interim Disclosures about Fair Value of Financial Instruments,” requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis. The methodologies for estimating the fair value of financial assets and financial liabilities that are measured at fair value on a recurring or nonrecurring basis are as discussed above. The methodologies for other financial assets and financial liabilities are discussed below.
Cash and due from banks and interest-bearing bank deposits : The carrying amounts for cash and due from banks and interest-bearing bank deposits approximate the estimated fair values of such assets.
Securities : Fair values for securities available for sale and held to maturity are based on quoted market prices, if available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments. The carrying value of other investments, which includes FHLB stock and other equity investments, is considered a reasonable estimate of fair value.
Loans : The fair values of all loans are estimated by discounting the estimated future cash flows using interest rates currently offered for loans with similar terms to borrowers of similar credit quality adjusted for past due and nonperforming loans.
Loans held for sale : The estimated fair value of loans held for sale is based on market bids obtained from potential buyers.
Off-balance sheet instruments : Many of First Commonwealth’s off-balance sheet instruments, primarily loan commitments and standby letters of credit, are expected to expire without being drawn upon; therefore, the commitment amounts do not necessarily represent future cash requirements. FASB ASC Topic 460, “Guarantees” clarified that a guarantor is required to recognize, at the inception of a guarantee, a liability for the fair value of the obligation undertaken in issuing the guarantee. The carrying amount and estimated fair value for standby letters of credit was $ 0.1 million at both June 30, 2021 and December 31, 2020. See Note 5, “Commitments and Contingent Liabilities,” for additional information.
Deposit liabilities : The estimated fair value of demand deposits, savings accounts and money market deposits is the amount payable on demand at the reporting date because of the customers’ ability to withdraw funds immediately. The carrying value of variable rate time deposit accounts and certificates of deposit approximate their fair values at the report date. Also, fair values of fixed rate time deposits for both periods are estimated by discounting the future cash flows using interest rates currently being offered and a schedule of aggregated expected maturities.
Short-term borrowings : The fair values of borrowings from the FHLB were estimated based on the estimated incremental borrowing rate for similar type borrowings. The carrying amounts of other short-term borrowings, such as federal funds purchased and securities sold under agreement to repurchase, were used to approximate fair value due to the short-term nature of the borrowings.
43
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Subordinated debt and long-term debt: The fair value is estimated by discounting the future cash flows using First Commonwealth’s estimate of the current market rate for similar types of borrowing arrangements.
The following table presents carrying amounts and fair values of First Commonwealth’s financial instruments:
June 30, 2021
Fair Value Measurements Using:
Carrying
Amount 		Total Level 1 Level 2 Level 3
(dollars in thousands)
Financial assets
Cash and due from banks $ 89,505 $ 89,505 $ 89,505 $ — $ —
Interest-bearing deposits 194,948 194,948 194,948 — —
Securities available for sale 1,090,530 1,090,530 — 1,090,530 —
Securities held to maturity 554,225 555,820 — 555,820 —
Other investments 11,527 11,527 — 9,857 1,670
Loans held for sale 19,530 19,530 — 19,530 —
Loans 6,740,535 7,117,132 — 32,510 7,084,622
Financial liabilities
Deposits 7,885,019 7,885,040 — 7,885,040 —
Short-term borrowings 107,372 106,922 — 106,922 —
Subordinated debt 170,694 174,902 — — 174,902
Long-term debt 5,918 6,617 — 6,617 —
Capital lease obligation 6,155 6,155 — 6,155 —
December 31, 2020
Fair Value Measurements Using:
Carrying
Amount 		Total Level 1 Level 2 Level 3
(dollars in thousands)
Financial assets
Cash and due from banks $ 100,009 $ 100,009 $ 100,009 $ — $ —
Interest-bearing deposits 256,572 256,572 256,572 — —
Securities available for sale 831,223 831,223 — 831,223 —
Securities held to maturity 361,844 369,851 — 369,851 —
Other investments 12,227 12,227 — 10,557 1,670
Loans held for sale 33,436 33,436 — 33,436 —
Loans 6,761,183 7,202,763 — 35,543 7,167,220
Financial liabilities
Deposits 7,438,666 7,440,906 — 7,440,906 —
Short-term borrowings 117,373 117,037 — 117,037 —
Subordinated debt 170,612 165,665 — — 165,665
Long-term debt 56,258 57,881 — 57,881 —
Capital lease obligation 6,385 6,385 — 6,385 —
44
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 11 Derivatives
Derivatives Not Designated as Hedging Instruments
First Commonwealth is a party to interest rate derivatives that are not designated as hedging instruments. These derivatives relate to interest rate swaps that First Commonwealth enters into with customers to allow customers to convert variable rate loans to a fixed rate. First Commonwealth pays interest to the customer at a floating rate on the notional amount and receives interest from the customer at a fixed rate for the same notional amount. At the same time the interest rate swap is entered into with the customer, an offsetting interest rate swap is entered into with another financial institution. First Commonwealth pays the other financial institution interest at the same fixed rate on the same notional amount as the swap entered into with the customer, and receives interest from the financial institution for the same floating rate on the same notional amount.
The changes in the fair value of the swaps offset each other, except for the credit risk of the counterparties, which is determined by taking into consideration the risk rating, probability of default and loss given default for all counterparties.
We have 39 risk participation agreements with financial institution counterparties for interest rate swaps related to loans in which we are a participant. The risk participation agreements provide credit protection to the financial institution should the borrower fail to perform on its interest rate derivative contract with the financial institution. We have 15 risk participation agreements with financial institution counterparties for interest rate swaps related to loans in which we are the lead bank. The risk participation agreement provides credit protection to us should the borrower fail to perform on its interest rate derivative contract with us.
First Commonwealth is also party to interest rate caps and collars that are not designated as hedging instruments. The interest rate caps relate to contracts that First Commonwealth enters into with loan customers that provide a maximum interest rate on their variable rate loan. At the same time the interest rate cap is entered into with the customer, First Commonwealth enters into an offsetting interest rate cap with another financial institution. The notional amount and maximum interest rate on both interest cap contracts are identical. The interest rate collars relate to contracts that First Commonwealth enters into with loan customers that provides both a maximum and minimum interest rate on their variable rate loan. At the same time the interest rate collar is entered into with the customer, First Commonwealth enters into an offsetting interest rate collar with another financial institution. The notional amount and the maximum and minimum interest rates on both interest collar contracts are identical.
The fee received, less the estimate of the loss for the credit exposure, was recognized in earnings at the time of the transaction.
Derivatives Designated as Hedging Instruments
In August 2019, the Company entered into two interest rate swap contracts that are designated as cash flow hedges. These contracts mature on August 15, 2024 and August 15, 2026 and have notional amounts of $ 30.0 million and $ 40.0 million, respectively. The Company's risk management objective for these hedges is to reduce its exposure to variability in expected future cash flows related to interest payments made on subordinated debentures benchmarked to the 3-month LIBOR rate. Therefore, the interest rate swaps convert the interest rate benchmark on the first $ 70.0 million of 3-month LIBOR based subordinated debentures to a fixed rate.
In May and June 2021, the Company entered into three interest rate swap contracts that were designated as cash flow hedges. The interest rate swaps have a total notional amount of $ 325.0 million; $ 25.0 million with an original maturity of three years, $ 150.0 million with an original maturity of four years and $ 150.0 million with an original maturity of five years. The Company's risk management objective for these hedges is to reduce its exposure to variability in expected future cash flows related to interest payments on commercial loans benchmarked to the 1-month LIBOR rate. Therefore, the interest rate swaps convert the interest payments on the first $ 325.0 million of 1-month LIBOR based commercial loans into fixed rate payments.
The periodic net settlement of these interest rate swaps are recorded as an adjustment to "Interest on subordinated debentures" or "Interest and fees on loans" in the unaudited Consolidated Statements of Income. For the three and six months ended June 30, 2021 there was a positive impact of $69 thousand and a negative impact of $157 thousand, 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 June 30, 2021, and changes in the fair value attributed to hedge ineffectiveness were not material.
45
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The Company also enters into interest rate lock commitments in conjunction with its mortgage origination business. These are commitments to originate loans whereby the interest rate on the loan is determined prior to funding and the customers have locked into that interest rate. The Company locks the rate in with an investor and commits to deliver the loan if settlement occurs (“best efforts”) or commits to deliver the locked loan in a binding (“mandatory”) delivery program with an investor. Loans under mandatory rate lock commitments are covered under forward sales contracts of mortgage-backed securities (“MBS”). Forward sales contracts of MBS are recorded at fair value with changes in fair value recorded in "Noninterest income" in the unaudited Consolidated Statements of Income. The impact to noninterest income for the three and six months ended June 30, 2021 was a decrease of $ 0.8 million.
Interest rate lock commitments and commitments to deliver loans to investors are considered derivatives. The market value of interest rate lock commitments and best efforts contracts are not readily ascertainable with precision because they are not actively traded in stand-alone markets. We determine the fair value of rate lock commitments and delivery contracts by measuring the fair value of the underlying asset, which is impacted by current interest rates and taking into consideration the probability that the rate lock commitments will close or will be funded. At June 30, 2021, the underlying funded mortgage loan commitments had a carrying value of $ 14.5 million and a fair value of $ 16.4 million, while the underlying unfunded mortgage loan commitments had a notional amount of $ 40.0 million. At December 31, 2020, the underlying funded mortgage loan commitments had a carrying value of $ 25.0 million and a fair value of $ 28.4 million, while the underlying unfunded mortgage loan commitments had a notional amount of $ 47.9 million. The interest rate lock commitments increased other noninterest income by $ 0.4 million for the three and six months ended June 30, 2021.
In addition, a small amount of interest income on loans is exposed to changes in foreign exchange rates. Several commercial borrowers have a portion of their operations outside of the United States and borrow funds on a short-term basis to fund those operations. In order to reduce the risk related to the translation of foreign denominated transactions into U.S. dollars, the Company enters into foreign exchange forward contracts. These contracts relate principally to the Euro and the Canadian dollar. The contracts are recorded at fair value with changes in fair value recorded in "Other operating expense" in the unaudited Consolidated Statements of Income. The increase in other noninterest expense for the three and six months ended June 30, 2021 totaled $ 5 thousand, respectively. At June 30, 2021 and December 31, 2020, the underlying loans had a carrying value of $ 2.3 million and $ 2.1 million, respectively, and a fair value of $ 2.3 million and $ 2.1 million, respectively.

The following table depicts the credit value and fair value adjustments recorded related to the notional amount of derivatives outstanding as well as the notional amount of risk participation agreements participated to other banks:
June 30, 2021 December 31, 2020
(dollars in thousands)
Derivatives not Designated as Hedging Instruments
Credit value adjustment $ ( 1,639 ) $ ( 2,792 )
Notional amount:
Interest rate derivatives 692,606 631,446
Interest rate caps 66,267 66,527
Interest rate collars 35,354 35,354
Risk participation agreements 227,943 220,280
Sold credit protection on risk participation agreements ( 86,852 ) ( 78,522 )
Interest rate options 39,996 47,874
Derivatives Designated as Hedging Instruments
Interest rate swaps:
Fair value adjustment ( 2,360 ) ( 3,665 )
Notional amount 395,000 70,000
Interest rate forwards:
Fair value adjustment ( 82 ) ( 483 )
Notional amount 41,000 65,000
Foreign exchange forwards:
Fair value adjustment 20 ( 5 )
Notional amount 2,331 2,119
46
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)


The table below presents the change in the fair value of derivative assets and derivative liabilities attributable to credit risk or fair value changes included in "Other income," 'Other expense," "Interest on subordinated debentures" or "Interest and fees on loans" in the unaudited Consolidated Statements of Income:
For the Three Months Ended June 30, For the Six Months Ended June 30,
2021 2020 2021 2020
(dollars in thousands)
Non-hedging interest rate derivatives
(Decrease) increase in other income $ ( 27 ) $ 1,672 $ 309 $ ( 753 )
Hedging interest rate derivatives
Increase in interest from subordinated debentures 236 66 462 11
Hedging interest rate forwards
Increase (decrease) in other income 641 ( 248 ) ( 401 ) 234
Hedging foreign exchange forwards
Increase in other expense 3 8 5 12
The fair value of our derivatives is included in a table in Note 10, “Fair Values of Assets and Liabilities,” in the line items
“Other assets” and “Other liabilities.”
Note 12 Goodwill
FASB ASC Topic 350-20, “Intangibles – Goodwill and Other” requires an annual valuation of the fair value of a reporting unit that has goodwill and a comparison of the fair value to the book value of equity to determine whether the goodwill has been impaired. Goodwill is also required to be tested on an interim basis if an event or circumstance indicates that it is more likely than not that an impairment loss has been incurred. When circumstances indicate that it is more likely than not that fair value is less than carrying value, a triggering event has occurred and a quantitative impairment test would be performed.
We consider First Commonwealth to be one reporting unit. The carrying amount of goodwill as both of June 30, 2021 and December 31, 2020 was $ 303.3 million. No impairment charges on goodwill or other intangible assets were incurred in 2021 or 2020.
We test goodwill for impairment as of November 30th each year and again at any quarter-end if any material events occur during a quarter that may affect goodwill.
As of June 30, 2021, no indicators of impairment were identified; however, changing economic conditions that may adversely affect our performance, the fair value of our assets and liabilities, or our stock price could result in impairment, which could adversely affect earnings in future periods. Management will continue to monitor events that could impact this conclusion in the future.

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

Note 13 Subordinated Debentures
Subordinated debentures outstanding are as follows:
June 30, 2021 December 31, 2020
Due Amount Rate Amount Rate
(dollars in thousands)
Owed to:
First Commonwealth Bank 2028 $ 49,361 4.875% until June 1, 2023, then LIBOR + 1.845% $ 49,314 4.875% until June 1, 2023, then LIBOR + 1.845%
First Commonwealth Bank 2033 49,166 5.50% until June 1, 2028, then LIBOR + 2.37% 49,131 5.50% until June 1, 2028, then LIBOR + 2.37%
First Commonwealth Capital Trust II 2034 30,929 LIBOR + 2.85% 30,929 LIBOR + 2.85%
First Commonwealth Capital Trust III 2034 41,238 LIBOR + 2.85% 41,238 LIBOR + 2.85%
Total $ 170,694 $ 170,612
On May 21, 2018, First Commonwealth issued ten-year subordinated notes with an aggregate principal amount of $ 50.0 million and a fixed-to-floating rate of 4.875%. The rate remains fixed until June 1, 2023, then adjusts on a quarterly basis to LIBOR + 1.845%. The Bank may redeem the notes, beginning with the interest payment due on June 1, 2023, in whole or in part at a redemption price equal to 100% of the principal amount of the subordinated notes, plus accrued and unpaid interest to the date of redemption. Deferred issuance costs of $ 0.9 million are being amortized on a straight-line basis over the term of the notes.
On May 21, 2018, First Commonwealth issued fifteen-year subordinated notes with an aggregate principal amount of $ 50.0 million and a fixed-to-floating rate of 5.50%. The rate remains fixed until June 1, 2028, then adjusts on a quarterly basis to LIBOR + 2.37%. The Bank may redeem the notes, beginning with the interest payment due on June 1, 2028, in whole or in part at a redemption price equal to 100% of the principal amount of the subordinated notes, plus accrued and unpaid interest to the date of redemption. Deferred issuance costs of $ 1.1 million are being amortized on a straight-line basis over the term of the notes.
First Commonwealth currently has two trusts, First Commonwealth Capital Trust II and First Commonwealth Capital Trust III, of which 100% of the common equity is owned by First Commonwealth. The trusts were formed for the purpose of issuing company obligated mandatorily redeemable capital securities to third-party investors and investing the proceeds from the sale of the capital securities solely in junior subordinated debt securities (“subordinated debentures”) of First Commonwealth. The subordinated debentures held by each trust are the sole assets of the trust.
Interest on the debentures issued to First Commonwealth Capital Trust III is paid quarterly at a floating rate of LIBOR + 2.85% which is reset quarterly. Subject to regulatory approval, First Commonwealth may redeem the debentures, in whole or in part, at its option on any interest payment date at a redemption price equal to 100% of the principal amount of the debentures, plus accrued and unpaid interest to the date of the redemption. Deferred issuance costs of $ 0.6 million are being amortized on a straight-line basis over the term of the securities.
Interest on the debentures issued to First Commonwealth Capital Trust II is paid quarterly at a floating rate of LIBOR + 2.85%, which is reset quarterly. Subject to regulatory approval, First Commonwealth may redeem the debentures, in whole or in part, at its option at a redemption price equal to 100% of the principal amount of the debentures, plus accrued and unpaid interest to the date of the redemption. Deferred issuance costs of $ 0.5 million are being amortized on a straight-line basis over the term of the securities.
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 interest rate on Capital Trust II at 1.515% until August 15, 2024 and the rate on Capital Trust III at 1.525% until August 15, 2026. Additional information related to these cash flow hedges can be found in Note 11- "Derivatives".



48
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 14 Revenue Recognition

Substantially all of the Company’s revenue is generated from contracts with customers. Revenue associated with financial instruments, including revenue from loans and securities, certain noninterest income streams such as fees associated with derivatives are not in scope of ASC 606 - Revenue from Contracts with Customers. ASC 606 is applicable to noninterest revenue streams such as trust income, service charges on deposits, insurance and retail brokerage commissions, card-related interchange income and gain(loss) on sale of OREO. For contracts within the scope of ASC 606, the Company immediately expenses contract acquisition costs when the asset that would have resulted from capitalizing these costs would have been amortized in one year or less.

Noninterest revenue streams in-scope of Topic 606 are discussed below:

Trust Income

Trust income is primarily comprised of fees earned from the management and administration of trusts and other customer assets. The Company’s performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon a tiered scale of market value of the assets under management at month-end. Payment is generally received a few days after month end through a direct charge to customers’ accounts. The Company does not earn performance-based incentives. Optional services such as financial planning or tax return preparation services are also available to trust customers. The Company’s performance obligation for these transactional-based services is generally satisfied and related revenue recognized, at a point in time. Payment is received shortly after services are rendered.

Service Charges on Deposit Accounts

Service charges on deposit accounts consist of fees earned from its deposit customers for transaction-based, account maintenance, overdraft services and account analysis fees. Transaction-based fees, which include services such as ATM use fees, stop payment fees, statement rendering and ACH fees are recognized at the time the transaction is executed which is the point in time the Company fulfills the customer’s request. Monthly account maintenance fees are earned over the course of the month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. The Company’s performance obligation for account analysis fees is generally satisfied, and the related revenue recognized, during the month the service is provided. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to customers’ accounts.

Insurance and Retail Brokerage Commissions

Insurance income primarily consists of commissions received from execution of personal, business and health insurance policies when acting as an agent on behalf of insurance carriers. The Company’s performance obligation is generally satisfied upon the issuance of the insurance policy. Because the Company’s contracts with the insurance carriers are generally cancellable by either party, with minimal notice, insurance commissions are recognized during the policy period as received. Also, the majority of insurance commissions are received on a monthly basis during the policy period; however, some carriers pay the full annual commission to First Commonwealth at the time of policy issuance or renewal. In these cases, First Commonwealth would be required to refund any commissions it would not be entitled to as a result of cancelled or terminated policies. The Company has established a refund liability for the remaining term of the policies expected to be cancelled. The Company also receives incentive-based contingency fees from the insurance carriers. Contingency fee revenue, which totals approximately $ 0.3 million per year, is recognized as received due to the immaterial amount.
Retail brokerage income primarily consists of commissions received on annuity and investment product sales through a third-party service provider. The Company’s performance obligation is generally satisfied upon the issuance of the annuity policy or the execution of an investment transaction. The Company does not earn a significant amount of trailer fees on annuity sales. However, after considering the factors impacting these trailer fees, such as the uncertainty of investor behavior and changes in the market value of assets, First Commonwealth determined that it would recognize trailing fees as received because it could not reasonably estimate an amount of future trailing commissions for which collection is probable. Commissions from the third-party service provider are received on a monthly basis based upon customer activity for the month. The fees are recognized monthly with a receivable until commissions are received from the third-party service provider the following month. Because the Company acts as an agent in arranging the relationship between the customer and the third-party service provider and does
49
ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

not control the services rendered to the customers, retail brokerage fees are presented net of related costs, including $ 0.9 million and $ 0.8 million in commission expense as of June 30, 2021 and 2020, 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 related gain(loss) on sale if a significant financing component is present.

The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606:
For the Three Months Ended June 30, For the Six Months Ended June 30,
2021 2020 2021 2020
(dollars in thousands)
Noninterest Income
In-scope of Topic 606:
Trust income $ 2,706 $ 2,109 $ 5,222 $ 4,220
Service charges on deposit accounts 4,310 3,286 8,357 8,031
Insurance and retail brokerage commissions 1,978 1,831 4,150 3,826
Card-related interchange income 7,406 5,886 13,833 11,148
Gain on sale of other loans and assets 337 173 506 332
Other income 1,103 824 2,083 1,768
Noninterest Income (in-scope of Topic 606) 17,840 14,109 34,151 29,325
Noninterest Income (out-of-scope of Topic 606) 8,246 7,703 19,290 11,760
Total Noninterest Income $ 26,086 $ 21,812 $ 53,441 $ 41,085
50


ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
This discussion and the related financial data are presented to assist in the understanding and evaluation of the consolidated financial condition and the results of operations of First Commonwealth Financial Corporation including its subsidiaries (“First Commonwealth”) for the three and six months ended June 30, 2021 and 2020, and should be read in conjunction with the unaudited Consolidated Financial Statements and notes thereto included in this Form 10-Q.
Forward-Looking Statements
Certain statements contained in this report that are not historical facts may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the Securities and Exchange Commission, in press releases, and in oral and written statements made by us or with our approval that are not statements of historical fact and constitute “forward-looking statements” as well. These statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of words such as “may,” “will,” “should,” “could,” “would,” “plan,” “believe,” “expect,” “anticipate,” “intend,” “estimate” or words of similar meaning. These forward-looking statements are subject to significant risks, assumptions and uncertainties, including uncertainties regarding the impact of the COVID-19 pandemic, and could be affected by many factors, including, but not limited to: (1) the impact of the COVID-19 pandemic on First Commonwealth and its customers; (2) volatility and disruption in national and international financial markets; (3) the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board; (4) inflation, interest rate, commodity price, securities market and monetary fluctuations; (5) the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which First Commonwealth or its customers must comply; (6) the soundness of other financial institutions; (7) political instability; (8) impairment of First Commonwealth’s goodwill or other intangible assets; (9) acts of God or of war or terrorism; (10) the timely development and acceptance of new products and services and perceived overall value of these products and services by users; (11) changes in consumer spending, borrowings and savings habits; (12) changes in the financial performance and/or condition of First Commonwealth’s borrowers; (13) technological changes; (14) acquisitions and integration of acquired businesses; (15) First Commonwealth’s ability to attract and retain qualified employees; (16) changes in the competitive environment in First Commonwealth’s markets and among banking organizations and other financial service providers; (17) the ability to increase market share and control expenses; (18) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters; (19) the reliability of First Commonwealth’s vendors, internal control systems or information systems; (20) the costs and effects of legal and regulatory developments, the resolution of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals; and (21) other risks and uncertainties described in this report and in the other reports that we file with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K. Further, statements about the potential effects of the COVID-19 pandemic on our business, financial condition, liquidity and results of operations may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable, and in many cases beyond our control, including the scope and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on our customers, clients, third parties and us.
In light of these risks, uncertainties and assumptions, you should not place undue reliance on any forward-looking statements in this report. We undertake no obligation to publicly update or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Explanation of Use of Non-GAAP Financial Measure
In addition to the results of operations presented in accordance with generally accepted accounting principles (“GAAP”), First Commonwealth management uses, and this quarterly report contains or references, certain non-GAAP financial measures, such as net interest income on a fully taxable equivalent basis. We believe these non-GAAP financial measures provide information that is useful to investors in understanding our underlying operational performance and our business and performance trends as they facilitate comparison with the performance of others in the financial services industry. Although we believe that these non-
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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


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 55 and 63 for the six and three months ended June 30, 2021 and 2020, respectively.
52
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES



Selected Financial Data
The following selected financial data should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations, which follows, and with the unaudited Consolidated Financial Statements and related notes.
For the Three Months Ended June 30, For the Six Months Ended June 30,
2021 2020 2021 2020
(dollars in thousands, except per share data)
Net Income $ 29,619 $ 23,851 $ 69,389 $ 28,578
Per Share Data:
Per Share Data: Basic Earnings per Share $ 0.31 $ 0.24 $ 0.72 $ 0.29
Diluted Earnings per Share 0.31 0.24 0.72 0.29
Cash Dividends Declared per Common Share 0.12 0.11 0.23 0.22
Average Balance:
Total assets $ 9,451,683 $ 9,043,554 $ 9,291,956 $ 8,690,437
Total equity 1,098,094 1,071,549 1,087,384 1,071,433
End of Period Balance:
Net loans (1)
$ 6,663,027 $ 6,871,043
Total assets 9,402,402 9,364,655
Total deposits 7,885,019 7,782,201
Total equity 1,106,419 1,075,705
Key Ratios:
Return on average assets 1.26 % 1.06 % 1.51 % 0.66 %
Return on average equity 10.82 % 8.95 % 12.87 % 5.36 %
Dividends payout ratio 38.71 % 45.83 % 31.94 % 75.86 %
Average equity to average assets ratio 11.62 % 11.85 % 11.70 % 12.33 %
Net interest margin 3.17 % 3.29 % 3.29 % 3.46 %
Net loans to deposits ratio 84.50 % 88.29 %
(1) Includes loans held for sale.

Results of Operations
Six Months Ended June 30, 2021 Compared to Six Months Ended June 30, 2020
Net Income
For the six months ended June 30, 2021, First Commonwealth had net income of $69.4 million, or $0.72 diluted earnings per share, compared to net income of $28.6 million, or $0.29 diluted earnings per share, in the six months ended June 30, 2020. The increase in net income was primarily the result of a $1.0 million provision for credit losses recognized during the six months ended June 30, 2021 compared to $37.8 million recognized in the same period in 2020. Additionally, noninterest income increased $12.4 million during the six months ended June 30, 2021 compared to the same period in 2020. These increases were partially offset by a $11.2 million increase in the income tax provision due to higher income before income taxes.
For the six months ended June 30, 2021, the Company’s return on average equity was 12.87% and its return on average assets was 1.51%, compared to 5.36% and 0.66%, respectively, for the six months ended June 30, 2020.
Net Interest Income
Net interest income, on a fully taxable equivalent basis, was $138.2 million in the first six months of 2021, compared to $135.2 million for the same period in 2020. The increase in net interest income can be attributed to a 41 basis point decrease in the cost of interest-bearing liabilities offset by a 48 basis point decrease in the yield on interest-earning assets and a $634.8 million increase in interest-earning assets. Net interest income comprises the majority of our operating revenue (net interest income
53
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES


before provision expense plus noninterest income), at 72.0% and 76.6% for the six months ended June 30, 2021 and 2020, respectively.
The net interest margin on a fully taxable equivalent basis was 3.29% and 3.46% for the six months ended June 30, 2021 and June 30, 2020, respectively. The decline in the net interest margin is primarily attributable to the lower 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 3.49% for the six months ended June 30, 2021, a decrease of 48 basis points compared to the 3.97% yield for the same period in 2020. This decrease is largely due to a decline in the loan portfolio yield, which decreased by 34 basis points when compared to the six months ended June 30, 2020. Contributing to this decline was the yield on our adjustable and variable rate commercial loan portfolio, which declined 78 basis points as a result of the Federal Reserve's decrease of short-term interest rates in March 2020. During the first quarter of 2020, the Federal Reserve decreased the Federal Funds target rate by 150 basis points.

The loan yield for the six months ended June 30, 2021, was impacted by $459.5 million in average PPP loans outstanding during the period. These loans were originated under the CARES Act and have a stated loan rate of 1% and a yield of 5.89% for the six months ended June 30, 2021. During the six months ended June 30, 2020, PPP loans averaged $202.9 million with a yield of 2.7%. The yield on PPP loans includes the recognition of PPP loan deferred processing fees, net of deferred origination costs, of $11.2 million for the six months ended June 30, 2021. These amounts are recognized in interest income as a yield adjustment over the life of the loan with accelerated recognition when a loan is forgiven or paid off. As of June 30, 2021, we expect to recognize additional PPP-related deferred processing fees, net of origination costs, of approximately $12.3 million as an adjustment to yield over the remaining terms of the loans. The balance of PPP loans outstanding at June 30, 2021 totaled $292.4 million. PPP loans increased the yield on total loans by 14 basis points and the net interest margin by 15 basis points during the six months ended June 30, 2021. During the six months ended June 30, 2021, the Company originated $255.8 million in new PPP loans and processed forgiveness on $438.5 million of PPP loans originated in prior quarters.

The investment portfolio yield decreased 52 basis points in comparison to the prior year as a result of lower short-term interest rates. Investment portfolio purchases during the six months ended June 30, 2021 have been primarily in obligations of U.S. government agencies, obligations of other government-sponsored enterprises and obligations of states and political subdivisions with durations of approximately four to five years. Additionally, as a result of excess liquidity caused by significant growth in deposits during the past year, the average balance of interest-bearing deposits with banks, primarily represented by deposits placed with the Federal Reserve, has increased from $86.8 million in 2020 to $349.7 million in 2021. The impact of the level and rate paid on interest-bearing deposits with banks decreased the yield on earning assets by 14 basis points for the six months ended June 30, 2021.
Decreases in the cost of interest-bearing liabilities partially offset the negative impact of lower yields on interest-earning assets. The cost of interest-bearing liabilities decreased to 0.31% for the six months ended June 30, 2021, from 0.72% for the same period in 2020. Deposit growth due to the retention of PPP loan proceeds and the deposit of Federal stimulus checks combined to contribute to a decline in average short-term borrowings of $40.0 million for the six months ended June 30, 2021 compared to the same period in 2020. Lower market interest rates and management's efforts to reduce deposit costs resulted in the cost of interest-bearing deposits decreasing 41 basis points and short-term borrowings decreasing 71 basis points in comparison to the same period last year.
For the six months ended June 30, 2021, changes in interest rates negatively impacted net interest income by $6.1 million when compared with the same period in 2020. The lower yield on interest-earning assets negatively impacted net interest income by $15.4 million, while the decrease in the cost of interest-bearing liabilities positively impacted net interest income by $9.2 million.
Changes in the volume of interest-earning assets and interest-bearing liabilities positively impacted net interest income by $9.2 million for the six months ended June 30, 2021, as compared to the same period in 2020. Higher levels of interest-earning assets resulted in an increase of $7.0 million in interest income, and changes in the volume and mix of interest-bearing liabilities decreased interest expense by $2.2 million, primarily due to a decrease in time deposits. Average earning assets for the six months ended June 30, 2021 increased $634.8 million, or 8.1%, compared to the same period in 2020. Average loans for the comparable period increased $259.7 million, or 4.0%.
Net interest income also benefited from a $657.1 million increase in average net free funds at June 30, 2021 as compared to June 30, 2020. Average net free funds are the excess of noninterest-bearing demand deposits, other noninterest-bearing liabilities and shareholders’ equity over noninterest-earning assets. The largest component of the increase in net free funds was an increase of $606.3 million, or 31.8%, in noninterest-bearing demand deposit average balances, primarily due to deposit
54
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES


growth related to PPP loan proceeds and government stimulus payments. Average time deposits for the six months ended June 30, 2021 decreased by $308.2 million compared to the comparable period in 2020, while the average rate paid on time deposits decreased 96 basis points compared to the same period in 2020.
The following table reconciles interest income in the Consolidated Statements of Income to net interest income adjusted to a fully taxable equivalent basis for the six months ended June 30:
2021 2020
(dollars in thousands)
Interest income per Consolidated Statements of Income $ 146,112 $ 154,310
Adjustment to fully taxable equivalent basis 598 755
Interest income adjusted to fully taxable equivalent basis (non-GAAP) 146,710 155,065
Interest expense 8,471 19,900
Net interest income adjusted to fully taxable equivalent basis (non-GAAP) $ 138,239 $ 135,165


55
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES


The following is an analysis of the average balance sheets and net interest income on a fully taxable equivalent basis for the six months ended June 30:
2021 2020
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 $ 349,747 $ 167 0.10 % $ 86,804 $ 69 0.16 %
Tax-free investment securities 29,539 402 2.74 47,950 737 3.09
Taxable investment securities 1,329,843 11,947 1.81 1,199,233 13,843 2.32
Loans, net of unearned income (b)(c)
6,776,560 134,194 3.99 6,516,854 140,416 4.33
Total interest-earning assets 8,485,689 146,710 3.49 7,850,841 155,065 3.97
Noninterest-earning assets:
Cash 92,243 97,129
Allowance for credit losses (104,239) (66,705)
Other assets 818,263 809,172
Total noninterest-earning assets 806,267 839,596
Total Assets $ 9,291,956 $ 8,690,437
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand deposits (d)
$ 1,503,501 $ 220 0.03 % $ 1,465,901 $ 1,469 0.20 %
Savings deposits (d)
3,228,379 1,750 0.11 2,925,862 6,354 0.44
Time deposits 493,259 1,515 0.62 801,429 6,312 1.58
Short-term borrowings 117,155 58 0.10 157,188 635 0.81
Long-term debt 219,731 4,928 4.52 233,934 5,130 4.41
Total interest-bearing liabilities 5,562,025 8,471 0.31 5,584,314 19,900 0.72
Noninterest-bearing liabilities and shareholders’ equity:
Noninterest-bearing demand deposits 2,509,818 1,903,568
Other liabilities 132,729 131,122
Shareholders’ equity 1,087,384 1,071,433
Total Noninterest-Bearing Funding Sources 3,729,931 3,106,123
Total Liabilities and Shareholders’ Equity $ 9,291,956 $ 8,690,437
Net Interest Income and Net Yield on Interest-Earning Assets $ 138,239 3.29 % $ 135,165 3.46 %
(a) Income on interest-earning assets has been computed on a fully taxable equivalent basis using the 21% federal income tax statutory rate for the six months ended June 30, 2021 and 2020.
(b) Loan balances include held for sale and nonaccrual loans. Income on nonaccrual loans is accounted for on the cash basis.
(c) Loan income includes loan fees earned..
(d) 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 six months ended June 30, 2021 compared with June 30, 2020:
Analysis of Year-to-Year Changes in Net Interest Income
Total
Change 		Change Due To
Volume 		Change Due To
Rate (a)
(dollars in thousands)
Interest-earning assets:
Interest-bearing deposits with banks $ 98 $ 209 $ (111)
Tax-free investment securities (335) (283) (52)
Taxable investment securities (1,896) 1,507 (3,403)
Loans (6,222) 5,592 (11,814)
Total interest income (b) (8,355) 7,025 (15,380)
Interest-bearing liabilities:
Interest-bearing demand deposits (1,249) 37 (1,286)
Savings deposits (4,604) 662 (5,266)
Time deposits (4,797) (2,421) (2,376)
Short-term borrowings (577) (161) (416)
Long-term debt (202) (311) 109
Total interest expense (11,429) (2,194) (9,235)
Net interest income $ 3,074 $ 9,219 $ (6,145)
(a) Changes in interest income or expense not arising solely as a result of volume or rate variances are allocated to rate variances.
(b) Changes in interest income have been computed on a fully taxable equivalent basis using the 21% federal income tax statutory rate.

Provision for Credit Losses
The provision for credit losses is determined based on management’s estimates of the appropriate level of the allowance for credit losses needed for expected losses inherent in the loan portfolio and on off-balance sheet commitments. The provision for credit losses is an amount added to the allowance, against which credit losses are charged.
57
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES


The table below provides a breakout of the provision for credit losses by loan category for the six months ended June 30:
2021 2020
Dollars Percentage Dollars Percentage
(dollars in thousands)
Commercial, financial, agricultural and other $ 8,542 292 % $ 6,549 17 %
Time and demand 8,410 287
Commercial credit cards 132 5
Real estate construction (3,816) (130) 654 2
Residential real estate (1,517) (52) 5,650 15
Residential first lien (671) (23)
Residential junior lien/home equity (846) (29)
Commercial real estate (4,641) (159) 17,091 45
Multifamily (1,860) (64)
Nonowner occupied 13 —
Owner occupied (2,794) (95)
Loans to individuals 4,358 149 7,882 21
Automobile 3,658 125
Consumer credit cards 98 3
Consumer other 602 21
Provision for credit losses on loans $ 2,926 100 % $ 37,826 100 %
Provision for off-balance sheet credit exposure (1,903) —
Total provision for credit losses $ 1,023 $ 37,826
The provision for credit losses on loans for the six months ended June 30, 2021 decreased in comparison to the six months ended June 30, 2020 by $34.9 million. The level of provision expense in the six months ended June 30, 2021 is primarily the result of an improved economic forecast, which reflects a decline in the impact of the COVID-19 pandemic on the economy and expected loan losses. The provision for credit losses on loans was also impacted by a decrease of $3.9 million in reserves on individually analyzed loans. The total provision for credit losses was impacted by a $1.9 million decrease in expense due to a decline in reserves for off-balance sheet commitments.
Because PPP loans are fully guaranteed by the SBA, there is no allowance for credit losses recognized for these loans. As previously indicated, an improved economic forecast provided for a lower level of allowance for credit losses and therefore resulted in $1.0 million in provision expense for the six months ended June 30, 2021. Two loan categories, commercial, financial, agricultural and other loans as well as Loans to Individuals, reflected provision expense during the six month period of 2021. The provision expense for Commercial, financial, agricultural and other loans was primarily due to net charge-offs and an increase in qualitative reserves. Provision expense for Loans to Individuals can be attributed to loan growth in that category as well as net charge-offs.
The level of provision expense in the first six months of 2020 was primarily to build the allowance for loan loss in order to provide for credit losses related to the COVID-19 pandemic. Contributing to the higher provision during the six months ended June 30, 2020 was $5.9 million in specific reserves for four commercial real estate borrowers that were placed on nonaccrual status during the first six months of 2020. Additionally, $22.3 million of the provision expense was attributable to higher qualitative reserves due the uncertain economic environment resulting from COVID-19. Net charge-offs during the first six months of 2020 totaled $8.0 million.
The allowance for credit losses was $97.0 million, or 1.44%, of total loans outstanding at June 30, 2021, compared to $101.3 million, or 1.50%, at December 31, 2020 and $81.4 million, or 1.18%, at June 30, 2020. Nonperforming loans as a percentage of total loans decreased to 0.78% at June 30, 2021 from 0.80% at December 31, 2020 and 0.81% as of June 30, 2020. The allowance to nonperforming loan ratio was 183.81%, 187.43% and 145.37% as of June 30, 2021, December 31, 2020 and June 30, 2020, respectively.
Management believes that the allowance for credit losses is at a level deemed appropriate to absorb expected losses inherent in the loan portfolio at June 30, 2021.
58
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES


Below is an analysis of the consolidated allowance for credit losses for the six months ended June 30, 2021 and 2020 and the year-ended December 31, 2020:
June 30, 2021 June 30, 2020 December 31, 2020
(dollars in thousands)
Balance, beginning of period $ 101,309 $ 51,637 $ 51,637
Adoption of accounting standard - ASU 2016-13 (1)
— — 13,393
Loans charged off:
Commercial, financial, agricultural and other 4,456 1,771 6,318
Real estate construction — — —
Residential real estate 119 650 1,040
Commercial real estate 1,557 2,417 4,939
Loans to individuals 2,472 4,016 6,953
Total loans charged off 8,604 8,854 19,250
Recoveries of loans previously charged off:
Commercial, financial, agricultural and other 193 132 314
Real estate construction 135 26 26
Residential real estate 211 146 414
Commercial real estate 40 44 312
Loans to individuals 828 484 991
Total recoveries 1,407 832 2,057
Net charge-offs 7,197 8,022 17,193
Provision for credit losses on loans charged to expense 2,926 37,826 53,472
Balance, end of period $ 97,038 $ 81,441 $ 101,309
Net charge-offs as a percentage of average loans outstanding (annualized) 0.21 % 0.25 % 0.26 %
Allowance for credit losses as a percentage of end-of-period loans outstanding 1.44 % 1.18 % 1.50 %
Allowance for credit losses as a percentage of end-of-period loans outstanding, excluding PPP loans 1.50 % 1.28 % 1.61 %
(1) CECL was adopted on December 31, 2020 in accordance with relief provided under the CARES Act.
59
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES


Noninterest Income
The following table presents the components of noninterest income for the six months ended June 30:
2021 2020 $ Change % Change
(dollars in thousands)
Noninterest Income:
Trust income $ 5,222 $ 4,220 $ 1,002 24 %
Service charges on deposit accounts 8,357 8,031 326 4
Insurance and retail brokerage commissions 4,150 3,826 324 8
Income from bank owned life insurance 3,460 3,416 44 1
Card-related interchange income 13,833 11,148 2,685 24
Swap fee income 1,398 823 575 70
Other income 3,921 3,487 434 12
Subtotal 40,341 34,951 5,390 15
Net securities gains 16 27 (11) (41)
Gain on sale of mortgage loans 8,130 6,789 1,341 20
Gain on sale of other loans and assets 3,801 1,280 2,521 197
Derivatives mark to market 1,153 (1,962) 3,115 (159)
Total noninterest income $ 53,441 $ 41,085 $ 12,356 30 %
Total noninterest income, excluding net securities gains, gain on sale of mortgage loans, gain on sale of other loans and assets and the derivatives mark to market for the six months ended June 30, 2021 increased $5.4 million, or 15%, compared to the six months ended June 30, 2020. Card-related interchange income increased $2.7 million due to growth in customer accounts and transactions. Trust income increased $1.0 million as a result of growth in assets under management, and swap fee income increased $0.6 million due to growth in interest rate swaps entered into for our commercial customers.
Total noninterest income increased $12.4 million, or 30%, compared to the same period in the prior year. The most significant changes, other than the changes noted above, include $3.1 million in the mark to market adjustment on interest rate swaps entered into for our commercial customers. This adjustment does not reflect a realized gain on the swaps, but rather relates to changes in fair value due to movements in corporate bond spreads and swap rates. The gain on sale of other loans and assets increased $2.5 million due to a higher volume of loans, primarily SBA loans, being sold in the first six months of 2021 compared to the same period in 2020. Gain on sale of mortgage loans increased $1.3 million as a result of growth in our mortgage lending area.
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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 six months ended June 30:
2021 2020 $ Change % Change
(dollars in thousands)
Noninterest Expense:
Salaries and employee benefits $ 57,018 $ 58,750 $ (1,732) (3) %
Net occupancy 8,654 9,370 (716) (8)
Furniture and equipment 7,814 7,435 379 5
Data processing 6,244 5,063 1,181 23
Advertising and promotion 2,679 2,685 (6) —
Pennsylvania shares tax 2,090 1,992 98 5
Intangible amortization 1,729 1,853 (124) (7)
Other professional fees and services 1,842 1,818 24 1
FDIC insurance 1,134 761 373 49
Other operating 12,786 11,796 990 8
Subtotal 101,990 101,523 467 —
Loss on sale or write-down of assets 52 353 (301) (85)
COVID-19 related 306 442 (136) (31)
Branch consolidation 18 — 18 —
Litigation and operational losses 1,035 709 326 46
Total noninterest expense $ 103,401 $ 103,027 $ 374 — %
Noninterest expense increased $0.4 million, or 0.4%, for the six months ended June 30, 2021 compared to the same period in 2020. Contributing to the increase in expense in 2021 is a $1.2 million increase in data processing expense related to updates to our digital banking product offerings. Other operating expenses increased $1.0 million due to a $1.7 million credit in unfunded commitment expense recognized in 2020, with no similar credit in 2021. As a result of the adoption of CECL, the unfunded commitment expense is now recorded as part of provision for credit losses. FDIC insurance increased $0.4 million in comparison to the prior period as a result of a $0.6 million assessment credit received in 2020 due to the FDIC deposit insurance fund reaching the required minimum reserve ratio. There was no similar credit in 2021. Partially offsetting these increases is a $1.7 million decrease in salaries and employee benefits primarily due to a decrease in full-time equivalent employees from 1,465 at June 30, 2020 to 1,392 at June 30, 2021. Additionally, net occupancy expense decreased $0.7 million. These decreases are largely attributable to the consolidation of 20% of the Bank’s branch facilities in the fourth quarter of 2020.
Income Tax
The provision for income taxes increased $11.2 million for the six months ended June 30, 2021, compared to the corresponding period in 2020.
We applied the “annual effective tax rate approach” to determine the provision for income taxes, which applies an annual forecast of tax expense as a percentage of expected full year income, for the six months ended June 30, 2021 and 2020.
We generate an annual effective tax rate that is less than the statutory rate of 21% due to benefits resulting from tax-exempt interest, income from bank-owned life insurance and tax benefits associated with low income housing tax credits, all of which are relatively consistent regardless of the level of pretax income. These provided for an annual effective tax rate of 19.9% and 17.5% for the six months ended June 30, 2021 and 2020, respectively.
As of June 30, 2021, our deferred tax assets totaled $21.8 million. Based on our evaluation, we determined that it is more likely than not that all of these assets will be realized. As a result, a valuation allowance against these assets was not recorded. In evaluating the need for a valuation allowance, we estimate future taxable income based on management approved forecasts, evaluation of historical earning levels and consideration of potential tax strategies. If future events differ from our current forecasts, we may need to establish a valuation allowance, which could have a material impact on our financial condition and results of operations.
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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 June 30, 2021 Compared to Three Months Ended June 30, 2020
Net Income
For the three months ended June 30, 2021, First Commonwealth recognized net income of $29.6 million, or $0.31 diluted earnings per share, compared to net income of $23.9 million, or $0.24 diluted earnings per share, in the three months ended June 30, 2020. The increase in net income was primarily the result of a $4.3 million increase in noninterest income. Other items contributing to the growth in net income include a $1.5 million increase in net interest income and a $1.4 million decrease in the provision for credit losses.
For the three months ended June 30, 2021, the Company’s return on average equity was 10.82% and its return on average assets was 1.26%, compared to 8.95% and 1.06%, respectively, for the three months ended June 30, 2020.
Net Interest Income
Net interest income, on a fully taxable equivalent basis, was $68.5 million in the second quarter of 2021, compared to $67.0 million for the same period in 2020. This increase was the result of $0.5 billion of growth in average interest-earning assets. However, the positive impact of this growth was more than offset by the impact of lower interest rates, which contributed to a 12 basis points decrease in the net interest margin. Net interest income comprises the majority of our operating revenue (i.e. net interest income before provision expense plus noninterest income), at 72.3% and 75.4% for the three months ended June 30, 2021 and 2020, respectively.
The net interest margin, on a fully taxable equivalent basis, was 3.17% and 3.29% for the three months ended June 30, 2021 and June 30, 2020, respectively. The decrease in the net interest margin is attributable to both 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 3.35% for the three months ended June 30, 2021, a decrease of 35 basis points compared to the 3.70% yield for the same period in 2020. This is largely due to a decrease in the loan portfolio yield, which declined by 17 basis points when compared to the three months ended June 30, 2020. Also impacting the yield on loans was PPP loans originated under the CARES Act, which have a stated rate of 1% and a yield of 5.1%. The yield on PPP loans includes the recognition of PPP loan deferred processing fees, net of deferred origination costs, of $4.2 million. These loans increased the average balance of loans by $429.9 million for the second quarter of 2021, causing a 9 basis point increase in the yield on loans and a 10 basis point increase in the net interest margin. The yield on the investment portfolio decreased 50 basis points in comparison to the prior year.
The cost of interest-bearing liabilities decreased to 0.27% for the three months ended June 30, 2021, from 0.59% for the same period in 2020, primarily due to a decrease in the cost of interest-bearing deposits and short-term borrowings. Lower market interest rates resulted in the cost of interest-bearing demand deposits decreasing 3 basis points and short-term borrowings decreasing 8 basis points in comparison to the same period last year. The cost of long-term debt increased by 24 basis points due to the maturity of borrowings with lower interest rates.
For the three months ended June 30, 2021, changes in interest rates negatively impacted net interest income by $1.3 million when compared with the same period in 2020. The lower yield on interest-earning assets negatively impacted net interest income by $4.5 million, while the decrease in the cost of interest-bearing liabilities positively impacted net interest income by $3.2 million.
Changes in the volume of interest-earning assets and interest-bearing liabilities positively impacted net interest income by $2.7 million in the three months ended June 30, 2021, as compared to the same period in 2020. Higher levels of interest-earning assets resulted in an increase of $1.5 million in interest income while changes in the volume and mix of interest-bearing liabilities decreased interest expense by $1.2 million. Average interest-earning assets for the three months ended June 30, 2021 increased $467.7 million, or 5.7%, compared to the same period in 2020. Average loans for the comparable period decreased $6.2 million, or 0.1%.
Net interest income also benefited from a $520.1 million increase in average net free funds at June 30, 2021 as compared to June 30, 2020. Average net free funds are the excess of noninterest-bearing demand deposits, other noninterest-bearing liabilities and shareholders’ equity over noninterest-earning assets. The largest component of the increase in net free funds was an increase of $473.9 million, or 22.2%, in noninterest-bearing demand deposit average balances. Average time deposits for the three months ended June 30, 2021 decreased by $318.3 million compared to the comparable period in 2020, decreasing interest expense by $1.2 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


The following table reconciles interest income in the Consolidated Statements of Income to net interest income adjusted to a fully taxable equivalent basis for the three months ended June 30:
2021 2020
(dollars in thousands)
Interest income per Consolidated Statements of Income $ 72,051 $ 74,981
Adjustment to fully taxable equivalent basis 290 359
Interest income adjusted to fully taxable equivalent basis (non-GAAP) 72,341 75,340
Interest expense 3,852 8,295
Net interest income adjusted to fully taxable equivalent basis (non-GAAP) $ 68,489 $ 67,045


63
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES


The following is an analysis of the average balance sheets and net interest income on a fully taxable equivalent basis for the three months ended June 30:
2021 2020
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 $ 358,595 $ 90 0.10 % $ 166,282 $ 32 0.08 %
Tax-free investment securities 29,385 195 2.66 44,171 338 3.08
Taxable investment securities 1,498,204 6,440 1.72 1,201,822 6,606 2.21
Loans, net of unearned income (b)(c) 6,771,722 65,616 3.89 6,777,883 68,364 4.06
Total interest-earning assets 8,657,906 72,341 3.35 8,190,158 75,340 3.70
Noninterest-earning assets:
Cash 93,627 94,223
Allowance for credit losses (102,303) (80,717)
Other assets 802,453 839,890
Total noninterest-earning assets 793,777 853,396
Total Assets $ 9,451,683 $ 9,043,554
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand deposits (d) $ 1,560,713 $ 112 0.03 % $ 1,573,595 $ 254 0.06 %
Savings deposits (d) 3,297,818 779 0.09 2,994,607 2,507 0.34
Time deposits 458,638 541 0.47 776,892 2,925 1.51
Short-term borrowings 114,966 27 0.09 112,063 47 0.17
Long-term debt 206,495 2,393 4.65 233,819 2,562 4.41
Total interest-bearing liabilities 5,638,630 3,852 0.27 5,690,976 8,295 0.59
Noninterest-bearing liabilities and shareholders’ equity:
Noninterest-bearing demand deposits (d) 2,604,695 2,130,775
Other liabilities 110,264 150,254
Shareholders’ equity 1,098,094 1,071,549
Total noninterest-bearing funding sources 3,813,053 3,352,578
Total Liabilities and Shareholders’ Equity $ 9,451,683 $ 9,043,554
Net Interest Income and Net Yield on Interest-Earning Assets $ 68,489 3.17 % $ 67,045 3.29 %
(a) Income on interest-earning assets has been computed on a fully taxable equivalent basis using the 21% federal income tax statutory rate for the three months ended June 30, 2021 and 2020.
(b) Loan balances include held for sale and nonaccrual loans. Income on nonaccrual loans is accounted for on the cash basis.
(c) Loan income includes loan fees earned.
(d) Average balances do not include reallocations from noninterest-bearing demand deposits and interest-bearing demand deposits into savings deposits, which were made for regulatory purposes.

64
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES


The following table shows the effect of changes in volumes and rates on interest income and interest expense for the three months ended June 30, 2021 compared with June 30, 2020:
Analysis of Year-to-Year Changes in Net Interest Income
Total
Change 		Change Due To
Volume 		Change Due To
Rate (a)
(dollars in thousands)
Interest-earning assets:
Interest-bearing deposits with banks $ 58 $ 38 $ 20
Tax-free investment securities (143) (113) (30)
Taxable investment securities (166) 1,629 (1,795)
Loans (2,748) (62) (2,686)
Total interest income (b) (2,999) 1,492 (4,491)
Interest-bearing liabilities:
Interest-bearing demand deposits (142) (2) (140)
Savings deposits (1,728) 256 (1,984)
Time deposits (2,384) (1,195) (1,189)
Short-term borrowings (20) 1 (21)
Long-term debt (169) (300) 131
Total interest expense (4,443) (1,240) (3,203)
Net interest income $ 1,444 $ 2,732 $ (1,288)
(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 June 30:
2021 2020
Dollars Percentage Dollars Percentage
(dollars in thousands)
Commercial, financial, agricultural and other $ 3,449 82 % $ (1,350) (19) %
Time and demand 3,450 82
Commercial credit cards (1) —
Real estate construction 129 3 360 5
Residential real estate (56) (1) 1,517 22
Residential first lien 21 1
Residential junior lien/home equity (77) (2)
Commercial real estate (1,867) (45) 4,134 60
Multifamily 128 3
Nonowner occupied (972) (23)
Owner occupied (1,023) (25)
Loans to individuals 2,547 61 2,198 32
Automobile 2,404 57
Consumer credit cards (107) (2)
Consumer other 250 6
Provision for credit losses on loans $ 4,202 100 % $ 6,859 100 %
Provision for off-balance sheet credit exposure 1,211 —
Total provision for credit losses $ 5,413 $ 6,859

The provision for credit losses on loans for the three months ended June 30, 2021 decreased in comparison to the three months ended June 30, 2020 by $2.7 million. The level of provision expense in the second quarter of 2021 is primarily a result of a $3.6 million charge-off related to one commercial borrower and $1.2 million related to reserves for off-balance sheet commitments. Net charge-offs for the three months ended June 30, 2021 were $3.9 million.
The level of provision expense in the second quarter of 2020 was primarily due to a $5.6 million increase in qualitative reserves as a result of the uncertain economic environment related to COVID-19. Charge-offs for the three months ended June 30, 2020 were $4.5 million, of which $2.7 million was provided for in prior quarters.

66
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES


Below is an analysis of the consolidated allowance for credit losses for the three months ended June 30, 2021 and 2020 and the year-ended December 31, 2020:
6/30/2021 6/30/2020 12/31/2020
(dollars in thousands)
Balance, beginning of period $ 96,763 $ 79,075 $ 51,637
Adoption of accounting standard - ASU 2016-13 (1)
— — 13,393
Loans charged off:
Commercial, financial, agricultural and other 3,887 1,285 6,318
Real estate construction — — —
Residential real estate 14 73 1,040
Commercial real estate 7 2,151 4,939
Loans to individuals 931 1,397 6,953
Total loans charged off 4,839 4,906 19,250
Recoveries of loans previously charged off:
Commercial, financial, agricultural and other 103 51 314
Real estate construction 135 26 26
Residential real estate 174 71 414
Commercial real estate 1 — 312
Loans to individuals 499 265 991
Total recoveries 912 413 2,057
Net charge-offs 3,927 4,493 17,193
Provision for credit losses on loans charged to expense 4,202 6,859 53,472
Balance, end of period $ 97,038 $ 81,441 $ 101,309

Noninterest Income
The following table presents the components of noninterest income for the three months ended June 30:
2021 2020 $ Change % Change
(dollars in thousands)
Noninterest Income:
Trust income $ 2,706 $ 2,109 $ 597 28 %
Service charges on deposit accounts 4,310 3,286 1,024 31
Insurance and retail brokerage commissions 1,978 1,831 147 8
Income from bank owned life insurance 1,509 1,800 (291) (16)
Card-related interchange income 7,406 5,886 1,520 26
Swap fee income 1,252 609 643 106
Other income 1,997 1,680 317 19
Subtotal 21,158 17,201 3,957 23
Net securities gains 10 8 2 25
Gain on sale of mortgage loans 3,084 4,243 (1,159) (27)
Gain on sale of other loans and assets 2,111 581 1,530 263
Derivatives mark to market (277) (221) (56) 25
Total noninterest income $ 26,086 $ 21,812 $ 4,274 20 %

Total noninterest income for the three months ended June 30, 2021 increased $4.3 million, or 20%, in comparison to the three months ended June 30, 2020. The most significant changes include a $1.5 million increase in gain on sale of other loans and assets due to an increase in the volume of SBA loans sold during the quarter. Additionally, card-related interchange income increased $1.5 million and service charges on deposits increased $1.0 million due to growth in customer accounts and
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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


transactions. Gain on sale of mortgage loans declined $1.2 million for the three months ended June 30, 2021 compared to the comparable period in 2020 due to a lower level of sold mortgages.
Noninterest Expense
The following table presents the components of noninterest expense for the three months ended June 30:
2021 2020 $ Change % Change
(dollars in thousands)
Noninterest Expense:
Salaries and employee benefits $ 28,347 $ 28,773 $ (426) (1) %
Net occupancy 3,881 4,397 (516) (12)
Furniture and equipment 3,866 3,657 209 6
Data processing 3,192 2,596 596 23
Advertising and promotion 1,355 1,535 (180) (12)
Pennsylvania shares tax 1,258 1,254 4 —
Intangible amortization 863 919 (56) (6)
Other professional fees and services 1,091 920 171 19
FDIC insurance 438 733 (295) (40)
Other operating 6,442 7,094 (652) (9)
Subtotal 50,733 51,878 (1,145) (2)
Loss on sale or write-down of assets 43 140 (97) (69)
COVID-19 related 232 419 (187) (45)
Branch consolidation (22) — (22) —
Litigation and operational losses 556 319 237 74
Total noninterest expense $ 51,542 $ 52,756 $ (1,214) (2) %

Noninterest expense decreased $1.2 million, or 2%, for the three months ended June 30, 2021 compared to the same period in 2020. Net occupancy expense decreased $0.5 million and salary and employee benefit expense decreased $0.4 million. These decreases are largely attributable to the consolidation of 20% of the Bank’s branch facilities in the fourth quarter of 2020. Other operating expense decreased $0.7 million as a result of a $0.9 million decrease in unfunded commitment expense recognized in 2020. As a result of the adoption of CECL, the unfunded commitment expense is now recorded as part of provision for credit losses.
Income Tax
The provision for income taxes increased $2.7 million for the three months ended June 30, 2021, compared to the corresponding period in 2020.  The effective tax rate increased 330 basis points from 17.4% to 20.7% due to a $8.4 million increase in income before income taxes.
We applied the “annual effective tax rate approach” to determine the provision for income taxes, which applies an annual forecast of tax expense as a percentage of expected full year income, for the three months ended June 30, 2021 and 2020.
Liquidity
Liquidity refers to our ability to meet the cash flow requirements of depositors and borrowers as well as our operating cash needs with cost-effective funding. We generate funds to meet these needs primarily through the core deposit base of First Commonwealth Bank and the maturity or repayment of loans and other interest-earning assets, including investments. During the first six months of 2021, the maturity and redemption of investment securities provided $344.4 million in liquidity. These funds contributed to the liquidity used to originate loans, purchase investment securities and fund depositor withdrawals.
We also have available unused wholesale sources of liquidity, including overnight federal funds and repurchase agreements, advances from the FHLB of Pittsburgh, borrowings through the discount window at the Federal Reserve Bank of Cleveland (“FRB”) and access to certificates of deposit through brokers.
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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


We participate in the Certificate of Deposit Account Registry Services (“CDARS”) program as part of an Asset/Liability Committee (“ALCO”) strategy to increase and diversify funding sources. As of June 30, 2021, our maximum borrowing capacity under this program was $1.4 billion, and as of that date there was $7.5 million outstanding with an average weighted rate of 0.37% and an average original term of 303 days. These deposits are part of a reciprocal program which allows our depositors to receive expanded FDIC coverage by placing multiple certificates of deposit at other CDARS member banks.
An additional source of liquidity is the FRB Borrower-in-Custody of Collateral program, which enables us to pledge certain loans that are not being used as collateral at the FHLB as collateral for borrowings at the FRB. At June 30, 2021, the borrowing capacity under this program totaled $931.4 million and there was no balance outstanding. As of June 30, 2021, our maximum borrowing capacity at the FHLB of Pittsburgh was $1.8 billion and as of that date amounts used against this capacity included $5.9 million in outstanding borrowings and no outstanding letters of credit.
We also have available unused federal funds lines with four correspondent banks. These lines have an aggregate commitment of $160.0 million with no outstanding balance as of June 30, 2021. In addition, we have available unused repo lines with three correspondent banks. These lines have an aggregate commitment of $620.3 million with no outstanding balance as of June 30, 2021.
First Commonwealth Financial Corporation has an unsecured $20.0 million line of credit with another financial institution. As of June 30, 2021, there are no amounts outstanding on this line.
First Commonwealth’s long-term liquidity source is its core deposit base. Core deposits are the most stable source of liquidity a bank can have due to the long-term relationship with a deposit customer. The following table shows a breakdown of the components of First Commonwealth’s deposits:
June 30, 2021 December 31, 2020
(dollars in thousands)
Noninterest-bearing demand deposits (a)
$ 2,617,651 $ 2,319,958
Interest-bearing demand deposits (a)
269,451 250,353
Savings deposits (a)
4,566,815 4,305,391
Time deposits 431,102 562,964
Total $ 7,885,019 $ 7,438,666
(a) Balances include reallocations from noninterest-bearing demand deposits and interest-bearing demand deposits into savings deposits, which were made for regulatory purposes.
The level of deposits during any period is influenced by factors outside of management’s control, such as the level of short-term and long-term market interest rates and yields offered on competing investments, such as money market mutual funds.
During the first six months of 2021, total deposits increased $446.4 million. Interest-bearing demand and savings deposits increased $280.5 million, noninterest-bearing demand deposits increased $297.7 million and time deposits decreased $131.9 million. The deposit increase is a result of elevated customer deposit balances from PPP loan proceeds and the deposit of Federal stimulus checks into our customers' deposit accounts.
Market Risk
The following gap analysis compares the difference between the amount of interest-earning assets and interest-bearing liabilities subject to repricing over a period of time. The ratio of rate-sensitive assets to rate-sensitive liabilities repricing within a one-year period was 0.54 and 0.51 at June 30, 2021 and December 31, 2020, respectively. A ratio of less than one indicates a higher level of repricing liabilities over repricing assets over the next twelve months. The level of First Commonwealth's ratio is largely driven by the modeling of interest-bearing non-maturity deposits, which are included in the analysis as repricing within one year.
Gap analysis has limitations due to the static nature of the model that holds volumes and consumer behaviors constant in all economic and interest rate scenarios. A lower level of rate sensitive assets to rate sensitive liabilities repricing in one year could indicate reduced net interest income in a rising interest rate scenario, and conversely, increased net interest income in a declining interest rate scenario. However, the gap analysis incorporates only the level of interest-earning assets and interest-bearing liabilities and not the sensitivity each has to changes in interest rates. The impact of the sensitivity to changes in interest rates is provided in the table below the gap analysis.

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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 the gap analysis as of June 30, 2021 and December 31, 2020:
June 30, 2021
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 $ 609,441 $ 605,333 $ 1,039,491 $ 2,254,265 $ 3,583,352 $ 838,620
Investments 107,866 108,841 185,831 402,538 767,692 427,536
Other interest-earning assets 194,948 — — 194,948 — —
Total interest-sensitive assets (ISA) 912,255 714,174 1,225,322 2,851,751 4,351,044 1,266,156
Certificates of deposit 107,630 77,552 119,690 304,872 124,303 1,854
Other deposits 4,836,266 — — 4,836,266 — —
Borrowings 179,737 198 396 180,331 3,167 101,959
Total interest-sensitive liabilities (ISL) 5,123,633 77,750 120,086 5,321,469 127,470 103,813
Gap $ (4,211,378) $ 636,424 $ 1,105,236 $ (2,469,718) $ 4,223,574 $ 1,162,343
ISA/ISL 0.18 9.19 10.20 0.54 34.13 12.20
Gap/Total assets 44.79 % 6.77 % 11.75 % 26.27 % 44.92 % 12.36 %

December 31, 2020
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 $ 596,292 $ 495,759 $ 942,174 $ 2,034,225 $ 3,424,936 $ 1,270,694
Investments 109,706 82,052 158,357 350,115 495,013 150,976
Other interest-earning assets 256,572 — — 256,572 — —
Total interest-sensitive assets (ISA) 962,570 577,811 1,100,531 2,640,912 3,919,949 1,421,670
Certificates of deposit 163,340 120,458 135,285 419,083 141,577 2,153
Other deposits 4,555,744 — — 4,555,744 — —
Borrowings 189,645 50,105 209 239,959 1,673 104,166
Total interest-sensitive liabilities (ISL) 4,908,729 170,563 135,494 5,214,786 143,250 106,319
Gap $ (3,946,159) $ 407,248 $ 965,037 $ (2,573,874) $ 3,776,699 $ 1,315,351
ISA/ISL 0.20 3.39 8.12 0.51 27.36 13.37
Gap/Total assets 43.52 % 4.49 % 10.64 % 28.38 % 41.65 % 14.51 %

The following table presents an analysis of the potential sensitivity of our annual net interest income to gradual changes in interest rates over a 12-month time frame as compared with net interest income if rates remained unchanged and there are no changes in balance sheet categories.
Net interest income change (12 months) for basis point movements of:
-200 -100 +100 +200
(dollars in thousands)
June 30, 2021 ($) $ (6,202) $ (3,286) $ 2,944 $ 5,000
June 30, 2021 (%) (2.21) % (1.17) % 1.05 % 1.78 %
December 31, 2020 ($) $ (4,911) $ (2,621) $ 3,340 $ 6,229
December 31, 2020 (%) (1.79) % (0.95) % 1.22 % 2.27 %
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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 represents the potential sensitivity of our annual net interest income to immediate changes in interest rates versus if rates remained unchanged and there are no changes in balance sheet categories.
Net interest income change (12 months) for basis point movements of:
-200 -100 +100 +200
(dollars in thousands)
June 30, 2021 ($) $ (18,723) $ (12,395) $ 7,574 $ 13,947
June 30, 2021 (%) (6.68) % (4.42) % 2.70 % 4.98 %
December 31, 2020 ($) $ (13,807) $ (9,175) $ 9,921 $ 18,408
December 31, 2020 (%) (5.03) % (3.34) % 3.61 % 6.70 %
The analysis and model used to quantify the sensitivity of our net interest income becomes less meaningful in a decreasing 200 basis point scenario given the current interest rate environment. Results of the 100 and 200 basis point interest rate decline scenario are affected by the fact that many of our interest-bearing liabilities are at rates below 1%, with an assumed floor of zero in the model. In the six months ended June 30, 2021 and 2020, the cost of our interest-bearing liabilities averaged 0.31% and 0.72%, respectively, and the yield on our average interest-earning assets, on a fully taxable equivalent basis, averaged 3.49% and 3.97%, respectively.
Asset/liability models require that certain assumptions be made, such as prepayment rates on earning assets and the impact of pricing on non-maturity deposits, which may differ from actual experience. These business assumptions are based upon our experience, business plans and published industry experience. While management believes such assumptions to be reasonable, there can be no assurance that modeled results will approximate actual results.
Credit Risk
First Commonwealth maintains an allowance for credit losses at a level deemed sufficient for losses inherent in the loan portfolio at the date of each statement of financial condition. Management reviews the appropriateness of the allowance on a quarterly basis to ensure that the provision for credit losses has been charged against earnings in an amount necessary to maintain the allowance at a level that is appropriate based on management’s assessment of probable estimated losses.
First Commonwealth’s methodology for assessing the appropriateness of the allowance for credit losses consists of several key elements. These elements include an assessment of individual nonperforming loans with a balance greater than $250 thousand, loss experience trends and other relevant factors.
First Commonwealth also maintains a reserve for unfunded loan commitments and letters of credit based upon credit risk and probability of funding. The reserve totaled $5.5 million at June 30, 2021 and is classified in "Other liabilities" on the unaudited Consolidated Statements of Financial Condition.
Nonperforming loans include nonaccrual loans and loans classified as troubled debt restructurings. Nonaccrual loans represent loans on which interest accruals have been discontinued. Troubled debt restructured loans are those loans whose terms have been renegotiated to provide a reduction or deferral of principal or interest as a result of the deteriorating financial position of the borrower, who could not obtain comparable terms from alternative financing sources. In the first six months of 2021, fourteen loans totaling $13.4 million were identified as troubled debt restructurings.
The balance of troubled debt restructured loans increased $7.3 million from December 31, 2020. Changes during the first six months of 2021 can be attributed to new restructurings in conjunction with bankruptcy, including two commercial relationships totaling $13.0 million, offset by payments received on existing troubled debt restructured loans, including the payoff of $1.7 million of two commercial loan relationships and the pay down of one commercial relationship of $2.7 million. Please refer to Note 7 “Loans and Allowance for Credit Losses,” for additional information on troubled debt restructurings.

In March 2020, the Company began offering short-term loan modifications to assist borrowers during the COVID-19 national emergency. These modifications typically provide for the deferral of both principal and interest for 90 days. The CARES Act, along with a joint agency statement issued by banking regulators, provides that modifications meeting certain criteria made in response to COVID-19 do not need to be accounted for as troubled debt restructuring. As of June 30, 2021, loan customers with an aggregate principal balance of $59.5 million were still in a payment deferral period. It is possible that some of these deferrals will be extended in order to provide support for certain COVID-19 impacted customers.

We discontinue interest accruals on a loan when, based on current information and events, it is probable that we will be unable to fully collect principal or interest due according to the contractual terms of the loan. A loan is also placed on nonaccrual status
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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


when, based on regulatory definitions, the loan is maintained on a “cash basis” due to the weakened financial condition of the borrower. Generally, loans 90 days or more past due are placed on nonaccrual status, except for consumer loans, which are placed on nonaccrual status at 150 days past due.
Nonperforming loans are closely monitored on an ongoing basis as part of our loan review and work-out process. The probable risk of loss on these loans is evaluated by comparing the loan balance to the fair value of any underlying collateral or the present value of projected future cash flows. Losses or a specifically assigned allowance for loan losses are recognized where appropriate.
Nonperforming loans, including loans held for sale, decreased $1.3 million to $52.8 million at June 30, 2021 compared to $54.1 million at December 31, 2020. During the six months ended June 30, 2021, $15.4 million of loans were moved to nonaccrual, including the transfer of one commercial real estate relationships totaling $6.3 million and a $3.9 million commercial, financial, industrial loan to one borrower. Offsetting these additions was a sale of a $5.0 million commercial real estate relationship, a $1.0 million payoff of a commercial, financial, agriculture and other relationship, a $0.8 million payoff of a commercial real estate relationship and a $1.4 million charge-off of a commercial real estate relationship. Subsequent to June 30, 2021, a $6.7 million payoff on a commercial real estate nonaccrual loan was received from the borrower.
The allowance for credit losses as a percentage of nonperforming loans was 183.81% as of June 30, 2021, compared to 187.43% at December 31, 2020, and 145.37% at June 30, 2020. The amount of specific reserves included in the allowance for nonperforming loans was determined by using fair values obtained from current appraisals and updated discounted cash flow analyses. The allowance for credit losses includes specific reserves of $2.9 million and general reserves of $94.1 million as of June 30, 2021. Specific reserves decreased $2.0 million from December 31, 2020, and $3.9 million from June 30, 2020. The decrease from both periods is primarily due to the charge-off and payoffs of relationships with specific reserves assigned. Management believes that the allowance for credit losses is at a level deemed sufficient to absorb losses inherent in the loan portfolio at June 30, 2021.
Criticized loans totaled $250.4 million at June 30, 2021 and represented 3.7% of the loan portfolio. The level of criticized loans decreased as of June 30, 2021 when compared to December 31, 2020, by $52.4 million, or 17.3%. Classified loans totaled $56.0 million at June 30, 2021 compared to $76.2 million at December 31, 2020, a decrease of $20.2 million, or 27%. The decrease in criticized loans is the result of the aforementioned changes in nonperforming loans as well as credit upgrades on borrowers primarily in the hospitality sector. Delinquency on accruing loans for the same period increased $5.4 million, or 44%, the majority of which are residential real estate and consumer loans.
The allowance for credit losses was $97.0 million at June 30, 2021, or 1.44% of total loans outstanding, compared to 1.50% reported at December 31, 2020, and 1.18% at June 30, 2020. General reserves, or the portion of the allowance related to loans that were not specifically evaluated, as a percentage of performing loans were 1.41% at June 30, 2021 compared to 1.43% at December 31, 2020 and 1.09% at June 30, 2020. The decrease in the general reserve from December 31, 2020 is reflective of lower unemployment rates utilized to forecast future loan losses at June 30, 2021. The increase in general reserves from June 30, 2020 can be attributed to the adoption of CECL and the related impact of future economic conditions.
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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 measures:
June 30, December 31, 2020
2021 2020
(dollars in thousands)
Nonperforming Loans:
Loans on nonaccrual basis $ 22,219 $ 44,968 $ 30,801
Troubled debt restructured loans on nonaccrual basis 23,981 3,600 14,740
Troubled debt restructured loans on accrual basis 6,593 7,455 8,512
Total nonperforming loans $ 52,793 $ 56,023 $ 54,053
Loans past due 30 to 90 days and still accruing $ 5,895 $ 6,077 $ 10,638
Loans past due in excess of 90 days and still accruing $ 903 $ 1,421 $ 1,523
Other real estate owned $ 394 $ 1,634 $ 1,215
Loans held for sale at end of period $ 19,530 $ 30,409 $ 33,436
Portfolio loans outstanding at end of period $ 6,740,535 $ 6,922,075 $ 6,761,183
Average loans outstanding $ 6,776,560 (a) $ 6,516,854 (a) $ 6,737,339 (b)
Nonperforming loans as a percentage of total loans 0.78 % 0.81 % 0.80 %
Provision for credit losses $ 2,926 (a) $ 37,826 (a) $ 53,472 (b)
Allowance for credit losses $ 97,038 $ 81,441 $ 101,309
Net charge-offs $ 7,197 (a) $ 8,022 (a) $ 17,193 (b)
Net charge-offs as a percentage of average loans outstanding (annualized) 0.21 % 0.25 % 0.26 %
Provision for credit losses as a percentage of net charge-offs 40.66 % (a) 471.53 % (a) 311.01 % (b)
Allowance for credit losses as a percentage of end-of-period loans outstanding (c) 1.44 % 1.18 % 1.50 %
Allowance for credit losses as a percentage of end-of-period loans outstanding, excluding PPP loans (c) 1.50 % 1.28 % 1.61 %
Allowance for credit losses as a percentage of nonperforming loans (d) 183.81 % 145.37 % 187.43 %
(a) For the six-month period ended.
(b) For the twelve-month period ended.
(c) Does not include loans held for sale.
(d) Does not include nonperforming loans held for sale.
The following tables show the outstanding balances of our loan portfolio and the breakdown of net charge-offs and nonperforming loans, excluding loans held for sale, by loan type as of and for the periods presented:
June 30, 2021 December 31, 2020
Amount % Amount %
(dollars in thousands)
Commercial, financial, agricultural and other $ 1,374,177 20 % $ 1,555,986 23 %
Real estate construction 414,816 6 427,221 6
Residential real estate 1,828,783 27 1,750,592 26
Commercial real estate 2,205,758 33 2,211,569 33
Loans to individuals 917,001 14 815,815 12
Total loans and leases net of unearned income $ 6,740,535 100 % $ 6,761,183 100 %
During the six months ended June 30, 2021, loans decreased $20.6 million, or 0.3%, compared to balances outstanding at December 31, 2020.
Commercial, financial, agricultural and other loans decreased $181.8 million due to the payoff of $186.5 million in PPP loans.
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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


Real estate construction loans decreased $12.4 million, or 2.9%, primarily due to the completion of both commercial and residential real estate construction. Residential real estate grew $78.2 million, or 4.5%, primarily due to originations of closed-end 1-4 family mortgage loans. Commercial real estate loans decreased $5.8 million, or 0.3%, primarily due to payoffs and less new loan volume. Loans to individuals increased $101.2 million, or 12.4%, as a result of growth in the indirect auto and recreational vehicle portfolio of $116.4 million offset by a decrease in other consumer loans of $15.2 million.
As indicated in the table below, commercial real estate and residential real estate loans represent a significant portion of the nonperforming loans as of June 30, 2021. See discussions related to the provision for credit losses and loans for more information.
For the Six Months Ended June 30, 2021 As of June 30, 2021
Net
Charge-
offs 		% of
Total Net
Charge-offs 		Net Charge-
offs as a % of
Average
Loans (annualized) 		Nonperforming
Loans 		% of Total
Nonperforming
Loans 		Nonperforming
Loans as a % of
Total Loans
(dollars in thousands)
Commercial, financial, agricultural and other $ 4,263 59.23 % 0.13 % $ 14,335 27.15 % 0.21 %
Real estate construction (135) (1.87) (0.01) 54 0.10 —
Residential real estate (92) (1.28) — 10,029 19.00 0.15
Commercial real estate 1,517 21.08 0.04 27,899 52.85 0.41
Loans to individuals 1,644 22.84 0.05 476 0.90 0.01
Total loans, net of unearned income $ 7,197 100.00 % 0.21 % $ 52,793 100.00 % 0.78 %
Net charge-offs for the six months ended June 30, 2021 totaled $7.2 million, compared to $8.0 million for the six months ended June 30, 2020. The most significant charge-offs during the six months ended June 30, 2021 included a $3.6 million charge-off related to a commercial loan as well as $1.6 million in net charge-offs related to loans to individuals, primarily indirect auto loans and personal credit lines. See discussions related to the provision for credit losses and loans for more information.
Capital Resources
At June 30, 2021, shareholders’ equity was $1.1 billion, an increase of $37.8 million from December 31, 2020. The increase was primarily the result of $69.4 million in net income, $2.8 million in treasury stock sales and an increase of $10.1 million in the fair value of available for sale investments. These increases were partially offset by $21.6 million of dividends paid to shareholders and $2.7 million of common stock repurchases. Cash dividends declared per common share were $0.225 for the six months ended June 30, 2021 and $0.22 for the six months ended June 30, 2020.
First Commonwealth and First Commonwealth Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on First Commonwealth’s financial 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.
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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


During the second quarter of 2018, First Commonwealth Bank, the Company's banking subsidiary, issued $100 million in subordinated debt, which under the regulatory rules qualifies as Tier II capital. This subordinated debt issuance increased the total risk-based capital ratio by 160 basis points.
As of June 30, 2021, the Company had $292.4 million in PPP loans outstanding under the CARES Act. Because these loans are 100% guaranteed by the SBA, banking regulators confirmed that they have a zero percent risk weight under applicable risk-based capital rules. Additionally, a bank may exclude all PPP loans pledged as collateral to the Federal Reserve's PPP Facility from average total assets when calculating its leverage ratio, while PPP loans that are not pledged as collateral to the PPP Facility will be included. The PPP loans originated by the Company are included in our leverage ratio as of June 30, 2021, as we did not utilize the PPP Facility.
As of June 30, 2021, First Commonwealth and First Commonwealth Bank met all capital adequacy requirements to which they are subject and were considered well-capitalized under the regulatory rules, all on a fully phased-in basis. To be considered well capitalized, the Company must maintain minimum Total risk-based capital, Tier I risk-based capital, Tier I leverage ratio and Common equity tier I risk-based capital as set forth in the table below:
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 $ 1,055,710 15.16 % $ 730,988 10.50 % $ 696,179 10.00 %
First Commonwealth Bank 1,008,415 14.52 729,387 10.50 694,654 10.00
Tier I Capital to Risk Weighted Assets
First Commonwealth Financial Corporation $ 876,014 12.58 % $ 591,752 8.50 % $ 556,943 8.00 %
First Commonwealth Bank 828,719 11.93 590,456 8.50 555,723 8.00
Tier I Capital to Average Assets
First Commonwealth Financial Corporation $ 876,014 9.58 % $ 365,819 4.00 % $ 457,273 5.00 %
First Commonwealth Bank 828,719 9.08 365,012 4.00 456,265 5.00
Common Equity Tier I to Risk Weighted Assets
First Commonwealth Financial Corporation $ 806,014 11.58 % $ 487,325 7.00 % $ 452,516 6.50 %
First Commonwealth Bank 828,719 11.93 486,258 7.00 451,525 6.50
On July 27, 2021, First Commonwealth Financial Corporation declared a quarterly dividend of $0.115 per share payable on August 20, 2021 to shareholders of record as of August 6, 2021. The timing and amount of future dividends are at the discretion of First Commonwealth's Board of Directors based upon, among other factors, capital levels, asset quality, liquidity and current and projected earnings.
In January 2021, a share repurchase program was authorized by the Board of Directors for up to an additional $25.0 million in shares of the Company's common stock. As of June 30, 2021, 100,736 common shares had been repurchased under this program at an average price of $13.96 per share.
New Accounting Pronouncements
In March 2020, FASB released Accounting Standards Update (“ASU”) 2020-04 - Reference Rate Reform (Topic 848), which
provides optional guidance to ease the accounting burden in accounting for, or recognizing the effects from, reference rate
reform on financial reporting. The new standard is a result of the potential discontinuance of the London Interbank Offered Rate
("LIBOR") as an available benchmark rate. The standard is elective and provides optional expedients and exceptions for
applying GAAP to contracts, hedging relationships, or other transactions that reference LIBOR, or another reference rate
expected to be discontinued. The amendments in the update are effective for all entities between March 12, 2020 and December
31, 2022. The Company has established a cross-functional working group to manage the Company’s transition from LIBOR.
Products that utilize LIBOR have been identified and have incorporated enhanced language to accommodate the transition to
alternative reference rates. The Company continues to evaluate the impact of adopting the new standard.
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ITEM 3. Quantitative and Qualitative Disclosures About Market Risk
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
Information appearing in Item 2 of this report under the caption “Market Risk” is incorporated by reference in response to this item.
ITEM 4. Controls and Procedures
We carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report pursuant to Rule 13a-15 under the Securities Exchange Act of 1934 (the “Exchange Act”). Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective to provide reasonable assurance that the information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in applicable rules and forms of the Securities and Exchange Commission.
76
PART II – OTHER INFORMATION
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

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

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


ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
On January 25, 2021, a share repurchase program was authorized for up to $25.0 million in shares of the Company's common stock. The following table details the amount of shares repurchased under this program in the second quarter of 2021:
Month Ending: Total Number of
Shares
Purchased 		Average Price
Paid per Share
(or Unit) 		Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs 		Maximum Number
of Shares that
May Yet Be
Purchased Under
the Plans or
Programs*
April 30, 2021 54,311 13.95 54,311 1,645,997
May 31, 2021 — — — 1,574,290
June 30, 2021 18,413 13.95 18,413 1,676,878
Total 72,724 $ 13.95 72,724
* Remaining number of shares approved under the Plan is based on the market value of the Company's common stock of $14.49 at April 30, 2021, $15.15 at May 31, 2021 and $14.07 at June 30, 2021.


ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None

ITEM 4. MINE SAFETY DISCLOSURES
Not applicable

ITEM 5. OTHER INFORMATION
None
77
PART II – OTHER INFORMATION
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
ITEM 6.     EXHIBITS
Exhibit
Number 		Description Incorporated by Reference to
Filed herewith
Filed herewith
Filed herewith
Filed herewith
101 The following materials from First Commonwealth Financial Corporation’s Quarterly Report on Form 10-Q, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income and Comprehensive Income, (iii) the Consolidated Statements of Changes in Stockholders’ Equity, (iv) the Consolidated Statements of Cash Flows, and (v) the Notes to Unaudited Consolidated Financial Statements. Note that XBRL tags are embedded within the document.
Filed herewith

78
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
FIRST COMMONWEALTH FINANCIAL CORPORATION
(Registrant)
DATED: August 6, 2021 /s/ T. Michael Price
T. Michael Price
President and Chief Executive Officer
DATED: August 6, 2021 /s/ James R. Reske
James R. Reske
Executive Vice President, Chief Financial Officer and Treasurer

79
TABLE OF CONTENTS
Item 1. Financial Statements and Supplementary DataItem 1. Financial Statements and Supplementary Data (continued)Note 1 Basis Of PresentationNote 2 Supplemental Comprehensive Income DisclosuresNote 3 Supplemental Cash Flow DisclosuresNote 4 Earnings Per ShareNote 5 Commitments and Contingent LiabilitiesNote 6 Investment SecuritiesNote 7 Loans and Allowance For Credit LossesNote 8 LeasesNote 9 Income TaxesNote 10 Fair Values Of Assets and LiabilitiesNote 11 DerivativesNote 12 GoodwillNote 13 Subordinated DebenturesNote 14 Revenue RecognitionItem 2. Management S Discussion and Analysis Of Financial Condition and Results Of OperationsItem 2. Management S Discussion and Analysis Of Financial Condition and Results Of Operations (continued)Item 3. Quantitative and Qualitative Disclosures About Market RiskItem 4. Controls and ProceduresPart II Other InformationItem 1. Legal ProceedingsItem 1A. Risk FactorsItem 2. Unregistered Sales Of Equity Securities and Use Of ProceedsItem 3. Defaults Upon Senior SecuritiesItem 4. Mine Safety DisclosuresItem 5. Other InformationItem 6. Exhibits

Exhibits

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