FIRST COMMONWEALTH FINANCIAL CORP /PA/0000712537--12-312022FYFALSEFCF103,069,202PANYSE1,235,063,508Truehttp://fasb.org/us-gaap/2022#OtherAssetshttp://fasb.org/us-gaap/2022#OtherAssetshttp://fasb.org/us-gaap/2022#OtherLiabilitieshttp://fasb.org/us-gaap/2022#OtherLiabilitieshttp://fasb.org/us-gaap/2022#LaborAndRelatedExpensehttp://fasb.org/us-gaap/2022#LaborAndRelatedExpensehttp://fasb.org/us-gaap/2022#LaborAndRelatedExpense00007125372022-01-012022-12-3100007125372022-12-31iso4217:USD00007125372023-02-24xbrli:shares00007125372021-12-3100007125372021-01-012021-12-3100007125372020-01-012020-12-31iso4217:USDxbrli:shares0000712537srt:ScenarioPreviouslyReportedMemberus-gaap:CommonStockMember2021-12-310000712537srt:ScenarioPreviouslyReportedMemberus-gaap:AdditionalPaidInCapitalMember2021-12-310000712537srt:ScenarioPreviouslyReportedMemberus-gaap:RetainedEarningsMember2021-12-310000712537srt:ScenarioPreviouslyReportedMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000712537srt:ScenarioPreviouslyReportedMemberus-gaap:TreasuryStockMember2021-12-310000712537srt:ScenarioPreviouslyReportedMember2021-12-310000712537us-gaap:RetainedEarningsMember2022-01-012022-12-310000712537us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-12-310000712537us-gaap:CommonStockMember2022-01-012022-12-310000712537us-gaap:TreasuryStockMember2022-01-012022-12-310000712537us-gaap:AdditionalPaidInCapitalMember2022-01-012022-12-310000712537us-gaap:CommonStockMember2022-12-310000712537us-gaap:AdditionalPaidInCapitalMember2022-12-310000712537us-gaap:RetainedEarningsMember2022-12-310000712537us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000712537us-gaap:TreasuryStockMember2022-12-310000712537us-gaap:CommonStockMember2020-12-310000712537us-gaap:AdditionalPaidInCapitalMember2020-12-310000712537us-gaap:RetainedEarningsMember2020-12-310000712537us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000712537us-gaap:TreasuryStockMember2020-12-3100007125372020-12-310000712537us-gaap:RetainedEarningsMember2021-01-012021-12-310000712537us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-12-310000712537us-gaap:CommonStockMember2021-01-012021-12-310000712537us-gaap:TreasuryStockMember2021-01-012021-12-310000712537us-gaap:AdditionalPaidInCapitalMember2021-01-012021-12-310000712537us-gaap:CommonStockMember2019-12-310000712537us-gaap:AdditionalPaidInCapitalMember2019-12-310000712537us-gaap:RetainedEarningsMember2019-12-310000712537us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000712537us-gaap:TreasuryStockMember2019-12-3100007125372019-12-310000712537us-gaap:RetainedEarningsMember2020-01-012020-12-310000712537us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-12-310000712537us-gaap:CommonStockMember2020-01-012020-12-310000712537us-gaap:TreasuryStockMember2020-01-012020-12-310000712537us-gaap:AdditionalPaidInCapitalMember2020-01-012020-12-31fcf:countyfcf:Segmentxbrli:pure0000712537us-gaap:GuaranteedMinimumDeathBenefitMember2022-12-310000712537us-gaap:GuaranteedMinimumDeathBenefitMember2021-12-310000712537us-gaap:SubsequentEventMember2023-01-312023-01-310000712537us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-12-310000712537us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-01-012020-12-310000712537us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-12-310000712537us-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMember2021-12-310000712537us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-12-310000712537us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-01-012022-12-310000712537us-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMember2022-01-012022-12-310000712537us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-12-310000712537us-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMember2022-12-310000712537us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-12-310000712537us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-12-310000712537us-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMember2020-12-310000712537us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-310000712537us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-012021-12-310000712537us-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMember2021-01-012021-12-310000712537us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-12-310000712537us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-12-310000712537us-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMember2019-12-310000712537us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-12-310000712537us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-01-012020-12-310000712537us-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMember2020-01-012020-12-310000712537us-gaap:RestrictedStockMember2022-01-012022-12-310000712537us-gaap:RestrictedStockMembersrt:MinimumMember2022-12-310000712537us-gaap:RestrictedStockMembersrt:MaximumMember2022-12-310000712537us-gaap:RestrictedStockMember2021-01-012021-12-310000712537us-gaap:RestrictedStockMembersrt:MinimumMember2021-12-310000712537us-gaap:RestrictedStockMembersrt:MaximumMember2021-12-310000712537us-gaap:RestrictedStockMember2020-01-012020-12-310000712537us-gaap:RestrictedStockMembersrt:MinimumMember2020-12-310000712537us-gaap:RestrictedStockMembersrt:MaximumMember2020-12-310000712537us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-12-310000712537srt:MinimumMemberus-gaap:RestrictedStockUnitsRSUMember2022-12-310000712537srt:MaximumMemberus-gaap:RestrictedStockUnitsRSUMember2022-12-310000712537us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-12-310000712537srt:MinimumMemberus-gaap:RestrictedStockUnitsRSUMember2021-12-310000712537srt:MaximumMemberus-gaap:RestrictedStockUnitsRSUMember2021-12-310000712537us-gaap:RestrictedStockUnitsRSUMember2020-01-012020-12-310000712537srt:MinimumMemberus-gaap:RestrictedStockUnitsRSUMember2020-12-310000712537srt:MaximumMemberus-gaap:RestrictedStockUnitsRSUMember2020-12-31fcf:Derivative0000712537fcf:A2024Memberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2022-12-310000712537us-gaap:InterestRateSwapMemberfcf:A2026Memberus-gaap:CashFlowHedgingMember2022-12-310000712537us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2022-12-310000712537fcf:InterestRateMacroSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000712537fcf:ThreeYearOriginalMaturityMemberfcf:InterestRateMacroSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000712537fcf:FourYearOiriginalMaturityMemberfcf:InterestRateMacroSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000712537fcf:FiveYearOriginalMaturityMemberfcf:InterestRateMacroSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000712537us-gaap:InterestRateSwapMember2022-01-012022-12-310000712537us-gaap:InterestRateSwapMember2020-01-012020-12-310000712537us-gaap:InterestRateSwapMember2021-01-012021-12-310000712537us-gaap:ForwardContractsMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-01-012022-12-310000712537us-gaap:ForwardContractsMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-12-310000712537us-gaap:ForwardContractsMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-01-012020-12-310000712537us-gaap:ForwardContractsMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000712537us-gaap:ForwardContractsMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310000712537us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-01-012022-12-310000712537us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-12-310000712537us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-01-012020-12-310000712537us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000712537us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310000712537us-gaap:NondesignatedMember2022-12-310000712537us-gaap:NondesignatedMember2021-12-310000712537us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2022-12-310000712537us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2021-12-310000712537us-gaap:InterestRateCapMemberus-gaap:NondesignatedMember2022-12-310000712537us-gaap:InterestRateCapMemberus-gaap:NondesignatedMember2021-12-310000712537fcf:InterestRateCollarMemberus-gaap:NondesignatedMember2022-12-310000712537fcf:InterestRateCollarMemberus-gaap:NondesignatedMember2021-12-310000712537us-gaap:NondesignatedMemberus-gaap:CreditDefaultSwapBuyingProtectionMember2022-12-310000712537us-gaap:NondesignatedMemberus-gaap:CreditDefaultSwapBuyingProtectionMember2021-12-310000712537us-gaap:CreditDefaultSwapSellingProtectionMemberus-gaap:NondesignatedMember2022-12-310000712537us-gaap:CreditDefaultSwapSellingProtectionMemberus-gaap:NondesignatedMember2021-12-310000712537us-gaap:NondesignatedMemberus-gaap:InterestRateContractMember2022-12-310000712537us-gaap:NondesignatedMemberus-gaap:InterestRateContractMember2021-12-310000712537us-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000712537us-gaap:DesignatedAsHedgingInstrumentMember2021-12-310000712537us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000712537us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310000712537us-gaap:NondesignatedMember2022-01-012022-12-310000712537us-gaap:NondesignatedMember2021-01-012021-12-310000712537us-gaap:NondesignatedMember2020-01-012020-12-310000712537us-gaap:InterestRateSwapMemberus-gaap:InterestIncomeMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-01-012022-12-310000712537us-gaap:InterestRateSwapMemberus-gaap:InterestIncomeMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-12-310000712537us-gaap:InterestRateSwapMemberus-gaap:InterestIncomeMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-01-012020-12-310000712537us-gaap:InterestExpenseMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-01-012022-12-310000712537us-gaap:InterestExpenseMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-12-310000712537us-gaap:InterestExpenseMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-01-012020-12-310000712537us-gaap:USTreasuryAndGovernmentMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2022-12-310000712537us-gaap:USTreasuryAndGovernmentMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2022-01-012022-12-310000712537us-gaap:USTreasuryAndGovernmentMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2021-12-310000712537us-gaap:USTreasuryAndGovernmentMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2021-01-012021-12-310000712537us-gaap:USTreasuryAndGovernmentMemberus-gaap:CommercialMortgageBackedSecuritiesMember2022-12-310000712537us-gaap:USTreasuryAndGovernmentMemberus-gaap:CommercialMortgageBackedSecuritiesMember2022-01-012022-12-310000712537us-gaap:USTreasuryAndGovernmentMemberus-gaap:CommercialMortgageBackedSecuritiesMember2021-12-310000712537us-gaap:USTreasuryAndGovernmentMemberus-gaap:CommercialMortgageBackedSecuritiesMember2021-01-012021-12-310000712537us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2022-12-310000712537us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2022-01-012022-12-310000712537us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2021-12-310000712537us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2021-01-012021-12-310000712537fcf:OtherGovernmentSponsoredEnterprisesMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2022-12-310000712537fcf:OtherGovernmentSponsoredEnterprisesMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2022-01-012022-12-310000712537fcf:OtherGovernmentSponsoredEnterprisesMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2021-12-310000712537fcf:OtherGovernmentSponsoredEnterprisesMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2021-01-012021-12-310000712537us-gaap:USStatesAndPoliticalSubdivisionsMember2022-12-310000712537us-gaap:USStatesAndPoliticalSubdivisionsMember2022-01-012022-12-310000712537us-gaap:USStatesAndPoliticalSubdivisionsMember2021-12-310000712537us-gaap:USStatesAndPoliticalSubdivisionsMember2021-01-012021-12-310000712537us-gaap:CorporateDebtSecuritiesMember2022-12-310000712537us-gaap:CorporateDebtSecuritiesMember2022-01-012022-12-310000712537us-gaap:CorporateDebtSecuritiesMember2021-12-310000712537us-gaap:CorporateDebtSecuritiesMember2021-01-012021-12-310000712537us-gaap:MortgageBackedSecuritiesMember2022-12-310000712537us-gaap:USGovernmentAgenciesDebtSecuritiesMember2022-12-310000712537us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2022-12-310000712537us-gaap:SalesMember2022-01-012022-12-310000712537us-gaap:SalesMember2021-01-012021-12-310000712537us-gaap:SalesMember2020-01-012020-12-310000712537fcf:CallsAndMaturitiesMember2022-01-012022-12-310000712537fcf:CallsAndMaturitiesMember2021-01-012021-12-310000712537fcf:CallsAndMaturitiesMember2020-01-012020-12-310000712537us-gaap:AvailableforsaleSecuritiesMember2022-12-310000712537us-gaap:AvailableforsaleSecuritiesMember2021-12-310000712537us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:CommercialMortgageBackedSecuritiesMember2022-12-310000712537us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:CommercialMortgageBackedSecuritiesMember2021-12-310000712537us-gaap:USStatesAndPoliticalSubdivisionsMember2022-12-310000712537us-gaap:USStatesAndPoliticalSubdivisionsMember2021-12-310000712537us-gaap:ForeignGovernmentDebtSecuritiesMember2022-12-310000712537us-gaap:ForeignGovernmentDebtSecuritiesMember2021-12-310000712537us-gaap:MortgageBackedSecuritiesMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2022-12-310000712537us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:MortgageBackedSecuritiesMember2022-12-310000712537us-gaap:HeldtomaturitySecuritiesMember2022-12-310000712537us-gaap:HeldtomaturitySecuritiesMember2021-12-310000712537us-gaap:CorporateDebtSecuritiesMember2022-12-31fcf:Security0000712537us-gaap:ForeignGovernmentDebtMember2021-12-310000712537us-gaap:CorporateDebtSecuritiesMember2021-12-310000712537us-gaap:CommercialLoanMember2022-12-310000712537us-gaap:CommercialLoanMember2021-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:CommercialLoanMember2021-12-310000712537fcf:CommercialCreditCardsMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:CommercialCreditCardsMemberus-gaap:CommercialLoanMember2021-12-310000712537fcf:EquipmentFinanceMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMemberus-gaap:CommercialLoanMember2022-12-310000712537us-gaap:ConstructionLoansMember2022-12-310000712537us-gaap:ConstructionLoansMember2021-12-310000712537fcf:ConstructionOtherMemberus-gaap:ConstructionLoansMember2022-12-310000712537fcf:ConstructionResidentialMemberus-gaap:ConstructionLoansMember2022-12-310000712537us-gaap:ResidentialRealEstateMember2022-12-310000712537us-gaap:ResidentialRealEstateMember2021-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:SeniorLienMember2022-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:SeniorLienMember2021-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:JuniorLienMember2022-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:JuniorLienMember2021-12-310000712537us-gaap:CommercialRealEstateMember2022-12-310000712537us-gaap:CommercialRealEstateMember2021-12-310000712537srt:MultifamilyMemberus-gaap:CommercialRealEstateMember2022-12-310000712537srt:MultifamilyMemberus-gaap:CommercialRealEstateMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:CommercialRealEstateMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:CommercialRealEstateMember2021-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberus-gaap:CommercialRealEstateMember2022-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberus-gaap:CommercialRealEstateMember2021-12-310000712537us-gaap:ConsumerLoanMember2022-12-310000712537us-gaap:ConsumerLoanMember2021-12-310000712537us-gaap:AutomobileLoanMemberus-gaap:ConsumerLoanMember2022-12-310000712537us-gaap:AutomobileLoanMemberus-gaap:ConsumerLoanMember2021-12-310000712537fcf:ConsumerCreditCardsMemberus-gaap:ConsumerLoanMember2022-12-310000712537fcf:ConsumerCreditCardsMemberus-gaap:ConsumerLoanMember2021-12-310000712537fcf:OtherConsumerLoansMemberus-gaap:ConsumerLoanMember2022-12-310000712537fcf:OtherConsumerLoansMemberus-gaap:ConsumerLoanMember2021-12-310000712537fcf:PayrollProtectionProgramLoansMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:PayrollProtectionProgramLoansMemberus-gaap:CommercialLoanMember2021-12-310000712537srt:WeightedAverageMember2022-01-012022-12-310000712537srt:MaximumMember2022-01-012022-12-310000712537us-gaap:PassMemberus-gaap:CommercialLoanMember2022-12-310000712537us-gaap:SpecialMentionMemberus-gaap:CommercialLoanMember2022-12-310000712537us-gaap:CommercialLoanMemberus-gaap:SubstandardMember2022-12-310000712537us-gaap:DoubtfulMemberus-gaap:CommercialLoanMember2022-12-310000712537us-gaap:UnlikelyToBeCollectedFinancingReceivableMemberus-gaap:CommercialLoanMember2022-12-310000712537us-gaap:CommercialLoanMemberus-gaap:CriticizedMember2022-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:PassMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:SpecialMentionMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:CommercialLoanMemberus-gaap:SubstandardMember2022-12-310000712537us-gaap:DoubtfulMemberfcf:TimeAndDemandLoansMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:CriticizedMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:CommercialCreditCardsMemberus-gaap:PassMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:CommercialCreditCardsMemberus-gaap:SpecialMentionMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:CommercialCreditCardsMemberus-gaap:CommercialLoanMemberus-gaap:SubstandardMember2022-12-310000712537us-gaap:DoubtfulMemberfcf:CommercialCreditCardsMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:CommercialCreditCardsMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:CommercialCreditCardsMemberus-gaap:CriticizedMemberus-gaap:CommercialLoanMember2022-12-310000712537us-gaap:PassMemberfcf:EquipmentFinanceMemberus-gaap:CommercialLoanMember2022-12-310000712537us-gaap:SpecialMentionMemberfcf:EquipmentFinanceMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:EquipmentFinanceMemberus-gaap:CommercialLoanMemberus-gaap:SubstandardMember2022-12-310000712537us-gaap:DoubtfulMemberfcf:EquipmentFinanceMemberus-gaap:CommercialLoanMember2022-12-310000712537us-gaap:UnlikelyToBeCollectedFinancingReceivableMemberfcf:EquipmentFinanceMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:EquipmentFinanceMemberus-gaap:CriticizedMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMemberus-gaap:PassMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMemberus-gaap:SpecialMentionMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMemberus-gaap:CommercialLoanMemberus-gaap:SubstandardMember2022-12-310000712537us-gaap:DoubtfulMemberfcf:TimeAndDemandLoansOtherMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMemberus-gaap:CriticizedMemberus-gaap:CommercialLoanMember2022-12-310000712537us-gaap:PassMemberus-gaap:ConstructionLoansMember2022-12-310000712537us-gaap:SpecialMentionMemberus-gaap:ConstructionLoansMember2022-12-310000712537us-gaap:ConstructionLoansMemberus-gaap:SubstandardMember2022-12-310000712537us-gaap:DoubtfulMemberus-gaap:ConstructionLoansMember2022-12-310000712537us-gaap:UnlikelyToBeCollectedFinancingReceivableMemberus-gaap:ConstructionLoansMember2022-12-310000712537us-gaap:CriticizedMemberus-gaap:ConstructionLoansMember2022-12-310000712537us-gaap:PassMemberfcf:ConstructionOtherMemberus-gaap:ConstructionLoansMember2022-12-310000712537us-gaap:SpecialMentionMemberfcf:ConstructionOtherMemberus-gaap:ConstructionLoansMember2022-12-310000712537fcf:ConstructionOtherMemberus-gaap:SubstandardMemberus-gaap:ConstructionLoansMember2022-12-310000712537us-gaap:DoubtfulMemberfcf:ConstructionOtherMemberus-gaap:ConstructionLoansMember2022-12-310000712537us-gaap:UnlikelyToBeCollectedFinancingReceivableMemberfcf:ConstructionOtherMemberus-gaap:ConstructionLoansMember2022-12-310000712537us-gaap:CriticizedMemberfcf:ConstructionOtherMemberus-gaap:ConstructionLoansMember2022-12-310000712537fcf:ConstructionResidentialMemberus-gaap:PassMemberus-gaap:ConstructionLoansMember2022-12-310000712537fcf:ConstructionResidentialMemberus-gaap:SpecialMentionMemberus-gaap:ConstructionLoansMember2022-12-310000712537fcf:ConstructionResidentialMemberus-gaap:SubstandardMemberus-gaap:ConstructionLoansMember2022-12-310000712537us-gaap:DoubtfulMemberfcf:ConstructionResidentialMemberus-gaap:ConstructionLoansMember2022-12-310000712537fcf:ConstructionResidentialMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMemberus-gaap:ConstructionLoansMember2022-12-310000712537fcf:ConstructionResidentialMemberus-gaap:CriticizedMemberus-gaap:ConstructionLoansMember2022-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:PassMember2022-12-310000712537us-gaap:SpecialMentionMemberus-gaap:ResidentialRealEstateMember2022-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:SubstandardMember2022-12-310000712537us-gaap:DoubtfulMemberus-gaap:ResidentialRealEstateMember2022-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMember2022-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:CriticizedMember2022-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:PassMemberus-gaap:SeniorLienMember2022-12-310000712537us-gaap:SpecialMentionMemberus-gaap:ResidentialRealEstateMemberus-gaap:SeniorLienMember2022-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:SeniorLienMemberus-gaap:SubstandardMember2022-12-310000712537us-gaap:DoubtfulMemberus-gaap:ResidentialRealEstateMemberus-gaap:SeniorLienMember2022-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMemberus-gaap:SeniorLienMember2022-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:SeniorLienMemberus-gaap:CriticizedMember2022-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:JuniorLienMemberus-gaap:PassMember2022-12-310000712537us-gaap:SpecialMentionMemberus-gaap:ResidentialRealEstateMemberus-gaap:JuniorLienMember2022-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:JuniorLienMemberus-gaap:SubstandardMember2022-12-310000712537us-gaap:DoubtfulMemberus-gaap:ResidentialRealEstateMemberus-gaap:JuniorLienMember2022-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMemberus-gaap:JuniorLienMember2022-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:JuniorLienMemberus-gaap:CriticizedMember2022-12-310000712537us-gaap:PassMemberus-gaap:CommercialRealEstateMember2022-12-310000712537us-gaap:SpecialMentionMemberus-gaap:CommercialRealEstateMember2022-12-310000712537us-gaap:CommercialRealEstateMemberus-gaap:SubstandardMember2022-12-310000712537us-gaap:DoubtfulMemberus-gaap:CommercialRealEstateMember2022-12-310000712537us-gaap:UnlikelyToBeCollectedFinancingReceivableMemberus-gaap:CommercialRealEstateMember2022-12-310000712537us-gaap:CommercialRealEstateMemberus-gaap:CriticizedMember2022-12-310000712537srt:MultifamilyMemberus-gaap:PassMemberus-gaap:CommercialRealEstateMember2022-12-310000712537us-gaap:SpecialMentionMembersrt:MultifamilyMemberus-gaap:CommercialRealEstateMember2022-12-310000712537srt:MultifamilyMemberus-gaap:CommercialRealEstateMemberus-gaap:SubstandardMember2022-12-310000712537us-gaap:DoubtfulMembersrt:MultifamilyMemberus-gaap:CommercialRealEstateMember2022-12-310000712537srt:MultifamilyMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMemberus-gaap:CommercialRealEstateMember2022-12-310000712537srt:MultifamilyMemberus-gaap:CommercialRealEstateMemberus-gaap:CriticizedMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:PassMemberus-gaap:CommercialRealEstateMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:SpecialMentionMemberus-gaap:CommercialRealEstateMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:CommercialRealEstateMemberus-gaap:SubstandardMember2022-12-310000712537us-gaap:DoubtfulMemberfcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:CommercialRealEstateMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMemberus-gaap:CommercialRealEstateMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:CommercialRealEstateMemberus-gaap:CriticizedMember2022-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberus-gaap:PassMemberus-gaap:CommercialRealEstateMember2022-12-310000712537us-gaap:SpecialMentionMemberfcf:OwnerOccupiedCommercialRealEstateMemberus-gaap:CommercialRealEstateMember2022-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberus-gaap:CommercialRealEstateMemberus-gaap:SubstandardMember2022-12-310000712537us-gaap:DoubtfulMemberfcf:OwnerOccupiedCommercialRealEstateMemberus-gaap:CommercialRealEstateMember2022-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMemberus-gaap:CommercialRealEstateMember2022-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberus-gaap:CommercialRealEstateMemberus-gaap:CriticizedMember2022-12-310000712537us-gaap:PassMemberus-gaap:ConsumerLoanMember2022-12-310000712537us-gaap:SpecialMentionMemberus-gaap:ConsumerLoanMember2022-12-310000712537us-gaap:ConsumerLoanMemberus-gaap:SubstandardMember2022-12-310000712537us-gaap:DoubtfulMemberus-gaap:ConsumerLoanMember2022-12-310000712537us-gaap:UnlikelyToBeCollectedFinancingReceivableMemberus-gaap:ConsumerLoanMember2022-12-310000712537us-gaap:ConsumerLoanMemberus-gaap:CriticizedMember2022-12-310000712537us-gaap:PassMemberus-gaap:AutomobileLoanMemberus-gaap:ConsumerLoanMember2022-12-310000712537us-gaap:SpecialMentionMemberus-gaap:AutomobileLoanMemberus-gaap:ConsumerLoanMember2022-12-310000712537us-gaap:AutomobileLoanMemberus-gaap:ConsumerLoanMemberus-gaap:SubstandardMember2022-12-310000712537us-gaap:DoubtfulMemberus-gaap:AutomobileLoanMemberus-gaap:ConsumerLoanMember2022-12-310000712537us-gaap:UnlikelyToBeCollectedFinancingReceivableMemberus-gaap:AutomobileLoanMemberus-gaap:ConsumerLoanMember2022-12-310000712537us-gaap:AutomobileLoanMemberus-gaap:ConsumerLoanMemberus-gaap:CriticizedMember2022-12-310000712537fcf:ConsumerCreditCardsMemberus-gaap:PassMemberus-gaap:ConsumerLoanMember2022-12-310000712537us-gaap:SpecialMentionMemberfcf:ConsumerCreditCardsMemberus-gaap:ConsumerLoanMember2022-12-310000712537fcf:ConsumerCreditCardsMemberus-gaap:ConsumerLoanMemberus-gaap:SubstandardMember2022-12-310000712537us-gaap:DoubtfulMemberfcf:ConsumerCreditCardsMemberus-gaap:ConsumerLoanMember2022-12-310000712537fcf:ConsumerCreditCardsMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMemberus-gaap:ConsumerLoanMember2022-12-310000712537fcf:ConsumerCreditCardsMemberus-gaap:ConsumerLoanMemberus-gaap:CriticizedMember2022-12-310000712537fcf:OtherConsumerLoansMemberus-gaap:PassMemberus-gaap:ConsumerLoanMember2022-12-310000712537us-gaap:SpecialMentionMemberfcf:OtherConsumerLoansMemberus-gaap:ConsumerLoanMember2022-12-310000712537fcf:OtherConsumerLoansMemberus-gaap:ConsumerLoanMemberus-gaap:SubstandardMember2022-12-310000712537us-gaap:DoubtfulMemberfcf:OtherConsumerLoansMemberus-gaap:ConsumerLoanMember2022-12-310000712537fcf:OtherConsumerLoansMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMemberus-gaap:ConsumerLoanMember2022-12-310000712537fcf:OtherConsumerLoansMemberus-gaap:ConsumerLoanMemberus-gaap:CriticizedMember2022-12-310000712537us-gaap:PassMember2022-12-310000712537us-gaap:SpecialMentionMember2022-12-310000712537us-gaap:SubstandardMember2022-12-310000712537us-gaap:DoubtfulMember2022-12-310000712537us-gaap:UnlikelyToBeCollectedFinancingReceivableMember2022-12-310000712537us-gaap:CriticizedMember2022-12-310000712537us-gaap:PassMemberus-gaap:CommercialLoanMember2021-12-310000712537us-gaap:SpecialMentionMemberus-gaap:CommercialLoanMember2021-12-310000712537us-gaap:CommercialLoanMemberus-gaap:SubstandardMember2021-12-310000712537us-gaap:DoubtfulMemberus-gaap:CommercialLoanMember2021-12-310000712537us-gaap:UnlikelyToBeCollectedFinancingReceivableMemberus-gaap:CommercialLoanMember2021-12-310000712537us-gaap:CommercialLoanMemberus-gaap:CriticizedMember2021-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:PassMemberus-gaap:CommercialLoanMember2021-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:SpecialMentionMemberus-gaap:CommercialLoanMember2021-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:CommercialLoanMemberus-gaap:SubstandardMember2021-12-310000712537us-gaap:DoubtfulMemberfcf:TimeAndDemandLoansMemberus-gaap:CommercialLoanMember2021-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMemberus-gaap:CommercialLoanMember2021-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:CriticizedMemberus-gaap:CommercialLoanMember2021-12-310000712537fcf:CommercialCreditCardsMemberus-gaap:PassMemberus-gaap:CommercialLoanMember2021-12-310000712537fcf:CommercialCreditCardsMemberus-gaap:SpecialMentionMemberus-gaap:CommercialLoanMember2021-12-310000712537fcf:CommercialCreditCardsMemberus-gaap:CommercialLoanMemberus-gaap:SubstandardMember2021-12-310000712537us-gaap:DoubtfulMemberfcf:CommercialCreditCardsMemberus-gaap:CommercialLoanMember2021-12-310000712537fcf:CommercialCreditCardsMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMemberus-gaap:CommercialLoanMember2021-12-310000712537fcf:CommercialCreditCardsMemberus-gaap:CriticizedMemberus-gaap:CommercialLoanMember2021-12-310000712537us-gaap:PassMemberus-gaap:ConstructionLoansMember2021-12-310000712537us-gaap:SpecialMentionMemberus-gaap:ConstructionLoansMember2021-12-310000712537us-gaap:ConstructionLoansMemberus-gaap:SubstandardMember2021-12-310000712537us-gaap:DoubtfulMemberus-gaap:ConstructionLoansMember2021-12-310000712537us-gaap:UnlikelyToBeCollectedFinancingReceivableMemberus-gaap:ConstructionLoansMember2021-12-310000712537us-gaap:CriticizedMemberus-gaap:ConstructionLoansMember2021-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:PassMember2021-12-310000712537us-gaap:SpecialMentionMemberus-gaap:ResidentialRealEstateMember2021-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:SubstandardMember2021-12-310000712537us-gaap:DoubtfulMemberus-gaap:ResidentialRealEstateMember2021-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMember2021-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:CriticizedMember2021-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:PassMemberus-gaap:SeniorLienMember2021-12-310000712537us-gaap:SpecialMentionMemberus-gaap:ResidentialRealEstateMemberus-gaap:SeniorLienMember2021-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:SeniorLienMemberus-gaap:SubstandardMember2021-12-310000712537us-gaap:DoubtfulMemberus-gaap:ResidentialRealEstateMemberus-gaap:SeniorLienMember2021-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMemberus-gaap:SeniorLienMember2021-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:SeniorLienMemberus-gaap:CriticizedMember2021-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:JuniorLienMemberus-gaap:PassMember2021-12-310000712537us-gaap:SpecialMentionMemberus-gaap:ResidentialRealEstateMemberus-gaap:JuniorLienMember2021-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:JuniorLienMemberus-gaap:SubstandardMember2021-12-310000712537us-gaap:DoubtfulMemberus-gaap:ResidentialRealEstateMemberus-gaap:JuniorLienMember2021-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMemberus-gaap:JuniorLienMember2021-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:JuniorLienMemberus-gaap:CriticizedMember2021-12-310000712537us-gaap:PassMemberus-gaap:CommercialRealEstateMember2021-12-310000712537us-gaap:SpecialMentionMemberus-gaap:CommercialRealEstateMember2021-12-310000712537us-gaap:CommercialRealEstateMemberus-gaap:SubstandardMember2021-12-310000712537us-gaap:DoubtfulMemberus-gaap:CommercialRealEstateMember2021-12-310000712537us-gaap:UnlikelyToBeCollectedFinancingReceivableMemberus-gaap:CommercialRealEstateMember2021-12-310000712537us-gaap:CommercialRealEstateMemberus-gaap:CriticizedMember2021-12-310000712537srt:MultifamilyMemberus-gaap:PassMemberus-gaap:CommercialRealEstateMember2021-12-310000712537us-gaap:SpecialMentionMembersrt:MultifamilyMemberus-gaap:CommercialRealEstateMember2021-12-310000712537srt:MultifamilyMemberus-gaap:CommercialRealEstateMemberus-gaap:SubstandardMember2021-12-310000712537us-gaap:DoubtfulMembersrt:MultifamilyMemberus-gaap:CommercialRealEstateMember2021-12-310000712537srt:MultifamilyMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMemberus-gaap:CommercialRealEstateMember2021-12-310000712537srt:MultifamilyMemberus-gaap:CommercialRealEstateMemberus-gaap:CriticizedMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:PassMemberus-gaap:CommercialRealEstateMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:SpecialMentionMemberus-gaap:CommercialRealEstateMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:CommercialRealEstateMemberus-gaap:SubstandardMember2021-12-310000712537us-gaap:DoubtfulMemberfcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:CommercialRealEstateMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMemberus-gaap:CommercialRealEstateMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:CommercialRealEstateMemberus-gaap:CriticizedMember2021-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberus-gaap:PassMemberus-gaap:CommercialRealEstateMember2021-12-310000712537us-gaap:SpecialMentionMemberfcf:OwnerOccupiedCommercialRealEstateMemberus-gaap:CommercialRealEstateMember2021-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberus-gaap:CommercialRealEstateMemberus-gaap:SubstandardMember2021-12-310000712537us-gaap:DoubtfulMemberfcf:OwnerOccupiedCommercialRealEstateMemberus-gaap:CommercialRealEstateMember2021-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMemberus-gaap:CommercialRealEstateMember2021-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberus-gaap:CommercialRealEstateMemberus-gaap:CriticizedMember2021-12-310000712537us-gaap:PassMemberus-gaap:ConsumerLoanMember2021-12-310000712537us-gaap:SpecialMentionMemberus-gaap:ConsumerLoanMember2021-12-310000712537us-gaap:ConsumerLoanMemberus-gaap:SubstandardMember2021-12-310000712537us-gaap:DoubtfulMemberus-gaap:ConsumerLoanMember2021-12-310000712537us-gaap:UnlikelyToBeCollectedFinancingReceivableMemberus-gaap:ConsumerLoanMember2021-12-310000712537us-gaap:ConsumerLoanMemberus-gaap:CriticizedMember2021-12-310000712537us-gaap:PassMemberus-gaap:AutomobileLoanMemberus-gaap:ConsumerLoanMember2021-12-310000712537us-gaap:SpecialMentionMemberus-gaap:AutomobileLoanMemberus-gaap:ConsumerLoanMember2021-12-310000712537us-gaap:AutomobileLoanMemberus-gaap:ConsumerLoanMemberus-gaap:SubstandardMember2021-12-310000712537us-gaap:DoubtfulMemberus-gaap:AutomobileLoanMemberus-gaap:ConsumerLoanMember2021-12-310000712537us-gaap:UnlikelyToBeCollectedFinancingReceivableMemberus-gaap:AutomobileLoanMemberus-gaap:ConsumerLoanMember2021-12-310000712537us-gaap:AutomobileLoanMemberus-gaap:ConsumerLoanMemberus-gaap:CriticizedMember2021-12-310000712537fcf:ConsumerCreditCardsMemberus-gaap:PassMemberus-gaap:ConsumerLoanMember2021-12-310000712537us-gaap:SpecialMentionMemberfcf:ConsumerCreditCardsMemberus-gaap:ConsumerLoanMember2021-12-310000712537fcf:ConsumerCreditCardsMemberus-gaap:ConsumerLoanMemberus-gaap:SubstandardMember2021-12-310000712537us-gaap:DoubtfulMemberfcf:ConsumerCreditCardsMemberus-gaap:ConsumerLoanMember2021-12-310000712537fcf:ConsumerCreditCardsMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMemberus-gaap:ConsumerLoanMember2021-12-310000712537fcf:ConsumerCreditCardsMemberus-gaap:ConsumerLoanMemberus-gaap:CriticizedMember2021-12-310000712537fcf:OtherConsumerLoansMemberus-gaap:PassMemberus-gaap:ConsumerLoanMember2021-12-310000712537us-gaap:SpecialMentionMemberfcf:OtherConsumerLoansMemberus-gaap:ConsumerLoanMember2021-12-310000712537fcf:OtherConsumerLoansMemberus-gaap:ConsumerLoanMemberus-gaap:SubstandardMember2021-12-310000712537us-gaap:DoubtfulMemberfcf:OtherConsumerLoansMemberus-gaap:ConsumerLoanMember2021-12-310000712537fcf:OtherConsumerLoansMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMemberus-gaap:ConsumerLoanMember2021-12-310000712537fcf:OtherConsumerLoansMemberus-gaap:ConsumerLoanMemberus-gaap:CriticizedMember2021-12-310000712537us-gaap:PassMember2021-12-310000712537us-gaap:SpecialMentionMember2021-12-310000712537us-gaap:SubstandardMember2021-12-310000712537us-gaap:DoubtfulMember2021-12-310000712537us-gaap:UnlikelyToBeCollectedFinancingReceivableMember2021-12-310000712537us-gaap:CriticizedMember2021-12-310000712537fcf:TimeAndDemandLoansMemberfcf:TermLoanReceivableOriginatedInCurrentYearMember2022-12-310000712537fcf:TimeAndDemandLoansMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2022-12-310000712537fcf:TimeAndDemandLoansMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMember2022-12-310000712537fcf:TimeAndDemandLoansMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMember2022-12-310000712537fcf:TimeAndDemandLoansMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2022-12-310000712537fcf:TimeAndDemandLoansMemberfcf:TermLoanReceivableOriginatedPriorMember2022-12-310000712537fcf:TimeAndDemandLoansMemberfcf:RevolvingLoanReceivableMember2022-12-310000712537fcf:TimeAndDemandLoansMember2022-12-310000712537fcf:TimeAndDemandLoansMemberfcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:PassMember2022-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:PassMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2022-12-310000712537fcf:TimeAndDemandLoansMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:PassMember2022-12-310000712537fcf:TimeAndDemandLoansMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:PassMember2022-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:PassMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2022-12-310000712537fcf:TimeAndDemandLoansMemberfcf:TermLoanReceivableOriginatedPriorMemberus-gaap:PassMember2022-12-310000712537fcf:TimeAndDemandLoansMemberfcf:RevolvingLoanReceivableMemberus-gaap:PassMember2022-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:PassMember2022-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedInCurrentYearMember2022-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2022-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMember2022-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMember2022-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2022-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedPriorMember2022-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:SpecialMentionMemberfcf:RevolvingLoanReceivableMember2022-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:SpecialMentionMember2022-12-310000712537fcf:TimeAndDemandLoansMemberfcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:SubstandardMember2022-12-310000712537fcf:TimeAndDemandLoansMemberfcf:TermLoanReceivableOriginatedOneYearPriorMemberus-gaap:SubstandardMember2022-12-310000712537fcf:TimeAndDemandLoansMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:SubstandardMember2022-12-310000712537fcf:TimeAndDemandLoansMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:SubstandardMember2022-12-310000712537fcf:TimeAndDemandLoansMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMemberus-gaap:SubstandardMember2022-12-310000712537fcf:TimeAndDemandLoansMemberfcf:TermLoanReceivableOriginatedPriorMemberus-gaap:SubstandardMember2022-12-310000712537fcf:TimeAndDemandLoansMemberfcf:RevolvingLoanReceivableMemberus-gaap:SubstandardMember2022-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:SubstandardMember2022-12-310000712537fcf:CommercialCreditCardsMemberfcf:TermLoanReceivableOriginatedInCurrentYearMember2022-12-310000712537fcf:CommercialCreditCardsMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2022-12-310000712537fcf:CommercialCreditCardsMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMember2022-12-310000712537fcf:CommercialCreditCardsMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMember2022-12-310000712537fcf:CommercialCreditCardsMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2022-12-310000712537fcf:CommercialCreditCardsMemberfcf:TermLoanReceivableOriginatedPriorMember2022-12-310000712537fcf:CommercialCreditCardsMemberfcf:RevolvingLoanReceivableMember2022-12-310000712537fcf:CommercialCreditCardsMember2022-12-310000712537fcf:CommercialCreditCardsMemberfcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:PassMember2022-12-310000712537fcf:CommercialCreditCardsMemberus-gaap:PassMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2022-12-310000712537fcf:CommercialCreditCardsMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:PassMember2022-12-310000712537fcf:CommercialCreditCardsMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:PassMember2022-12-310000712537fcf:CommercialCreditCardsMemberus-gaap:PassMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2022-12-310000712537fcf:CommercialCreditCardsMemberfcf:TermLoanReceivableOriginatedPriorMemberus-gaap:PassMember2022-12-310000712537fcf:CommercialCreditCardsMemberfcf:RevolvingLoanReceivableMemberus-gaap:PassMember2022-12-310000712537fcf:CommercialCreditCardsMemberus-gaap:PassMember2022-12-310000712537fcf:TermLoanReceivableOriginatedInCurrentYearMemberfcf:EquipmentFinanceMember2022-12-310000712537fcf:EquipmentFinanceMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2022-12-310000712537fcf:TermLoanReceivableOriginatedTwoYearsPriorMemberfcf:EquipmentFinanceMember2022-12-310000712537fcf:TermLoanReceivableOriginatedThreeYearsPriorMemberfcf:EquipmentFinanceMember2022-12-310000712537fcf:TermLoanReceivableOriginatedFourYearsPriorMemberfcf:EquipmentFinanceMember2022-12-310000712537fcf:TermLoanReceivableOriginatedPriorMemberfcf:EquipmentFinanceMember2022-12-310000712537fcf:RevolvingLoanReceivableMemberfcf:EquipmentFinanceMember2022-12-310000712537fcf:EquipmentFinanceMember2022-12-310000712537fcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:PassMemberfcf:EquipmentFinanceMember2022-12-310000712537us-gaap:PassMemberfcf:EquipmentFinanceMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2022-12-310000712537fcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:PassMemberfcf:EquipmentFinanceMember2022-12-310000712537fcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:PassMemberfcf:EquipmentFinanceMember2022-12-310000712537us-gaap:PassMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMemberfcf:EquipmentFinanceMember2022-12-310000712537fcf:TermLoanReceivableOriginatedPriorMemberus-gaap:PassMemberfcf:EquipmentFinanceMember2022-12-310000712537fcf:RevolvingLoanReceivableMemberus-gaap:PassMemberfcf:EquipmentFinanceMember2022-12-310000712537us-gaap:PassMemberfcf:EquipmentFinanceMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMemberfcf:TermLoanReceivableOriginatedInCurrentYearMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMemberfcf:TermLoanReceivableOriginatedPriorMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMemberfcf:RevolvingLoanReceivableMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMemberfcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:PassMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMemberus-gaap:PassMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:PassMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:PassMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMemberus-gaap:PassMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMemberfcf:TermLoanReceivableOriginatedPriorMemberus-gaap:PassMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMemberfcf:RevolvingLoanReceivableMemberus-gaap:PassMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMemberus-gaap:PassMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMemberfcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:SubstandardMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMemberfcf:TermLoanReceivableOriginatedOneYearPriorMemberus-gaap:SubstandardMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:SubstandardMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:SubstandardMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMemberus-gaap:SubstandardMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMemberfcf:TermLoanReceivableOriginatedPriorMemberus-gaap:SubstandardMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMemberfcf:RevolvingLoanReceivableMemberus-gaap:SubstandardMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMemberus-gaap:SubstandardMember2022-12-310000712537fcf:TermLoanReceivableOriginatedInCurrentYearMemberfcf:ConstructionOtherMember2022-12-310000712537fcf:TermLoanReceivableOriginatedOneYearPriorMemberfcf:ConstructionOtherMember2022-12-310000712537fcf:TermLoanReceivableOriginatedTwoYearsPriorMemberfcf:ConstructionOtherMember2022-12-310000712537fcf:TermLoanReceivableOriginatedThreeYearsPriorMemberfcf:ConstructionOtherMember2022-12-310000712537fcf:TermLoanReceivableOriginatedFourYearsPriorMemberfcf:ConstructionOtherMember2022-12-310000712537fcf:TermLoanReceivableOriginatedPriorMemberfcf:ConstructionOtherMember2022-12-310000712537fcf:RevolvingLoanReceivableMemberfcf:ConstructionOtherMember2022-12-310000712537fcf:ConstructionOtherMember2022-12-310000712537fcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:PassMemberfcf:ConstructionOtherMember2022-12-310000712537us-gaap:PassMemberfcf:TermLoanReceivableOriginatedOneYearPriorMemberfcf:ConstructionOtherMember2022-12-310000712537fcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:PassMemberfcf:ConstructionOtherMember2022-12-310000712537fcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:PassMemberfcf:ConstructionOtherMember2022-12-310000712537us-gaap:PassMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMemberfcf:ConstructionOtherMember2022-12-310000712537fcf:TermLoanReceivableOriginatedPriorMemberus-gaap:PassMemberfcf:ConstructionOtherMember2022-12-310000712537fcf:RevolvingLoanReceivableMemberus-gaap:PassMemberfcf:ConstructionOtherMember2022-12-310000712537us-gaap:PassMemberfcf:ConstructionOtherMember2022-12-310000712537fcf:ConstructionResidentialMemberfcf:TermLoanReceivableOriginatedInCurrentYearMember2022-12-310000712537fcf:ConstructionResidentialMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2022-12-310000712537fcf:ConstructionResidentialMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMember2022-12-310000712537fcf:ConstructionResidentialMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMember2022-12-310000712537fcf:ConstructionResidentialMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2022-12-310000712537fcf:ConstructionResidentialMemberfcf:TermLoanReceivableOriginatedPriorMember2022-12-310000712537fcf:ConstructionResidentialMemberfcf:RevolvingLoanReceivableMember2022-12-310000712537fcf:ConstructionResidentialMember2022-12-310000712537fcf:ConstructionResidentialMemberfcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:PassMember2022-12-310000712537fcf:ConstructionResidentialMemberus-gaap:PassMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2022-12-310000712537fcf:ConstructionResidentialMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:PassMember2022-12-310000712537fcf:ConstructionResidentialMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:PassMember2022-12-310000712537fcf:ConstructionResidentialMemberus-gaap:PassMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2022-12-310000712537fcf:ConstructionResidentialMemberfcf:TermLoanReceivableOriginatedPriorMemberus-gaap:PassMember2022-12-310000712537fcf:ConstructionResidentialMemberfcf:RevolvingLoanReceivableMemberus-gaap:PassMember2022-12-310000712537fcf:ConstructionResidentialMemberus-gaap:PassMember2022-12-310000712537fcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:SeniorLienMember2022-12-310000712537us-gaap:SeniorLienMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2022-12-310000712537fcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:SeniorLienMember2022-12-310000712537fcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:SeniorLienMember2022-12-310000712537fcf:TermLoanReceivableOriginatedFourYearsPriorMemberus-gaap:SeniorLienMember2022-12-310000712537fcf:TermLoanReceivableOriginatedPriorMemberus-gaap:SeniorLienMember2022-12-310000712537fcf:RevolvingLoanReceivableMemberus-gaap:SeniorLienMember2022-12-310000712537us-gaap:SeniorLienMember2022-12-310000712537fcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:PassMemberus-gaap:SeniorLienMember2022-12-310000712537us-gaap:PassMemberus-gaap:SeniorLienMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2022-12-310000712537fcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:PassMemberus-gaap:SeniorLienMember2022-12-310000712537fcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:PassMemberus-gaap:SeniorLienMember2022-12-310000712537us-gaap:PassMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMemberus-gaap:SeniorLienMember2022-12-310000712537fcf:TermLoanReceivableOriginatedPriorMemberus-gaap:PassMemberus-gaap:SeniorLienMember2022-12-310000712537fcf:RevolvingLoanReceivableMemberus-gaap:PassMemberus-gaap:SeniorLienMember2022-12-310000712537us-gaap:PassMemberus-gaap:SeniorLienMember2022-12-310000712537us-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:SeniorLienMember2022-12-310000712537us-gaap:SpecialMentionMemberus-gaap:SeniorLienMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2022-12-310000712537us-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:SeniorLienMember2022-12-310000712537us-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:SeniorLienMember2022-12-310000712537us-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMemberus-gaap:SeniorLienMember2022-12-310000712537us-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedPriorMemberus-gaap:SeniorLienMember2022-12-310000712537us-gaap:SpecialMentionMemberfcf:RevolvingLoanReceivableMemberus-gaap:SeniorLienMember2022-12-310000712537us-gaap:SpecialMentionMemberus-gaap:SeniorLienMember2022-12-310000712537fcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:SeniorLienMemberus-gaap:SubstandardMember2022-12-310000712537us-gaap:SeniorLienMemberfcf:TermLoanReceivableOriginatedOneYearPriorMemberus-gaap:SubstandardMember2022-12-310000712537fcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:SeniorLienMemberus-gaap:SubstandardMember2022-12-310000712537fcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:SeniorLienMemberus-gaap:SubstandardMember2022-12-310000712537fcf:TermLoanReceivableOriginatedFourYearsPriorMemberus-gaap:SeniorLienMemberus-gaap:SubstandardMember2022-12-310000712537fcf:TermLoanReceivableOriginatedPriorMemberus-gaap:SeniorLienMemberus-gaap:SubstandardMember2022-12-310000712537fcf:RevolvingLoanReceivableMemberus-gaap:SeniorLienMemberus-gaap:SubstandardMember2022-12-310000712537us-gaap:SeniorLienMemberus-gaap:SubstandardMember2022-12-310000712537us-gaap:JuniorLienMemberfcf:TermLoanReceivableOriginatedInCurrentYearMember2022-12-310000712537us-gaap:JuniorLienMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2022-12-310000712537fcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:JuniorLienMember2022-12-310000712537fcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:JuniorLienMember2022-12-310000712537us-gaap:JuniorLienMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2022-12-310000712537fcf:TermLoanReceivableOriginatedPriorMemberus-gaap:JuniorLienMember2022-12-310000712537fcf:RevolvingLoanReceivableMemberus-gaap:JuniorLienMember2022-12-310000712537us-gaap:JuniorLienMember2022-12-310000712537us-gaap:JuniorLienMemberfcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:PassMember2022-12-310000712537us-gaap:JuniorLienMemberus-gaap:PassMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2022-12-310000712537fcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:JuniorLienMemberus-gaap:PassMember2022-12-310000712537fcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:JuniorLienMemberus-gaap:PassMember2022-12-310000712537us-gaap:JuniorLienMemberus-gaap:PassMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2022-12-310000712537fcf:TermLoanReceivableOriginatedPriorMemberus-gaap:JuniorLienMemberus-gaap:PassMember2022-12-310000712537fcf:RevolvingLoanReceivableMemberus-gaap:JuniorLienMemberus-gaap:PassMember2022-12-310000712537us-gaap:JuniorLienMemberus-gaap:PassMember2022-12-310000712537us-gaap:SpecialMentionMemberus-gaap:JuniorLienMemberfcf:TermLoanReceivableOriginatedInCurrentYearMember2022-12-310000712537us-gaap:SpecialMentionMemberus-gaap:JuniorLienMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2022-12-310000712537us-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:JuniorLienMember2022-12-310000712537us-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:JuniorLienMember2022-12-310000712537us-gaap:SpecialMentionMemberus-gaap:JuniorLienMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2022-12-310000712537us-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedPriorMemberus-gaap:JuniorLienMember2022-12-310000712537us-gaap:SpecialMentionMemberfcf:RevolvingLoanReceivableMemberus-gaap:JuniorLienMember2022-12-310000712537us-gaap:SpecialMentionMemberus-gaap:JuniorLienMember2022-12-310000712537us-gaap:JuniorLienMemberfcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:SubstandardMember2022-12-310000712537us-gaap:JuniorLienMemberfcf:TermLoanReceivableOriginatedOneYearPriorMemberus-gaap:SubstandardMember2022-12-310000712537fcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:JuniorLienMemberus-gaap:SubstandardMember2022-12-310000712537fcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:JuniorLienMemberus-gaap:SubstandardMember2022-12-310000712537us-gaap:JuniorLienMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMemberus-gaap:SubstandardMember2022-12-310000712537fcf:TermLoanReceivableOriginatedPriorMemberus-gaap:JuniorLienMemberus-gaap:SubstandardMember2022-12-310000712537fcf:RevolvingLoanReceivableMemberus-gaap:JuniorLienMemberus-gaap:SubstandardMember2022-12-310000712537us-gaap:JuniorLienMemberus-gaap:SubstandardMember2022-12-310000712537srt:MultifamilyMemberfcf:TermLoanReceivableOriginatedInCurrentYearMember2022-12-310000712537srt:MultifamilyMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2022-12-310000712537fcf:TermLoanReceivableOriginatedTwoYearsPriorMembersrt:MultifamilyMember2022-12-310000712537srt:MultifamilyMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMember2022-12-310000712537srt:MultifamilyMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2022-12-310000712537srt:MultifamilyMemberfcf:TermLoanReceivableOriginatedPriorMember2022-12-310000712537fcf:RevolvingLoanReceivableMembersrt:MultifamilyMember2022-12-310000712537srt:MultifamilyMember2022-12-310000712537srt:MultifamilyMemberfcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:PassMember2022-12-310000712537srt:MultifamilyMemberus-gaap:PassMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2022-12-310000712537fcf:TermLoanReceivableOriginatedTwoYearsPriorMembersrt:MultifamilyMemberus-gaap:PassMember2022-12-310000712537srt:MultifamilyMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:PassMember2022-12-310000712537srt:MultifamilyMemberus-gaap:PassMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2022-12-310000712537srt:MultifamilyMemberfcf:TermLoanReceivableOriginatedPriorMemberus-gaap:PassMember2022-12-310000712537fcf:RevolvingLoanReceivableMembersrt:MultifamilyMemberus-gaap:PassMember2022-12-310000712537srt:MultifamilyMemberus-gaap:PassMember2022-12-310000712537us-gaap:SpecialMentionMembersrt:MultifamilyMemberfcf:TermLoanReceivableOriginatedInCurrentYearMember2022-12-310000712537us-gaap:SpecialMentionMembersrt:MultifamilyMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2022-12-310000712537us-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMembersrt:MultifamilyMember2022-12-310000712537us-gaap:SpecialMentionMembersrt:MultifamilyMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMember2022-12-310000712537us-gaap:SpecialMentionMembersrt:MultifamilyMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2022-12-310000712537us-gaap:SpecialMentionMembersrt:MultifamilyMemberfcf:TermLoanReceivableOriginatedPriorMember2022-12-310000712537us-gaap:SpecialMentionMemberfcf:RevolvingLoanReceivableMembersrt:MultifamilyMember2022-12-310000712537us-gaap:SpecialMentionMembersrt:MultifamilyMember2022-12-310000712537srt:MultifamilyMemberfcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:SubstandardMember2022-12-310000712537srt:MultifamilyMemberfcf:TermLoanReceivableOriginatedOneYearPriorMemberus-gaap:SubstandardMember2022-12-310000712537fcf:TermLoanReceivableOriginatedTwoYearsPriorMembersrt:MultifamilyMemberus-gaap:SubstandardMember2022-12-310000712537srt:MultifamilyMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:SubstandardMember2022-12-310000712537srt:MultifamilyMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMemberus-gaap:SubstandardMember2022-12-310000712537srt:MultifamilyMemberfcf:TermLoanReceivableOriginatedPriorMemberus-gaap:SubstandardMember2022-12-310000712537fcf:RevolvingLoanReceivableMembersrt:MultifamilyMemberus-gaap:SubstandardMember2022-12-310000712537srt:MultifamilyMemberus-gaap:SubstandardMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedInCurrentYearMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedPriorMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:RevolvingLoanReceivableMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:PassMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:PassMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:PassMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:PassMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:PassMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedPriorMemberus-gaap:PassMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:RevolvingLoanReceivableMemberus-gaap:PassMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:PassMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedInCurrentYearMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedPriorMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:SpecialMentionMemberfcf:RevolvingLoanReceivableMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:SpecialMentionMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:SubstandardMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedOneYearPriorMemberus-gaap:SubstandardMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:SubstandardMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:SubstandardMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMemberus-gaap:SubstandardMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedPriorMemberus-gaap:SubstandardMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:RevolvingLoanReceivableMemberus-gaap:SubstandardMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:SubstandardMember2022-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedInCurrentYearMember2022-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2022-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMember2022-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMember2022-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2022-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedPriorMember2022-12-310000712537fcf:RevolvingLoanReceivableMemberfcf:OwnerOccupiedCommercialRealEstateMember2022-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMember2022-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:PassMember2022-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberus-gaap:PassMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2022-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:PassMember2022-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:PassMember2022-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberus-gaap:PassMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2022-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedPriorMemberus-gaap:PassMember2022-12-310000712537fcf:RevolvingLoanReceivableMemberfcf:OwnerOccupiedCommercialRealEstateMemberus-gaap:PassMember2022-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberus-gaap:PassMember2022-12-310000712537us-gaap:SpecialMentionMemberfcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedInCurrentYearMember2022-12-310000712537us-gaap:SpecialMentionMemberfcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2022-12-310000712537us-gaap:SpecialMentionMemberfcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMember2022-12-310000712537us-gaap:SpecialMentionMemberfcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMember2022-12-310000712537us-gaap:SpecialMentionMemberfcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2022-12-310000712537us-gaap:SpecialMentionMemberfcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedPriorMember2022-12-310000712537us-gaap:SpecialMentionMemberfcf:RevolvingLoanReceivableMemberfcf:OwnerOccupiedCommercialRealEstateMember2022-12-310000712537us-gaap:SpecialMentionMemberfcf:OwnerOccupiedCommercialRealEstateMember2022-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:SubstandardMember2022-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedOneYearPriorMemberus-gaap:SubstandardMember2022-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:SubstandardMember2022-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:SubstandardMember2022-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMemberus-gaap:SubstandardMember2022-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedPriorMemberus-gaap:SubstandardMember2022-12-310000712537fcf:RevolvingLoanReceivableMemberfcf:OwnerOccupiedCommercialRealEstateMemberus-gaap:SubstandardMember2022-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberus-gaap:SubstandardMember2022-12-310000712537fcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:AutomobileLoanMember2022-12-310000712537us-gaap:AutomobileLoanMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2022-12-310000712537fcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:AutomobileLoanMember2022-12-310000712537fcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:AutomobileLoanMember2022-12-310000712537fcf:TermLoanReceivableOriginatedFourYearsPriorMemberus-gaap:AutomobileLoanMember2022-12-310000712537fcf:TermLoanReceivableOriginatedPriorMemberus-gaap:AutomobileLoanMember2022-12-310000712537fcf:RevolvingLoanReceivableMemberus-gaap:AutomobileLoanMember2022-12-310000712537us-gaap:AutomobileLoanMember2022-12-310000712537fcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:PassMemberus-gaap:AutomobileLoanMember2022-12-310000712537us-gaap:PassMemberus-gaap:AutomobileLoanMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2022-12-310000712537fcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:PassMemberus-gaap:AutomobileLoanMember2022-12-310000712537fcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:PassMemberus-gaap:AutomobileLoanMember2022-12-310000712537us-gaap:PassMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMemberus-gaap:AutomobileLoanMember2022-12-310000712537fcf:TermLoanReceivableOriginatedPriorMemberus-gaap:PassMemberus-gaap:AutomobileLoanMember2022-12-310000712537fcf:RevolvingLoanReceivableMemberus-gaap:PassMemberus-gaap:AutomobileLoanMember2022-12-310000712537us-gaap:PassMemberus-gaap:AutomobileLoanMember2022-12-310000712537fcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:AutomobileLoanMemberus-gaap:SubstandardMember2022-12-310000712537us-gaap:AutomobileLoanMemberfcf:TermLoanReceivableOriginatedOneYearPriorMemberus-gaap:SubstandardMember2022-12-310000712537fcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:AutomobileLoanMemberus-gaap:SubstandardMember2022-12-310000712537fcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:AutomobileLoanMemberus-gaap:SubstandardMember2022-12-310000712537fcf:TermLoanReceivableOriginatedFourYearsPriorMemberus-gaap:AutomobileLoanMemberus-gaap:SubstandardMember2022-12-310000712537fcf:TermLoanReceivableOriginatedPriorMemberus-gaap:AutomobileLoanMemberus-gaap:SubstandardMember2022-12-310000712537fcf:RevolvingLoanReceivableMemberus-gaap:AutomobileLoanMemberus-gaap:SubstandardMember2022-12-310000712537us-gaap:AutomobileLoanMemberus-gaap:SubstandardMember2022-12-310000712537fcf:ConsumerCreditCardsMemberfcf:TermLoanReceivableOriginatedInCurrentYearMember2022-12-310000712537fcf:ConsumerCreditCardsMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2022-12-310000712537fcf:ConsumerCreditCardsMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMember2022-12-310000712537fcf:ConsumerCreditCardsMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMember2022-12-310000712537fcf:ConsumerCreditCardsMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2022-12-310000712537fcf:ConsumerCreditCardsMemberfcf:TermLoanReceivableOriginatedPriorMember2022-12-310000712537fcf:ConsumerCreditCardsMemberfcf:RevolvingLoanReceivableMember2022-12-310000712537fcf:ConsumerCreditCardsMember2022-12-310000712537fcf:ConsumerCreditCardsMemberfcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:PassMember2022-12-310000712537fcf:ConsumerCreditCardsMemberus-gaap:PassMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2022-12-310000712537fcf:ConsumerCreditCardsMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:PassMember2022-12-310000712537fcf:ConsumerCreditCardsMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:PassMember2022-12-310000712537fcf:ConsumerCreditCardsMemberus-gaap:PassMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2022-12-310000712537fcf:ConsumerCreditCardsMemberfcf:TermLoanReceivableOriginatedPriorMemberus-gaap:PassMember2022-12-310000712537fcf:ConsumerCreditCardsMemberfcf:RevolvingLoanReceivableMemberus-gaap:PassMember2022-12-310000712537fcf:ConsumerCreditCardsMemberus-gaap:PassMember2022-12-310000712537fcf:OtherConsumerLoansMemberfcf:TermLoanReceivableOriginatedInCurrentYearMember2022-12-310000712537fcf:OtherConsumerLoansMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2022-12-310000712537fcf:OtherConsumerLoansMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMember2022-12-310000712537fcf:OtherConsumerLoansMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMember2022-12-310000712537fcf:OtherConsumerLoansMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2022-12-310000712537fcf:OtherConsumerLoansMemberfcf:TermLoanReceivableOriginatedPriorMember2022-12-310000712537fcf:OtherConsumerLoansMemberfcf:RevolvingLoanReceivableMember2022-12-310000712537fcf:OtherConsumerLoansMember2022-12-310000712537fcf:OtherConsumerLoansMemberfcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:PassMember2022-12-310000712537fcf:OtherConsumerLoansMemberus-gaap:PassMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2022-12-310000712537fcf:OtherConsumerLoansMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:PassMember2022-12-310000712537fcf:OtherConsumerLoansMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:PassMember2022-12-310000712537fcf:OtherConsumerLoansMemberus-gaap:PassMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2022-12-310000712537fcf:OtherConsumerLoansMemberfcf:TermLoanReceivableOriginatedPriorMemberus-gaap:PassMember2022-12-310000712537fcf:OtherConsumerLoansMemberfcf:RevolvingLoanReceivableMemberus-gaap:PassMember2022-12-310000712537fcf:OtherConsumerLoansMemberus-gaap:PassMember2022-12-310000712537fcf:OtherConsumerLoansMemberfcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:SubstandardMember2022-12-310000712537fcf:OtherConsumerLoansMemberfcf:TermLoanReceivableOriginatedOneYearPriorMemberus-gaap:SubstandardMember2022-12-310000712537fcf:OtherConsumerLoansMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:SubstandardMember2022-12-310000712537fcf:OtherConsumerLoansMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:SubstandardMember2022-12-310000712537fcf:OtherConsumerLoansMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMemberus-gaap:SubstandardMember2022-12-310000712537fcf:OtherConsumerLoansMemberfcf:TermLoanReceivableOriginatedPriorMemberus-gaap:SubstandardMember2022-12-310000712537fcf:OtherConsumerLoansMemberfcf:RevolvingLoanReceivableMemberus-gaap:SubstandardMember2022-12-310000712537fcf:OtherConsumerLoansMemberus-gaap:SubstandardMember2022-12-310000712537fcf:TermLoanReceivableOriginatedInCurrentYearMember2022-12-310000712537fcf:TermLoanReceivableOriginatedOneYearPriorMember2022-12-310000712537fcf:TermLoanReceivableOriginatedTwoYearsPriorMember2022-12-310000712537fcf:TermLoanReceivableOriginatedThreeYearsPriorMember2022-12-310000712537fcf:TermLoanReceivableOriginatedFourYearsPriorMember2022-12-310000712537fcf:TermLoanReceivableOriginatedPriorMember2022-12-310000712537fcf:RevolvingLoanReceivableMember2022-12-310000712537fcf:TimeAndDemandLoansMemberfcf:TermLoanReceivableOriginatedInCurrentYearMember2021-12-310000712537fcf:TimeAndDemandLoansMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2021-12-310000712537fcf:TimeAndDemandLoansMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMember2021-12-310000712537fcf:TimeAndDemandLoansMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMember2021-12-310000712537fcf:TimeAndDemandLoansMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2021-12-310000712537fcf:TimeAndDemandLoansMemberfcf:TermLoanReceivableOriginatedPriorMember2021-12-310000712537fcf:TimeAndDemandLoansMemberfcf:RevolvingLoanReceivableMember2021-12-310000712537fcf:TimeAndDemandLoansMember2021-12-310000712537fcf:TimeAndDemandLoansMemberfcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:PassMember2021-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:PassMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2021-12-310000712537fcf:TimeAndDemandLoansMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:PassMember2021-12-310000712537fcf:TimeAndDemandLoansMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:PassMember2021-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:PassMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2021-12-310000712537fcf:TimeAndDemandLoansMemberfcf:TermLoanReceivableOriginatedPriorMemberus-gaap:PassMember2021-12-310000712537fcf:TimeAndDemandLoansMemberfcf:RevolvingLoanReceivableMemberus-gaap:PassMember2021-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:PassMember2021-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedInCurrentYearMember2021-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2021-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMember2021-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMember2021-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2021-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedPriorMember2021-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:SpecialMentionMemberfcf:RevolvingLoanReceivableMember2021-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:SpecialMentionMember2021-12-310000712537fcf:TimeAndDemandLoansMemberfcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:SubstandardMember2021-12-310000712537fcf:TimeAndDemandLoansMemberfcf:TermLoanReceivableOriginatedOneYearPriorMemberus-gaap:SubstandardMember2021-12-310000712537fcf:TimeAndDemandLoansMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:SubstandardMember2021-12-310000712537fcf:TimeAndDemandLoansMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:SubstandardMember2021-12-310000712537fcf:TimeAndDemandLoansMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMemberus-gaap:SubstandardMember2021-12-310000712537fcf:TimeAndDemandLoansMemberfcf:TermLoanReceivableOriginatedPriorMemberus-gaap:SubstandardMember2021-12-310000712537fcf:TimeAndDemandLoansMemberfcf:RevolvingLoanReceivableMemberus-gaap:SubstandardMember2021-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:SubstandardMember2021-12-310000712537fcf:CommercialCreditCardsMemberfcf:TermLoanReceivableOriginatedInCurrentYearMember2021-12-310000712537fcf:CommercialCreditCardsMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2021-12-310000712537fcf:CommercialCreditCardsMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMember2021-12-310000712537fcf:CommercialCreditCardsMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMember2021-12-310000712537fcf:CommercialCreditCardsMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2021-12-310000712537fcf:CommercialCreditCardsMemberfcf:TermLoanReceivableOriginatedPriorMember2021-12-310000712537fcf:CommercialCreditCardsMemberfcf:RevolvingLoanReceivableMember2021-12-310000712537fcf:CommercialCreditCardsMember2021-12-310000712537fcf:CommercialCreditCardsMemberfcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:PassMember2021-12-310000712537fcf:CommercialCreditCardsMemberus-gaap:PassMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2021-12-310000712537fcf:CommercialCreditCardsMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:PassMember2021-12-310000712537fcf:CommercialCreditCardsMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:PassMember2021-12-310000712537fcf:CommercialCreditCardsMemberus-gaap:PassMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2021-12-310000712537fcf:CommercialCreditCardsMemberfcf:TermLoanReceivableOriginatedPriorMemberus-gaap:PassMember2021-12-310000712537fcf:CommercialCreditCardsMemberfcf:RevolvingLoanReceivableMemberus-gaap:PassMember2021-12-310000712537fcf:CommercialCreditCardsMemberus-gaap:PassMember2021-12-310000712537fcf:TermLoanReceivableOriginatedInCurrentYearMemberfcf:RealEstateConstructionMember2021-12-310000712537fcf:RealEstateConstructionMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2021-12-310000712537fcf:TermLoanReceivableOriginatedTwoYearsPriorMemberfcf:RealEstateConstructionMember2021-12-310000712537fcf:TermLoanReceivableOriginatedThreeYearsPriorMemberfcf:RealEstateConstructionMember2021-12-310000712537fcf:TermLoanReceivableOriginatedFourYearsPriorMemberfcf:RealEstateConstructionMember2021-12-310000712537fcf:TermLoanReceivableOriginatedPriorMemberfcf:RealEstateConstructionMember2021-12-310000712537fcf:RevolvingLoanReceivableMemberfcf:RealEstateConstructionMember2021-12-310000712537fcf:RealEstateConstructionMember2021-12-310000712537fcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:PassMemberfcf:RealEstateConstructionMember2021-12-310000712537us-gaap:PassMemberfcf:RealEstateConstructionMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2021-12-310000712537fcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:PassMemberfcf:RealEstateConstructionMember2021-12-310000712537fcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:PassMemberfcf:RealEstateConstructionMember2021-12-310000712537us-gaap:PassMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMemberfcf:RealEstateConstructionMember2021-12-310000712537fcf:TermLoanReceivableOriginatedPriorMemberus-gaap:PassMemberfcf:RealEstateConstructionMember2021-12-310000712537fcf:RevolvingLoanReceivableMemberus-gaap:PassMemberfcf:RealEstateConstructionMember2021-12-310000712537us-gaap:PassMemberfcf:RealEstateConstructionMember2021-12-310000712537us-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedInCurrentYearMemberfcf:RealEstateConstructionMember2021-12-310000712537us-gaap:SpecialMentionMemberfcf:RealEstateConstructionMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2021-12-310000712537us-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMemberfcf:RealEstateConstructionMember2021-12-310000712537us-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMemberfcf:RealEstateConstructionMember2021-12-310000712537us-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMemberfcf:RealEstateConstructionMember2021-12-310000712537us-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedPriorMemberfcf:RealEstateConstructionMember2021-12-310000712537us-gaap:SpecialMentionMemberfcf:RevolvingLoanReceivableMemberfcf:RealEstateConstructionMember2021-12-310000712537us-gaap:SpecialMentionMemberfcf:RealEstateConstructionMember2021-12-310000712537fcf:TermLoanReceivableOriginatedInCurrentYearMemberfcf:RealEstateConstructionMemberus-gaap:SubstandardMember2021-12-310000712537fcf:RealEstateConstructionMemberfcf:TermLoanReceivableOriginatedOneYearPriorMemberus-gaap:SubstandardMember2021-12-310000712537fcf:TermLoanReceivableOriginatedTwoYearsPriorMemberfcf:RealEstateConstructionMemberus-gaap:SubstandardMember2021-12-310000712537fcf:TermLoanReceivableOriginatedThreeYearsPriorMemberfcf:RealEstateConstructionMemberus-gaap:SubstandardMember2021-12-310000712537fcf:TermLoanReceivableOriginatedFourYearsPriorMemberfcf:RealEstateConstructionMemberus-gaap:SubstandardMember2021-12-310000712537fcf:TermLoanReceivableOriginatedPriorMemberfcf:RealEstateConstructionMemberus-gaap:SubstandardMember2021-12-310000712537fcf:RevolvingLoanReceivableMemberfcf:RealEstateConstructionMemberus-gaap:SubstandardMember2021-12-310000712537fcf:RealEstateConstructionMemberus-gaap:SubstandardMember2021-12-310000712537fcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:SeniorLienMember2021-12-310000712537us-gaap:SeniorLienMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2021-12-310000712537fcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:SeniorLienMember2021-12-310000712537fcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:SeniorLienMember2021-12-310000712537fcf:TermLoanReceivableOriginatedFourYearsPriorMemberus-gaap:SeniorLienMember2021-12-310000712537fcf:TermLoanReceivableOriginatedPriorMemberus-gaap:SeniorLienMember2021-12-310000712537fcf:RevolvingLoanReceivableMemberus-gaap:SeniorLienMember2021-12-310000712537us-gaap:SeniorLienMember2021-12-310000712537fcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:PassMemberus-gaap:SeniorLienMember2021-12-310000712537us-gaap:PassMemberus-gaap:SeniorLienMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2021-12-310000712537fcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:PassMemberus-gaap:SeniorLienMember2021-12-310000712537fcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:PassMemberus-gaap:SeniorLienMember2021-12-310000712537us-gaap:PassMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMemberus-gaap:SeniorLienMember2021-12-310000712537fcf:TermLoanReceivableOriginatedPriorMemberus-gaap:PassMemberus-gaap:SeniorLienMember2021-12-310000712537fcf:RevolvingLoanReceivableMemberus-gaap:PassMemberus-gaap:SeniorLienMember2021-12-310000712537us-gaap:PassMemberus-gaap:SeniorLienMember2021-12-310000712537us-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:SeniorLienMember2021-12-310000712537us-gaap:SpecialMentionMemberus-gaap:SeniorLienMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2021-12-310000712537us-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:SeniorLienMember2021-12-310000712537us-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:SeniorLienMember2021-12-310000712537us-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMemberus-gaap:SeniorLienMember2021-12-310000712537us-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedPriorMemberus-gaap:SeniorLienMember2021-12-310000712537us-gaap:SpecialMentionMemberfcf:RevolvingLoanReceivableMemberus-gaap:SeniorLienMember2021-12-310000712537us-gaap:SpecialMentionMemberus-gaap:SeniorLienMember2021-12-310000712537fcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:SeniorLienMemberus-gaap:SubstandardMember2021-12-310000712537us-gaap:SeniorLienMemberfcf:TermLoanReceivableOriginatedOneYearPriorMemberus-gaap:SubstandardMember2021-12-310000712537fcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:SeniorLienMemberus-gaap:SubstandardMember2021-12-310000712537fcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:SeniorLienMemberus-gaap:SubstandardMember2021-12-310000712537fcf:TermLoanReceivableOriginatedFourYearsPriorMemberus-gaap:SeniorLienMemberus-gaap:SubstandardMember2021-12-310000712537fcf:TermLoanReceivableOriginatedPriorMemberus-gaap:SeniorLienMemberus-gaap:SubstandardMember2021-12-310000712537fcf:RevolvingLoanReceivableMemberus-gaap:SeniorLienMemberus-gaap:SubstandardMember2021-12-310000712537us-gaap:SeniorLienMemberus-gaap:SubstandardMember2021-12-310000712537us-gaap:JuniorLienMemberfcf:TermLoanReceivableOriginatedInCurrentYearMember2021-12-310000712537us-gaap:JuniorLienMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2021-12-310000712537fcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:JuniorLienMember2021-12-310000712537fcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:JuniorLienMember2021-12-310000712537us-gaap:JuniorLienMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2021-12-310000712537fcf:TermLoanReceivableOriginatedPriorMemberus-gaap:JuniorLienMember2021-12-310000712537fcf:RevolvingLoanReceivableMemberus-gaap:JuniorLienMember2021-12-310000712537us-gaap:JuniorLienMember2021-12-310000712537us-gaap:JuniorLienMemberfcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:PassMember2021-12-310000712537us-gaap:JuniorLienMemberus-gaap:PassMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2021-12-310000712537fcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:JuniorLienMemberus-gaap:PassMember2021-12-310000712537fcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:JuniorLienMemberus-gaap:PassMember2021-12-310000712537us-gaap:JuniorLienMemberus-gaap:PassMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2021-12-310000712537fcf:TermLoanReceivableOriginatedPriorMemberus-gaap:JuniorLienMemberus-gaap:PassMember2021-12-310000712537fcf:RevolvingLoanReceivableMemberus-gaap:JuniorLienMemberus-gaap:PassMember2021-12-310000712537us-gaap:JuniorLienMemberus-gaap:PassMember2021-12-310000712537us-gaap:SpecialMentionMemberus-gaap:JuniorLienMemberfcf:TermLoanReceivableOriginatedInCurrentYearMember2021-12-310000712537us-gaap:SpecialMentionMemberus-gaap:JuniorLienMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2021-12-310000712537us-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:JuniorLienMember2021-12-310000712537us-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:JuniorLienMember2021-12-310000712537us-gaap:SpecialMentionMemberus-gaap:JuniorLienMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2021-12-310000712537us-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedPriorMemberus-gaap:JuniorLienMember2021-12-310000712537us-gaap:SpecialMentionMemberfcf:RevolvingLoanReceivableMemberus-gaap:JuniorLienMember2021-12-310000712537us-gaap:SpecialMentionMemberus-gaap:JuniorLienMember2021-12-310000712537us-gaap:JuniorLienMemberfcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:SubstandardMember2021-12-310000712537us-gaap:JuniorLienMemberfcf:TermLoanReceivableOriginatedOneYearPriorMemberus-gaap:SubstandardMember2021-12-310000712537fcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:JuniorLienMemberus-gaap:SubstandardMember2021-12-310000712537fcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:JuniorLienMemberus-gaap:SubstandardMember2021-12-310000712537us-gaap:JuniorLienMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMemberus-gaap:SubstandardMember2021-12-310000712537fcf:TermLoanReceivableOriginatedPriorMemberus-gaap:JuniorLienMemberus-gaap:SubstandardMember2021-12-310000712537fcf:RevolvingLoanReceivableMemberus-gaap:JuniorLienMemberus-gaap:SubstandardMember2021-12-310000712537us-gaap:JuniorLienMemberus-gaap:SubstandardMember2021-12-310000712537srt:MultifamilyMemberfcf:TermLoanReceivableOriginatedInCurrentYearMember2021-12-310000712537srt:MultifamilyMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2021-12-310000712537fcf:TermLoanReceivableOriginatedTwoYearsPriorMembersrt:MultifamilyMember2021-12-310000712537srt:MultifamilyMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMember2021-12-310000712537srt:MultifamilyMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2021-12-310000712537srt:MultifamilyMemberfcf:TermLoanReceivableOriginatedPriorMember2021-12-310000712537fcf:RevolvingLoanReceivableMembersrt:MultifamilyMember2021-12-310000712537srt:MultifamilyMember2021-12-310000712537srt:MultifamilyMemberfcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:PassMember2021-12-310000712537srt:MultifamilyMemberus-gaap:PassMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2021-12-310000712537fcf:TermLoanReceivableOriginatedTwoYearsPriorMembersrt:MultifamilyMemberus-gaap:PassMember2021-12-310000712537srt:MultifamilyMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:PassMember2021-12-310000712537srt:MultifamilyMemberus-gaap:PassMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2021-12-310000712537srt:MultifamilyMemberfcf:TermLoanReceivableOriginatedPriorMemberus-gaap:PassMember2021-12-310000712537fcf:RevolvingLoanReceivableMembersrt:MultifamilyMemberus-gaap:PassMember2021-12-310000712537srt:MultifamilyMemberus-gaap:PassMember2021-12-310000712537us-gaap:SpecialMentionMembersrt:MultifamilyMemberfcf:TermLoanReceivableOriginatedInCurrentYearMember2021-12-310000712537us-gaap:SpecialMentionMembersrt:MultifamilyMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2021-12-310000712537us-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMembersrt:MultifamilyMember2021-12-310000712537us-gaap:SpecialMentionMembersrt:MultifamilyMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMember2021-12-310000712537us-gaap:SpecialMentionMembersrt:MultifamilyMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2021-12-310000712537us-gaap:SpecialMentionMembersrt:MultifamilyMemberfcf:TermLoanReceivableOriginatedPriorMember2021-12-310000712537us-gaap:SpecialMentionMemberfcf:RevolvingLoanReceivableMembersrt:MultifamilyMember2021-12-310000712537us-gaap:SpecialMentionMembersrt:MultifamilyMember2021-12-310000712537srt:MultifamilyMemberfcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:SubstandardMember2021-12-310000712537srt:MultifamilyMemberfcf:TermLoanReceivableOriginatedOneYearPriorMemberus-gaap:SubstandardMember2021-12-310000712537fcf:TermLoanReceivableOriginatedTwoYearsPriorMembersrt:MultifamilyMemberus-gaap:SubstandardMember2021-12-310000712537srt:MultifamilyMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:SubstandardMember2021-12-310000712537srt:MultifamilyMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMemberus-gaap:SubstandardMember2021-12-310000712537srt:MultifamilyMemberfcf:TermLoanReceivableOriginatedPriorMemberus-gaap:SubstandardMember2021-12-310000712537fcf:RevolvingLoanReceivableMembersrt:MultifamilyMemberus-gaap:SubstandardMember2021-12-310000712537srt:MultifamilyMemberus-gaap:SubstandardMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedInCurrentYearMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedPriorMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:RevolvingLoanReceivableMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:PassMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:PassMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:PassMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:PassMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:PassMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedPriorMemberus-gaap:PassMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:RevolvingLoanReceivableMemberus-gaap:PassMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:PassMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedInCurrentYearMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:SpecialMentionMemberfcf:TermLoanReceivableOriginatedPriorMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:SpecialMentionMemberfcf:RevolvingLoanReceivableMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:SpecialMentionMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:SubstandardMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedOneYearPriorMemberus-gaap:SubstandardMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:SubstandardMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:SubstandardMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMemberus-gaap:SubstandardMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedPriorMemberus-gaap:SubstandardMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:RevolvingLoanReceivableMemberus-gaap:SubstandardMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:SubstandardMember2021-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedInCurrentYearMember2021-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2021-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMember2021-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMember2021-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2021-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedPriorMember2021-12-310000712537fcf:RevolvingLoanReceivableMemberfcf:OwnerOccupiedCommercialRealEstateMember2021-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMember2021-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:PassMember2021-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberus-gaap:PassMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2021-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:PassMember2021-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:PassMember2021-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberus-gaap:PassMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2021-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedPriorMemberus-gaap:PassMember2021-12-310000712537fcf:RevolvingLoanReceivableMemberfcf:OwnerOccupiedCommercialRealEstateMemberus-gaap:PassMember2021-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberus-gaap:PassMember2021-12-310000712537us-gaap:SpecialMentionMemberfcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedInCurrentYearMember2021-12-310000712537us-gaap:SpecialMentionMemberfcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2021-12-310000712537us-gaap:SpecialMentionMemberfcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMember2021-12-310000712537us-gaap:SpecialMentionMemberfcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMember2021-12-310000712537us-gaap:SpecialMentionMemberfcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2021-12-310000712537us-gaap:SpecialMentionMemberfcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedPriorMember2021-12-310000712537us-gaap:SpecialMentionMemberfcf:RevolvingLoanReceivableMemberfcf:OwnerOccupiedCommercialRealEstateMember2021-12-310000712537us-gaap:SpecialMentionMemberfcf:OwnerOccupiedCommercialRealEstateMember2021-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:SubstandardMember2021-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedOneYearPriorMemberus-gaap:SubstandardMember2021-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:SubstandardMember2021-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:SubstandardMember2021-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMemberus-gaap:SubstandardMember2021-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberfcf:TermLoanReceivableOriginatedPriorMemberus-gaap:SubstandardMember2021-12-310000712537fcf:RevolvingLoanReceivableMemberfcf:OwnerOccupiedCommercialRealEstateMemberus-gaap:SubstandardMember2021-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberus-gaap:SubstandardMember2021-12-310000712537fcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:AutomobileLoanMember2021-12-310000712537us-gaap:AutomobileLoanMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2021-12-310000712537fcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:AutomobileLoanMember2021-12-310000712537fcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:AutomobileLoanMember2021-12-310000712537fcf:TermLoanReceivableOriginatedFourYearsPriorMemberus-gaap:AutomobileLoanMember2021-12-310000712537fcf:TermLoanReceivableOriginatedPriorMemberus-gaap:AutomobileLoanMember2021-12-310000712537fcf:RevolvingLoanReceivableMemberus-gaap:AutomobileLoanMember2021-12-310000712537us-gaap:AutomobileLoanMember2021-12-310000712537fcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:PassMemberus-gaap:AutomobileLoanMember2021-12-310000712537us-gaap:PassMemberus-gaap:AutomobileLoanMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2021-12-310000712537fcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:PassMemberus-gaap:AutomobileLoanMember2021-12-310000712537fcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:PassMemberus-gaap:AutomobileLoanMember2021-12-310000712537us-gaap:PassMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMemberus-gaap:AutomobileLoanMember2021-12-310000712537fcf:TermLoanReceivableOriginatedPriorMemberus-gaap:PassMemberus-gaap:AutomobileLoanMember2021-12-310000712537fcf:RevolvingLoanReceivableMemberus-gaap:PassMemberus-gaap:AutomobileLoanMember2021-12-310000712537us-gaap:PassMemberus-gaap:AutomobileLoanMember2021-12-310000712537fcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:AutomobileLoanMemberus-gaap:SubstandardMember2021-12-310000712537us-gaap:AutomobileLoanMemberfcf:TermLoanReceivableOriginatedOneYearPriorMemberus-gaap:SubstandardMember2021-12-310000712537fcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:AutomobileLoanMemberus-gaap:SubstandardMember2021-12-310000712537fcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:AutomobileLoanMemberus-gaap:SubstandardMember2021-12-310000712537fcf:TermLoanReceivableOriginatedFourYearsPriorMemberus-gaap:AutomobileLoanMemberus-gaap:SubstandardMember2021-12-310000712537fcf:TermLoanReceivableOriginatedPriorMemberus-gaap:AutomobileLoanMemberus-gaap:SubstandardMember2021-12-310000712537fcf:RevolvingLoanReceivableMemberus-gaap:AutomobileLoanMemberus-gaap:SubstandardMember2021-12-310000712537us-gaap:AutomobileLoanMemberus-gaap:SubstandardMember2021-12-310000712537fcf:ConsumerCreditCardsMemberfcf:TermLoanReceivableOriginatedInCurrentYearMember2021-12-310000712537fcf:ConsumerCreditCardsMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2021-12-310000712537fcf:ConsumerCreditCardsMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMember2021-12-310000712537fcf:ConsumerCreditCardsMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMember2021-12-310000712537fcf:ConsumerCreditCardsMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2021-12-310000712537fcf:ConsumerCreditCardsMemberfcf:TermLoanReceivableOriginatedPriorMember2021-12-310000712537fcf:ConsumerCreditCardsMemberfcf:RevolvingLoanReceivableMember2021-12-310000712537fcf:ConsumerCreditCardsMember2021-12-310000712537fcf:ConsumerCreditCardsMemberfcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:PassMember2021-12-310000712537fcf:ConsumerCreditCardsMemberus-gaap:PassMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2021-12-310000712537fcf:ConsumerCreditCardsMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:PassMember2021-12-310000712537fcf:ConsumerCreditCardsMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:PassMember2021-12-310000712537fcf:ConsumerCreditCardsMemberus-gaap:PassMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2021-12-310000712537fcf:ConsumerCreditCardsMemberfcf:TermLoanReceivableOriginatedPriorMemberus-gaap:PassMember2021-12-310000712537fcf:ConsumerCreditCardsMemberfcf:RevolvingLoanReceivableMemberus-gaap:PassMember2021-12-310000712537fcf:ConsumerCreditCardsMemberus-gaap:PassMember2021-12-310000712537fcf:OtherConsumerLoansMemberfcf:TermLoanReceivableOriginatedInCurrentYearMember2021-12-310000712537fcf:OtherConsumerLoansMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2021-12-310000712537fcf:OtherConsumerLoansMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMember2021-12-310000712537fcf:OtherConsumerLoansMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMember2021-12-310000712537fcf:OtherConsumerLoansMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2021-12-310000712537fcf:OtherConsumerLoansMemberfcf:TermLoanReceivableOriginatedPriorMember2021-12-310000712537fcf:OtherConsumerLoansMemberfcf:RevolvingLoanReceivableMember2021-12-310000712537fcf:OtherConsumerLoansMember2021-12-310000712537fcf:OtherConsumerLoansMemberfcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:PassMember2021-12-310000712537fcf:OtherConsumerLoansMemberus-gaap:PassMemberfcf:TermLoanReceivableOriginatedOneYearPriorMember2021-12-310000712537fcf:OtherConsumerLoansMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:PassMember2021-12-310000712537fcf:OtherConsumerLoansMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:PassMember2021-12-310000712537fcf:OtherConsumerLoansMemberus-gaap:PassMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMember2021-12-310000712537fcf:OtherConsumerLoansMemberfcf:TermLoanReceivableOriginatedPriorMemberus-gaap:PassMember2021-12-310000712537fcf:OtherConsumerLoansMemberfcf:RevolvingLoanReceivableMemberus-gaap:PassMember2021-12-310000712537fcf:OtherConsumerLoansMemberus-gaap:PassMember2021-12-310000712537fcf:OtherConsumerLoansMemberfcf:TermLoanReceivableOriginatedInCurrentYearMemberus-gaap:SubstandardMember2021-12-310000712537fcf:OtherConsumerLoansMemberfcf:TermLoanReceivableOriginatedOneYearPriorMemberus-gaap:SubstandardMember2021-12-310000712537fcf:OtherConsumerLoansMemberfcf:TermLoanReceivableOriginatedTwoYearsPriorMemberus-gaap:SubstandardMember2021-12-310000712537fcf:OtherConsumerLoansMemberfcf:TermLoanReceivableOriginatedThreeYearsPriorMemberus-gaap:SubstandardMember2021-12-310000712537fcf:OtherConsumerLoansMemberfcf:TermLoanReceivableOriginatedFourYearsPriorMemberus-gaap:SubstandardMember2021-12-310000712537fcf:OtherConsumerLoansMemberfcf:TermLoanReceivableOriginatedPriorMemberus-gaap:SubstandardMember2021-12-310000712537fcf:OtherConsumerLoansMemberfcf:RevolvingLoanReceivableMemberus-gaap:SubstandardMember2021-12-310000712537fcf:OtherConsumerLoansMemberus-gaap:SubstandardMember2021-12-310000712537fcf:TermLoanReceivableOriginatedInCurrentYearMember2021-12-310000712537fcf:TermLoanReceivableOriginatedOneYearPriorMember2021-12-310000712537fcf:TermLoanReceivableOriginatedTwoYearsPriorMember2021-12-310000712537fcf:TermLoanReceivableOriginatedThreeYearsPriorMember2021-12-310000712537fcf:TermLoanReceivableOriginatedFourYearsPriorMember2021-12-310000712537fcf:TermLoanReceivableOriginatedPriorMember2021-12-310000712537fcf:RevolvingLoanReceivableMember2021-12-310000712537us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialLoanMember2022-12-310000712537us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialLoanMember2022-12-310000712537us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:NonaccrualCommercialLoansMemberus-gaap:CommercialLoanMember2022-12-310000712537us-gaap:FinancialAssetPastDueMemberus-gaap:CommercialLoanMember2022-12-310000712537us-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:TimeAndDemandLoansMemberfcf:NonaccrualCommercialLoansMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:FinancialAssetPastDueMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:CommercialCreditCardsMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:CommercialCreditCardsMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:CommercialCreditCardsMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:CommercialCreditCardsMemberfcf:NonaccrualCommercialLoansMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:CommercialCreditCardsMemberus-gaap:FinancialAssetPastDueMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:CommercialCreditCardsMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialLoanMember2022-12-310000712537us-gaap:FinancingReceivables30To59DaysPastDueMemberfcf:EquipmentFinanceMemberus-gaap:CommercialLoanMember2022-12-310000712537us-gaap:FinancingReceivables60To89DaysPastDueMemberfcf:EquipmentFinanceMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:EquipmentFinanceMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:NonaccrualCommercialLoansMemberfcf:EquipmentFinanceMemberus-gaap:CommercialLoanMember2022-12-310000712537us-gaap:FinancialAssetPastDueMemberfcf:EquipmentFinanceMemberus-gaap:CommercialLoanMember2022-12-310000712537us-gaap:FinancialAssetNotPastDueMemberfcf:EquipmentFinanceMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMemberfcf:NonaccrualCommercialLoansMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMemberus-gaap:FinancialAssetPastDueMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialLoanMember2022-12-310000712537us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ConstructionLoansMember2022-12-310000712537us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ConstructionLoansMember2022-12-310000712537us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConstructionLoansMember2022-12-310000712537fcf:NonaccrualCommercialLoansMemberus-gaap:ConstructionLoansMember2022-12-310000712537us-gaap:FinancialAssetPastDueMemberus-gaap:ConstructionLoansMember2022-12-310000712537us-gaap:FinancialAssetNotPastDueMemberus-gaap:ConstructionLoansMember2022-12-310000712537us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ConstructionMemberfcf:ConstructionOtherMember2022-12-310000712537us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ConstructionMemberfcf:ConstructionOtherMember2022-12-310000712537us-gaap:ConstructionMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberfcf:ConstructionOtherMember2022-12-310000712537fcf:NonaccrualCommercialLoansMemberus-gaap:ConstructionMemberfcf:ConstructionOtherMember2022-12-310000712537us-gaap:FinancialAssetPastDueMemberus-gaap:ConstructionMemberfcf:ConstructionOtherMember2022-12-310000712537us-gaap:FinancialAssetNotPastDueMemberus-gaap:ConstructionMemberfcf:ConstructionOtherMember2022-12-310000712537us-gaap:ConstructionMemberfcf:ConstructionOtherMember2022-12-310000712537fcf:ConstructionResidentialMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ConstructionMember2022-12-310000712537fcf:ConstructionResidentialMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ConstructionMember2022-12-310000712537fcf:ConstructionResidentialMemberus-gaap:ConstructionMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-12-310000712537fcf:ConstructionResidentialMemberfcf:NonaccrualCommercialLoansMemberus-gaap:ConstructionMember2022-12-310000712537fcf:ConstructionResidentialMemberus-gaap:FinancialAssetPastDueMemberus-gaap:ConstructionMember2022-12-310000712537fcf:ConstructionResidentialMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:ConstructionMember2022-12-310000712537fcf:ConstructionResidentialMemberus-gaap:ConstructionMember2022-12-310000712537us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ResidentialRealEstateMember2022-12-310000712537us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ResidentialRealEstateMember2022-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-12-310000712537us-gaap:ResidentialRealEstateMemberfcf:NonaccrualCommercialLoansMember2022-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:FinancialAssetPastDueMember2022-12-310000712537us-gaap:FinancialAssetNotPastDueMemberus-gaap:ResidentialRealEstateMember2022-12-310000712537us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ResidentialRealEstateMemberus-gaap:SeniorLienMember2022-12-310000712537us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ResidentialRealEstateMemberus-gaap:SeniorLienMember2022-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:SeniorLienMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-12-310000712537us-gaap:ResidentialRealEstateMemberfcf:NonaccrualCommercialLoansMemberus-gaap:SeniorLienMember2022-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:FinancialAssetPastDueMemberus-gaap:SeniorLienMember2022-12-310000712537us-gaap:FinancialAssetNotPastDueMemberus-gaap:ResidentialRealEstateMemberus-gaap:SeniorLienMember2022-12-310000712537us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ResidentialRealEstateMemberus-gaap:JuniorLienMember2022-12-310000712537us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ResidentialRealEstateMemberus-gaap:JuniorLienMember2022-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:JuniorLienMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-12-310000712537us-gaap:ResidentialRealEstateMemberfcf:NonaccrualCommercialLoansMemberus-gaap:JuniorLienMember2022-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:FinancialAssetPastDueMemberus-gaap:JuniorLienMember2022-12-310000712537us-gaap:FinancialAssetNotPastDueMemberus-gaap:ResidentialRealEstateMemberus-gaap:JuniorLienMember2022-12-310000712537us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialRealEstateMember2022-12-310000712537us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialRealEstateMember2022-12-310000712537us-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-12-310000712537fcf:NonaccrualCommercialLoansMemberus-gaap:CommercialRealEstateMember2022-12-310000712537us-gaap:FinancialAssetPastDueMemberus-gaap:CommercialRealEstateMember2022-12-310000712537us-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialRealEstateMember2022-12-310000712537us-gaap:FinancingReceivables30To59DaysPastDueMembersrt:MultifamilyMemberus-gaap:CommercialRealEstateMember2022-12-310000712537us-gaap:FinancingReceivables60To89DaysPastDueMembersrt:MultifamilyMemberus-gaap:CommercialRealEstateMember2022-12-310000712537srt:MultifamilyMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-12-310000712537srt:MultifamilyMemberfcf:NonaccrualCommercialLoansMemberus-gaap:CommercialRealEstateMember2022-12-310000712537srt:MultifamilyMemberus-gaap:FinancialAssetPastDueMemberus-gaap:CommercialRealEstateMember2022-12-310000712537us-gaap:FinancialAssetNotPastDueMembersrt:MultifamilyMemberus-gaap:CommercialRealEstateMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialRealEstateMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialRealEstateMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:NonaccrualCommercialLoansMemberus-gaap:CommercialRealEstateMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:FinancialAssetPastDueMemberus-gaap:CommercialRealEstateMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialRealEstateMember2022-12-310000712537us-gaap:FinancingReceivables30To59DaysPastDueMemberfcf:OwnerOccupiedCommercialRealEstateMemberus-gaap:CommercialRealEstateMember2022-12-310000712537us-gaap:FinancingReceivables60To89DaysPastDueMemberfcf:OwnerOccupiedCommercialRealEstateMemberus-gaap:CommercialRealEstateMember2022-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberfcf:NonaccrualCommercialLoansMemberus-gaap:CommercialRealEstateMember2022-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberus-gaap:FinancialAssetPastDueMemberus-gaap:CommercialRealEstateMember2022-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialRealEstateMember2022-12-310000712537us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ConsumerLoanMember2022-12-310000712537us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ConsumerLoanMember2022-12-310000712537us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConsumerLoanMember2022-12-310000712537fcf:NonaccrualCommercialLoansMemberus-gaap:ConsumerLoanMember2022-12-310000712537us-gaap:FinancialAssetPastDueMemberus-gaap:ConsumerLoanMember2022-12-310000712537us-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerLoanMember2022-12-310000712537us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:AutomobileLoanMemberus-gaap:ConsumerLoanMember2022-12-310000712537us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:AutomobileLoanMemberus-gaap:ConsumerLoanMember2022-12-310000712537us-gaap:AutomobileLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConsumerLoanMember2022-12-310000712537fcf:NonaccrualCommercialLoansMemberus-gaap:AutomobileLoanMemberus-gaap:ConsumerLoanMember2022-12-310000712537us-gaap:FinancialAssetPastDueMemberus-gaap:AutomobileLoanMemberus-gaap:ConsumerLoanMember2022-12-310000712537us-gaap:FinancialAssetNotPastDueMemberus-gaap:AutomobileLoanMemberus-gaap:ConsumerLoanMember2022-12-310000712537fcf:ConsumerCreditCardsMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ConsumerLoanMember2022-12-310000712537us-gaap:FinancingReceivables60To89DaysPastDueMemberfcf:ConsumerCreditCardsMemberus-gaap:ConsumerLoanMember2022-12-310000712537fcf:ConsumerCreditCardsMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConsumerLoanMember2022-12-310000712537fcf:ConsumerCreditCardsMemberfcf:NonaccrualCommercialLoansMemberus-gaap:ConsumerLoanMember2022-12-310000712537fcf:ConsumerCreditCardsMemberus-gaap:FinancialAssetPastDueMemberus-gaap:ConsumerLoanMember2022-12-310000712537fcf:ConsumerCreditCardsMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerLoanMember2022-12-310000712537fcf:OtherConsumerLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ConsumerLoanMember2022-12-310000712537us-gaap:FinancingReceivables60To89DaysPastDueMemberfcf:OtherConsumerLoansMemberus-gaap:ConsumerLoanMember2022-12-310000712537fcf:OtherConsumerLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConsumerLoanMember2022-12-310000712537fcf:OtherConsumerLoansMemberfcf:NonaccrualCommercialLoansMemberus-gaap:ConsumerLoanMember2022-12-310000712537fcf:OtherConsumerLoansMemberus-gaap:FinancialAssetPastDueMemberus-gaap:ConsumerLoanMember2022-12-310000712537fcf:OtherConsumerLoansMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerLoanMember2022-12-310000712537us-gaap:FinancingReceivables30To59DaysPastDueMember2022-12-310000712537us-gaap:FinancingReceivables60To89DaysPastDueMember2022-12-310000712537us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-12-310000712537fcf:NonaccrualCommercialLoansMember2022-12-310000712537us-gaap:FinancialAssetPastDueMember2022-12-310000712537us-gaap:FinancialAssetNotPastDueMember2022-12-310000712537us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialLoanMember2021-12-310000712537us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialLoanMember2021-12-310000712537us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialLoanMember2021-12-310000712537fcf:NonaccrualCommercialLoansMemberus-gaap:CommercialLoanMember2021-12-310000712537us-gaap:FinancialAssetPastDueMemberus-gaap:CommercialLoanMember2021-12-310000712537us-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialLoanMember2021-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialLoanMember2021-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialLoanMember2021-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialLoanMember2021-12-310000712537fcf:TimeAndDemandLoansMemberfcf:NonaccrualCommercialLoansMemberus-gaap:CommercialLoanMember2021-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:FinancialAssetPastDueMemberus-gaap:CommercialLoanMember2021-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialLoanMember2021-12-310000712537fcf:CommercialCreditCardsMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialLoanMember2021-12-310000712537fcf:CommercialCreditCardsMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialLoanMember2021-12-310000712537fcf:CommercialCreditCardsMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialLoanMember2021-12-310000712537fcf:CommercialCreditCardsMemberfcf:NonaccrualCommercialLoansMemberus-gaap:CommercialLoanMember2021-12-310000712537fcf:CommercialCreditCardsMemberus-gaap:FinancialAssetPastDueMemberus-gaap:CommercialLoanMember2021-12-310000712537fcf:CommercialCreditCardsMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialLoanMember2021-12-310000712537us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ConstructionLoansMember2021-12-310000712537us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ConstructionLoansMember2021-12-310000712537us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConstructionLoansMember2021-12-310000712537fcf:NonaccrualCommercialLoansMemberus-gaap:ConstructionLoansMember2021-12-310000712537us-gaap:FinancialAssetPastDueMemberus-gaap:ConstructionLoansMember2021-12-310000712537us-gaap:FinancialAssetNotPastDueMemberus-gaap:ConstructionLoansMember2021-12-310000712537us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ResidentialRealEstateMember2021-12-310000712537us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ResidentialRealEstateMember2021-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310000712537us-gaap:ResidentialRealEstateMemberfcf:NonaccrualCommercialLoansMember2021-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:FinancialAssetPastDueMember2021-12-310000712537us-gaap:FinancialAssetNotPastDueMemberus-gaap:ResidentialRealEstateMember2021-12-310000712537us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ResidentialRealEstateMemberus-gaap:SeniorLienMember2021-12-310000712537us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ResidentialRealEstateMemberus-gaap:SeniorLienMember2021-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:SeniorLienMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310000712537us-gaap:ResidentialRealEstateMemberfcf:NonaccrualCommercialLoansMemberus-gaap:SeniorLienMember2021-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:FinancialAssetPastDueMemberus-gaap:SeniorLienMember2021-12-310000712537us-gaap:FinancialAssetNotPastDueMemberus-gaap:ResidentialRealEstateMemberus-gaap:SeniorLienMember2021-12-310000712537us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ResidentialRealEstateMemberus-gaap:JuniorLienMember2021-12-310000712537us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ResidentialRealEstateMemberus-gaap:JuniorLienMember2021-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:JuniorLienMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310000712537us-gaap:ResidentialRealEstateMemberfcf:NonaccrualCommercialLoansMemberus-gaap:JuniorLienMember2021-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:FinancialAssetPastDueMemberus-gaap:JuniorLienMember2021-12-310000712537us-gaap:FinancialAssetNotPastDueMemberus-gaap:ResidentialRealEstateMemberus-gaap:JuniorLienMember2021-12-310000712537us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialRealEstateMember2021-12-310000712537us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialRealEstateMember2021-12-310000712537us-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310000712537fcf:NonaccrualCommercialLoansMemberus-gaap:CommercialRealEstateMember2021-12-310000712537us-gaap:FinancialAssetPastDueMemberus-gaap:CommercialRealEstateMember2021-12-310000712537us-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialRealEstateMember2021-12-310000712537us-gaap:FinancingReceivables30To59DaysPastDueMembersrt:MultifamilyMemberus-gaap:CommercialRealEstateMember2021-12-310000712537us-gaap:FinancingReceivables60To89DaysPastDueMembersrt:MultifamilyMemberus-gaap:CommercialRealEstateMember2021-12-310000712537srt:MultifamilyMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310000712537srt:MultifamilyMemberfcf:NonaccrualCommercialLoansMemberus-gaap:CommercialRealEstateMember2021-12-310000712537srt:MultifamilyMemberus-gaap:FinancialAssetPastDueMemberus-gaap:CommercialRealEstateMember2021-12-310000712537us-gaap:FinancialAssetNotPastDueMembersrt:MultifamilyMemberus-gaap:CommercialRealEstateMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialRealEstateMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialRealEstateMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:NonaccrualCommercialLoansMemberus-gaap:CommercialRealEstateMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:FinancialAssetPastDueMemberus-gaap:CommercialRealEstateMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialRealEstateMember2021-12-310000712537us-gaap:FinancingReceivables30To59DaysPastDueMemberfcf:OwnerOccupiedCommercialRealEstateMemberus-gaap:CommercialRealEstateMember2021-12-310000712537us-gaap:FinancingReceivables60To89DaysPastDueMemberfcf:OwnerOccupiedCommercialRealEstateMemberus-gaap:CommercialRealEstateMember2021-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberfcf:NonaccrualCommercialLoansMemberus-gaap:CommercialRealEstateMember2021-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberus-gaap:FinancialAssetPastDueMemberus-gaap:CommercialRealEstateMember2021-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialRealEstateMember2021-12-310000712537us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ConsumerLoanMember2021-12-310000712537us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ConsumerLoanMember2021-12-310000712537us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConsumerLoanMember2021-12-310000712537fcf:NonaccrualCommercialLoansMemberus-gaap:ConsumerLoanMember2021-12-310000712537us-gaap:FinancialAssetPastDueMemberus-gaap:ConsumerLoanMember2021-12-310000712537us-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerLoanMember2021-12-310000712537us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:AutomobileLoanMemberus-gaap:ConsumerLoanMember2021-12-310000712537us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:AutomobileLoanMemberus-gaap:ConsumerLoanMember2021-12-310000712537us-gaap:AutomobileLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConsumerLoanMember2021-12-310000712537fcf:NonaccrualCommercialLoansMemberus-gaap:AutomobileLoanMemberus-gaap:ConsumerLoanMember2021-12-310000712537us-gaap:FinancialAssetPastDueMemberus-gaap:AutomobileLoanMemberus-gaap:ConsumerLoanMember2021-12-310000712537us-gaap:FinancialAssetNotPastDueMemberus-gaap:AutomobileLoanMemberus-gaap:ConsumerLoanMember2021-12-310000712537fcf:ConsumerCreditCardsMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ConsumerLoanMember2021-12-310000712537us-gaap:FinancingReceivables60To89DaysPastDueMemberfcf:ConsumerCreditCardsMemberus-gaap:ConsumerLoanMember2021-12-310000712537fcf:ConsumerCreditCardsMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConsumerLoanMember2021-12-310000712537fcf:ConsumerCreditCardsMemberfcf:NonaccrualCommercialLoansMemberus-gaap:ConsumerLoanMember2021-12-310000712537fcf:ConsumerCreditCardsMemberus-gaap:FinancialAssetPastDueMemberus-gaap:ConsumerLoanMember2021-12-310000712537fcf:ConsumerCreditCardsMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerLoanMember2021-12-310000712537fcf:OtherConsumerLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ConsumerLoanMember2021-12-310000712537us-gaap:FinancingReceivables60To89DaysPastDueMemberfcf:OtherConsumerLoansMemberus-gaap:ConsumerLoanMember2021-12-310000712537fcf:OtherConsumerLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConsumerLoanMember2021-12-310000712537fcf:OtherConsumerLoansMemberfcf:NonaccrualCommercialLoansMemberus-gaap:ConsumerLoanMember2021-12-310000712537fcf:OtherConsumerLoansMemberus-gaap:FinancialAssetPastDueMemberus-gaap:ConsumerLoanMember2021-12-310000712537fcf:OtherConsumerLoansMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerLoanMember2021-12-310000712537us-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-310000712537us-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-310000712537us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310000712537fcf:NonaccrualCommercialLoansMember2021-12-310000712537us-gaap:FinancialAssetPastDueMember2021-12-310000712537us-gaap:FinancialAssetNotPastDueMember2021-12-310000712537us-gaap:ConsumerLoanMember2022-01-012022-12-310000712537fcf:NonaccrualCommercialLoansMember2022-12-310000712537fcf:NonaccrualCommercialLoansMember2021-12-310000712537fcf:NonaccrualCommercialLoansMember2020-01-012020-12-310000712537fcf:NonaccrualCommercialLoansMember2022-01-012022-12-310000712537fcf:NonaccrualCommercialLoansMember2021-01-012021-12-310000712537fcf:CommercialFinancialAgriculturalAndOtherWithNoRelatedAllowanceMember2022-12-310000712537fcf:CommercialFinancialAgriculturalAndOtherWithNoRelatedAllowanceMember2022-01-012022-12-310000712537fcf:TimeAndDemandLoansMemberfcf:CommercialFinancialAgriculturalAndOtherWithNoRelatedAllowanceMember2022-12-310000712537fcf:TimeAndDemandLoansMemberfcf:CommercialFinancialAgriculturalAndOtherWithNoRelatedAllowanceMember2022-01-012022-12-310000712537fcf:CommercialFinancialAgriculturalAndOtherWithNoRelatedAllowanceMemberfcf:EquipmentFinanceMember2022-12-310000712537fcf:CommercialFinancialAgriculturalAndOtherWithNoRelatedAllowanceMemberfcf:EquipmentFinanceMember2022-01-012022-12-310000712537fcf:TimeAndDemandLoansOtherMemberfcf:CommercialFinancialAgriculturalAndOtherWithNoRelatedAllowanceMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMemberfcf:CommercialFinancialAgriculturalAndOtherWithNoRelatedAllowanceMember2022-01-012022-12-310000712537fcf:RealEstateConstructionWithNoRelatedAllowanceMember2022-12-310000712537fcf:RealEstateConstructionWithNoRelatedAllowanceMember2022-01-012022-12-310000712537fcf:RealEstateConstructionWithNoRelatedAllowanceMemberfcf:ConstructionOtherMember2022-12-310000712537fcf:RealEstateConstructionWithNoRelatedAllowanceMemberfcf:ConstructionOtherMember2022-01-012022-12-310000712537fcf:ConstructionResidentialMemberfcf:RealEstateConstructionWithNoRelatedAllowanceMember2022-12-310000712537fcf:ConstructionResidentialMemberfcf:RealEstateConstructionWithNoRelatedAllowanceMember2022-01-012022-12-310000712537fcf:ResidentialRealEstateWithNoRelatedAllowanceMember2022-12-310000712537fcf:ResidentialRealEstateWithNoRelatedAllowanceMember2022-01-012022-12-310000712537fcf:ResidentialRealEstateWithNoRelatedAllowanceMemberus-gaap:SeniorLienMember2022-12-310000712537fcf:ResidentialRealEstateWithNoRelatedAllowanceMemberus-gaap:SeniorLienMember2022-01-012022-12-310000712537fcf:ResidentialRealEstateWithNoRelatedAllowanceMemberus-gaap:JuniorLienMember2022-12-310000712537fcf:ResidentialRealEstateWithNoRelatedAllowanceMemberus-gaap:JuniorLienMember2022-01-012022-12-310000712537fcf:CommercialRealEstateWithNoRelatedAllowanceMember2022-12-310000712537fcf:CommercialRealEstateWithNoRelatedAllowanceMember2022-01-012022-12-310000712537srt:MultifamilyMemberfcf:CommercialRealEstateWithNoRelatedAllowanceMember2022-12-310000712537srt:MultifamilyMemberfcf:CommercialRealEstateWithNoRelatedAllowanceMember2022-01-012022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:CommercialRealEstateWithNoRelatedAllowanceMember2022-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:CommercialRealEstateWithNoRelatedAllowanceMember2022-01-012022-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberfcf:CommercialRealEstateWithNoRelatedAllowanceMember2022-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberfcf:CommercialRealEstateWithNoRelatedAllowanceMember2022-01-012022-12-310000712537fcf:ConsumerLoansWithNoRelatedAllowanceMember2022-12-310000712537fcf:ConsumerLoansWithNoRelatedAllowanceMember2022-01-012022-12-310000712537us-gaap:AutomobilesMemberfcf:ConsumerLoansWithNoRelatedAllowanceMember2022-12-310000712537us-gaap:AutomobilesMemberfcf:ConsumerLoansWithNoRelatedAllowanceMember2022-01-012022-12-310000712537fcf:OtherConsumerLoansMemberfcf:ConsumerLoansWithNoRelatedAllowanceMember2022-12-310000712537fcf:OtherConsumerLoansMemberfcf:ConsumerLoansWithNoRelatedAllowanceMember2022-01-012022-12-310000712537fcf:WithNoRelatedAllowanceMember2022-12-310000712537fcf:WithNoRelatedAllowanceMember2022-01-012022-12-310000712537fcf:CommercialFinancialAgriculturalAndOtherWithRelatedAllowanceMember2022-12-310000712537fcf:CommercialFinancialAgriculturalAndOtherWithRelatedAllowanceMember2022-01-012022-12-310000712537fcf:TimeAndDemandLoansMemberfcf:CommercialFinancialAgriculturalAndOtherWithRelatedAllowanceMember2022-12-310000712537fcf:TimeAndDemandLoansMemberfcf:CommercialFinancialAgriculturalAndOtherWithRelatedAllowanceMember2022-01-012022-12-310000712537fcf:CommercialFinancialAgriculturalAndOtherWithRelatedAllowanceMemberfcf:EquipmentFinanceMember2022-12-310000712537fcf:CommercialFinancialAgriculturalAndOtherWithRelatedAllowanceMemberfcf:EquipmentFinanceMember2022-01-012022-12-310000712537fcf:TimeAndDemandLoansOtherMemberfcf:CommercialFinancialAgriculturalAndOtherWithRelatedAllowanceMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMemberfcf:CommercialFinancialAgriculturalAndOtherWithRelatedAllowanceMember2022-01-012022-12-310000712537fcf:RealEstateConstructionWithRelatedAllowanceMember2022-12-310000712537fcf:RealEstateConstructionWithRelatedAllowanceMember2022-01-012022-12-310000712537fcf:RealEstateConstructionWithRelatedAllowanceMemberfcf:ConstructionOtherMember2022-12-310000712537fcf:RealEstateConstructionWithRelatedAllowanceMemberfcf:ConstructionOtherMember2022-01-012022-12-310000712537fcf:ConstructionResidentialMemberfcf:RealEstateConstructionWithRelatedAllowanceMember2022-12-310000712537fcf:ConstructionResidentialMemberfcf:RealEstateConstructionWithRelatedAllowanceMember2022-01-012022-12-310000712537fcf:ResidentialRealEstateWithRelatedAllowanceMember2022-12-310000712537fcf:ResidentialRealEstateWithRelatedAllowanceMember2022-01-012022-12-310000712537fcf:ResidentialRealEstateWithRelatedAllowanceMemberus-gaap:SeniorLienMember2022-12-310000712537fcf:ResidentialRealEstateWithRelatedAllowanceMemberus-gaap:SeniorLienMember2022-01-012022-12-310000712537us-gaap:JuniorLienMemberfcf:ResidentialRealEstateWithRelatedAllowanceMember2022-12-310000712537us-gaap:JuniorLienMemberfcf:ResidentialRealEstateWithRelatedAllowanceMember2022-01-012022-12-310000712537fcf:CommercialRealEstateWithRelatedAllowanceMember2022-12-310000712537fcf:CommercialRealEstateWithRelatedAllowanceMember2022-01-012022-12-310000712537fcf:CommercialRealEstateWithRelatedAllowanceMembersrt:MultifamilyMember2022-12-310000712537fcf:CommercialRealEstateWithRelatedAllowanceMembersrt:MultifamilyMember2022-01-012022-12-310000712537fcf:CommercialRealEstateWithRelatedAllowanceMemberfcf:NonownerOccupiedCommercialRealEstateMember2022-12-310000712537fcf:CommercialRealEstateWithRelatedAllowanceMemberfcf:NonownerOccupiedCommercialRealEstateMember2022-01-012022-12-310000712537fcf:CommercialRealEstateWithRelatedAllowanceMemberfcf:OwnerOccupiedCommercialRealEstateMember2022-12-310000712537fcf:CommercialRealEstateWithRelatedAllowanceMemberfcf:OwnerOccupiedCommercialRealEstateMember2022-01-012022-12-310000712537fcf:ConsumerLoansWithRelatedAllowanceMember2022-12-310000712537fcf:ConsumerLoansWithRelatedAllowanceMember2022-01-012022-12-310000712537us-gaap:AutomobilesMemberfcf:ConsumerLoansWithRelatedAllowanceMember2022-12-310000712537us-gaap:AutomobilesMemberfcf:ConsumerLoansWithRelatedAllowanceMember2022-01-012022-12-310000712537fcf:OtherConsumerLoansMemberfcf:ConsumerLoansWithRelatedAllowanceMember2022-12-310000712537fcf:OtherConsumerLoansMemberfcf:ConsumerLoansWithRelatedAllowanceMember2022-01-012022-12-310000712537fcf:WithRelatedAllowanceMember2022-12-310000712537fcf:WithRelatedAllowanceMember2022-01-012022-12-310000712537fcf:CommercialFinancialAgriculturalAndOtherWithNoRelatedAllowanceMember2021-12-310000712537fcf:CommercialFinancialAgriculturalAndOtherWithNoRelatedAllowanceMember2021-01-012021-12-310000712537fcf:TimeAndDemandLoansMemberfcf:CommercialFinancialAgriculturalAndOtherWithNoRelatedAllowanceMember2021-12-310000712537fcf:TimeAndDemandLoansMemberfcf:CommercialFinancialAgriculturalAndOtherWithNoRelatedAllowanceMember2021-01-012021-12-310000712537fcf:RealEstateConstructionWithNoRelatedAllowanceMember2021-12-310000712537fcf:RealEstateConstructionWithNoRelatedAllowanceMember2021-01-012021-12-310000712537fcf:ResidentialRealEstateWithNoRelatedAllowanceMember2021-12-310000712537fcf:ResidentialRealEstateWithNoRelatedAllowanceMember2021-01-012021-12-310000712537fcf:ResidentialRealEstateWithNoRelatedAllowanceMemberus-gaap:SeniorLienMember2021-12-310000712537fcf:ResidentialRealEstateWithNoRelatedAllowanceMemberus-gaap:SeniorLienMember2021-01-012021-12-310000712537fcf:ResidentialRealEstateWithNoRelatedAllowanceMemberus-gaap:JuniorLienMember2021-12-310000712537fcf:ResidentialRealEstateWithNoRelatedAllowanceMemberus-gaap:JuniorLienMember2021-01-012021-12-310000712537fcf:CommercialRealEstateWithNoRelatedAllowanceMember2021-12-310000712537fcf:CommercialRealEstateWithNoRelatedAllowanceMember2021-01-012021-12-310000712537srt:MultifamilyMemberfcf:CommercialRealEstateWithNoRelatedAllowanceMember2021-12-310000712537srt:MultifamilyMemberfcf:CommercialRealEstateWithNoRelatedAllowanceMember2021-01-012021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:CommercialRealEstateWithNoRelatedAllowanceMember2021-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:CommercialRealEstateWithNoRelatedAllowanceMember2021-01-012021-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberfcf:CommercialRealEstateWithNoRelatedAllowanceMember2021-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberfcf:CommercialRealEstateWithNoRelatedAllowanceMember2021-01-012021-12-310000712537fcf:ConsumerLoansWithNoRelatedAllowanceMember2021-12-310000712537fcf:ConsumerLoansWithNoRelatedAllowanceMember2021-01-012021-12-310000712537us-gaap:AutomobilesMemberfcf:ConsumerLoansWithNoRelatedAllowanceMember2021-12-310000712537us-gaap:AutomobilesMemberfcf:ConsumerLoansWithNoRelatedAllowanceMember2021-01-012021-12-310000712537fcf:OtherConsumerLoansMemberfcf:ConsumerLoansWithNoRelatedAllowanceMember2021-12-310000712537fcf:OtherConsumerLoansMemberfcf:ConsumerLoansWithNoRelatedAllowanceMember2021-01-012021-12-310000712537fcf:WithNoRelatedAllowanceMember2021-12-310000712537fcf:WithNoRelatedAllowanceMember2021-01-012021-12-310000712537fcf:CommercialFinancialAgriculturalAndOtherWithRelatedAllowanceMember2021-12-310000712537fcf:CommercialFinancialAgriculturalAndOtherWithRelatedAllowanceMember2021-01-012021-12-310000712537fcf:TimeAndDemandLoansMemberfcf:CommercialFinancialAgriculturalAndOtherWithRelatedAllowanceMember2021-12-310000712537fcf:TimeAndDemandLoansMemberfcf:CommercialFinancialAgriculturalAndOtherWithRelatedAllowanceMember2021-01-012021-12-310000712537fcf:RealEstateConstructionWithRelatedAllowanceMember2021-12-310000712537fcf:RealEstateConstructionWithRelatedAllowanceMember2021-01-012021-12-310000712537fcf:ResidentialRealEstateWithRelatedAllowanceMember2021-12-310000712537fcf:ResidentialRealEstateWithRelatedAllowanceMember2021-01-012021-12-310000712537fcf:ResidentialRealEstateWithRelatedAllowanceMemberus-gaap:SeniorLienMember2021-12-310000712537fcf:ResidentialRealEstateWithRelatedAllowanceMemberus-gaap:SeniorLienMember2021-01-012021-12-310000712537us-gaap:JuniorLienMemberfcf:ResidentialRealEstateWithRelatedAllowanceMember2021-12-310000712537us-gaap:JuniorLienMemberfcf:ResidentialRealEstateWithRelatedAllowanceMember2021-01-012021-12-310000712537fcf:CommercialRealEstateWithRelatedAllowanceMember2021-12-310000712537fcf:CommercialRealEstateWithRelatedAllowanceMember2021-01-012021-12-310000712537fcf:CommercialRealEstateWithRelatedAllowanceMembersrt:MultifamilyMember2021-12-310000712537fcf:CommercialRealEstateWithRelatedAllowanceMembersrt:MultifamilyMember2021-01-012021-12-310000712537fcf:CommercialRealEstateWithRelatedAllowanceMemberfcf:NonownerOccupiedCommercialRealEstateMember2021-12-310000712537fcf:CommercialRealEstateWithRelatedAllowanceMemberfcf:NonownerOccupiedCommercialRealEstateMember2021-01-012021-12-310000712537fcf:CommercialRealEstateWithRelatedAllowanceMemberfcf:OwnerOccupiedCommercialRealEstateMember2021-12-310000712537fcf:CommercialRealEstateWithRelatedAllowanceMemberfcf:OwnerOccupiedCommercialRealEstateMember2021-01-012021-12-310000712537fcf:ConsumerLoansWithRelatedAllowanceMember2021-12-310000712537fcf:ConsumerLoansWithRelatedAllowanceMember2021-01-012021-12-310000712537us-gaap:AutomobilesMemberfcf:ConsumerLoansWithRelatedAllowanceMember2021-12-310000712537us-gaap:AutomobilesMemberfcf:ConsumerLoansWithRelatedAllowanceMember2021-01-012021-12-310000712537fcf:OtherConsumerLoansMemberfcf:ConsumerLoansWithRelatedAllowanceMember2021-12-310000712537fcf:OtherConsumerLoansMemberfcf:ConsumerLoansWithRelatedAllowanceMember2021-01-012021-12-310000712537fcf:WithRelatedAllowanceMember2021-12-310000712537fcf:WithRelatedAllowanceMember2021-01-012021-12-310000712537fcf:CommercialFinancialAgriculturalAndOtherWithNoRelatedAllowanceMember2020-01-012020-12-310000712537fcf:TimeAndDemandLoansMemberfcf:CommercialFinancialAgriculturalAndOtherWithNoRelatedAllowanceMember2020-01-012020-12-310000712537fcf:RealEstateConstructionWithNoRelatedAllowanceMember2020-01-012020-12-310000712537fcf:ResidentialRealEstateWithNoRelatedAllowanceMember2020-01-012020-12-310000712537fcf:ResidentialRealEstateWithNoRelatedAllowanceMemberus-gaap:SeniorLienMember2020-01-012020-12-310000712537fcf:ResidentialRealEstateWithNoRelatedAllowanceMemberus-gaap:JuniorLienMember2020-01-012020-12-310000712537fcf:CommercialRealEstateWithNoRelatedAllowanceMember2020-01-012020-12-310000712537srt:MultifamilyMemberfcf:CommercialRealEstateWithNoRelatedAllowanceMember2020-01-012020-12-310000712537fcf:NonownerOccupiedCommercialRealEstateMemberfcf:CommercialRealEstateWithNoRelatedAllowanceMember2020-01-012020-12-310000712537fcf:OwnerOccupiedCommercialRealEstateMemberfcf:CommercialRealEstateWithNoRelatedAllowanceMember2020-01-012020-12-310000712537fcf:ConsumerLoansWithNoRelatedAllowanceMember2020-01-012020-12-310000712537us-gaap:AutomobilesMemberfcf:ConsumerLoansWithNoRelatedAllowanceMember2020-01-012020-12-310000712537fcf:OtherConsumerLoansMemberfcf:ConsumerLoansWithNoRelatedAllowanceMember2020-01-012020-12-310000712537fcf:WithNoRelatedAllowanceMember2020-01-012020-12-310000712537fcf:CommercialFinancialAgriculturalAndOtherWithRelatedAllowanceMember2020-01-012020-12-310000712537fcf:TimeAndDemandLoansMemberfcf:CommercialFinancialAgriculturalAndOtherWithRelatedAllowanceMember2020-01-012020-12-310000712537fcf:RealEstateConstructionWithRelatedAllowanceMember2020-01-012020-12-310000712537fcf:ResidentialRealEstateWithRelatedAllowanceMember2020-01-012020-12-310000712537fcf:ResidentialRealEstateWithRelatedAllowanceMemberus-gaap:SeniorLienMember2020-01-012020-12-310000712537us-gaap:JuniorLienMemberfcf:ResidentialRealEstateWithRelatedAllowanceMember2020-01-012020-12-310000712537fcf:CommercialRealEstateWithRelatedAllowanceMember2020-01-012020-12-310000712537fcf:CommercialRealEstateWithRelatedAllowanceMembersrt:MultifamilyMember2020-01-012020-12-310000712537fcf:CommercialRealEstateWithRelatedAllowanceMemberfcf:NonownerOccupiedCommercialRealEstateMember2020-01-012020-12-310000712537fcf:CommercialRealEstateWithRelatedAllowanceMemberfcf:OwnerOccupiedCommercialRealEstateMember2020-01-012020-12-310000712537fcf:ConsumerLoansWithRelatedAllowanceMember2020-01-012020-12-310000712537us-gaap:AutomobilesMemberfcf:ConsumerLoansWithRelatedAllowanceMember2020-01-012020-12-310000712537fcf:OtherConsumerLoansMemberfcf:ConsumerLoansWithRelatedAllowanceMember2020-01-012020-12-310000712537fcf:WithRelatedAllowanceMember2020-01-012020-12-310000712537fcf:ImpairedLoansMember2021-12-310000712537fcf:ImpairedLoansMember2022-12-310000712537us-gaap:ReserveForOffBalanceSheetActivitiesMemberfcf:ImpairedLoansMember2022-12-310000712537us-gaap:ReserveForOffBalanceSheetActivitiesMemberfcf:ImpairedLoansMember2021-12-310000712537us-gaap:ResidentialRealEstateMember2022-01-012022-12-31fcf:Contract0000712537us-gaap:ExtendedMaturityMemberus-gaap:ResidentialRealEstateMember2022-01-012022-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:ContractualInterestRateReductionMember2022-01-012022-12-310000712537us-gaap:ResidentialRealEstateMemberfcf:ContractualPaymentModificationMember2022-01-012022-12-310000712537us-gaap:ResidentialRealEstateMember2022-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:SeniorLienMember2022-01-012022-12-310000712537us-gaap:ExtendedMaturityMemberus-gaap:ResidentialRealEstateMemberus-gaap:SeniorLienMember2022-01-012022-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:SeniorLienMemberus-gaap:ContractualInterestRateReductionMember2022-01-012022-12-310000712537us-gaap:ResidentialRealEstateMemberfcf:ContractualPaymentModificationMemberus-gaap:SeniorLienMember2022-01-012022-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:SeniorLienMember2022-12-310000712537us-gaap:ExtendedMaturityMember2022-01-012022-12-310000712537us-gaap:ContractualInterestRateReductionMember2022-01-012022-12-310000712537fcf:ContractualPaymentModificationMember2022-01-012022-12-310000712537us-gaap:CommercialLoanMember2021-01-012021-12-310000712537us-gaap:ExtendedMaturityMemberus-gaap:CommercialLoanMember2021-01-012021-12-310000712537us-gaap:CommercialLoanMemberus-gaap:ContractualInterestRateReductionMember2021-01-012021-12-310000712537us-gaap:CommercialLoanMemberfcf:ContractualPaymentModificationMember2021-01-012021-12-310000712537us-gaap:CommercialLoanMember2021-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:CommercialLoanMember2021-01-012021-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:ExtendedMaturityMemberus-gaap:CommercialLoanMember2021-01-012021-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:CommercialLoanMemberus-gaap:ContractualInterestRateReductionMember2021-01-012021-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:CommercialLoanMemberfcf:ContractualPaymentModificationMember2021-01-012021-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:CommercialLoanMember2021-12-310000712537us-gaap:ResidentialRealEstateMember2021-01-012021-12-310000712537us-gaap:ExtendedMaturityMemberus-gaap:ResidentialRealEstateMember2021-01-012021-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:ContractualInterestRateReductionMember2021-01-012021-12-310000712537us-gaap:ResidentialRealEstateMemberfcf:ContractualPaymentModificationMember2021-01-012021-12-310000712537us-gaap:ResidentialRealEstateMember2021-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:SeniorLienMember2021-01-012021-12-310000712537us-gaap:ExtendedMaturityMemberus-gaap:ResidentialRealEstateMemberus-gaap:SeniorLienMember2021-01-012021-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:SeniorLienMemberus-gaap:ContractualInterestRateReductionMember2021-01-012021-12-310000712537us-gaap:ResidentialRealEstateMemberfcf:ContractualPaymentModificationMemberus-gaap:SeniorLienMember2021-01-012021-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:SeniorLienMember2021-12-310000712537us-gaap:JuniorLienMemberus-gaap:ResidentialRealEstateMember2021-01-012021-12-310000712537us-gaap:ExtendedMaturityMemberus-gaap:JuniorLienMemberus-gaap:ResidentialRealEstateMember2021-01-012021-12-310000712537us-gaap:JuniorLienMemberus-gaap:ResidentialRealEstateMemberus-gaap:ContractualInterestRateReductionMember2021-01-012021-12-310000712537us-gaap:JuniorLienMemberus-gaap:ResidentialRealEstateMemberfcf:ContractualPaymentModificationMember2021-01-012021-12-310000712537us-gaap:JuniorLienMemberus-gaap:ResidentialRealEstateMember2021-12-310000712537us-gaap:CommercialRealEstateMember2021-01-012021-12-310000712537us-gaap:CommercialRealEstateMemberus-gaap:ExtendedMaturityMember2021-01-012021-12-310000712537us-gaap:CommercialRealEstateMemberus-gaap:ContractualInterestRateReductionMember2021-01-012021-12-310000712537us-gaap:CommercialRealEstateMemberfcf:ContractualPaymentModificationMember2021-01-012021-12-310000712537us-gaap:CommercialRealEstateMember2021-12-310000712537us-gaap:CommercialRealEstateMemberfcf:NonownerOccupiedCommercialRealEstateMember2021-01-012021-12-310000712537us-gaap:CommercialRealEstateMemberfcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:ExtendedMaturityMember2021-01-012021-12-310000712537us-gaap:CommercialRealEstateMemberfcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:ContractualInterestRateReductionMember2021-01-012021-12-310000712537us-gaap:CommercialRealEstateMemberfcf:NonownerOccupiedCommercialRealEstateMemberfcf:ContractualPaymentModificationMember2021-01-012021-12-310000712537us-gaap:CommercialRealEstateMemberfcf:NonownerOccupiedCommercialRealEstateMember2021-12-310000712537us-gaap:ConsumerLoanMember2021-01-012021-12-310000712537us-gaap:ExtendedMaturityMemberus-gaap:ConsumerLoanMember2021-01-012021-12-310000712537us-gaap:ContractualInterestRateReductionMemberus-gaap:ConsumerLoanMember2021-01-012021-12-310000712537fcf:ContractualPaymentModificationMemberus-gaap:ConsumerLoanMember2021-01-012021-12-310000712537us-gaap:ConsumerLoanMember2021-12-310000712537us-gaap:AutomobilesMemberus-gaap:ConsumerLoanMember2021-01-012021-12-310000712537us-gaap:ExtendedMaturityMemberus-gaap:AutomobilesMemberus-gaap:ConsumerLoanMember2021-01-012021-12-310000712537us-gaap:AutomobilesMemberus-gaap:ContractualInterestRateReductionMemberus-gaap:ConsumerLoanMember2021-01-012021-12-310000712537us-gaap:AutomobilesMemberfcf:ContractualPaymentModificationMemberus-gaap:ConsumerLoanMember2021-01-012021-12-310000712537us-gaap:AutomobilesMemberus-gaap:ConsumerLoanMember2021-12-310000712537us-gaap:ExtendedMaturityMember2021-01-012021-12-310000712537us-gaap:ContractualInterestRateReductionMember2021-01-012021-12-310000712537fcf:ContractualPaymentModificationMember2021-01-012021-12-310000712537us-gaap:CommercialLoanMember2020-01-012020-12-310000712537us-gaap:ExtendedMaturityMemberus-gaap:CommercialLoanMember2020-01-012020-12-310000712537us-gaap:CommercialLoanMemberus-gaap:ContractualInterestRateReductionMember2020-01-012020-12-310000712537us-gaap:CommercialLoanMemberfcf:ContractualPaymentModificationMember2020-01-012020-12-310000712537us-gaap:CommercialLoanMember2020-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:CommercialLoanMember2020-01-012020-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:ExtendedMaturityMemberus-gaap:CommercialLoanMember2020-01-012020-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:CommercialLoanMemberus-gaap:ContractualInterestRateReductionMember2020-01-012020-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:CommercialLoanMemberfcf:ContractualPaymentModificationMember2020-01-012020-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:CommercialLoanMember2020-12-310000712537us-gaap:ResidentialRealEstateMember2020-01-012020-12-310000712537us-gaap:ExtendedMaturityMemberus-gaap:ResidentialRealEstateMember2020-01-012020-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:ContractualInterestRateReductionMember2020-01-012020-12-310000712537us-gaap:ResidentialRealEstateMemberfcf:ContractualPaymentModificationMember2020-01-012020-12-310000712537us-gaap:ResidentialRealEstateMember2020-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:SeniorLienMember2020-01-012020-12-310000712537us-gaap:ExtendedMaturityMemberus-gaap:ResidentialRealEstateMemberus-gaap:SeniorLienMember2020-01-012020-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:SeniorLienMemberus-gaap:ContractualInterestRateReductionMember2020-01-012020-12-310000712537us-gaap:ResidentialRealEstateMemberfcf:ContractualPaymentModificationMemberus-gaap:SeniorLienMember2020-01-012020-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:SeniorLienMember2020-12-310000712537us-gaap:JuniorLienMemberus-gaap:ResidentialRealEstateMember2020-01-012020-12-310000712537us-gaap:ExtendedMaturityMemberus-gaap:JuniorLienMemberus-gaap:ResidentialRealEstateMember2020-01-012020-12-310000712537us-gaap:JuniorLienMemberus-gaap:ResidentialRealEstateMemberus-gaap:ContractualInterestRateReductionMember2020-01-012020-12-310000712537us-gaap:JuniorLienMemberus-gaap:ResidentialRealEstateMemberfcf:ContractualPaymentModificationMember2020-01-012020-12-310000712537us-gaap:JuniorLienMemberus-gaap:ResidentialRealEstateMember2020-12-310000712537us-gaap:CommercialRealEstateMember2020-01-012020-12-310000712537us-gaap:CommercialRealEstateMemberus-gaap:ExtendedMaturityMember2020-01-012020-12-310000712537us-gaap:CommercialRealEstateMemberus-gaap:ContractualInterestRateReductionMember2020-01-012020-12-310000712537us-gaap:CommercialRealEstateMemberfcf:ContractualPaymentModificationMember2020-01-012020-12-310000712537us-gaap:CommercialRealEstateMember2020-12-310000712537us-gaap:CommercialRealEstateMemberfcf:NonownerOccupiedCommercialRealEstateMember2020-01-012020-12-310000712537us-gaap:CommercialRealEstateMemberfcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:ExtendedMaturityMember2020-01-012020-12-310000712537us-gaap:CommercialRealEstateMemberfcf:NonownerOccupiedCommercialRealEstateMemberus-gaap:ContractualInterestRateReductionMember2020-01-012020-12-310000712537us-gaap:CommercialRealEstateMemberfcf:NonownerOccupiedCommercialRealEstateMemberfcf:ContractualPaymentModificationMember2020-01-012020-12-310000712537us-gaap:CommercialRealEstateMemberfcf:NonownerOccupiedCommercialRealEstateMember2020-12-310000712537us-gaap:CommercialRealEstateMemberfcf:OwnerOccupiedCommercialRealEstateMember2020-01-012020-12-310000712537us-gaap:CommercialRealEstateMemberus-gaap:ExtendedMaturityMemberfcf:OwnerOccupiedCommercialRealEstateMember2020-01-012020-12-310000712537us-gaap:CommercialRealEstateMemberfcf:OwnerOccupiedCommercialRealEstateMemberus-gaap:ContractualInterestRateReductionMember2020-01-012020-12-310000712537us-gaap:CommercialRealEstateMemberfcf:OwnerOccupiedCommercialRealEstateMemberfcf:ContractualPaymentModificationMember2020-01-012020-12-310000712537us-gaap:CommercialRealEstateMemberfcf:OwnerOccupiedCommercialRealEstateMember2020-12-310000712537us-gaap:ConsumerLoanMember2020-01-012020-12-310000712537us-gaap:ExtendedMaturityMemberus-gaap:ConsumerLoanMember2020-01-012020-12-310000712537us-gaap:ContractualInterestRateReductionMemberus-gaap:ConsumerLoanMember2020-01-012020-12-310000712537fcf:ContractualPaymentModificationMemberus-gaap:ConsumerLoanMember2020-01-012020-12-310000712537us-gaap:ConsumerLoanMember2020-12-310000712537us-gaap:AutomobilesMemberus-gaap:ConsumerLoanMember2020-01-012020-12-310000712537us-gaap:ExtendedMaturityMemberus-gaap:AutomobilesMemberus-gaap:ConsumerLoanMember2020-01-012020-12-310000712537us-gaap:AutomobilesMemberus-gaap:ContractualInterestRateReductionMemberus-gaap:ConsumerLoanMember2020-01-012020-12-310000712537us-gaap:AutomobilesMemberfcf:ContractualPaymentModificationMemberus-gaap:ConsumerLoanMember2020-01-012020-12-310000712537us-gaap:AutomobilesMemberus-gaap:ConsumerLoanMember2020-12-310000712537us-gaap:ExtendedMaturityMember2020-01-012020-12-310000712537us-gaap:ContractualInterestRateReductionMember2020-01-012020-12-310000712537fcf:ContractualPaymentModificationMember2020-01-012020-12-310000712537us-gaap:CommercialLoanMember2022-01-012022-12-310000712537us-gaap:CommercialLoanMember2021-01-012021-12-310000712537us-gaap:CommercialLoanMember2020-01-012020-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:CommercialLoanMember2022-01-012022-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:CommercialLoanMember2021-01-012021-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:CommercialLoanMember2020-01-012020-12-310000712537us-gaap:ResidentialRealEstateMember2022-01-012022-12-310000712537us-gaap:ResidentialRealEstateMember2021-01-012021-12-310000712537us-gaap:ResidentialRealEstateMember2020-01-012020-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:JuniorLienMember2022-01-012022-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:JuniorLienMember2021-01-012021-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:JuniorLienMember2020-01-012020-12-310000712537us-gaap:ConsumerLoanMember2022-01-012022-12-310000712537us-gaap:ConsumerLoanMember2021-01-012021-12-310000712537us-gaap:ConsumerLoanMember2020-01-012020-12-310000712537us-gaap:AutomobilesMemberus-gaap:ConsumerLoanMember2022-01-012022-12-310000712537us-gaap:AutomobilesMemberus-gaap:ConsumerLoanMember2021-01-012021-12-310000712537us-gaap:AutomobilesMemberus-gaap:ConsumerLoanMember2020-01-012020-12-310000712537us-gaap:CommercialLoanMember2022-01-012022-12-310000712537us-gaap:CommercialLoanMember2022-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:CommercialLoanMember2022-01-012022-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:CommercialLoanMember2022-12-310000712537fcf:CommercialCreditCardsMemberus-gaap:CommercialLoanMember2021-12-310000712537fcf:CommercialCreditCardsMemberus-gaap:CommercialLoanMember2022-01-012022-12-310000712537fcf:CommercialCreditCardsMemberus-gaap:CommercialLoanMember2022-12-310000712537us-gaap:CommercialLoanMemberfcf:EquipmentFinanceMember2021-12-310000712537us-gaap:CommercialLoanMemberfcf:EquipmentFinanceMember2022-01-012022-12-310000712537us-gaap:CommercialLoanMemberfcf:EquipmentFinanceMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMemberus-gaap:CommercialLoanMember2021-12-310000712537fcf:TimeAndDemandLoansOtherMemberus-gaap:CommercialLoanMember2022-01-012022-12-310000712537fcf:TimeAndDemandLoansOtherMemberus-gaap:CommercialLoanMember2022-12-310000712537us-gaap:ConstructionLoansMember2021-12-310000712537us-gaap:ConstructionLoansMember2022-01-012022-12-310000712537us-gaap:ConstructionLoansMember2022-12-310000712537us-gaap:ConstructionMemberfcf:ConstructionOtherMember2021-12-310000712537us-gaap:ConstructionMemberfcf:ConstructionOtherMember2022-01-012022-12-310000712537us-gaap:ConstructionMemberfcf:ConstructionOtherMember2022-12-310000712537fcf:ConstructionResidentialMemberus-gaap:ConstructionMember2021-12-310000712537fcf:ConstructionResidentialMemberus-gaap:ConstructionMember2022-01-012022-12-310000712537fcf:ConstructionResidentialMemberus-gaap:ConstructionMember2022-12-310000712537us-gaap:JuniorLienMemberus-gaap:ResidentialRealEstateMember2022-01-012022-12-310000712537us-gaap:JuniorLienMemberus-gaap:ResidentialRealEstateMember2022-12-310000712537us-gaap:CommercialRealEstateMember2022-01-012022-12-310000712537us-gaap:CommercialRealEstateMember2022-12-310000712537us-gaap:CommercialRealEstateMembersrt:MultifamilyMember2021-12-310000712537us-gaap:CommercialRealEstateMembersrt:MultifamilyMember2022-01-012022-12-310000712537us-gaap:CommercialRealEstateMembersrt:MultifamilyMember2022-12-310000712537us-gaap:CommercialRealEstateMemberfcf:NonownerOccupiedCommercialRealEstateMember2022-01-012022-12-310000712537us-gaap:CommercialRealEstateMemberfcf:NonownerOccupiedCommercialRealEstateMember2022-12-310000712537us-gaap:CommercialRealEstateMemberfcf:OwnerOccupiedCommercialRealEstateMember2021-12-310000712537us-gaap:CommercialRealEstateMemberfcf:OwnerOccupiedCommercialRealEstateMember2022-01-012022-12-310000712537us-gaap:CommercialRealEstateMemberfcf:OwnerOccupiedCommercialRealEstateMember2022-12-310000712537us-gaap:ConsumerLoanMember2022-01-012022-12-310000712537us-gaap:ConsumerLoanMember2022-12-310000712537us-gaap:AutomobilesMemberus-gaap:ConsumerLoanMember2022-01-012022-12-310000712537us-gaap:AutomobilesMemberus-gaap:ConsumerLoanMember2022-12-310000712537fcf:ConsumerCreditCardsMemberus-gaap:ConsumerLoanMember2021-12-310000712537fcf:ConsumerCreditCardsMemberus-gaap:ConsumerLoanMember2022-01-012022-12-310000712537fcf:ConsumerCreditCardsMemberus-gaap:ConsumerLoanMember2022-12-310000712537fcf:OtherConsumerLoansMemberus-gaap:ConsumerLoanMember2021-12-310000712537fcf:OtherConsumerLoansMemberus-gaap:ConsumerLoanMember2022-01-012022-12-310000712537fcf:OtherConsumerLoansMemberus-gaap:ConsumerLoanMember2022-12-310000712537us-gaap:CommercialLoanMemberfcf:TotalLoansMember2022-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:CommercialLoanMemberfcf:TotalLoansMember2022-12-310000712537fcf:CommercialCreditCardsMemberus-gaap:CommercialLoanMemberfcf:TotalLoansMember2022-12-310000712537us-gaap:CommercialLoanMemberfcf:EquipmentFinanceMemberfcf:TotalLoansMember2022-12-310000712537fcf:TimeAndDemandLoansOtherMemberus-gaap:CommercialLoanMemberfcf:TotalLoansMember2022-12-310000712537fcf:TotalLoansMemberus-gaap:ConstructionLoansMember2022-12-310000712537us-gaap:ConstructionMemberfcf:TotalLoansMemberfcf:ConstructionOtherMember2022-12-310000712537fcf:ConstructionResidentialMemberus-gaap:ConstructionMemberfcf:TotalLoansMember2022-12-310000712537us-gaap:ResidentialRealEstateMemberfcf:TotalLoansMember2022-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:SeniorLienMemberfcf:TotalLoansMember2022-12-310000712537us-gaap:JuniorLienMemberus-gaap:ResidentialRealEstateMemberfcf:TotalLoansMember2022-12-310000712537us-gaap:CommercialRealEstateMemberfcf:TotalLoansMember2022-12-310000712537us-gaap:CommercialRealEstateMembersrt:MultifamilyMemberfcf:TotalLoansMember2022-12-310000712537us-gaap:CommercialRealEstateMemberfcf:NonownerOccupiedCommercialRealEstateMemberfcf:TotalLoansMember2022-12-310000712537us-gaap:CommercialRealEstateMemberfcf:OwnerOccupiedCommercialRealEstateMemberfcf:TotalLoansMember2022-12-310000712537fcf:TotalLoansMemberus-gaap:ConsumerLoanMember2022-12-310000712537us-gaap:AutomobilesMemberfcf:TotalLoansMemberus-gaap:ConsumerLoanMember2022-12-310000712537fcf:ConsumerCreditCardsMemberfcf:TotalLoansMemberus-gaap:ConsumerLoanMember2022-12-310000712537fcf:OtherConsumerLoansMemberfcf:TotalLoansMemberus-gaap:ConsumerLoanMember2022-12-310000712537fcf:TotalLoansMember2022-12-310000712537us-gaap:CommercialLoanMemberfcf:TimeAndDemandLoansPredisagreggationMember2021-12-310000712537fcf:CommercialCreditCardsMemberus-gaap:CommercialLoanMember2020-12-310000712537fcf:CommercialCreditCardsMemberus-gaap:CommercialLoanMember2021-01-012021-12-310000712537us-gaap:ConstructionLoansMember2020-12-310000712537us-gaap:ConstructionLoansMember2021-01-012021-12-310000712537us-gaap:CommercialRealEstateMembersrt:MultifamilyMember2020-12-310000712537us-gaap:CommercialRealEstateMembersrt:MultifamilyMember2021-01-012021-12-310000712537us-gaap:CommercialRealEstateMemberfcf:OwnerOccupiedCommercialRealEstateMember2021-01-012021-12-310000712537fcf:ConsumerCreditCardsMemberus-gaap:ConsumerLoanMember2020-12-310000712537fcf:ConsumerCreditCardsMemberus-gaap:ConsumerLoanMember2021-01-012021-12-310000712537fcf:OtherConsumerLoansMemberus-gaap:ConsumerLoanMember2020-12-310000712537fcf:OtherConsumerLoansMemberus-gaap:ConsumerLoanMember2021-01-012021-12-310000712537us-gaap:CommercialLoanMemberfcf:TotalLoansMember2021-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:CommercialLoanMemberfcf:TotalLoansMember2021-12-310000712537fcf:CommercialCreditCardsMemberus-gaap:CommercialLoanMemberfcf:TotalLoansMember2021-12-310000712537fcf:TotalLoansMemberus-gaap:ConstructionLoansMember2021-12-310000712537us-gaap:ResidentialRealEstateMemberfcf:TotalLoansMember2021-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:SeniorLienMemberfcf:TotalLoansMember2021-12-310000712537us-gaap:JuniorLienMemberus-gaap:ResidentialRealEstateMemberfcf:TotalLoansMember2021-12-310000712537us-gaap:CommercialRealEstateMemberfcf:TotalLoansMember2021-12-310000712537us-gaap:CommercialRealEstateMembersrt:MultifamilyMemberfcf:TotalLoansMember2021-12-310000712537us-gaap:CommercialRealEstateMemberfcf:NonownerOccupiedCommercialRealEstateMemberfcf:TotalLoansMember2021-12-310000712537us-gaap:CommercialRealEstateMemberfcf:OwnerOccupiedCommercialRealEstateMemberfcf:TotalLoansMember2021-12-310000712537fcf:TotalLoansMemberus-gaap:ConsumerLoanMember2021-12-310000712537us-gaap:AutomobilesMemberfcf:TotalLoansMemberus-gaap:ConsumerLoanMember2021-12-310000712537fcf:ConsumerCreditCardsMemberfcf:TotalLoansMemberus-gaap:ConsumerLoanMember2021-12-310000712537fcf:OtherConsumerLoansMemberfcf:TotalLoansMemberus-gaap:ConsumerLoanMember2021-12-310000712537fcf:TotalLoansMember2021-12-310000712537us-gaap:CommercialLoanMember2019-12-310000712537us-gaap:CommercialLoanMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:CommercialLoanMember2019-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:CommercialLoanMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-310000712537fcf:CommercialCreditCardsMemberus-gaap:CommercialLoanMember2019-12-310000712537fcf:CommercialCreditCardsMemberus-gaap:CommercialLoanMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-310000712537fcf:CommercialCreditCardsMemberus-gaap:CommercialLoanMember2020-01-012020-12-310000712537us-gaap:ConstructionLoansMember2019-12-310000712537srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:ConstructionLoansMember2020-12-310000712537us-gaap:ConstructionLoansMember2020-01-012020-12-310000712537us-gaap:ResidentialRealEstateMember2019-12-310000712537srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:ResidentialRealEstateMember2020-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:SeniorLienMember2019-12-310000712537srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:ResidentialRealEstateMemberus-gaap:SeniorLienMember2020-12-310000712537us-gaap:JuniorLienMemberus-gaap:ResidentialRealEstateMember2019-12-310000712537us-gaap:JuniorLienMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:ResidentialRealEstateMember2020-12-310000712537us-gaap:CommercialRealEstateMember2019-12-310000712537us-gaap:CommercialRealEstateMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-310000712537us-gaap:CommercialRealEstateMembersrt:MultifamilyMember2019-12-310000712537us-gaap:CommercialRealEstateMembersrt:MultifamilyMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-310000712537us-gaap:CommercialRealEstateMembersrt:MultifamilyMember2020-01-012020-12-310000712537us-gaap:CommercialRealEstateMemberfcf:NonownerOccupiedCommercialRealEstateMember2019-12-310000712537us-gaap:CommercialRealEstateMemberfcf:NonownerOccupiedCommercialRealEstateMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-310000712537us-gaap:CommercialRealEstateMemberfcf:OwnerOccupiedCommercialRealEstateMember2019-12-310000712537us-gaap:CommercialRealEstateMemberfcf:OwnerOccupiedCommercialRealEstateMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-310000712537us-gaap:ConsumerLoanMember2019-12-310000712537srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:ConsumerLoanMember2020-12-310000712537us-gaap:AutomobilesMemberus-gaap:ConsumerLoanMember2019-12-310000712537us-gaap:AutomobilesMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:ConsumerLoanMember2020-12-310000712537fcf:ConsumerCreditCardsMemberus-gaap:ConsumerLoanMember2019-12-310000712537fcf:ConsumerCreditCardsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:ConsumerLoanMember2020-12-310000712537fcf:ConsumerCreditCardsMemberus-gaap:ConsumerLoanMember2020-01-012020-12-310000712537fcf:OtherConsumerLoansMemberus-gaap:ConsumerLoanMember2019-12-310000712537fcf:OtherConsumerLoansMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:ConsumerLoanMember2020-12-310000712537fcf:OtherConsumerLoansMemberus-gaap:ConsumerLoanMember2020-01-012020-12-310000712537srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-310000712537us-gaap:CommercialLoanMemberfcf:TotalLoansMember2020-12-310000712537fcf:TimeAndDemandLoansMemberus-gaap:CommercialLoanMemberfcf:TotalLoansMember2020-12-310000712537fcf:CommercialCreditCardsMemberus-gaap:CommercialLoanMemberfcf:TotalLoansMember2020-12-310000712537fcf:TotalLoansMemberus-gaap:ConstructionLoansMember2020-12-310000712537us-gaap:ResidentialRealEstateMemberfcf:TotalLoansMember2020-12-310000712537us-gaap:ResidentialRealEstateMemberus-gaap:SeniorLienMemberfcf:TotalLoansMember2020-12-310000712537us-gaap:JuniorLienMemberus-gaap:ResidentialRealEstateMemberfcf:TotalLoansMember2020-12-310000712537us-gaap:CommercialRealEstateMemberfcf:TotalLoansMember2020-12-310000712537us-gaap:CommercialRealEstateMembersrt:MultifamilyMemberfcf:TotalLoansMember2020-12-310000712537us-gaap:CommercialRealEstateMemberfcf:NonownerOccupiedCommercialRealEstateMemberfcf:TotalLoansMember2020-12-310000712537us-gaap:CommercialRealEstateMemberfcf:OwnerOccupiedCommercialRealEstateMemberfcf:TotalLoansMember2020-12-310000712537fcf:TotalLoansMemberus-gaap:ConsumerLoanMember2020-12-310000712537us-gaap:AutomobilesMemberfcf:TotalLoansMemberus-gaap:ConsumerLoanMember2020-12-310000712537fcf:ConsumerCreditCardsMemberfcf:TotalLoansMemberus-gaap:ConsumerLoanMember2020-12-310000712537fcf:OtherConsumerLoansMemberfcf:TotalLoansMemberus-gaap:ConsumerLoanMember2020-12-310000712537fcf:TotalLoansMember2020-12-310000712537us-gaap:CommitmentsToExtendCreditMember2022-12-310000712537us-gaap:CommitmentsToExtendCreditMember2021-12-310000712537us-gaap:FinancialStandbyLetterOfCreditMember2022-12-310000712537us-gaap:FinancialStandbyLetterOfCreditMember2021-12-310000712537us-gaap:PerformanceGuaranteeMember2022-12-310000712537us-gaap:PerformanceGuaranteeMember2021-12-310000712537fcf:CommercialLettersOfCreditMember2022-12-310000712537fcf:CommercialLettersOfCreditMember2021-12-310000712537fcf:UnusedCommitmentsAndLettersOfCreditMember2022-12-310000712537fcf:UnusedCommitmentsAndLettersOfCreditMember2021-12-310000712537us-gaap:LandMember2022-12-310000712537us-gaap:LandMember2021-12-310000712537us-gaap:BuildingImprovementsMembersrt:MinimumMember2022-01-012022-12-310000712537us-gaap:BuildingImprovementsMembersrt:MaximumMember2022-01-012022-12-310000712537us-gaap:BuildingImprovementsMember2022-12-310000712537us-gaap:BuildingImprovementsMember2021-12-310000712537us-gaap:PropertySubjectToOperatingLeaseMembersrt:MinimumMember2022-01-012022-12-310000712537us-gaap:PropertySubjectToOperatingLeaseMembersrt:MaximumMember2022-01-012022-12-310000712537us-gaap:PropertySubjectToOperatingLeaseMember2022-12-310000712537us-gaap:PropertySubjectToOperatingLeaseMember2021-12-310000712537srt:MinimumMemberus-gaap:LeaseholdImprovementsMember2022-01-012022-12-310000712537srt:MaximumMemberus-gaap:LeaseholdImprovementsMember2022-01-012022-12-310000712537us-gaap:LeaseholdImprovementsMember2022-12-310000712537us-gaap:LeaseholdImprovementsMember2021-12-310000712537srt:MinimumMemberfcf:FurnitureAndEquipmentMember2022-01-012022-12-310000712537srt:MaximumMemberfcf:FurnitureAndEquipmentMember2022-01-012022-12-310000712537fcf:FurnitureAndEquipmentMember2022-12-310000712537fcf:FurnitureAndEquipmentMember2021-12-310000712537us-gaap:ComputerSoftwareIntangibleAssetMembersrt:MinimumMember2022-01-012022-12-310000712537us-gaap:ComputerSoftwareIntangibleAssetMembersrt:MaximumMember2022-01-012022-12-310000712537us-gaap:ComputerSoftwareIntangibleAssetMember2022-12-310000712537us-gaap:ComputerSoftwareIntangibleAssetMember2021-12-310000712537fcf:PremisesAndEquipmentMember2022-01-012022-12-310000712537fcf:PremisesAndEquipmentMember2021-01-012021-12-310000712537fcf:PremisesAndEquipmentMember2020-01-012020-12-310000712537us-gaap:PropertySubjectToOperatingLeaseMember2022-01-012022-12-310000712537us-gaap:PropertySubjectToOperatingLeaseMember2021-01-012021-12-310000712537us-gaap:PropertySubjectToOperatingLeaseMember2020-01-012020-12-31utr:Rate0000712537us-gaap:CoreDepositsMember2022-12-310000712537us-gaap:CustomerListsMember2022-12-310000712537us-gaap:CoreDepositsMember2021-12-310000712537us-gaap:CustomerListsMember2021-12-310000712537us-gaap:CoreDepositsMember2022-01-012022-12-310000712537us-gaap:CustomerListsMember2022-01-012022-12-310000712537us-gaap:CustomerRelatedIntangibleAssetsMember2022-01-012022-12-310000712537us-gaap:CustomerRelatedIntangibleAssetsMember2021-01-012021-12-310000712537us-gaap:CustomerRelatedIntangibleAssetsMember2020-01-012020-12-310000712537us-gaap:FederalFundsPurchasedMember2022-12-310000712537us-gaap:FederalFundsPurchasedMember2022-01-012022-12-310000712537us-gaap:FederalFundsPurchasedMember2021-12-310000712537us-gaap:FederalFundsPurchasedMember2021-01-012021-12-310000712537us-gaap:FederalFundsPurchasedMember2020-12-310000712537us-gaap:FederalFundsPurchasedMember2020-01-012020-12-310000712537us-gaap:FederalHomeLoanBankCertificatesAndObligationsFHLBMember2022-12-310000712537us-gaap:FederalHomeLoanBankCertificatesAndObligationsFHLBMember2022-01-012022-12-310000712537us-gaap:FederalHomeLoanBankCertificatesAndObligationsFHLBMember2021-12-310000712537us-gaap:FederalHomeLoanBankCertificatesAndObligationsFHLBMember2021-01-012021-12-310000712537us-gaap:FederalHomeLoanBankCertificatesAndObligationsFHLBMember2020-12-310000712537us-gaap:FederalHomeLoanBankCertificatesAndObligationsFHLBMember2020-01-012020-12-310000712537us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2022-12-310000712537us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2022-01-012022-12-310000712537us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2021-12-310000712537us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2021-01-012021-12-310000712537us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2020-12-310000712537us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2020-01-012020-12-310000712537srt:MaximumMember2022-12-310000712537srt:MaximumMember2021-12-310000712537srt:MaximumMember2020-12-310000712537srt:WeightedAverageMember2022-12-310000712537srt:WeightedAverageMember2021-12-310000712537srt:WeightedAverageMember2020-12-310000712537fcf:FirstCommonwealthBankdue2028Member2022-01-012022-12-310000712537us-gaap:LondonInterbankOfferedRateLIBORMemberus-gaap:SubordinatedDebtMemberfcf:FirstCommonwealthBank2028Member2022-01-012022-12-310000712537us-gaap:LondonInterbankOfferedRateLIBORMemberus-gaap:SubordinatedDebtMemberfcf:FirstCommonwealthBank2028Member2021-01-012021-12-310000712537fcf:FirstCommonwealthBankdue2028Member2022-12-310000712537fcf:FirstCommonwealthBankdue2028Member2021-12-310000712537fcf:FirstCommonwealthBankdue2033Member2022-01-012022-12-310000712537fcf:FirstCommonwealthBank2033Memberus-gaap:LondonInterbankOfferedRateLIBORMemberus-gaap:SubordinatedDebtMember2021-01-012021-12-310000712537fcf:FirstCommonwealthBank2033Memberus-gaap:LondonInterbankOfferedRateLIBORMemberus-gaap:SubordinatedDebtMember2022-01-012022-12-310000712537fcf:FirstCommonwealthBankdue2033Member2022-12-310000712537fcf:FirstCommonwealthBankdue2033Member2021-12-310000712537fcf:FirstCommonwealthCapitalTrustTwoMember2022-01-012022-12-310000712537us-gaap:LondonInterbankOfferedRateLIBORMemberus-gaap:SubordinatedDebtMemberfcf:FirstCommonwealthCapitalTrustTwoMember2022-01-012022-12-310000712537us-gaap:LondonInterbankOfferedRateLIBORMemberus-gaap:SubordinatedDebtMemberfcf:FirstCommonwealthCapitalTrustTwoMember2021-01-012021-12-310000712537fcf:FirstCommonwealthCapitalTrustTwoMember2022-12-310000712537fcf:FirstCommonwealthCapitalTrustTwoMember2021-12-310000712537fcf:FirstCommonwealthCapitalTrustThreeMember2022-01-012022-12-310000712537us-gaap:LondonInterbankOfferedRateLIBORMemberfcf:FirstCommonwealthCapitalTrustThreeMemberus-gaap:SubordinatedDebtMember2022-01-012022-12-310000712537us-gaap:LondonInterbankOfferedRateLIBORMemberfcf:FirstCommonwealthCapitalTrustThreeMemberus-gaap:SubordinatedDebtMember2021-01-012021-12-310000712537fcf:FirstCommonwealthCapitalTrustThreeMember2022-12-310000712537fcf:FirstCommonwealthCapitalTrustThreeMember2021-12-310000712537fcf:FirstCommonwealthBank2028Member2018-05-210000712537fcf:FirstCommonwealthBank2028Member2022-12-310000712537fcf:FirstCommonwealthBank2033Member2018-05-210000712537fcf:FirstCommonwealthBank2033Member2022-12-31fcf:trust0000712537us-gaap:FederalHomeLoanBankAdvancesMember2021-12-310000712537us-gaap:FederalHomeLoanBankAdvancesMember2022-12-310000712537us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-12-310000712537fcf:ParValueMemberus-gaap:EquitySecuritiesMember2022-01-012022-12-310000712537fcf:ReserveMemberfcf:ImpairedLoansMember2022-12-310000712537fcf:ReserveMemberfcf:ImpairedLoansMember2022-01-012022-12-310000712537fcf:ReserveMemberfcf:DiscountRatesMemberfcf:ImpairedLoansMember2022-01-012022-12-310000712537fcf:ReserveMembersrt:WeightedAverageMemberfcf:ImpairedLoansMember2022-01-012022-12-310000712537fcf:ReserveMemberfcf:ImpairedLoansMemberfcf:GasPerMMBTUMember2022-01-012022-12-310000712537fcf:GasPerMMBTUMemberfcf:ReserveMembersrt:MinimumMemberfcf:ImpairedLoansMember2022-01-012022-12-310000712537fcf:GasPerMMBTUMemberfcf:ReserveMembersrt:MaximumMemberfcf:ImpairedLoansMember2022-01-012022-12-310000712537fcf:OilPerBBLdMemberfcf:ReserveMemberfcf:ImpairedLoansMember2022-01-012022-12-310000712537fcf:ReserveMembersrt:MinimumMemberfcf:ImpairedLoansMemberfcf:OilPerBBLdMember2022-01-012022-12-310000712537fcf:ReserveMembersrt:MaximumMemberfcf:ImpairedLoansMemberfcf:OilPerBBLdMember2022-01-012022-12-310000712537us-gaap:FairValueInputsLevel3Member2022-12-310000712537fcf:ParValueMemberus-gaap:OtherAssetsMember2022-01-012022-12-310000712537us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-12-310000712537fcf:ParValueMemberus-gaap:EquitySecuritiesMember2021-01-012021-12-310000712537fcf:ReserveMemberfcf:ImpairedLoansMember2021-12-310000712537fcf:ReserveMemberfcf:ImpairedLoansMember2021-01-012021-12-310000712537fcf:ReserveMemberfcf:DiscountRatesMemberfcf:ImpairedLoansMember2021-01-012021-12-310000712537fcf:ReserveMembersrt:WeightedAverageMemberfcf:ImpairedLoansMember2021-01-012021-12-310000712537fcf:ReserveMemberfcf:ImpairedLoansMemberfcf:GasPerMMBTUMember2021-01-012021-12-310000712537fcf:GasPerMMBTUMemberfcf:ReserveMembersrt:MinimumMemberfcf:ImpairedLoansMember2021-01-012021-12-310000712537fcf:GasPerMMBTUMemberfcf:ReserveMembersrt:MaximumMemberfcf:ImpairedLoansMember2021-01-012021-12-310000712537fcf:OilPerBBLdMemberfcf:ReserveMemberfcf:ImpairedLoansMember2021-01-012021-12-310000712537fcf:ReserveMembersrt:MinimumMemberfcf:ImpairedLoansMemberfcf:OilPerBBLdMember2021-01-012021-12-310000712537fcf:ReserveMembersrt:MaximumMemberfcf:ImpairedLoansMemberfcf:OilPerBBLdMember2021-01-012021-12-310000712537us-gaap:FairValueInputsLevel3Member2021-12-310000712537fcf:ParValueMemberus-gaap:OtherAssetsMember2021-01-012021-12-310000712537us-gaap:USGovernmentAgenciesDebtSecuritiesMemberfcf:MortgageBackedSecuritiesResidentialMemberus-gaap:FairValueInputsLevel1Member2022-12-310000712537us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberfcf:MortgageBackedSecuritiesResidentialMember2022-12-310000712537us-gaap:USGovernmentAgenciesDebtSecuritiesMemberfcf:MortgageBackedSecuritiesResidentialMemberus-gaap:FairValueInputsLevel3Member2022-12-310000712537us-gaap:USGovernmentAgenciesDebtSecuritiesMemberfcf:MortgageBackedSecuritiesResidentialMember2022-12-310000712537us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberfcf:MortgageBackedSecuritiesCommercialMember2022-12-310000712537us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberfcf:MortgageBackedSecuritiesCommercialMember2022-12-310000712537us-gaap:USGovernmentAgenciesDebtSecuritiesMemberfcf:MortgageBackedSecuritiesCommercialMemberus-gaap:FairValueInputsLevel3Member2022-12-310000712537us-gaap:USGovernmentAgenciesDebtSecuritiesMemberfcf:MortgageBackedSecuritiesCommercialMember2022-12-310000712537us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberfcf:MortgageBackedSecuritiesResidentialMemberus-gaap:FairValueInputsLevel1Member2022-12-310000712537us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberfcf:MortgageBackedSecuritiesResidentialMember2022-12-310000712537us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberfcf:MortgageBackedSecuritiesResidentialMemberus-gaap:FairValueInputsLevel3Member2022-12-310000712537us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberfcf:MortgageBackedSecuritiesResidentialMember2022-12-310000712537us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberfcf:OtherGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel1Member2022-12-310000712537us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberfcf:OtherGovernmentSponsoredEnterprisesMember2022-12-310000712537us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberfcf:OtherGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel3Member2022-12-310000712537us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberfcf:OtherGovernmentSponsoredEnterprisesMember2022-12-310000712537us-gaap:FairValueInputsLevel1Memberfcf:ObligationsOfStatesAndPoliticalSubdivisionsMember2022-12-310000712537us-gaap:FairValueInputsLevel2Memberfcf:ObligationsOfStatesAndPoliticalSubdivisionsMember2022-12-310000712537us-gaap:FairValueInputsLevel3Memberfcf:ObligationsOfStatesAndPoliticalSubdivisionsMember2022-12-310000712537fcf:ObligationsOfStatesAndPoliticalSubdivisionsMember2022-12-310000712537us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2022-12-310000712537us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2022-12-310000712537us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-12-310000712537us-gaap:FairValueInputsLevel1Member2022-12-310000712537us-gaap:FairValueInputsLevel2Member2022-12-310000712537us-gaap:USGovernmentAgenciesDebtSecuritiesMemberfcf:MortgageBackedSecuritiesResidentialMemberus-gaap:FairValueInputsLevel1Member2021-12-310000712537us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberfcf:MortgageBackedSecuritiesResidentialMember2021-12-310000712537us-gaap:USGovernmentAgenciesDebtSecuritiesMemberfcf:MortgageBackedSecuritiesResidentialMemberus-gaap:FairValueInputsLevel3Member2021-12-310000712537us-gaap:USGovernmentAgenciesDebtSecuritiesMemberfcf:MortgageBackedSecuritiesResidentialMember2021-12-310000712537us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberfcf:MortgageBackedSecuritiesCommercialMember2021-12-310000712537us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberfcf:MortgageBackedSecuritiesCommercialMember2021-12-310000712537us-gaap:USGovernmentAgenciesDebtSecuritiesMemberfcf:MortgageBackedSecuritiesCommercialMemberus-gaap:FairValueInputsLevel3Member2021-12-310000712537us-gaap:USGovernmentAgenciesDebtSecuritiesMemberfcf:MortgageBackedSecuritiesCommercialMember2021-12-310000712537us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberfcf:MortgageBackedSecuritiesResidentialMemberus-gaap:FairValueInputsLevel1Member2021-12-310000712537us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberfcf:MortgageBackedSecuritiesResidentialMember2021-12-310000712537us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberfcf:MortgageBackedSecuritiesResidentialMemberus-gaap:FairValueInputsLevel3Member2021-12-310000712537us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberfcf:MortgageBackedSecuritiesResidentialMember2021-12-310000712537us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberfcf:OtherGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel1Member2021-12-310000712537us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberfcf:OtherGovernmentSponsoredEnterprisesMember2021-12-310000712537us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberfcf:OtherGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel3Member2021-12-310000712537us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberfcf:OtherGovernmentSponsoredEnterprisesMember2021-12-310000712537us-gaap:FairValueInputsLevel1Memberfcf:ObligationsOfStatesAndPoliticalSubdivisionsMember2021-12-310000712537us-gaap:FairValueInputsLevel2Memberfcf:ObligationsOfStatesAndPoliticalSubdivisionsMember2021-12-310000712537us-gaap:FairValueInputsLevel3Memberfcf:ObligationsOfStatesAndPoliticalSubdivisionsMember2021-12-310000712537fcf:ObligationsOfStatesAndPoliticalSubdivisionsMember2021-12-310000712537us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2021-12-310000712537us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2021-12-310000712537us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-12-310000712537us-gaap:FairValueInputsLevel1Member2021-12-310000712537us-gaap:FairValueInputsLevel2Member2021-12-310000712537us-gaap:EquitySecuritiesMember2021-12-310000712537us-gaap:OtherAssetsMember2021-12-310000712537us-gaap:EquitySecuritiesMember2022-01-012022-12-310000712537us-gaap:OtherAssetsMember2022-01-012022-12-310000712537us-gaap:EquitySecuritiesMember2022-12-310000712537us-gaap:OtherAssetsMember2022-12-310000712537us-gaap:EquitySecuritiesMember2020-12-310000712537us-gaap:OtherAssetsMember2020-12-310000712537us-gaap:EquitySecuritiesMember2021-01-012021-12-310000712537us-gaap:OtherAssetsMember2021-01-012021-12-310000712537us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2022-12-310000712537us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2022-12-310000712537us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2022-12-310000712537us-gaap:FairValueMeasurementsNonrecurringMember2022-12-310000712537us-gaap:FairValueMeasurementsNonrecurringMember2022-01-012022-12-310000712537us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310000712537us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310000712537us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310000712537us-gaap:FairValueMeasurementsNonrecurringMember2021-12-310000712537us-gaap:FairValueMeasurementsNonrecurringMember2021-01-012021-12-310000712537us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310000712537us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000712537us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2022-12-310000712537us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000712537us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2022-12-310000712537us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310000712537us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000712537us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2021-12-310000712537us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000712537us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2021-12-310000712537srt:MinimumMember2022-01-012022-12-310000712537fcf:ChangeInBenefitObligationMember2021-12-310000712537fcf:ChangeInBenefitObligationMember2020-12-310000712537fcf:ChangeInBenefitObligationMember2022-01-012022-12-310000712537fcf:ChangeInBenefitObligationMember2021-01-012021-12-310000712537fcf:ChangeInBenefitObligationMember2022-12-310000712537fcf:ChangeInPlanAssetsMember2021-12-310000712537fcf:ChangeInPlanAssetsMember2020-12-310000712537fcf:ChangeInPlanAssetsMember2022-01-012022-12-310000712537fcf:ChangeInPlanAssetsMember2021-01-012021-12-310000712537fcf:ChangeInPlanAssetsMember2022-12-310000712537fcf:BenefitObligationMember2022-12-310000712537fcf:BenefitObligationMember2021-12-310000712537fcf:BenefitObligationMember2020-12-310000712537fcf:BenefitObligationMember2022-01-012022-12-310000712537fcf:BenefitObligationMember2021-01-012021-12-310000712537fcf:BenefitObligationMember2020-01-012020-12-310000712537fcf:NetPeriodicCostMember2022-01-012022-12-310000712537fcf:NetPeriodicCostMember2021-01-012021-12-310000712537fcf:NetPeriodicCostMember2020-01-012020-12-310000712537fcf:NetPeriodicCostMember2022-12-310000712537fcf:NetPeriodicCostMember2021-12-310000712537fcf:NetPeriodicCostMember2020-12-310000712537us-gaap:PostretirementBenefitCostsMember2022-12-310000712537us-gaap:RestrictedStockMember2022-03-282022-03-280000712537us-gaap:RestrictedStockMember2022-02-172022-02-170000712537us-gaap:RestrictedStockMember2022-01-032022-01-030000712537us-gaap:RestrictedStockMember2021-12-132021-12-130000712537us-gaap:RestrictedStockMember2021-12-092021-12-090000712537us-gaap:RestrictedStockMember2021-11-222021-11-220000712537us-gaap:RestrictedStockMember2021-11-192021-11-190000712537us-gaap:RestrictedStockMember2021-09-272021-09-270000712537us-gaap:RestrictedStockMember2021-06-142021-06-140000712537us-gaap:RestrictedStockMember2021-02-182021-02-180000712537us-gaap:RestrictedStockMember2020-02-202020-02-200000712537srt:OfficerMemberus-gaap:RestrictedStockMember2019-02-212019-02-210000712537us-gaap:RestrictedStockMembersrt:ExecutiveOfficerMember2019-02-212019-02-210000712537us-gaap:RestrictedStockMember2018-11-262018-11-260000712537us-gaap:RestrictedStockMember2018-05-292018-05-290000712537us-gaap:RestrictedStockMember2018-03-262018-03-260000712537us-gaap:RestrictedStockMember2018-02-262018-02-260000712537us-gaap:RestrictedStockMemberfcf:March242017Grant1Member2017-03-242017-03-240000712537us-gaap:RestrictedStockMemberfcf:March242017Grant3Member2017-03-242017-03-240000712537us-gaap:RestrictedStockMember2022-01-012022-12-310000712537us-gaap:RestrictedStockMember2021-01-012021-12-310000712537us-gaap:RestrictedStockMember2020-01-012020-12-310000712537us-gaap:RestrictedStockMember2022-12-310000712537us-gaap:RestrictedStockUnitsRSUMember2015-12-302015-12-3000007125372015-12-302015-12-300000712537us-gaap:RestrictedStockUnitsRSUMember2018-02-222018-02-2200007125372018-02-222018-02-220000712537us-gaap:RestrictedStockUnitsRSUMember2019-02-212019-02-2100007125372019-02-212019-02-210000712537us-gaap:RestrictedStockUnitsRSUMember2020-02-202020-02-2000007125372020-02-202020-02-200000712537us-gaap:RestrictedStockUnitsRSUMember2021-02-182021-02-1800007125372021-02-182021-02-180000712537us-gaap:RestrictedStockUnitsRSUMember2022-02-172022-02-1700007125372022-02-172022-02-170000712537us-gaap:RestrictedStockMember2021-12-310000712537us-gaap:RestrictedStockMember2020-12-310000712537us-gaap:RestrictedStockMember2019-12-310000712537fcf:Component1Memberfcf:February232017Member2022-01-012022-12-310000712537fcf:Component2Memberfcf:February232017Member2022-01-012022-12-310000712537fcf:February232017Memberfcf:Component3Member2022-01-012022-12-310000712537fcf:February222018Memberfcf:Component1Member2022-01-012022-12-310000712537fcf:February222018Memberfcf:Component2Member2022-01-012022-12-310000712537fcf:February222018Memberfcf:Component3Member2022-01-012022-12-310000712537fcf:Component1Memberfcf:February212019Member2022-01-012022-12-310000712537fcf:February212019Memberfcf:Component2Member2022-01-012022-12-310000712537fcf:February212019Memberfcf:Component3Member2022-01-012022-12-310000712537fcf:Component1Memberfcf:February202020Member2022-01-012022-12-310000712537fcf:Component2Memberfcf:February202020Member2022-01-012022-12-310000712537fcf:February202020Memberfcf:Component3Member2022-01-012022-12-310000712537fcf:Component1Memberfcf:February182021Member2022-01-012022-12-310000712537fcf:Component2Memberfcf:February182021Member2022-01-012022-12-310000712537fcf:February182021Memberfcf:Component3Member2022-01-012022-12-310000712537fcf:Component1Memberfcf:February172022Member2022-01-012022-12-310000712537fcf:February172022Memberfcf:Component2Member2022-01-012022-12-310000712537fcf:February172022Memberfcf:Component3Member2022-01-012022-12-310000712537srt:MinimumMember2022-12-310000712537fcf:InScopeofTopic606Member2022-01-012022-12-310000712537fcf:InScopeofTopic606Member2021-01-012021-12-310000712537fcf:InScopeofTopic606Member2020-01-012020-12-310000712537fcf:OutOfScopeofTopic606Member2022-01-012022-12-310000712537fcf:OutOfScopeofTopic606Member2021-01-012021-12-310000712537fcf:OutOfScopeofTopic606Member2020-01-012020-12-3100007125372018-05-210000712537fcf:FirstCommonwealthFinancialCorporationMemberfcf:ActualMember2022-12-310000712537fcf:FirstCommonwealthFinancialCorporationMemberfcf:RegulatoryMinimumforWellCapitalizedUnderFDICIFullyPhasedInMember2022-12-310000712537fcf:WellCapitalizedRatioMemberfcf:FirstCommonwealthFinancialCorporationMember2022-12-310000712537fcf:FirstCommonwealthBankMemberfcf:ActualMember2022-12-310000712537fcf:FirstCommonwealthBankMemberfcf:RegulatoryMinimumforWellCapitalizedUnderFDICIFullyPhasedInMember2022-12-310000712537fcf:FirstCommonwealthBankMemberfcf:WellCapitalizedRatioMember2022-12-310000712537fcf:FirstCommonwealthFinancialCorporationMember2022-12-310000712537fcf:FirstCommonwealthBankMember2022-12-310000712537fcf:FirstCommonwealthFinancialCorporationMemberfcf:ActualMember2021-12-310000712537fcf:FirstCommonwealthFinancialCorporationMemberfcf:RegulatoryMinimumforWellCapitalizedUnderFDICIFullyPhasedInMember2021-12-310000712537fcf:WellCapitalizedRatioMemberfcf:FirstCommonwealthFinancialCorporationMember2021-12-310000712537fcf:FirstCommonwealthBankMemberfcf:ActualMember2021-12-310000712537fcf:FirstCommonwealthBankMemberfcf:RegulatoryMinimumforWellCapitalizedUnderFDICIFullyPhasedInMember2021-12-310000712537fcf:FirstCommonwealthBankMemberfcf:WellCapitalizedRatioMember2021-12-310000712537fcf:FirstCommonwealthFinancialCorporationMember2021-12-310000712537fcf:FirstCommonwealthBankMember2021-12-310000712537fcf:A2021ShareRepurchasePlan2Member2021-10-310000712537fcf:A2021ShareRepurchasePlan2Member2022-01-012022-12-310000712537srt:ParentCompanyMember2022-12-310000712537srt:ParentCompanyMember2021-12-310000712537srt:ParentCompanyMember2022-01-012022-12-310000712537srt:ParentCompanyMember2021-01-012021-12-310000712537srt:ParentCompanyMember2020-01-012020-12-310000712537srt:ParentCompanyMember2020-12-310000712537srt:ParentCompanyMember2019-12-31
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file Number 001-11138
FIRST COMMONWEALTH FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
PENNSYLVANIA25-1428528
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
601 PHILADELPHIA STREET15701
INDIANA,PA
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (724349-7220
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
COMMON STOCK, $1 PAR VALUEFCFNEW YORK STOCK EXCHANGE
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes  x No ¨
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ¨    No x
Note—Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Exchange Act from their obligations under those Sections.
Indicate by 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 and posted 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, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer x     Accelerated filer ¨   Non-accelerated filer ¨    Smaller reporting company  Emerging growth 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. x
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).
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 aggregate market value of the voting and non-voting common stock, par value $1 per share, held by non-affiliates of the registrant (based upon the closing sale price on June 30, 2022) was approximately $1,235,063,508.
The number of shares outstanding of the registrant’s common stock, $1.00 Par Value as of February 24, 2023, was 103,069,202.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the definitive Proxy Statement to be filed with the Securities and Exchange Commission in connection with the annual meeting of shareholders to be held April 25, 2023 are incorporated by reference into Part III.


Table of Contents
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
FORM 10-K
INDEX
 
PART I PAGE
ITEM 1.
ITEM 1A.
ITEM 1B.
ITEM 2.
ITEM 3.
ITEM 4.
PART II
ITEM 5.
ITEM 6.
ITEM 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations
ITEM 7A.
ITEM 8.
ITEM 9.
ITEM 9A.
ITEM 9B.
ITEM 9C.
PART III
ITEM 10.
ITEM 11.
ITEM 12.
ITEM 13.
ITEM 14.
PART IV
ITEM 15.
ITEM 16.
Form 10-K Summary


Table of Contents
FORWARD-LOOKING STATEMENTS
Certain statements contained in this Annual Report on Form 10-K that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”), notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the Securities and Exchange Commission, in press releases, and in oral and written statements made by us or with our approval that are not statements of historical fact and constitute forward-looking statements within the meaning of the Reform Act. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statements of plans, objectives and expectations of First Commonwealth or its management or Board of Directors, including those relating to products, services or operations; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Words such as “believe,” “anticipate,” “expect,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could” or “may,” are intended to identify forward-looking statements. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those in such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:
Local, regional, national and international economic conditions and the impact they may have on us and our customers and our assessment of that impact.
Volatility and disruption in national and international financial markets.
Government intervention in the U.S. financial system.
Changes in the mix of loan geographies, sectors and types or the level of non-performing assets and charge-offs.
Changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements.
The effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board.
Inflation, interest rate, securities market and monetary fluctuations.
The effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which we and our subsidiaries must comply.
The soundness of other financial institutions.
Political instability.
Impairment of our goodwill or other intangible assets.
Acts of God or of war or terrorism.
The timely development and acceptance of new products and services and perceived overall value of these products and services by users.
Changes in consumer spending, borrowings and savings habits.
Changes in the financial performance and/or condition of our borrowers.
Technological changes.
The cost and effects of cyber incidents or other failures, interruption or security breaches of our systems or those of third-party providers.
Acquisitions and integration of acquired businesses.
Our ability to increase market share and control expenses.
Our ability to attract and retain qualified employees.
Changes in the competitive environment in our markets and among banking organizations and other financial service providers.
The effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters.
Changes in the reliability of our vendors, internal control systems or information systems.
Changes in our liquidity position.
Changes in our organization, compensation and benefit plans.
The costs and effects of legal and regulatory developments, the resolution of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals.
Greater than expected costs or difficulties related to the integration of new products and lines of business.
Our success at managing the risks involved in the foregoing items.

Forward-looking statements speak only as of the date on which such statements are made. We do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events.

3

Table of Contents
PART I

ITEM 1.    Business
Overview
First Commonwealth Financial Corporation (“First Commonwealth,” the “Company” or “we”) is a financial holding company headquartered in Indiana, Pennsylvania. First Commonwealth's subsidiaries include First Commonwealth Bank ("FCB" or the "Bank"), First Commonwealth Insurance Agency, Inc. ("FCIA"), FRAMAL and First Commonwealth Financial Advisors, ("FCFA"). We provide a diversified array of consumer and commercial banking services through our bank subsidiary, FCB. We also provide trust and wealth management services and offer insurance products through FCB and our other operating subsidiaries. At December 31, 2022, we had total assets of $9.8 billion, total loans of $7.7 billion, total deposits of $8.0 billion and shareholders’ equity of $1.1 billion. Our principal executive office is located at 601 Philadelphia Street, Indiana, Pennsylvania 15701, and our telephone number is (724) 349-7220.
FCB is a Pennsylvania bank and trust company. At December 31, 2022, the Bank operated 119 community banking offices throughout western and central Pennsylvania, and northeastern, central and southwestern Ohio, as well as corporate banking centers in Pittsburgh, Pennsylvania, and Columbus, Canton and Cleveland, Ohio, and mortgage banking offices in Wexford, Pennsylvania, and Hudson, Westlake and Lewis Center, Ohio. The Bank also operates a network of 132 automated teller machines, or ATMs, at various branch offices and offsite locations. All of our ATMs are part of the NYCE and MasterCard/Cirrus networks, both of which operate nationwide. The Bank is a member of the Allpoint ATM network, which allows surcharge-free access to over 55,000 ATMs. The Bank is also a member of the “Freedom ATM Alliance,” which affords cardholders surcharge-free access to a network of over 350 ATMs in over 50 counties in Pennsylvania, Maryland, New York, and Ohio.
Historical and Recent Developments
FCB began in 1934 as First National Bank of Indiana. First National Bank of Indiana changed its name to National Bank of the Commonwealth in 1971 and became a subsidiary of First Commonwealth in 1983.

Since the formation of the holding company in 1983, we have grown steadily through the acquisition of smaller banks and thrifts in our market area, including Deposit Bank in 1984, Dale National Bank and First National Bank of Leechburg in 1985, Citizens National Bank of Windber in 1986, Peoples Bank and Trust Company in 1990, Central Bank in 1992, Peoples Bank of Western Pennsylvania in 1993, and Unitas National Bank and Reliable Savings Bank in 1994. In 1995, we merged all of our banking subsidiaries (other than Reliable Savings Bank) into Deposit Bank and renamed the resulting institution “First Commonwealth Bank.” We then merged Reliable Savings Bank into FCB in 1997. We acquired Southwest Bank in 1998 and merged it into FCB in 2002.

We expanded our presence in the Pittsburgh market through the acquisitions of Pittsburgh Savings Bank (dba BankPittsburgh) in 2003, Great American Federal in 2004 and Laurel Savings Bank in 2006. These acquisitions added 27 branches in Allegheny and Butler Counties.
In 2015, we expanded into central Ohio through the acquisition of First Community Bank with four branches in the Columbus area. In 2016, we acquired 13 branches from FirstMerit Bank, National Association, in Canton-Massillon and Ashtabula, Ohio and in 2017, we acquired DCB Financial Corp, ("DCB") and its banking subsidiary The Delaware County Bank and Trust Company with nine full-service banking offices in the Columbus, Ohio MSA. In 2018, we acquired Garfield Acquisition Corp., and its banking subsidiary Foundation Bank with five full-service banking offices in the Cincinnati, Ohio area. Additionally, since 2014, we have expanded our presence in the Ohio market by opening a corporate loan production office in Columbus, Canton and Cleveland, Ohio, and mortgage loan offices in Hudson, Canfield and Lewis Center, Ohio.
In 2019, we expanded our Pennsylvania markets into State College, Lock Haven, Williamsport and Lewisburg through the acquisition of 14 branches from Santander Bank, N.A.
On August 30, 2022, we entered into an agreement and plan of merger to acquire Centric Financial Corporation ("Centric") and its banking subsidiary Centric Bank, which operates branches located in Harrisburg, Hershey, Mechanicsburg, Camp Hill, Doylestown, Devon, and Lancaster, Pennsylvania, and loan production offices in Lancaster and Devon, Pennsylvania. We completed the acquisition of Centric on January 31, 2023.
We have also focused on organic growth, improving the reach of our franchise and the breadth of our product offering. As part of this strategy, we have opened fourteen de novo branches since 2005, all of which are in the greater Pittsburgh area. As a result of our prior acquisitions and de novo strategy, FCB operates 47 branches and a corporate banking center in the Pittsburgh metropolitan statistical area ("MSA") and currently ranks tenth in deposit market share in the Pittsburgh MSA. In the first quarter of 2022, we entered the equipment leasing and finance business with a division based in the suburban Philadelphia area.
4

Table of Contents
Our operating objectives include expansion, diversification within our markets, growth of our fee-based income, and growth internally and through acquisitions of financial institutions, branches, and financial services businesses. We generally seek merger or acquisition partners that are culturally similar, have experienced management and possess either significant market presence or have potential for improved profitability through financial management, economies of scale and expanded services. We regularly evaluate merger and acquisition opportunities and, from time to time, conduct due diligence activities related to possible transactions with other financial institutions and financial services companies. As a result, merger or acquisition discussions and, in some cases, negotiations, may take place and future merger acquisitions involving cash, debt or equity securities may occur. Acquisitions typically involve the payment of a premium over book and market values, and, therefore, some dilution of First Commonwealth’s tangible book value and net income per common share may occur in connection with any future transaction. Our ability to engage in certain merger or acquisition transactions, whether or not any regulatory approval is required, will be dependent upon our bank regulators’ views at the time as to our capital levels, quality of management and our overall condition and their assessment of a variety of other factors. Certain merger or acquisition transactions, including those involving the acquisition of a depository institution or the assumption of the deposits of any depository institution, require formal approval from various bank regulatory authorities, which will be subject to a variety of factors and considerations.
Loan Portfolio
The Company’s loan portfolio includes several categories of loans that are discussed in detail below.

Commercial, Financial, Agricultural and Other
Commercial, financial, agricultural and other loans represent term loans used to acquire business assets or revolving lines of credit used to finance working capital. These loans are generally secured by a first lien position on the borrower’s business assets as a secondary source of repayment. The type and amount of the collateral varies depending on the amount and terms of the loan, but generally may include accounts receivable, inventory, equipment or other assets. Loans also may be supported by personal guarantees from the principals of the commercial loan borrowers.

Commercial loans are underwritten for credit-worthiness based on the borrowers’ financial information, cash flow, net worth, prior loan performance, existing debt levels, type of business and the industry in which it operates. Advance rates on commercial loans are generally collateral-dependent and are determined based on the type of equipment, the mix of inventory and the quality of receivables.

Credit risk for commercial loans can arise from a borrower’s inability or unwillingness to repay the loan, and in the case of secured loans, from a shortfall in the collateral value in relation to the outstanding loan balance in the event of a default and subsequent liquidation of collateral. The Company’s Credit Policy establishes loan concentration limits by borrower, geography and industry.

Commercial Real Estate
Commercial real estate loans represent term loans secured by owner-occupied and non-owner occupied properties. Commercial real estate loans are underwritten based on an evaluation of each borrower’s cash flow as the principal source of loan repayment, and are generally secured by a first lien on the property as a secondary source of repayment. Our underwriting process for non-owner occupied properties evaluates the history of occupancy, quality of tenants, lease terms, operating expenses and cash flow. Commercial real estate loans are subject to the same credit evaluation as previously described for commercial loans. Approximately 20%, by principal amount, of our commercial real estate loans involve owner-occupied properties.

For loans secured by commercial real estate, at origination the Company obtains current and independent appraisals from licensed or certified appraisers to assess the value of the underlying collateral. The Company’s general policy for commercial real estate loans is to limit the terms of the loans to not more than 10 years with loan-to-value ratios not exceeding 80% on owner-occupied and income producing properties. For non-owner occupied commercial real estate loans, the loan terms are generally aligned with the property’s lease terms and are generally underwritten with a loan-to-value ratio not exceeding 75%.

Credit risk for commercial real estate loans can arise from economic conditions that could impact market demand, rental rates and property vacancy rates and declines in the collateral value in relation to the outstanding loan balance in the event of a default and subsequent liquidation of collateral.
Real Estate Construction
Real estate construction represents financing for real estate development.  The underwriting process for these loans is designed to confirm that the project will be economically feasible and financially viable upon completion and is generally conducted as
5

Table of Contents
though the Company would be providing permanent financing for the project. Development and construction loans are secured by the properties under development or construction, and personal guarantees are typically obtained as a secondary repayment source. The Company considers the financial condition and reputation of the borrower and any guarantors and generally requires a global cash flow analysis in order to assess the overall financial position of the developer. 

Construction loans to residential builders are generally made for the construction of residential homes for which a binding sales contract exists and for which the prospective buyers have been pre-qualified for permanent mortgage financing by either third-party lenders or the Company.  These loans are generally for a period of time sufficient to complete construction.

Residential construction loans to individuals generally provide for the payment of interest only during the construction phase. At the end of the construction phase, substantially all of our loans automatically convert to permanent mortgage loans and can either be retained in our loan portfolio or sold on the secondary market.

Credit risk for real estate construction loans can arise from construction delays, cost overruns, failure of the contractor to complete the project to specifications and economic conditions that could impact demand for or supply of the property being constructed.

Residential Real Estate
Residential real estate loans include first lien mortgages used by the borrower to purchase or refinance a principal residence and home equity loans and lines of credit secured by residential real estate. The Company’s underwriting process for these loans determines credit-worthiness based upon debt-to-income ratios, collateral values and other relevant factors.

Credit risk for residential real estate loans can arise from a borrower’s inability or unwillingness to repay the loan or a shortfall in the value of the residential real estate in relation to the outstanding loan balance in the event of a default and subsequent liquidation of the real estate collateral. 

The residential real estate portfolio includes both conforming and non-conforming mortgage loans. Conforming mortgage loans represent loans originated in accordance with underwriting standards set forth by the government-sponsored entities, including the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association, which serve as the primary purchasers of loans sold in the secondary mortgage market by mortgage lenders. These loans are generally collateralized by one-to-four-family residential real estate, have loan-to-collateral value ratios of 80% or less (or have mortgage insurance to insure down to 80%), and are made to borrowers in good credit standing.  Non-conforming mortgage loans represent loans that generally are not saleable in the secondary market to the government-sponsored entities due to factors such as the credit characteristics of the borrower, the underlying documentation, the loan-to-value ratio, or the size of the loan. The Company does not offer “subprime,” “interest-only” or “negative amortization” mortgages.

Home equity lines of credit and other home equity loans are originated by the Company for typically up to 90% of the appraised value, less the amount of any existing prior liens on the property. Additionally, the Company’s credit policy requires borrower FICO scores of not less than 661 and a debt-to-income ratio of not more than 43%.

Loans to Individuals
The loans to individuals category includes consumer installment loans, personal lines of credit, consumer credit cards and indirect automobile and recreational vehicle loans. Credit risk for consumer loans can arise from a borrower’s inability or unwillingness to repay the loan, and in the case of secured loans, by a shortfall in the value of the collateral in relation to the outstanding loan balance in the event of a default and subsequent liquidation of collateral. 
The underwriting criteria for automobile loans generally allows for such loans to be made for up to 100% of the purchase price or the retail value of the vehicle as listed by the National Automobile Dealers Association. The terms of the loan are determined by the age and condition of the collateral, and range from 36 to 84 months. Collision insurance policies are required on all automobile loans. The Company also makes other consumer loans, which may or may not be secured. The terms of secured consumer loans generally depend upon the nature of the underlying collateral. Unsecured consumer loans and consumer credit cards usually do not exceed $35 thousand. Unsecured consumer loans usually have a term of no longer than 36 months.
Deposits
Deposits are our primary source of funds to support our revenue-generating assets. We offer traditional deposit products to businesses and other customers with a variety of rates and terms. Deposits at our bank are insured by the FDIC up to statutory limits. We price our deposit products with a view to maximizing our share of each customer’s financial services business and prudently managing our cost of funds. At December 31, 2022, we held $8.0 billion of total deposits, which consisted of $2.7
6

Table of Contents
billion, or 33%, in non-interest bearing checking accounts, $4.9 billion, or 62%, in interest-bearing checking accounts, money market and savings accounts, and $0.4 billion, or 5%, in CDs and IRAs.
Competition
The banking and financial services industry is extremely competitive in our market area. We face vigorous competition for customers, loans and deposits from many companies, including commercial banks, savings and loan associations, finance companies, credit unions, trust companies, mortgage companies, money market mutual funds, insurance companies, and brokerage and investment firms. Many of these competitors are significantly larger than us, have greater resources, higher lending limits and larger branch systems and offer a wider array of financial services than us. In addition, some of these competitors, such as credit unions, are subject to a lesser degree of regulation or taxation than banks.
Human Capital Resources
Workforce Composition and Demographics
At December 31, 2022, First Commonwealth and its subsidiaries employed 1,403 full-time employees and 74 part-time employees with 636 exempt and 841 non-exempt employees. The average age of the workforce is 43.6 years and the average tenure is 7.9 years. Our workforce is 66% female.

Diversity & Inclusion
We continue to accelerate our focus on and action towards Diversity & Inclusion ("D&I") in several key ways. Vicki L. Fox, Senior Vice President/Diversity & Inclusion Officer, has overall responsibility for identifying and mentoring diverse talent, keeping management apprised of emerging D&I issues, and evolving our D&I practices. Ms. Fox works closely with our Regional Community Reinvestment Act Officers and Community Engagement Manager to deepen the connections with our company and communities, especially our Pittsburgh and Central Ohio markets.
Ms. Fox serves as the co-chair of our Diversity & Inclusion Committee, along with T. Michael Price, CEO. The Committee is comprised of executive, senior leadership and diverse employees and is actively involved in developing and overseeing efforts to support our D&I initiatives.
The following is a summary of D&I initiatives in 2022:
We distributed regional and line of business diversity scorecards in each of our five regions and to our executive officers for their units to increase accountability for diversity in our workforce.
In addition to our already established African American employee resource group, we created groups to include our Hispanic Heritage and LGBTQ employee base. The groups' purpose is to provide support in personal and career development, offer diverse perspectives into the workplace and create a safe space where employees can bring their authentic selves to the table.
Our strong partnership with BankWork$ continued in our Pittsburgh market. Through a structured training program, BankWork$ prepares people from underserved communities for entry-level, branch roles in banking. First Commonwealth actively participates by engaging in classroom discussions with students, attending job fairs and hiring graduates.
We connected with the Ohio Banker’s League Summer Bank Institute. This program is designed to recruit diverse interns for the banking industry, which resulted in hiring two summer interns at First Commonwealth.
First Commonwealth served as a corporate sponsor for EmployHER Pittsburgh, a new program dedicated to providing marginalized women looking to enter or re-enter the workforce with resources and support.
Our focus on D&I has produced meaningful progress in several scorecard categories. As of December 31, 2022, racial minorities comprised 7% of the workforce. Racial minorities and women comprised 5% and 50.8%, respectively of those in leadership positions (defined by corporate title Assistant Vice President and higher). Women, including one racial minority, hold three seats on our Board of Directors.
Several of our employees were recognized for their work advancing D&I, including Jane Grebenc, Chief Revenue Officer and Bank President, who was recognized by PA Business Central Top Women CEO’s. T. Michael Price, CEO, received the PA Bankers Association Diversity, Equity & Inclusion Changemaker Award. Other employees received external recognitions, including, PA Bankers Association Young Professional Champion, and PA Business Central Top 100 People recognition.
7

Table of Contents
Talent Attraction and Retention
Our employees are key to the success of delivering our mission as an organization and achieving our financial targets. We are committed to attracting, retaining and promoting top quality talent regardless of race, color, religion, gender, sexual orientation, national origin, age, disability, marital status, military status, genetic information or any other category protected by federal, state and local laws. We strive to identify and select the best candidates for all open positions based on qualifying factors for each job. We are dedicated to providing a workplace environment and culture for our employees that is inclusive, supportive, and free of any form of discrimination or harassment; rewarding and recognizing our employees based on their individual results and performance; and recognizing and respecting all of the characteristics and differences that make each of our employees unique.
Talent Development
Guided by executive leadership, our Strategic and Inspired Leadership ("SAIL") program is in place to strengthen our senior leadership. Over 150 of our leaders are involved in quarterly forums and regional “musters” (or meetings) that focus on relevant topics, such as our strategic and operating plans, D&I, leadership development, employee engagement and learning & growth opportunities. The sessions are informative and collaborative and valued by the participants.
Since 2009, we’ve supported a mentorship program, open to all employees. The program provides 1:1 mentorship pairings, group development sessions and volunteer opportunities. In 2022, there were a total of 136 participants, including 80 women and 17 racial minorities.
Within our retail unit, we provide a career development program for entry level employees to help them achieve positions of increased opportunity. Leaders are given industry-specific training as well as development opportunities to understand their strengths and improve coaching and execution skills. Lastly, we invest in an established, industry-specific and developmental training course library from which all employees benefit.
Our talent acquisition priority is to foster the development of internal talent and to provide career advancement opportunities to our employees. In 2022, we promoted 200 employees, of whom 65% were female and 6% were self-identified minorities.
We leveraged the lessons learned as a result of remote work through the pandemic to effectively structure and deliver a permanent telecommuting policy and program with approximately 28% of our workforce permanently telecommuting as of December 31, 2022. We believe that flexible work location opportunities will allow us to broaden our candidate pool and retain employees whose jobs can be performed remotely.
We listen to our employees through market visits, executive forums and our annual employee engagement survey. In 2022, 75.6% of our employees completed the annual survey. Our overall rating exceeded that of the financial services industry and all companies that utilize our survey provider. The survey reflected that employees have fulfillment in working for a community bank and making a difference. They are satisfied with their jobs and First Commonwealth as a whole.
Our employment turnover for 2022 was calculated at 28.1%, which is generally aligned with industry benchmarks.
Compensation and Benefits
We strive to provide a competitive and fair total compensation package to our employees. We price positions against recent industry benchmark reports and salary surveys to establish salary ranges. In 2022, we made significant steps to attract and retain employees in our retail and operations units by increasing the base pay in several positions to align with career advancement opportunities and to address market competition and wage compression.
Employee benefits plans support employees with insurance, retirement and work/life plans. Our health plan is structured with a tiered premium approach in which 35% of plan participants are in the lowest tier and pay a lower monthly premium than the other two higher paying tiers. Our 401k plan offers an employer match on employee contributions of up to 4% of eligible earnings. We offer a variety of other benefits, including life insurance and disability plans, a generous paid-time off policy, and a wide array of voluntary plan options.
Health and Safety
We continue to prioritize the safety and well-being of our employees, customers, partners and communities through healthy workplace practices and consistent communication reminders and updates.
We also support our employees by offering several resources. An employee assistance program connects employees with resources to help them in certain life situations, such as personal counselling, legal services, and adoption.
We also partner with a wellness vendor to provide our healthcare members personal access to their own Health Advisor to coordinate care, and to have free access to nutrition counseling, fitness and financial coaching, mental and emotional health
8

Table of Contents
specialists, and condition management services. They receive healthy living emails and resources with helpful wellness tips, success stories, and inspirations to guide them on their own wellness journeys. A Concierge Care program is available to help healthcare members navigate the complexities of healthcare. They work to coordinate care needs with doctors, caregivers and pharmacists. We also offer an interest-free advance up to the healthcare member's deductible and out-of-pocket limits with payroll deduction payback options.
In 2022, we introduced our paid maternity leave benefit that provides ten weeks and our paid parental leave that provides three weeks of fully paid leave for full time employees with more than one year of service. We also provide a structure for employees with less tenure and for part time employees. In addition to providing the paid maternity leave for birth mothers, the parental leave is extended to biological, foster, or adoptive mothers or fathers; legal spouses or domestic partners of the birth, foster, or adoptive parent; or appointed legal guardians.
Lastly, our employees support each other through Hearts2Hands, an employee-funded program that provides financial assistance to employees who experience hardships.
Culture and Engagement
Our culture is rooted in our core values of accountability, customer focus, integrity, excellence and inclusion, and in our mission to improve the financial lives of our neighbors and their businesses. We practice a Customer Service Promise of five critical behaviors that we encourage every one of our employees to demonstrate at every customer interaction – internal or external – with the intent of creating an extraordinary customer experience, which is measured by our customer satisfaction scores. The five behaviors are to put customers first, be relentless, inspire confidence, champion simplicity and obsess with yes.
We are proud that we were selected as a Forbes World’s Best Bank in 2022 for the fourth consecutive year and earned the #1 SBA lender ranking in the Pittsburgh district for the second consecutive year. We were the #2 SBA lender across all of Pennsylvania and a top SBA lender in our Ohio markets. Based on employee feedback, First Commonwealth was named a Top Workplace in the Pittsburgh area in 2022 for the fourth consecutive year.
In 2022, First Commonwealth supported our communities with more than $1,900,000 in community giving reaching nearly 700 different organizations. More than 50% of that giving is CRA eligible meaning that it’s directed into low to moderate income communities where we anticipate it’s needed the most. That percentage in 2021 was 35%. Our employees provided 12,000 volunteer hours including about 600 hours of financial education reaching more than 7,000 participants with topics ranging from financial literacy for elementary age children, to preparing for retirement and fraud awareness for retired individuals. To recognize employees who go above and beyond in their volunteerism and community engagement, we present a quarterly “Golden Tower” award which includes $1,000 for the recipient to give to a charitable organization of their choice. We provide corporate support for the United Way, including an employee campaign which exceeded our 2022 goal with employee contributions of $92,000, a 13.9% increase over 2021. With the company match, that meant $184,000 donated to United Way chapters throughout our footprint.
Supervision and Regulation
The following discussion sets forth the material elements of the regulatory framework applicable to financial holding companies, such as First Commonwealth, and their subsidiaries. The regulatory framework is intended primarily for the protection of depositors, other customers and the federal deposit insurance fund and not for the protection of security holders. The rules governing the regulation of financial institutions and their holding companies are very detailed and technical. Accordingly, the following discussion is general in nature and is not intended to be complete or to describe all the laws and regulations that apply to First Commonwealth and its subsidiaries. A change in applicable statutes, regulations or regulatory policy may have a material adverse effect on our business, financial condition or results of operations.
Bank Holding Company Regulation
First Commonwealth is registered as a financial holding company under the Bank Holding Company Act of 1956, as amended (“BHC Act”), and is subject to supervision and regulation by the Board of Governors of the Federal Reserve System (“FRB”).
Acquisitions. Under the BHC Act, First Commonwealth is required to obtain the prior approval of the FRB before it can merge or consolidate with any other bank holding company or acquire all or substantially all of the assets of any bank that is not already majority owned by it, or acquire direct or indirect ownership, or control of, any voting shares of any bank that is not already majority owned by it, if after such acquisition it would directly or indirectly own or control more than 5% of the voting shares of such bank. In reviewing applications seeking approval of merger and acquisition transactions, the bank regulatory authorities will consider, among other things, the competitive effect and public benefits of the transactions, the financial, (including capital) position of the combined organization, the risks to the stability of the U.S. banking or financial system, the applicant's performance record under the Community Reinvestment Act ("CRA") and its compliance with fair housing and other consumer protection laws and the effectiveness of the subject organizations in combating money laundering activities.
9

Table of Contents
Banking Holding Company Activities. In general, the BHC Act limits the business of bank holding companies to banking, managing or controlling banks and other activities that the FRB has determined to be so closely related to banking as to be a proper incident thereto. In addition, bank holding companies that qualify and elect to be financial holding companies such as First Commonwealth may engage in any activity, or acquire and retain the shares of a company engaged in any activity, that is either (i) financial in nature or incidental to such financial activity or (ii) complementary to a financial activity and does not pose a substantial risk to the safety and soundness of depository institutions or the financial system generally, without in either case the prior approval of the FRB. Activities that are financial in nature include securities underwriting and dealing, insurance agency activities and making merchant banking investments.
To maintain financial holding company status, a financial holding company and all of its depository institution subsidiaries must be well capitalized and well managed. A depository institution subsidiary is considered to be well capitalized if it satisfies the requirements for this status discussed in the section below captioned "Prompt Corrective Action." A depository institution subsidiary is considered well managed if it received a composite rating and management rating of at least satisfactory in its most recent examination. A financial holding company’s status will also depend upon maintaining its status as well capitalized and well managed under applicable FRB regulations. If a financial holding company ceases to meet these capital and management requirements, the FRB’s regulations provide that the financial holding company must enter into an agreement with the FRB to comply with all applicable capital and management requirements. Until the financial holding company returns to compliance, the FRB may impose limitations or conditions on the conduct of its activities, and the company may not commence any of the broader financial activities permissible for financial holding companies or acquire a company engaged in such financial activities without prior approval of the FRB. If the company does not return to compliance within 180 days, the FRB may require divestiture of the holding company’s depository institutions.

In order for a financial holding company to commence any new activity permitted by the BHC Act or to acquire a company engaged in any new activity permitted by the BHC Act, each insured depository institution subsidiary of the financial holding company must have received a rating of at least satisfactory in its most recent examination under the CRA.

The FRB has the power to order any bank holding company or its subsidiaries to terminate any activity or to terminate its ownership or control of any subsidiary when the FRB has reasonable grounds to believe that continuation of such activity or such ownership or control constitutes a serious risk to the financial soundness, safety or stability of any bank subsidiary of the bank holding company.
Reporting. Under the BHC Act, First Commonwealth is subject to examination by the FRB and is required to file periodic reports and other information of its operations with the FRB.
Source of Strength Doctrine. FRB policy and federal law require bank holding companies to act as a source of financial and managerial strength to their subsidiary banks. First Commonwealth is expected to commit resources to support FCB, including at times when First Commonwealth may not be in a financial position to provide such resources. Any capital loans by a bank holding company to any of its subsidiary banks are subordinate in right of payment to deposits and to certain other indebtedness of such subsidiary banks. In the event of a bank holding company’s bankruptcy, any commitment by the bank holding company to a federal bank regulatory agency to maintain the capital of a subsidiary bank will be assumed by the bankruptcy trustee and entitled to priority of payment.
Affiliate Transactions. Transactions between FCB, on the one hand, and First Commonwealth Financial Corporation and its other subsidiaries, on the other hand, are regulated under federal banking laws. The Federal Reserve Act imposes quantitative and qualitative requirements and collateral requirements on covered transactions by FCB with, or for the benefit of, its affiliates, and generally requires those transactions to be on terms at least as favorable to FCB as if the transaction were conducted with an unaffiliated third party. Covered transactions are defined by statute to include a loan or extension of credit, as well as a purchase of securities issued by an affiliate, a purchase of assets (unless otherwise exempted by the FRB) from the affiliate, certain derivative transactions that create a credit exposure to an affiliate, the acceptance of securities issued by the affiliate as collateral for a loan, and the issuance of a guarantee, acceptance or letter of credit on behalf of an affiliate. In general, any such transaction by FCB (or its subsidiaries) must be limited to certain thresholds on an individual and aggregate basis and, for credit transactions with any affiliate, must be secured by designated amounts of specified collateral.
SEC Regulations. First Commonwealth is also under the jurisdiction of the Securities and Exchange Commission (“SEC”) and various state securities commissions for matters relating to the offer and sale of its securities and is subject to the SEC rules and regulations relating to periodic reporting, proxy solicitation and insider trading.
10

Table of Contents
Bank Regulation
FCB is a state bank chartered under the Pennsylvania Banking Code and is not a member of the FRB. As such, FCB is subject to the supervision of, and is regularly examined by, both the Federal Deposit Insurance Corporation (“FDIC”) and the Pennsylvania Department of Banking and Securities and is required to furnish quarterly reports to both agencies. The approval of the Pennsylvania Department of Banking and Securities and FDIC is also required for FCB to establish additional branch offices or merge with or acquire another banking institution.
Dividends. First Commonwealth is a legal entity separate and distinct from its banking and other subsidiaries. As a bank holding company, First Commonwealth is subject to certain restrictions on its ability to pay dividends under applicable banking laws and regulations. Federal bank regulators are authorized to determine under certain circumstances relating to the financial condition of a bank holding company or a bank that the payment of dividends would be an unsafe or unsound practice and to prohibit payment thereof. In particular, federal bank regulators have stated that paying dividends that deplete a banking organization’s capital base to an inadequate level would be an unsafe and unsound banking practice and that banking organizations should generally pay dividends only out of current operating earnings.
A significant portion of our income comes from dividends from our bank, which is also the primary source of our liquidity. In addition to the restrictions discussed above, our bank is subject to limitations under Pennsylvania law regarding the level of dividends that it may pay to us. In general, dividends may be declared and paid only out of accumulated net earnings and may not be declared or paid unless surplus is at least equal to capital. Dividends may not reduce surplus without the prior consent of the Pennsylvania Department of Banking and Securities. FCB has not reduced its surplus through the payment of dividends. As of December 31, 2022, FCB could pay dividends to First Commonwealth of $294.3 million without reducing its capital levels below "well capitalized" levels and without the approval of the Pennsylvania Department of Banking and Securities.
Community Reinvestment. Under the Community Reinvestment Act ("CRA") a bank has a continuing and affirmative obligation, consistent with its safe and sound operation, to help meet the credit needs of its entire community, including low and moderate income neighborhoods. The CRA does not establish specific lending requirements or programs for financial institutions nor does it limit an institution’s discretion to develop the types of products and services that it believes are best suited to its particular community, consistent with the CRA. The CRA requires the applicable regulatory agency to assess an institution’s record of meeting the credit needs of its community. The CRA requires public disclosure of an institution’s CRA rating and requires that the applicable regulatory agency provide a written evaluation of an institution’s CRA performance utilizing a four-tiered descriptive rating system. An institution’s CRA rating is considered in determining whether to grant charters, branches and other deposit facilities, relocations, mergers, consolidations and acquisitions. Performance less than satisfactory may be the basis for denying an application. For its most recent examination, FCB received a “satisfactory” rating.
In May 2022, the Federal Reserve Board, the FDIC and the Office of the Comptroller of the Currency (“OCC”) issued a joint proposal that would, among other things (i) expand access to credit, investment and basic banking services in low- and moderate-income communities, (ii) adapt to changes in the banking industry, including internet and mobile banking, (iii) provide greater clarity, consistency and transparency in the application of the regulations and (iv) tailor performance standards to account for differences in bank size, business model, and local conditions. We will continue to evaluate the impact of any changes to the regulations implementing the CRA and their impact to our financial condition, results of operations, and/or liquidity, which cannot be predicted at this time.
Consumer Financial Protection. We are subject to a number of federal and state consumer protection laws that extensively govern our relationship with our customers. These laws include the Equal Credit Opportunity Act, the Fair Credit Reporting Act, the Truth in Lending Act, the Truth in Savings Act, the Electronic Fund Transfer Act, the Expedited Funds Availability Act, the Home Mortgage Disclosure Act, the Fair Housing Act, the Real Estate Settlement Procedures Act, the Fair Debt Collection Practices Act, the Service Members Civil Relief Act and these laws’ respective state-law counterparts, as well as state usury laws and laws regarding unfair and deceptive acts and practices. These and other federal laws, among other things, require disclosures of the cost of credit and terms of deposit accounts, provide substantive consumer rights, prohibit discrimination in credit transactions, regulate the use of credit report information, provide financial privacy protections, prohibit unfair, deceptive and abusive practices, restrict our ability to raise interest rates and subject us to substantial regulatory oversight. Violations of applicable consumer protection laws can result in significant potential liability from litigation brought by customers, including actual damages, restitution and attorneys’ fees. Federal bank regulators, state attorneys general and state and local consumer protection agencies may also seek to enforce consumer protection requirements and obtain these and other remedies, including regulatory sanctions, customer rescission rights, action by the state and local attorneys general in each jurisdiction in which we operate and civil money penalties. Failure to comply with consumer protection requirements may also result in our failure to obtain any required bank regulatory approval for merger or acquisition transactions we may wish to pursue or our prohibition from engaging in such transactions even if approval is not required.
The Consumer Financial Protection Bureau ("CFPB") has broad rulemaking, supervisory and enforcement powers under various federal consumer financial protection laws. Although all institutions are subject to rules adopted by the CFPB and
11

Table of Contents
examination by the CFPB in conjunction with examinations by the institution’s primary federal regulator, the CFPB has primary examination and enforcement authority over institutions with assets of $10 billion or more. Because First Commonwealth exceeded the $10 billion asset threshold with the acquisition of Centric, the Bank will become subject to the CFPB's supervision and enforcement with respect to federal consumer protection laws. State authorities are responsible for monitoring our compliance with all state consumer laws.
Deposit Insurance. Deposits of FCB are insured up to applicable limits by the FDIC and are subject to deposit insurance assessments to maintain the Deposit Insurance Fund (“DIF”). Deposit insurance assessments are based upon average total assets minus average total equity. The insurance assessments are based upon a matrix that takes into account a bank’s capital level and supervisory rating. The FDIC may terminate deposit insurance upon a finding that the institution has engaged in unsafe and unsound practices, is in an unsafe or unsound condition to continue operations, or has violated any applicable law, regulation, rule, order or condition imposed by the FDIC. As an institution with less than $10 billion in assets, FCB’s assessment rates for 2022 were based on its risk classification (i.e., the level of risk it poses to the FDIC’s deposit insurance fund). Having crossed the $10 billion asset threshold in 2023, assessment rates for future periods will be calculated using a scorecard that combines the supervisory risk ratings of the institution with certain forward-looking financial measures. These assessment rates are subject to adjustments based upon the insured depository institution’s ratio of long-term unsecured debt to the assessment base, long-term unsecured debt issued by other insured depository institutions to the assessment base, and brokered deposits to the assessment base. However, the adjustments based on brokered deposits to the assessment base will not apply so long as the institution is well capitalized and has a composite CAMELS rating of 1 or 2. The CAMELS rating system is a bank rating system where bank supervisory authorities rate institutions according to six factors: capital adequacy, asset quality, management quality, earnings, liquidity and sensitivity to market risk. The FDIC may make additional discretionary assessment rate adjustments.
In October 2022, the FDIC adopted a final rule to increase the initial base deposit insurance assessment rate schedules uniformly by 2 basis points beginning with the first quarterly assessment period of 2023. The increased assessment is expected to improve the likelihood that the DIF reserve ratio would reach the statutory minimum of 1.35% by the statutory deadline prescribed under the FDIC's amended restoration plan.
Capital Requirements
First Commonwealth and FCB are each required to comply with applicable capital adequacy standards established by the FRB.
In July 2013, the federal bank regulators approved final rules (the “Basel III Capital Rules”) implementing the Basel III framework as well as certain provisions of the Dodd-Frank Act. Since fully phased in on January 1, 2019, the Basel III Capital Rules require First Commonwealth and FCB to maintain the following:
A minimum ratio of Common Equity Tier 1 (“CET1”) to risk-weighted assets of at least 4.5%, plus a 2.5% “capital conservation buffer” (resulting in a minimum ratio of CET1 to risk-weighted assets of 7.0%);
A minimum ratio of Tier 1 capital to risk-weighted assets of at least 6.0%, plus the capital conservation buffer (resulting in a minimum Tier 1 capital ratio of 8.5%);
A minimum ratio of total capital (Tier 1 capital plus Tier 2 capital) to risk-weighted assets of at least 8.0%, plus the capital conservation buffer (resulting in a minimum total capital ratio of 10.5%); and
A minimum leverage ratio of 4.0%, calculated as the ratio of Tier 1 capital to average consolidated assets as reported on consolidated financial statements (known as the “leverage ratio”).
Banking institutions that fail to meet the effective minimum ratios once the capital conservation buffer is taken into account, as detailed above, will be subject to constraints on capital distributions, including dividends and share repurchases, and certain discretionary executive compensation. The severity of the constraints depends on the amount of the shortfall and the institution’s “eligible retained income” (that is, four quarter trailing net income, net of distributions and tax effects not reflected in net income).
The Basel III Capital Rules provide for a number of deductions from and adjustments to CET1. These include, for example, the requirement that mortgage servicing rights, deferred tax assets arising from temporary differences that could not be realized through net operating loss carrybacks and significant investments in non-consolidated financial entities be deducted from CET1 to the extent that any one such category exceeds 10% of CET1 or all such categories in the aggregate exceed 15% of CET1. During 2015, First Commonwealth and FCB made a one-time permanent election, as permitted under Basel III Capital Rules, to exclude the effects of accumulated other comprehensive income items for the purposes of determining regulatory capital ratios.
With respect to FCB, the Basel III Capital Rules also revise the “prompt corrective action” regulations pursuant to Section 38 of the Federal Deposit Insurance Act, as discussed below under “Prompt Corrective Action.” The Basel III Capital Rules prescribe a standardized approach for risk weightings that expand the risk-weighting categories from the general risk-based capital rules
12

Table of Contents
to a much larger and more risk-sensitive number of categories, depending on the nature of the assets, generally ranging from 0% for U.S. government and agency securities, to 600% for certain equity exposures, and resulting in higher risk weights for a variety of asset categories.
In August 2022, the Inflation Reduction Act of 2022 (the “IRA”) was enacted. Among other things, the IRA imposes a new 1% excise tax on the fair market value of stock repurchased after December 31, 2022 by publicly traded U.S. corporations. With certain exceptions, the value of stock repurchased is determined net of stock issued in the year, including shares issued pursuant to compensatory arrangements.
Liquidity Requirements
The Basel III liquidity framework requires banks and bank holding companies to measure their liquidity against specific liquidity tests. One test, referred to as the liquidity coverage ratio (“LCR”), is designed to ensure that the banking entity maintains an adequate level of unencumbered high-quality liquid assets equal to the entity’s expected net cash outflow for a 30-day time horizon (or, if greater, 25% of its expected total cash outflow) under an acute liquidity stress scenario. The other test, referred to as the net stable funding ratio (“NSFR”), is designed to promote more medium- and long-term funding of the assets and activities of banking entities over a one-year time horizon. Rules applicable to certain large banking organizations have been implemented for LCR and proposed for NSFR; however, based on our asset size, these rules do not currently apply to First Commonwealth and FCB.
Prompt Corrective Action
The Federal Deposit Insurance Act, as amended (“FDIA”), requires, among other things, the federal banking agencies to take “prompt corrective action” in respect of depository institutions that do not meet minimum capital requirements. The FDIA includes the following five capital tiers: “well capitalized,” “adequately capitalized,” “undercapitalized,” “significantly undercapitalized” and “critically undercapitalized.” A depository institution’s capital tier will depend upon how its capital levels compare with various relevant capital measures and certain other factors, as established by regulation. The relevant capital measures are the total capital ratio, the CET1 capital ratio (a new ratio requirement under the Basel III Capital Rules), the Tier 1 capital ratio and the leverage ratio.
A bank will be (i) “well capitalized” if the institution has a total risk-based capital ratio of 10.0% or greater, a CET1 capital ratio of 6.5% or greater, a Tier 1 risk-based capital ratio of 8.0% or greater, and a leverage ratio of 5.0% or greater, and is not subject to any order or written directive by any such regulatory authority to meet and maintain a specific capital level for any capital measure; (ii) “adequately capitalized” if the institution has a total risk-based capital ratio of 8.0% or greater, a CET1 capital ratio of 4.5% or greater, a Tier 1 risk-based capital ratio of 6.0% or greater, and a leverage ratio of 4.0% or greater and is not “well capitalized”; (iii) “undercapitalized” if the institution has a total risk-based capital ratio that is less than 8.0%, a CET1 capital ratio less than 4.5%, a Tier 1 risk-based capital ratio of less than 6.0% or a leverage ratio of less than 4.0%; (iv) “significantly undercapitalized” if the institution has a total risk-based capital ratio of less than 6.0%, a CET1 capital ratio less than 3%, a Tier 1 risk-based capital ratio of less than 4.0% or a leverage ratio of less than 3.0%; and (v) “critically undercapitalized” if the institution’s tangible equity is equal to or less than 2.0% of average quarterly tangible assets. An institution may be downgraded to, or deemed to be in, a capital category that is lower than indicated by its capital ratios if it is determined to be in an unsafe or unsound condition or if it receives an unsatisfactory examination rating with respect to certain matters. A bank’s capital category is determined solely for the purpose of applying prompt corrective action regulations, and the capital category may not constitute an accurate representation of the bank’s overall financial condition or prospects for other purposes.
The FDIA generally prohibits a depository institution from making any capital distributions (including payment of a dividend) or paying any management fee to its parent holding company if the depository institution would thereafter be “undercapitalized.” “Undercapitalized” institutions are subject to growth limitations and are required to submit a capital restoration plan. The agencies may not accept such a plan without determining, among other things, that the plan is based on realistic assumptions and is likely to succeed in restoring the depository institution’s capital. In addition, for a capital restoration plan to be acceptable, the depository institution’s parent holding company must guarantee that the institution will comply with such capital restoration plan and must also provide appropriate assurances of performance. The aggregate liability of the parent holding company is limited to the lesser of (i) an amount equal to 5.0% of the depository institution’s total assets at the time it became undercapitalized and (ii) the amount which is necessary (or would have been necessary) to bring the institution into compliance with all capital standards applicable with respect to such institution as of the time it fails to comply with the plan. If a depository institution fails to submit an acceptable plan, it is treated as if it is “significantly undercapitalized.”
In addition, the FDIA prohibits an insured depository institution from accepting brokered deposits or offering interest rates on any deposits significantly higher than the prevailing rate in the bank's normal market area or nationally (depending upon where the deposits are solicited), unless it is well capitalized or is adequately capitalized and receives a waiver from the FDIC. A
13

Table of Contents
depository institution that is adequately capitalized and accepts brokered deposits under a waiver from the FDIC may not pay an interest rate on any deposit in excess of 75 basis points over certain prevailing market rates.
“Significantly undercapitalized” depository institutions may be subject to a number of requirements and restrictions, including orders to sell sufficient voting stock to become “adequately capitalized,” requirements to reduce total assets, and cessation of receipt of deposits from correspondent banks. “Critically undercapitalized” institutions are subject to the appointment of a receiver or conservator.
The appropriate federal banking agency may, under certain circumstances, reclassify a well-capitalized insured depository institution as adequately capitalized. The FDIA provides that an institution may be reclassified if the appropriate federal banking agency determines (after notice and opportunity for hearing) that the institution is in an unsafe or unsound condition or deems the institution to be engaging in an unsafe or unsound practice.
The appropriate agency is also permitted to require an adequately capitalized or undercapitalized institution to comply with the supervisory provisions as if the institution were in the next lower category (but not treat a significantly undercapitalized institution as critically undercapitalized) based on supervisory information other than the capital levels of the institution.
First Commonwealth believes that, as of December 31, 2022, FCB was a “well-capitalized” bank as defined by the FDIA. See Note 24 “Regulatory Restrictions and Capital Adequacy” of Notes to the Consolidated Financial Statements, contained in Item 8, for a table that provides a comparison of First Commonwealth’s and FCB’s risk-based capital ratios and the leverage ratio to minimum regulatory requirements.
The Volcker Rule
The Dodd-Frank Act prohibits banks and their affiliates from engaging in proprietary trading and investing in and sponsoring hedge funds and private equity funds (so called "covered funds"). The statutory provision is commonly called the “Volcker Rule.” Banks with less than $10 billion in total consolidated assets, such as FCB, are exempt from the Volcker Rule. However, with the acquisition of Centric in January 2023, we will be over $10 billion and subject to the Volcker Rule.
Depositor Preference
Under federal law, depositors (including the FDIC with respect to the subrogated claims of insured depositors) and certain claims for administrative expenses of the FDIC as receiver would be afforded a priority over other general unsecured claims against such an institution in the liquidation or other resolution of such an institution by any receiver.
Interchange Fees
Under the Durbin Amendment to the Dodd-Frank Act, the FRB adopted rules establishing standards for assessing whether the interchange fees that may be charged with respect to certain electronic debit transactions are “reasonable and proportional” to the costs incurred by issuers for processing such transactions. Interchange fees, or “swipe” fees, are charges that merchants pay to us and other card-issuing banks for processing electronic payment transactions. Under the final rules, the maximum permissible interchange fee is equal to no more than 21 cents plus 5 basis points of the transaction value for many types of debit interchange transactions. The FRB also adopted a rule to allow a debit card issuer to recover 1 cent per transaction for fraud prevention purposes if the issuer complies with certain fraud-related requirements required by the FRB. The FRB also has rules governing routing and exclusivity that require issuers to offer two unaffiliated networks for routing transactions on each debit or prepaid product.
The Dodd-Frank Act contained an exemption from the interchange fee cap for any debit card issuer that, together with its affiliates, has total assets of less than $10 billion as of the end of the previous calendar year. As of December 31, 2022, we qualified for this exemption. We earned approximately $27.6 million in card related interchange income during the 2022 fiscal year. If we had not qualified for this exemption, we estimate that our interchange income would decrease by $14.1 million. First Commonwealth's total assets are expected to exceed $10 billion as of December 31, 2023, and as such, we expect to become subject to the interchange fee cap beginning July 1, 2024.
Financial Privacy
The federal banking regulators adopted rules that limit the ability of banks and other financial institutions to disclose non-public information about consumers to nonaffiliated third parties. These limitations require disclosure of privacy policies to consumers and, in some circumstances, allow consumers to prevent disclosure of certain personal information to a nonaffiliated third party. These regulations affect how consumer information is transmitted through diversified financial companies and conveyed to outside vendors.
14

Table of Contents
Anti-Money Laundering and the USA Patriot Act
A major focus of governmental policy on financial institutions in recent years has been aimed at combating money laundering and terrorist financing. The USA PATRIOT Act of 2001 (the “USA Patriot Act”) substantially broadened the scope of United States anti-money laundering laws and regulations by imposing significant new compliance and due diligence obligations, creating new crimes and penalties and expanding the extra-territorial jurisdiction of the United States. Financial institutions are also prohibited from entering into specified financial transactions and account relationships and must use enhanced due diligence procedures in their dealings with certain types of high-risk customers and implement a written customer identification program. Financial institutions must take certain steps to assist government agencies in detecting and preventing money laundering and report certain types of suspicious transactions. Regulatory authorities routinely examine financial institutions for compliance with these obligations, and failure of a financial institution to maintain and implement adequate programs to combat money laundering and terrorist financing, or to comply with all of the relevant laws or regulations, could have serious legal and reputational consequences for the institution, including causing applicable bank regulatory authorities not to approve merger or acquisition transactions when regulatory approval is required or to prohibit such transactions even if approval is not required. Regulatory authorities have imposed cease and desist orders and civil money penalties against institutions found to be violating these obligations.
Office of Foreign Assets Control Regulation
The U.S. Treasury Department’s Office of Foreign Assets Control ("OFAC") administers and enforces economic and trade sanctions against targeted foreign countries and regimes, under authority of various laws, including designated foreign countries, nationals and others. OFAC publishes lists of specially designated targets and countries. First Commonwealth is responsible for, among other things, blocking accounts of, and transactions with, such targets and countries, prohibiting unlicensed trade and financial transactions with them and reporting blocked transactions after their occurrence. Failure to comply with these sanctions could have serious legal and reputational consequences, including causing applicable bank regulatory authorities not to approve merger or acquisition transactions when regulatory approval is required or to prohibit such transactions even if approval is not required.
Cybersecurity
In March 2015, federal regulators issued two related statements regarding cybersecurity. One statement indicates that financial institutions should design multiple layers of security controls to establish lines of defense and to ensure that their risk management processes also address the risk posed by compromised customer credentials, including security measures to reliably authenticate customers accessing internet-based services of the financial institution. The other statement indicates that a financial institution’s management is expected to maintain sufficient business continuity planning processes to ensure the rapid recovery, resumption and maintenance of the institution’s operations after a cyber-attack involving destructive malware. A financial institution is also expected to develop appropriate processes to enable recovery of data and business operations and address rebuilding network capabilities and restoring data if the institution or its critical service providers fall victim to this type of cyber-attack. If we fail to observe the regulatory guidance, we could be subject to various regulatory sanctions, including financial penalties.
State regulators have also been increasingly active in implementing privacy and cybersecurity standards and regulations. Recently, several states have adopted regulations requiring certain financial institutions to implement cybersecurity programs and providing detailed requirements with respect to these programs, including data encryption requirements. Many states have also recently implemented or modified their data breach notification and data privacy requirements. We expect this trend of state-level activity in those areas to continue, and are continually monitoring developments in the states in which our customers are located.
In the ordinary course of business, we rely on electronic communications and information systems to conduct our operations and to store sensitive data. We employ an in-depth, layered, defensive approach that leverages people, processes and technology to manage and maintain cybersecurity controls. We employ a variety of preventative and detective tools to monitor, block, and provide alerts regarding suspicious activity, as well as to report on any suspected advanced persistent threats. Notwithstanding the strength of our defensive measures, the threat from cyber-attacks is severe, attacks are sophisticated and increasing in volume, and attackers respond rapidly to changes in defensive measures. While to date we have not experienced a significant compromise, significant data loss or any material financial losses related to cybersecurity attacks, our systems and those of our customers and third-party service providers are under constant threat and it is possible that we could experience a significant event in the future. Risks and exposures related to cybersecurity attacks are expected to remain high for the foreseeable future due to the rapidly evolving nature and sophistication of these threats, as well as due to the expanding use of internet banking, mobile banking and other technology-based products and services by us and our customers. See Item 1A. Risk Factors for a further discussion of risks related to cybersecurity.
15

Table of Contents
Future Legislation and Regulation
Congress may enact legislation from time to time that affects the regulation of the financial services industry, and state legislatures may enact legislation from time to time affecting the regulation of financial institutions chartered by or operating in those states. Federal and state regulatory agencies also periodically propose and adopt changes to their regulations or change the manner in which existing regulations are applied. The substance or impact of pending or future legislation or regulation, or the application thereof, cannot be predicted, although enactment of the proposed legislation could impact the regulatory structure under which we operate and may significantly increase our costs, impede the efficiency of our internal business processes, require us to increase our regulatory capital and modify our business strategy, and limit our ability to pursue business opportunities in an efficient manner. Our business, financial condition, results of operations or prospects may be adversely affected, perhaps materially, as a result.
Availability of Financial Information
We file annual, quarterly and current reports, proxy statements and other information with the SEC. You may read and copy any document we file at the Securities and Exchange Commission’s Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. Our SEC filings are also available to the public on the SEC website at www.sec.gov and on our website at www.fcbanking.com.
We also make available on our website, www.fcbanking.com, and in print to any shareholder who requests them, our Corporate Governance Guidelines, the charters for our Audit, Risk, Compensation and Human Resources, and Governance Committees, and the Code of Conduct and Ethics that applies to all of our directors, officers and employees.
Our Chief Executive Officer has certified to the New York Stock Exchange (“NYSE”) that, as of the date of the certification, he was not aware of any violation by First Commonwealth of NYSE’s corporate governance listing standards. In addition, our Chief Executive Officer and Chief Financial Officer have made certain certifications concerning the information contained in this report pursuant to Section 302 of the Sarbanes-Oxley Act. The Section 302 certifications appear as Exhibits 31.1 and 31.2 to this annual report on Form 10-K.

ITEM 1A.    Risk Factors
An investment in our common stock is subject to risks inherent to our business. The material risks and uncertainties that management believes affect us are described below. Before making an investment decision, you should carefully consider the risks and uncertainties described below together with all of the other information included or incorporated by reference in this report. The risks and uncertainties described below are not the only ones facing us. Additional risks and uncertainties that management is not aware of or focused on or that management currently deems immaterial may also impair our business operations. This report is qualified in its entirety by these risk factors. If any of the following risks actually occur, our business, financial condition and results of operations could be materially and adversely affected. If this were to happen, the market price of our common stock could decline significantly, and you could lose all or part of your investment.
Risks Related To Our Business
Interest Rate Risks
We Are Subject to Interest Rate Risk
Our earnings and cash flows are largely dependent upon our net interest income. Net interest income is the difference between interest income earned on interest-earning assets such as loans and securities and interest expense paid on interest-bearing liabilities such as deposits and borrowed funds. Interest rates are highly sensitive to many factors that are beyond our control, including general economic conditions and policies of various governmental and regulatory agencies and, in particular, the Federal Open Market Committee. Changes in monetary policy, including changes in interest rates, could influence not only the interest we receive on loans and securities and the amount of interest we pay on deposits and borrowings, but such changes could also affect (i) our ability to originate loans and obtain deposits, (ii) the fair value of our financial assets and liabilities, and (iii) the average duration of our mortgage-backed securities portfolio. If the interest rates paid on deposits and other borrowings increase at a faster rate than the interest rates received on loans and other investments, our net interest income, and therefore earnings, could be adversely affected. Earnings could also be adversely affected if the interest rates received on loans and other investments fall more quickly than the interest rates paid on deposits and other borrowings. Any substantial, unexpected, or prolonged change in market interest rates could have a material adverse effect on our business, financial condition and results of operations. See Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations under the section captioned “Net Interest Income” and Item 7A. Quantitative and Qualitative Disclosures About Market Risk elsewhere in this report for further discussion related to interest rate sensitivity and our management of interest rate risk.
16

Table of Contents
We May Be Adversely Impacted by the Transition from LIBOR as a Reference Rate
In 2017, the United Kingdom’s Financial Conduct Authority (“FCA”) announced that after 2021 it would no longer compel banks to submit the rates required to calculate the London Interbank Offered Rate (“LIBOR”). In November 2020, the administrator of LIBOR announced it would consult on its intention to extend the retirement date of certain offered rates, whereby the publication of the one-week and two-month U.S. Dollar LIBOR settings would cease after December 31, 2021, but the publication of the remaining U.S. Dollar LIBOR settings would continue until June 30, 2023. Given consumer protection, litigation, and reputation risks, in November 2020, following the administrator’s consultation announcement, the bank regulatory agencies indicated that entering into new contracts that use LIBOR as a reference rate after December 31, 2021 would create safety and soundness risks and that they would examine bank practices accordingly. Therefore, the agencies encouraged banks to cease entering into new contracts that use LIBOR as a reference rate as soon as practicable and in any event by December 31, 2021. On March 5, 2021, the FCA and the administrator of LIBOR confirmed that immediately after December 31, 2021, publication of the one-week and two-month U.S. Dollar LIBOR settings would cease and immediately after June 30, 2023 (the “Transition Date”), any remaining U.S. dollar LIBOR settings would either cease to be published or no longer be representative.
Accordingly, we ceased entering into new contracts that use LIBOR as a reference rate prior to December 31, 2021 and have been diligently working to transition our remaining LIBOR exposure to alternative index rates. Depending on the particular circumstances and customer preference, we have offered several alternative index rates to replace LIBOR in our affected contracts with customers desiring to enter into proactive modifications prior to the Transition Date, including the Secured Overnight Financing Rate (“SOFR”), the Bloomberg Short Term Bank Yield Index (“BSBY”), and the Prime Rate (as published in the Wall Street Journal), each with appropriate spread adjustments. After diligently analyzing the options available to us under applicable legal documents and monitoring market acceptance, and in accordance with guidance from the Alternative Reference Rates Committee of the New York Fed (“ARRC”), the federal bank regulatory agencies, and the Federal Adjustable Interest Rate (LIBOR) Act of 2021 (the “LIBOR Act”) and its implementing regulations, we have developed a transition plan to replace the LIBOR index in all affected contracts that remain outstanding as of June 30, 2023 to the appropriate version of the SOFR Rate, with appropriate Board-recommended spread adjustments as described in the LIBOR Act, which we have determined to be appropriate for our funding model and customer needs.
The transition from LIBOR has resulted in and could continue to result in added costs and employee efforts and could present additional risk. Since proposed alternative rates are calculated differently, payments under contracts referencing new rates will differ from those referencing LIBOR. The transition will change our market risk profiles, requiring changes to risk and pricing models, valuation tools, product design and hedging strategies. Furthermore, failure to adequately manage this transition process with our customers could adversely impact our reputation. Although we are currently unable to assess what the ultimate impact of the transition from LIBOR will be, failure to adequately manage the transition could have a material adverse effect on our business, financial condition and results of operations.
Credit and Lending Risks
We Are Subject to Lending Risk
There are inherent risks associated with our lending activities. These risks include, among other things, the impact of changes in interest rates and changes in the economic conditions in the markets where we operate as well as those across the United States. Increases in interest rates and/or weakening economic conditions could adversely impact the ability of borrowers to repay outstanding loans or the value of the collateral securing these loans.
We Are Subject to Risk Arising from Conditions in the Commercial Real Estate Market
As of December 31, 2022, commercial real estate mortgage loans comprised approximately 31% of our loan portfolio. Commercial real estate mortgage loans generally involve a greater degree of credit risk than residential real estate mortgage loans because they typically have larger balances and are more affected by adverse conditions in the economy. Because payments on loans secured by commercial real estate often depend upon the successful operation and management of the properties and the businesses which operate from within them, repayment of such loans may be affected by factors outside the borrower’s control, such as adverse conditions in the real estate market or the economy or changes in government regulations. In recent years, commercial real estate markets have been experiencing substantial growth, and increased competitive pressures have contributed significantly to historically low capitalization rates and rising property values. Failures in our risk management policies, procedures and controls could adversely affect our ability to manage this portfolio going forward and could result in an increased rate of delinquencies in, and increased losses from, this portfolio, which, accordingly, could have a material adverse effect on our business, financial condition and results of operations.
Our Allowance for Credit Losses may be Insufficient
All borrowers carry the potential to default and our remedies to recover may not fully satisfy money previously loaned. We maintain an allowance for credit losses, which represents management’s best estimate of credit losses within the existing portfolio of loans. The allowance, in the judgment of management, is appropriate to reserve for estimated loan losses and risks inherent in the loan portfolio. The level of the allowance for credit losses reflects management’s continuing evaluation of
17

Table of Contents
industry concentrations, specific credit risks, loan loss experience, current loan portfolio quality, present economic conditions and unidentified losses in the current loan portfolio. The determination of the appropriate level of the allowance for credit losses inherently involves a high degree of subjectivity and requires us to make significant estimates of current credit risks using existing qualitative and quantitative information, all of which may undergo material changes. Changes in economic conditions or forecasts, new information regarding existing loans, identification of additional problem loans and other factors, both within and outside of our control, may require an increase in the allowance for credit losses. In addition, bank regulatory agencies periodically review our allowance for credit losses and may require an increase in the provision for credit losses or the recognition of additional loan charge-offs, based on judgments different than those of management. An increase in the allowance for credit losses results in a decrease in net income or losses, and possibly risk-based capital, and may have a material adverse effect on our financial condition and results of operations.
Liquidity Risk
We Are Subject to Liquidity Risk
We require liquidity to meet our deposit and debt obligations as they come due. Our access to funding sources in amounts adequate to finance our activities or on terms that are acceptable to us could be impaired by factors that affect us specifically or the financial services industry or economy generally. Factors that could reduce our access to liquidity sources include a downturn in the economy, difficult credit markets or adverse regulatory actions against us. Our access to deposits may also be affected by the liquidity needs of our depositors. In particular, a substantial majority of our liabilities are demand, savings, interest checking and money market deposits, which are payable on demand or upon several days’ notice, while by comparison, a substantial portion of our assets are loans, which cannot be called or sold in the same time frame. Our access to deposits may be negatively impacted by, among other factors, higher interest rates which could promote increased competition for deposits, including from new financial technology competitors, or provide customers with alternative investment options. We may not be able to replace maturing deposits and advances as necessary in the future, especially if a large number of our depositors sought to withdraw their accounts, regardless of the reason. A failure to maintain adequate liquidity could have a material adverse effect on our business, financial condition and results of operations.
Operational Risks
Labor shortages and constraints in the supply chain could adversely affect our customers’ operations as well as our operations.
Many sectors in the United States and around the world are experiencing a shortage of workers. The shortage of workers is exacerbating supply chain disruptions around the world, causing certain industries to struggle to regain momentum due to a lack of workers or materials. Our commercial customers may be impacted by the shortage of workers and constraints in the supply chain, which could adversely impact our customers’ operations. Customers may experience disruptions in their operations, which could lead to reduced cash flow and difficulty in making loan repayments. The financial services industry has also been affected by the shortage of workers, and First Commonwealth has experienced the intense competition for talent that is currently underway in the financial services industry. This may lead to open positions remaining unfilled for longer periods of time or a need to increase wages to attract workers. We have had to recently increase wages in certain positions to attract talent, particularly in entry-level type positions and certain specialty areas.
Our Accounting Estimates and Risk Management Processes Rely On Analytical and Forecasting Models
The processes we use to estimate our expected credit losses and to measure the fair value of financial instruments, as well as the processes used to estimate the effects of changing interest rates and other market measures on our financial condition and results of operations, depends upon the use of analytical and forecasting models. These models reflect assumptions that may not be accurate, particularly in times of market stress or other unforeseen circumstances. Even if these assumptions are adequate, the models may prove to be inadequate or inaccurate because of other flaws in their design or their implementation. If the models we use for interest rate risk and asset-liability management are inadequate, we may incur increased or unexpected losses upon changes in market interest rates or other market measures. If the models we use for estimating our expected credit losses are inadequate, the allowance for credit losses may not be sufficient to support future charge-offs. If the models we use to measure the fair value of financial instruments are inadequate, the fair value of such financial instruments may fluctuate unexpectedly or may not accurately reflect what we could realize upon sale or settlement of such financial instruments. Any such failure in our analytical or forecasting models could have a material adverse effect on our business, financial condition and results of operations.
The Value of Our Goodwill and Other Intangible Assets May Decline in the Future
As of December 31, 2022, we had $312.5 million of goodwill and other intangible assets. A significant decline in our expected future cash flows, a significant adverse change in the business climate, slower growth rates or a significant and sustained decline in the price of the Company’s common stock may necessitate taking charges in the future related to the impairment of our goodwill and other intangible assets which could have a material adverse effect on our business, financial condition and results of operations.
18

Table of Contents
We Are Subject to Risk Arising from Failure or Circumvention of Our Controls and Procedures
Our internal controls, disclosure controls and procedures, and corporate governance policies and procedures are based in part on certain assumptions and can provide only reasonable, not absolute, assurances that the objectives of the system are met. Any failure or circumvention of our controls and procedures; failure to comply with regulations related to controls and procedures; or failure to comply with our corporate governance policies and procedures could have a material adverse effect on our reputation, business, financial condition and results of operations. Furthermore, notwithstanding the proliferation of technology and technology-based risk and control systems, our businesses ultimately rely on people as our greatest resource, and, from time-to-time, they make mistakes or engage in violations of applicable policies, laws, rules or procedures that are not always caught immediately by our technological processes or by our controls and other procedures, which are intended to prevent and detect such errors or violations. Human errors, malfeasance and other misconduct, including the intentional misuse of client information in connection with insider trading or for other purposes, even if promptly discovered and remediated, can result in reputational damage or legal risk and have a material adverse effect on our business, financial condition and results of operations.
New Lines of Business, Products or Services and Technological Advancements May Subject Us to Additional Risks
From time to time, we implement new lines of business or offer new products and services within existing lines of business. There are substantial risks and uncertainties associated with these efforts, particularly in instances where the markets are not fully developed. In developing and marketing new lines of business and/or new products and services we invest significant time and resources. Initial timetables for the introduction and development of new lines of business and/or new products or services may not be achieved and price and profitability targets may not prove feasible. External factors, such as compliance with regulations, competitive alternatives, and shifting market preferences, may also impact the successful implementation of a new line of business or a new product or service.
The financial services industry is continually undergoing rapid technological change with frequent introductions of new technology-driven products and services. Our future success depends, in part, upon our ability to address the needs of our customers by using technology to provide products and services that will satisfy customer demands, as well as to create additional efficiencies in our operations. Many of our competitors have substantially greater resources to invest in technological improvements. We may not be able to effectively implement new technology driven products and services or be successful in marketing these products and services to our customers. In addition, our implementation of certain new technologies, such as those related to artificial intelligence and algorithms, in our business processes may have unintended consequences due to their limitations or our failure to use them effectively. In addition, cloud technologies are also critical to the operation of our systems, and our reliance on cloud technologies is growing. Failure to successfully keep pace with technological change affecting the financial services industry could have a material adverse effect on our business, financial condition and results of operations.
Furthermore, any new line of business, new product or service and/or new technology could have a significant impact on the effectiveness of our system of internal controls. Failure to successfully manage these risks in the development and implementation of new lines of business, new products or services and/or new technologies could have a material adverse effect on our business, financial condition and results of operations.
Our Reputation and our Business Are Subject to Negative Publicity Risk
Reputation risk, or the risk to our earnings and capital from negative public opinion, is inherent in our business. Negative public opinion could adversely affect our ability to keep and attract customers and expose us to adverse legal and regulatory consequences. Negative public opinion could result from our actual or alleged conduct in any number of activities, including lending practices, corporate governance, regulatory compliance, mergers and acquisitions, and disclosure, sharing or inadequate protection of customer information, and from actions taken by government regulators and community organizations in response to that conduct. Negative public opinion could also result from adverse news or publicity that impairs the reputation of the financial services industry generally. In addition, our reputation or prospects may be significantly damaged by adverse publicity or negative information regarding us, whether or not true, that may be posted on social media, non-mainstream news services or other parts of the internet, and this risk is magnified by the speed and pervasiveness with which information is disseminated through those channels.
Our Business, Financial Condition and Results of Operations Are Subject to Risk from Changes in Customer Behavior
Individual, economic, political, industry-specific conditions and other factors outside of our control, such as fuel prices, energy costs, real estate values or other factors that affect customer income levels, could alter anticipated customer behavior, including borrowing, repayment, investment and deposit practices. Such a change in these practices could materially adversely affect our ability to anticipate business needs and meet regulatory requirements. Further, difficult economic conditions may negatively affect consumer confidence levels. A decrease in consumer confidence levels would likely aggravate the adverse effects of these difficult market conditions on us, our customers and others in the financial institutions industry.
19

Table of Contents
First Commonwealth Relies on Dividends from its Subsidiary Bank for Most of Its Revenue
First Commonwealth is a separate and distinct legal entity from its subsidiaries. It receives substantially all of its revenues from dividends from its subsidiaries. These dividends are the principal source of funds to pay dividends on First Commonwealth’s common stock and interest and principal on First Commonwealth’s debt. Various federal and/or state laws and regulations limit the amount of dividends that FCB and certain non-bank subsidiaries may pay to First Commonwealth. In the event FCB is unable to pay dividends to First Commonwealth, First Commonwealth may not be able to service debt, pay obligations or pay dividends on its common stock. The inability to receive dividends from FCB could have a material adverse effect on First Commonwealth’s business, financial condition and results of operations.
Acts of Cyber-Crime May Compromise Client and Company Information, Disrupt Access to Our Systems or Result in Loss of Client or Company Assets.
Our business is dependent upon the availability of technology, the Internet and telecommunication systems to enable financial transactions by clients, record and monitor transactions and transmit and receive data to and from clients and third parties. Information security risks have increased significantly due to the use of online, telephone and mobile banking channels by clients and the increased sophistication and activities of organized crime, hackers, terrorists and other external parties. Our technologies, systems, networks and our clients’ devices have been subject to, and are likely to continue to be the target of, cyber-attacks, computer viruses, malicious code, phishing attacks or information security breaches that could result in the unauthorized release, gathering, monitoring, misuse, loss or destruction of our or our clients’ confidential, proprietary and other information, the theft of client assets through fraudulent transactions or disruption of our or our clients’ or other third parties’ business operations.
Even the most well protected information, networks, systems and facilities remain potentially vulnerable to attempted security breaches or disruptions because the techniques used in such attempts are constantly evolving and generally are not recognized until launched against a target, and in some cases are designed not to be detected and, in fact, may not be detected. Accordingly, we may be unable to anticipate these techniques or to implement adequate security barriers or other preventative measures, and thus it is virtually impossible for us to entirely mitigate this risk. While we maintain specific “cyber” insurance coverage, which would apply in the event of various breach scenarios, the amount of coverage may not be adequate in any particular case. Furthermore, because cyber threat scenarios are inherently difficult to predict and can take many forms, some breaches may not be covered under our cyber insurance coverage. A security breach or other significant disruption of our information systems or those related to our customers, merchants or our third party vendors, including as a result of cyber attacks, could (i) disrupt the proper functioning of our networks and systems and therefore our operations and/or those of certain of our customers; (ii) result in the unauthorized access to, and destruction, loss, theft, misappropriation or release of confidential, sensitive or otherwise valuable information of ours or our customers; (iii) result in a violation of applicable privacy, data breach and other laws, subjecting us to additional regulatory scrutiny and exposing us to civil litigation, governmental fines and possible financial liability; (iv) require significant management attention and resources to remedy the damages that result; or (v) harm our reputation or cause a decrease in the number of customers that choose to do business with us. The occurrence of any of the foregoing could have a material adverse effect on our business, financial condition and results of operations.
Our Operations Rely On Certain External Vendors
We rely on certain vendors to provide products and services necessary to maintain the day-to-day operations of First Commonwealth and FCB. In particular, we contracted with an external vendor for our core processing system used to maintain customer and account records, reflect account transactions and activity, and support our customer relationship management systems for substantially all of our deposit and loan customers. Accordingly, our operations are exposed to the risk that these vendors will not perform in accordance with the contracted arrangements under service level agreements. The failure of an external vendor to perform in accordance with the contracted arrangements under service level agreements, because of changes in the vendor’s organizational structure, financial condition, support for existing products and services or strategic focus or for any other reason, could be disruptive to First Commonwealth’s operations and financial reporting, which could have a material adverse effect on First Commonwealth’s business and, in turn, First Commonwealth’s financial condition and results of operations.
We Depend on the Accuracy and Completeness of Information About Customers and Counterparties
In deciding whether to extend credit or enter into other transactions, we rely on information furnished by or on behalf of customers and counterparties, including financial statements, credit reports and other financial information. We also rely on representations of those customers, counterparties or other third parties, such as independent auditors, as to the accuracy and completeness of that information. Reliance on inaccurate or misleading financial statements, credit reports or other financial information could have a material adverse impact on our business, financial condition and results of operations.
20

Table of Contents
External and Market-Related Risks
We are Subject to Risk Arising from The Soundness of Other Financial Institutions and Counterparties
Financial services institutions are interrelated as a result of trading, clearing, counterparty, or other relationships. We have exposure to many different industries and counterparties, and routinely execute transactions with counterparties in the financial services industry, including commercial banks, brokers and dealers, investment banks, and other institutional clients. Many of these transactions expose us to credit risk in the event of a default by a counterparty or client. In addition, our credit risk may be exacerbated when the collateral held by us cannot be realized or is liquidated at prices not sufficient to recover the full amount of the credit or derivative exposure due to us. Any such losses could have a material adverse effect on our business, financial condition and results of operations.
Competition from Other Financial Institutions in Originating Loans, Attracting Deposits and Providing Various Financial Services May Adversely Affect Our Profitability.
We face substantial competition in originating loans and attracting deposits. This competition comes principally from other banks, savings institutions, mortgage banking companies and credit unions, as well as institutions offering uninsured investment alternatives, including money market funds. Many of our competitors enjoy advantages, including greater financial resources and higher lending limits, better brand recognition, a wider geographic presence, more accessible branch office locations, the ability to offer a wider array of services or more favorable pricing alternatives, as well as lower origination and operating costs. These competitors may offer more favorable pricing through lower interest rates on loans or higher interest rates on deposits, which could force us to match competitive rates and thereby reduce our net interest income.
Compliance and Regulatory Risks
We are Subject to Extensive Government Regulation and Supervision
Banking regulations are primarily intended to protect depositors’ funds, federal deposit insurance funds and the banking system as a whole, not security holders. These regulations affect our lending practices, capital structure, investment practices, dividend policy and growth, among other things. Congress and federal regulatory agencies continually review banking laws, regulations and policies for possible changes. Changes to statutes, regulations or regulatory policies, including changes in interpretation or implementation of statutes, regulations or policies, could affect us in substantial and unpredictable ways. Such changes could subject us to additional costs, limit the types of financial services and products we may offer and/or increase the ability of non-banks to offer competing financial services and products, among other things. Failure to comply with laws, regulations, policies or supervisory guidance could result in enforcement and other legal actions by Federal or state authorities, including criminal and civil penalties, the loss of FDIC insurance, the revocation of a banking charter, other sanctions by regulatory agencies, civil money penalties and/or reputational damage. In this regard, government authorities, including the bank regulatory agencies, are pursuing aggressive enforcement actions with respect to compliance and other legal matters involving financial activities, which heightens the risks associated with actual and perceived compliance failures. See “Supervision and Regulation” included in Item 1. Business for a more detailed description of the regulatory requirements applicable to First Commonwealth.
Risks Related to Acquisition Activity
Potential Acquisitions May Disrupt Our Business and Dilute Stockholder Value
We generally seek merger or acquisition partners that are culturally similar and have experienced management and possess either significant market presence or have potential for improved profitability through financial management, economies of scale or expanded services. Acquiring other banks, businesses, or branches involves various risks commonly associated with acquisitions, including, among other things, (i) potential exposure to unknown or contingent liabilities of the target company; (ii) exposure to potential asset quality issues of the target company; (iii) potential disruption to our business; (iv) potential diversion of our management’s time and attention; (v) the possible loss of key employees and customers of the target company; (vi) difficulty in estimating the value of the target company; and (vii) potential changes in banking or tax laws or regulations that may affect the target company.
Acquisitions typically involve the payment of a premium over book and market values, and, therefore, some dilution of our tangible book value and net income per common share may occur in connection with any future transaction. Furthermore, failure to realize the expected revenue increases, cost savings, increases in geographic or product presence, and/or other projected benefits from an acquisition could have a material adverse effect on our business, financial condition and results of operations.
Acquisitions May Be Delayed, Impeded, or Prohibited Due to Regulatory Issues
Acquisitions by financial institutions, including us, are subject to approval by a variety of federal and state regulatory agencies (collectively, “regulatory approvals”). The process for obtaining these required regulatory approvals has become substantially more difficult since the global financial crisis, and our ability to engage in certain merger or acquisition transactions depends on the bank regulators' views at the time as to our capital levels, quality of management, and overall condition, in addition to their assessment of a variety of other factors, including our compliance with law. Regulatory approvals could be delayed, impeded,
21

Table of Contents
restrictively conditioned or denied due to existing or new regulatory issues we have, or may have, with regulatory agencies, including, without limitation, issues related to Bank Secrecy Act compliance, Community Reinvestment Act issues, fair lending laws, fair housing laws, consumer protection laws, unfair, deceptive, or abusive acts or practices regulations and other laws and regulations. We may fail to pursue, evaluate or complete strategic and competitively significant acquisition opportunities as a result of our inability, or perceived or anticipated inability, to obtain regulatory approvals in a timely manner, under reasonable conditions or at all. Difficulties associated with potential acquisitions that may result from these factors could have a material adverse effect on our business, financial condition and results of operations.
Risks Associated with Our Common Stock
The Trading Volume in Our Common Stock Is Less Than That of Other Larger Financial Services Companies
Although First Commonwealth’s common stock is listed for trading on the NYSE, the trading volume in its common stock is less than that of other, larger financial services companies. A public trading market having the desired characteristics of depth, liquidity and orderliness depends on the presence in the marketplace of willing buyers and sellers of First Commonwealth’s common stock at any given time. This presence depends on the individual decisions of investors and general economic and market conditions over which we have no control. Given the lower trading volume of First Commonwealth’s common stock, significant sales of First Commonwealth’s common stock, or the expectation of these sales, could cause First Commonwealth’s stock price to fall.
First Commonwealth May Not Continue to Pay Dividends on Its Common Stock in The Future
Holders of First Commonwealth common stock are only entitled to receive such dividends as its board of directors may declare out of funds legally available for such payments. Although First Commonwealth has historically declared cash dividends on its common stock, it is not required to do so and may reduce or eliminate its common stock dividend in the future. This could adversely affect the market price of First Commonwealth’s common stock. Also, First Commonwealth is a bank holding company, and its ability to declare and pay dividends is dependent on certain federal regulatory considerations, including the guidelines of the FRB regarding capital adequacy and dividends.
As more fully discussed in Part II, Item 8, Financial Statements and Supplementary Data-Note 24, Regulatory Restrictions and Capital Adequacy, which is located elsewhere in this report, the ability of First Commonwealth to declare or pay dividends on its common stock may also be subject to certain restrictions in the event that First Commonwealth elects to defer the payment of interest on its junior subordinated debt securities.
An Investment in Our Common Stock Is Not an Insured Deposit
Our common stock is not a bank deposit and, therefore, is not insured against loss by the Federal Deposit Insurance Corporation (FDIC), any other deposit insurance fund or by any other public or private entity. Investment in our common stock is inherently risky for the reasons described in this “Risk Factors” section and elsewhere in this report and is subject to the same market forces that affect the price of common stock in any company. As a result, if you acquire our common stock, you could lose some or all of your investment.
Provisions of Our Articles of Incorporation, Bylaws and Pennsylvania Law, as Well as State and Federal Banking Regulations, Could Delay or Prevent a Takeover of Us by a Third Party.
Provisions in our articles of incorporation and bylaws, the corporate law of the Commonwealth of Pennsylvania, and state and federal regulations could delay, defer or prevent a third party from acquiring us, despite the possible benefit to our shareholders, or otherwise adversely affect the price of our common stock. These provisions include, among other things, advance notice requirements for proposing matters that shareholders may act on at shareholder meetings. In addition, under Pennsylvania law, we are prohibited from engaging in a business combination with any interested shareholder for a period of five years from the date the person became an interested shareholder unless certain conditions are met. These provisions may discourage potential takeover attempts, discourage bids for our common stock at a premium over market price or adversely affect the market price of, and the voting and other rights of the holders of, our common stock.
General Risk Factors
We are Subject to Risk from Fluctuating Conditions in the Financial Markets and Economic and Political Conditions Generally
Our success depends, to a certain extent, upon local, national and global economic and political conditions, as well as governmental monetary policies. Our financial performance generally, and in particular the ability of borrowers to pay interest on and repay principal of outstanding loans and the value of collateral securing those loans, as well as demand for loans and other products and services we offer, is highly dependent upon the business environment in the markets where we operate and in the United States as a whole. A favorable business environment is generally characterized by, among other factors, economic growth, efficient capital markets, low inflation, low unemployment, high business and investor confidence, and strong business earnings. Unfavorable or uncertain economic and market conditions can be caused by a decline in economic growth both in the U.S. and internationally; declines in business activity or investor or business confidence; limitations on the availability of or increases in the cost of credit and capital; increases in inflation or interest rates; high unemployment; oil price volatility; natural
22

Table of Contents
disasters; trade policies and tariffs; or a combination of these or other factors. In addition, financial markets and global supply chains may be adversely affected by the current or anticipated impact of military conflict, including the current Russian invasion of the Ukraine, terrorism or other geopolitical events. Current economic conditions are being heavily impacted by elevated levels of inflation and rising interest rates. A prolonged period of inflation may impact our profitability by negatively impacting our fixed costs and expenses. Economic and inflationary pressure on consumers and uncertainty regarding economic improvement could result in changes in consumer and business spending, borrowing and saving habits. Such conditions could have a material adverse effect on the credit quality of our loans and our business, financial condition and results of operations.
Changes in The Federal, State or Local Tax Laws May Negatively Impact Our Financial Performance and We Are Subject to Examinations and Challenges by Tax Authorities
We are subject to federal and applicable state tax laws and regulations. Changes in these tax laws and regulations, some of which may be retroactive to previous periods, could increase our effective tax rates and, as a result, could negatively affect our current and future financial performance. Furthermore, tax laws and regulations are often complex and require interpretation. In the normal course of business, we are routinely subject to examinations and challenges from federal and applicable state tax authorities regarding the amount of taxes due in connection with investments we have made and the businesses in which we have engaged. Recently, federal and state taxing authorities have become increasingly aggressive in challenging tax positions taken by financial institutions. These tax positions may relate to tax compliance, sales and use, franchise, gross receipts, payroll, property and income tax issues, including tax base, apportionment and tax credit planning. The challenges made by tax authorities may result in adjustments to the timing or amount of taxable income or deductions or the allocation of income among tax jurisdictions. If any such challenges are made and are not resolved in our favor, they could have a material adverse effect on our business, financial condition and results of operations.
We May Need to Raise Additional Capital in The Future, and Such Capital May Not Be Available When Needed or at All
We may need to raise additional capital in the future to provide us with sufficient capital resources and liquidity to meet our commitments and business needs, particularly if our asset quality or earnings were to deteriorate significantly. Our ability to raise additional capital, if needed, will depend on, among other things, conditions in the capital markets at that time, which are outside of our control, and our financial condition. Economic conditions and the loss of confidence in financial institutions may increase our cost of funding and limit access to certain customary sources of capital, including inter-bank borrowings, repurchase agreements and borrowings from the discount window of the Federal Reserve.
We cannot assure that such capital will be available on acceptable terms or at all. Any occurrence that may limit our access to the capital markets, such as a decline in the confidence of debt purchasers, depositors of FCB or counterparties participating in the capital markets, or a downgrade of First Commonwealth’s or FCB’s debt ratings, may adversely affect our capital costs and our ability to raise capital and, in turn, our liquidity. Moreover, if we need to raise capital in the future, we may have to do so when many other financial institutions are also seeking to raise capital and would have to compete with those institutions for investors. An inability to raise additional capital on acceptable terms when needed could have a materially adverse effect on our business, financial condition and results of operations.
Our Stock Price Can Be Volatile
Stock price volatility may make it more difficult for you to resell your common stock when you want and at prices you find attractive. Our stock price can fluctuate significantly in response to a variety of factors including, among other things, (i) actual or anticipated variations in quarterly results of operations; (ii) recommendations by securities analysts; (iii) operating and stock price performance of other companies that investors deem comparable to us; (iv) news reports relating to trends, concerns and other issues in the financial services industry; (v) perceptions in the marketplace regarding us and/or our competitors; (vi) new technology used, or services offered, by competitors; (vii) the issuance by us of additional securities, including common stock and securities that are convertible into or exchangeable for, or that represent the right to receive, common stock; (viii) sales of a large block of shares of our common stock or similar securities in the market after an equity offering, or the perception that such sales could occur; (ix) significant acquisitions or business combinations, strategic partnerships, joint ventures or capital commitments by or involving us or our competitors; (x) failure to integrate acquisitions or realize anticipated benefits from acquisitions; (xi) changes in government regulations; and (xii) geopolitical conditions such as acts or threats of terrorism or military conflicts.
General market fluctuations, including real or anticipated changes in the strength of the economy; industry factors and general economic and political conditions and events, such as economic slowdowns or recessions; and interest rate changes, oil price volatility or credit loss trends could also cause our stock price to decrease regardless of operating results.
Changes in Accounting Standards Could Materially Impact Our Financial Statements
From time to time accounting standards setters change the financial accounting and reporting standards that govern the preparation of our financial statements. These changes can be difficult to predict and can materially impact how we record and report our financial condition and results of operations. In some cases, we could be required to apply a new or revised standard retroactively, resulting in changes to previously reported financial results or a cumulative charge to retained earnings. See New
23

Table of Contents
Accounting Pronouncements at the end of Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations elsewhere in this report for further information regarding pending accounting standards updates.
We May Not Be Able to Attract and Retain Skilled People
Our success depends, in large part, on our ability to attract and retain key people. Competition for the best people in many activities engaged in by us is intense and we may not be able to hire people or to retain them. We do not currently have employment agreements or non-competition agreements with any of our senior officers. The unexpected loss of services of key personnel could have a material adverse impact on our business, financial condition and results of operations because of their customer relationships, skills, knowledge of our market, years of industry experience and the difficulty of promptly finding qualified replacement personnel. In addition, the scope and content of U.S. banking regulators' policies on incentive compensation, as well as changes to these policies, could adversely affect our ability to hire, retain and motivate our key employees.

ITEM 1B.    Unresolved Staff Comments
None.
 
ITEM 2.    Properties
Our principal office is located in the old Indiana County courthouse complex, consisting of the former courthouse building and the former sheriff’s residence and jail building for Indiana County. This certified Pennsylvania and national historic landmark was built in 1870 and restored by us in the early 1970s. We lease the complex from Indiana County pursuant to a lease agreement that was originally signed in 1973 and has a current term that expires in 2048.
The majority of our administrative personnel are also located in two owned buildings in Indiana, Pennsylvania, each of which is in close proximity to our principal office.
First Commonwealth Bank has 119 community banking offices, of which 44 are leased and 75 are owned. We also lease two mortgage loan production offices, four corporate loan production offices and an office for our equipment finance business.
While these facilities are adequate to meet our current needs, available space is limited and additional facilities may be required to support future expansion. However, we have no significant plans to lease, purchase or construct additional administrative facilities.
 
ITEM 3.    Legal Proceedings
The information required by this Item is set forth in Part II, Item 8, Note 21, “Contingent Liabilities,” which is incorporated herein by reference in response to this item.
 
ITEM 4.    Mine Safety Disclosures
Not applicable.
24

Table of Contents
Executive Officers of First Commonwealth Financial Corporation
The name, age and principal occupation for each of the executive officers of First Commonwealth Financial Corporation as of December 31, 2022 is set forth below:
Jane Grebenc, age 64, has served as Executive Vice President and Chief Revenue Officer of First Commonwealth Financial Corporation and President of First Commonwealth Bank since May 31, 2013. Ms. Grebenc's financial services career includes executive leadership roles at a variety of institutions, including Park View Federal Savings Bank, Key Bank, and National City Bank. She was formerly the Executive Vice President in charge of the retail, marketing, IT and operations and the mortgage segments at Park View Federal Savings Bank from 2009 until 2012, the Executive Vice President in charge of the Wealth Segment at Key Bank from 2007 until 2009 and the Executive Vice President / Branch Network at National City Bank prior to 2007.

Brian Karrip, age 62, has served as Executive Vice President and Chief Credit Officer of First Commonwealth Bank since September 2016.  Prior to joining First Commonwealth, Mr. Karrip served as Executive Vice President, Specialized Lending for FirstMerit Bank.  Prior to joining FirstMerit Bank, Mr. Karrip served as Managing Director and Group Head of Loan Syndications and Sales at KeyBanc Capital Markets.  Mr. Karrip’s financial services career also includes 16 years with National City Bank where he held a variety of roles in the commercial lending division and served as Regional President of Michigan and Illinois.
Leonard V. Lombardi, age 63, has served as Executive Vice President and Chief Audit Executive of First Commonwealth Financial Corporation since January 1, 2009. He was formerly Senior Vice President / Loan Review and Audit Manager.

Norman J. Montgomery, age 55, has served as the Executive Vice President of Business Integration of First Commonwealth Bank since May 2011. He oversees First Commonwealth’s product development and assumed oversight of First Commonwealth’s technology and operations functions in July 2012. He served as Senior Vice President/Business Integration of First Commonwealth Bank from September 2007 until May 2011 and previously held positions in the technology, operations, audit and marketing areas.
T. Michael Price, age 60, has served as President and Chief Executive Officer of First Commonwealth Financial Corporation and Chief Executive Officer of First Commonwealth Bank since March 2012. Mr. Price served as President of First Commonwealth Bank from November 2007 to May 2013. From January 1, 2012 to March 7, 2012, he served as Interim President and Chief Executive Officer of First Commonwealth Financial Corporation. He was formerly Chief Executive Officer of the Cincinnati and Northern Kentucky Region of National City Bank from July 2004 to November 2007 and Executive Vice President and Head of Small Business Banking of National City Bank prior to July 2004.
James R. Reske, age 59, joined First Commonwealth Financial Corporation as Executive Vice President, Chief Financial Officer and Treasurer on April 28, 2014. Prior to joining First Commonwealth, Mr. Reske served as Executive Vice President, Chief Financial Officer, and Treasurer at United Community Financial Corporation in Youngstown, Ohio from 2008 until April 2014. Mr. Reske's financial services career includes investment banking roles within the Financial Institutions Groups at Keybanc Capital Markets, Inc. in Cleveland, Ohio and at Morgan Stanley & Company in New York. Mr. Reske also provided expertise and counsel to financial institutions and other organizations on mergers and acquisitions and capital markets activities as an attorney at Wachtell, Lipton, Rosen & Katz, as well as at Sullivan & Cromwell. Earlier in his career, Mr. Reske worked at the Board of Governors of the Federal Reserve System in Washington, DC and at the Federal Reserve Bank of Boston.
Carrie L. Riggle, age 53, has served as Executive Vice President / Human Resources since March 1, 2013. Ms. Riggle has been with First Commonwealth since 1991. Over the course of her tenure, Ms. Riggle has been responsible for the daily operations of the Human Resources function and was actively involved in the establishment and development of a centralized corporate human resources function within the Company.
Matthew C. Tomb, age 46, has served as Executive Vice President, Chief Risk Officer and General Counsel of First Commonwealth Financial Corporation since November 2010. He previously served as Senior Vice President / Legal and Compliance since September 2007. Before joining First Commonwealth, Mr. Tomb practiced law with Sherman & Howard L.L.C. in Denver, Colorado.

25

Table of Contents
PART II

ITEM 5.    Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchase of Equity Securities
First Commonwealth is listed on the NYSE under the symbol “FCF.” As of December 31, 2022, there were approximately 5,263 holders of record of First Commonwealth’s common stock. The table below sets forth the high and low sales prices per share and cash dividends declared per share for common stock of First Commonwealth for each quarter during the last two fiscal years.
PeriodHigh SaleLow SaleCash Dividends
Per Share
2022
First Quarter$17.55 $15.12 $0.115 
Second Quarter15.23 13.01 0.120 
Third Quarter15.39 12.84 0.120 
Fourth Quarter14.92 12.99 0.120 
 
PeriodHigh SaleLow SaleCash Dividends
Per Share
2021
First Quarter$15.51 $10.88 $0.110 
Second Quarter15.54 13.77 0.115 
Third Quarter14.08 12.45 0.115 
Fourth Quarter16.16 13.99 0.115 
Federal and state regulations contain restrictions on the ability of First Commonwealth to pay dividends. For information regarding restrictions on dividends, see Part I, Item 1 “Business—Supervision and Regulation—Dividends” and Part II, Item 8, “Financial Statements and Supplementary Data—Note 24, Regulatory Restrictions and Capital Adequacy.” In addition, under the terms of the capital securities issued by First Commonwealth Capital Trust II and III, First Commonwealth could not pay dividends on its common stock if First Commonwealth deferred payments on the junior subordinated debt securities that provide the cash flow for the payments on the capital securities.
26

Table of Contents
The following five-year performance graph compares the cumulative total shareholder return (assuming reinvestment of dividends) on First Commonwealth’s common stock to the S&P U.S. BMI Banks Index and the Russell 2000 Index. The stock performance graph assumes $100 was invested on December 31, 2017, and the cumulative return is measured as of each subsequent fiscal year end.
fcf-20221231_g1.jpg
 Period Ending
Index12/31/201712/31/201812/31/201912/31/202012/31/202112/31/2022
 First Commonwealth Financial Corporation100.00 86.36 106.79 84.49 128.36 115.13 
 Russell 2000 Index100.00 88.99 111.70 134.00 153.85 122.41 
 S&P U.S. BMI Banks Index100.00 83.54 114.74 100.10 136.10 112.89 
 
Unregistered Sales of Equity Securities and Use of Proceeds

For additional information, please see Part III, Item 12, "Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters." Information called for by this item concerning security ownership of certain beneficial owners and security ownership of management will be included in the Proxy Statement under the headings “Stock Ownership of Certain Beneficial Owners” and “Stock Ownership of Directors and Management,” and is incorporated herein by reference.

ITEM 6.    [Reserved]

27

Table of Contents



ITEM 7.    Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis represents an overview of the financial condition and the results of operations of First Commonwealth, and its subsidiaries, as of and for the years ended December 31, 2022, and 2021. The purpose of this discussion is to focus on information concerning our financial condition and results of operations that is not readily apparent from the Consolidated Financial Statements. In order to obtain a more thorough understanding of this discussion, you should refer to the Consolidated Financial Statements, the notes thereto and other financial information presented in this Annual Report. Refer to Management's Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K filed with the SEC on March 1, 2022 for a discussion and analysis of the factors that affected periods prior to 2022.

Company Overview
First Commonwealth provides a diversified array of consumer and commercial banking services through our bank subsidiary, FCB. We also provide trust and wealth management services through FCB and insurance products through FCIA. At December 31, 2022, FCB operated 119 community banking offices throughout Pennsylvania and Ohio, as well as loan production offices in Pittsburgh, Pennsylvania, and Cleveland, Columbus, Canton, Lewis Center and Hudson, Ohio.
Our consumer services include Internet, mobile and telephone banking, an automated teller machine network, personal checking accounts, interest-earning checking accounts, savings accounts, health savings accounts, insured money market accounts, debit cards, investment certificates, fixed and variable rate certificates of deposit, mortgage loans, secured and unsecured installment loans, construction and real estate loans, safe deposit facilities, credit cards, credit lines with overdraft checking protection and IRA accounts. Commercial banking services include commercial lending, small and high-volume business checking accounts, on-line account management services, ACH origination, payroll direct deposit, commercial cash management services and repurchase agreements. We also provide a variety of trust and asset management services and a full complement of auto, home and business insurance as well as term life insurance. We offer annuities, mutual funds and stock and bond brokerage services through an arrangement with a broker-dealer and insurance brokers. Most of our commercial customers are small and mid-sized businesses in Pennsylvania and Ohio.
As a financial institution with a focus on traditional banking activities, we earn the majority of our revenue through net interest income, which is the difference between interest earned on loans and investments and interest paid on deposits and borrowings. Growth in net interest income is dependent upon balance sheet growth and maintaining or increasing our net interest margin, which is net interest income (on a fully taxable-equivalent basis) as a percentage of our average interest-earning assets. We also generate revenue through fees earned on various services and products that we offer to our customers and, less frequently, through sales of assets, such as loans, investments or properties. These revenue sources are offset by provisions for credit losses on loans, operating expenses, income taxes and, less frequently, loss on sale or other-than-temporary impairments on investment securities.
General economic conditions also affect our business by impacting our customers’ need for financing, thus affecting loan growth, as well as impacting the credit strength of existing and potential borrowers.

Critical Accounting Policies and Significant Accounting Estimates
First Commonwealth’s accounting and reporting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) and predominant practice in the banking industry. The preparation of financial statements in accordance with GAAP requires management to make estimates, assumptions and judgments that affect the amounts reported in the financial statements and accompanying notes. Over time, these estimates, assumptions and judgments may prove to be inaccurate or vary from actual results and may significantly affect our reported results and financial position for the period presented or in future periods. We currently view the determination of the allowance for credit losses to be critical because it is highly dependent on subjective or complex judgments, assumptions and estimates made by management.
Allowance for Credit Losses
We account for the credit risk associated with our lending activities through the allowance and provision for credit losses. The allowance represents management’s best estimate of expected losses in our existing loan and lease portfolio as of the balance sheet date. The provision is a periodic charge to earnings in an amount necessary to maintain the allowance at a level that is appropriate based on management’s assessment of expected losses. Management determines and reviews with the Board of Directors the appropriateness of the allowance on a quarterly basis in accordance with the methodology described below.
28

Table of Contents
Loans are segmented into groups with similar characteristics and risks and an allowance for credit losses is calculated for each segment based on the estimate of credit losses.
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 includes a forecast of macroeconomic factors, using a weighted forecast from a nationally recognized firm.
Loans that do not have the same risks and characteristics of the loan pools are individually reviewed. These are generally large balance commercial loans and commercial mortgages that are rated less than “satisfactory” based on our internal credit-rating process.
We assess whether the loans identified for review are “nonperforming”. This means it is expected that all amounts will not be collected according to the contractual terms of the loan agreement, which generally represents loans that management has placed on nonaccrual status and accruing troubled debt restructurings.
For individually analyzed loans we calculate the estimated fair value of the loans that are selected for review based on observable market prices, discounted cash flows or the value of the underlying collateral and record an allowance if needed.
We then review the results to determine the appropriate balance of the allowance for credit losses. This review includes consideration of additional factors, such as the mix of loans in the portfolio, the balance of the allowance relative to total loans and nonperforming assets, trends in the overall risk profile in the portfolio, trends in delinquencies and nonaccrual loans, and local and national economic information and industry data, including trends in the industries we believe are higher risk.
There are many factors affecting the allowance for credit losses; some are quantitative, while others require qualitative judgment. These factors require the use of estimates related to the amount and timing of expected future cash flows, appraised values on nonperforming loans, estimated losses for each loan category based on historical loss experience, forecasts of economic trends and conditions, all of which may be susceptible to significant judgment and change. To the extent that actual outcomes differ from estimates, additional provisions for credit losses could be required that could adversely affect our earnings or financial position in future periods.
As noted above, the allowance for credit losses is estimated using a number of inputs and assumptions. Management's sensitivity analysis of the allowance identified that the model has the highest degree of sensitivity around values used in the economic forecast, specifically national unemployment and gross domestic product. Additionally, there is also a high degree of sensitivity related to estimated prepayment speeds as it is a major driver for the life of loan expectations. The sensitivity of estimated prepayment speeds had the largest impact on the residential first lien loan pool.
29

Table of Contents
Selected Financial Information
The following table provides selected financial information for the periods ended December 31,
 20222021202020192018
 (dollars in thousands, except share data)
Interest income$329,953 $293,838 $301,209 $325,264 $292,257 
Interest expense17,732 15,297 32,938 55,402 40,035 
Net interest income312,221 278,541 268,271 269,862 252,222 
Provision for credit losses21,106 (1,376)56,718 14,533 12,531 
Net interest income after provision for credit losses291,115 279,917 211,553 255,329 239,691 
Net securities gains (losses)16 70 22 8,102 
Other income98,706 106,741 94,406 85,463 80,535 
Other expenses229,638 213,857 215,826 209,965 195,556 
Income before income taxes160,185 172,817 90,203 130,849 132,772 
Income tax provision32,004 34,560 16,756 25,516 25,274 
Net Income$128,181 $138,257 $73,447 $105,333 $107,498 
Per Share Data—Basic
Net Income$1.37 $1.45 $0.75 $1.07 $1.09 
Dividends declared$0.475 $0.455 $0.440 $0.400 $0.350 
Average shares outstanding93,612,043 95,583,890 97,499,586 98,317,787 99,036,163 
Per Share Data—Diluted
Net Income$1.37 $1.44 $0.75 $1.07 $1.08 
Average shares outstanding93,887,447 95,840,285 97,758,965 98,588,164 99,223,513 
At End of Period
Total assets$9,805,666 $9,545,093 $9,068,104 $8,308,773 $7,828,255 
Investment securities1,250,237 1,595,529 1,205,294 1,256,176 1,335,228 
Loans and leases, net of unearned income7,642,143 6,839,230 6,761,183 6,189,148 5,774,139 
Allowance for credit losses102,906 92,522 101,309 51,637 47,764 
Deposits8,005,469 7,982,498 7,438,666 6,677,615 5,897,992 
Short-term borrowings372,694 138,315 117,373 201,853 721,823 
Subordinated debentures170,937 170,775 170,612 170,450 170,288 
Other long-term debt4,862 5,573 56,258 56,917 7,551 
Shareholders’ equity1,052,074 1,109,372 1,068,617 1,055,665 975,389 
Key Ratios
Return on average assets1.34 %1.47 %0.82 %1.31 %1.42 %
Return on average equity11.99 12.55 6.82 10.32 11.41 
Net loans to deposits ratio94.18 84.52 89.53 91.91 97.09 
Dividends per share as a percent of net income per share34.67 31.38 58.67 37.38 32.11 
Average equity to average assets ratio11.16 11.72 12.00 12.71 12.47 
Results for 2020 through 2022 reflect accounting for the allowance for credit losses under the current expected credit loss methodology, while results prior to 2020 reflect accounting under the incurred methodology.

Results of Operations—2022 Compared to 2021
Net Income
Net income for 2022 was $128.2 million, or $1.37 per diluted share, as compared to net income of $138.3 million, or $1.44 per diluted share in 2021. The decrease in net income was the result of a $22.5 million increase in provision for credit losses, an
30

Table of Contents
increase of $15.8 million in noninterest expense and a decrease of $8.0 million in noninterest income offset by an increase of $33.7 million in net interest income.
Our return on average equity was 12.0% and our return on average assets was 1.34% for 2022, compared to 12.6% and 1.47%, respectively, for 2021.
Average diluted shares for the year 2022 were 2% less than the comparable period in 2021 primarily due to $15.6 million of common stock buybacks completed during 2022.
Net Interest Income
Net interest income, which is our primary source of revenue, is the difference between interest income from earning assets (loans and securities) and interest expense paid on liabilities (deposits, short-term borrowings and long-term debt). The amount of net interest income is affected by both changes in the level of interest rates and the amount and composition of interest-earning assets and interest-bearing liabilities. The net interest margin is expressed as the percentage of net interest income, on a fully taxable equivalent basis, to average interest-earning assets. To compare the tax exempt asset yields to taxable yields, amounts are adjusted to the pretax equivalent amounts based on the marginal corporate federal income tax rate of 21%. The taxable equivalent adjustment to net interest income for 2022 was $1.0 million compared to $1.1 million in 2021. Net interest income comprises a majority of our operating revenue (net interest income before provision expense plus noninterest income) at 76% and 72% for the years ended December 31, 2022 and 2021, respectively.
Net interest income, on a fully taxable equivalent basis, was $313.3 million for the year-ended December 31, 2022, a $33.6 million, or 12%, increase compared to $279.6 million for the same period in 2021. The net interest margin, on a fully taxable equivalent basis, increased 32 basis points to 3.58% in 2022 from 3.26% in 2021. The net interest margin is affected by both changes in the level of interest rates and the amount and composition of interest-earning assets and interest-bearing liabilities.
The impact of growth in interest-earning assets in 2022 was further impacted by the effect of the mix of the asset growth and higher interest rates, resulting in an increase in the net interest margin for the year ended December 31, 2022. Average earning assets for the year ended December 31, 2022 increased $153.3 million, or 2%, compared to the year ended December 31, 2021. The change in the volume of interest-earning assets and interest-bearing liabilities positively increased net interest income by $14.8 million in the year ended December 31, 2022 compared to the same period in 2021, and changes in rates positively impacted net interest income by $18.9 million. Interest-sensitive assets totaling $4.3 billion will either reprice or mature over the next twelve months.
The taxable equivalent yield on interest-earning assets was 3.79% for the year ended December 31, 2022, an increase of 36 basis points from the 3.43% yield for the same period in 2021. This change is primarily due to an increase in the yield on our adjustable and variable rate commercial loan portfolios, which increased by 89 basis points largely due to loans repricing in a rising interest rate environment. During 2022, the Federal Reserve increased short-term interest rates by 425 basis points. Also contributing to the increase in yield on interest-earning assets was the yield on the investment portfolio, which increased by 15 basis points compared to the prior year, primarily due to the increased rate environment.
As of December 31, 2022, 43% of our loan portfolio had variable or adjustable interest rates and 57% had fixed interest rates. These percentages incorporate the impact of our cash flow hedges that convert the interest rate on $500.0 million of our 1-month LIBOR based loans to fixed rates. Without these cash flow hedges, the variable and adjustable interest rates would account for 49% of our loan portfolio and include approximately 32% tied to the prime interest rate, 18% tied to SOFR, 14% tied to LIBOR, 10% tied to Federal Home Loan Bank rates, 10% tied to Treasury rates, 9% tied to swap rates and 7% tied to BSBY. As of September 30, 2021, we discontinued originating loans tied to LIBOR and instead have used our preferred replacement rate of SOFR as well as BSBY. All LIBOR based loans are expected to be transitioned to a new index by June 30, 2023.
The loan yield for the year ended December 31, 2022 increased 27 basis points compared to December 31, 2021. This increase is a result of the previously mentioned increase in interest rates as well as growth in the loan portfolio. Average loans increased by $395.4 million during the period, despite a decrease of $292.1 million in average Paycheck Protection Program ("PPP") loans outstanding during the period. These loans were originated under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") and had a stated loan rate of 1% and a yield of 12.9% and 7.4% for the years ended December 31, 2022 and December 31, 2021, respectively. The yield on PPP loans includes the recognition of PPP loan deferred processing fees, net of deferred origination costs, of $2.3 million for the year ended December 31, 2022 and $19.9 million for the year ended December 31, 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. At December 31, 2022, the balance of PPP loans outstanding totaled $4.3 million. PPP loans generated $2.7 million in income during the year ended December 31, 2022 and increased the yield on total loans and the net interest margin by 3 basis points and 2 basis points, respectively. During the year ended
31

Table of Contents
December 31, 2021, PPP loans generated $23.2 million in income increasing both the loan portfolio yield and net interest margin by 16 basis points.
The investment portfolio yield increased 15 basis points in comparison to the prior year as new volume rates were higher than the portfolio yields. The average investment portfolio balance decreased $113.0 million as maturities and runoff funded loan growth. Additionally, the average balance of interest-bearing deposits with banks has decreased from $317.5 million in 2021 to $188.4 million in 2022 as this liquidity was used to fund loan growth. The impact of the level and rate earned on interest-bearing deposits with banks increased the yield on interest-earnings assets by 6 basis points for the year ended December 31, 2022.
Increases in the cost of interest-bearing liabilities partially offset the positive impact of higher yields on interest-earning assets. The cost of interest-bearing liabilities was 0.31% for the year-ended December 31, 2022, compared to 0.27% for the same period in 2021. Higher market interest rates resulted in the cost of interest-bearing deposits increasing 2 basis points and short-term borrowings increasing 130 basis points in comparison to the same period in the prior year. Average short-term borrowings increased by $25.0 million for the year ended December 31, 2022 compared to the same period in 2021. Average long-term debt decreased $19.2 million, while the cost of long-term debt increased by 26 basis points due to the maturity of lower costing borrowings and increasing rates on the variable rate portion of the subordinated debentures.
Comparing the year ended December 31, 2022 with the same period in 2021, changes in rates positively impacted net interest income by $18.9 million. The higher yield on interest-earning assets increased net interest income by $22.6 million, while the change in the cost of interest-bearing liabilities negatively impacted net interest income by $3.7 million.
Changes in the volume of interest-earning assets and interest-bearing liabilities positively increased net interest income by $14.8 million in the year ended December 31, 2022 compared to the same period in 2021. Higher levels of interest-earning assets resulted in an increase of $13.5 million in interest income, and changes in the volume and mix of interest-bearing liabilities decreased interest expense by $1.3 million, primarily due to decreases in long-term borrowings and time deposits.
Positively affecting net interest income was a $85.5 million increase in average net free funds at December 31, 2022 as compared to December 31, 2021. 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 a $128.1 million increase in average noninterest-bearing demand deposits. Average time deposits for the year ended December 31, 2022 decreased $96.8 million, or 22%, compared to the comparable period in 2021, while the average rate paid on time deposits decreased 15 basis points. Over the next twelve months, $230.6 million in certificates of deposits are scheduled to mature.
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 periods presented:
 
 For the Years Ended December 31,
 202220212020
 (dollars in thousands)
Interest income per Consolidated Statements of Income$329,953 $293,838 $301,209 
Adjustment to fully taxable equivalent basis1,049 1,100 1,462 
Interest income adjusted to fully taxable equivalent basis (non-GAAP)331,002 294,938 302,671 
Interest expense17,732 15,297 32,938 
Net interest income adjusted to fully taxable equivalent basis (non-GAAP)$313,270 $279,641 $269,733 
 
32

Table of Contents
The following table provides information regarding the average balances and yields or rates on interest-earning assets and interest-bearing liabilities for the periods ended December 31:
 
 Average Balance Sheets and Net Interest Analysis
 202220212020
 Average
Balance
Income /
Expense (a)
Yield or
Rate
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$188,370 $1,722 0.91 %$317,493 $400 0.13 %$179,180 $218 0.12 %
Tax-free investment securities23,060 606 2.63 28,139 753 2.68 44,308 1,333 3.01 
Taxable investment securities1,355,836 25,545 1.88 1,463,785 25,244 1.72 1,167,316 24,749 2.12 
Loans and leases, net of unearned
income (b)(c)(e)
7,172,624 303,129 4.23 6,777,192 268,541 3.96 6,737,339 276,371 4.10 
Total interest-earning assets8,739,890 331,002 3.79 8,586,609 294,938 3.43 8,128,143 302,671 3.72 
Noninterest-earning assets:
Cash111,554 94,949 97,632 
Allowance for credit losses(94,912)(101,399)(76,705)
Other assets818,701 813,905 825,510 
Total noninterest-earning assets835,343 807,455 846,437 
Total Assets$9,575,233 $9,394,064 $8,974,580 
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand
deposits (d)
$1,596,197 $1,376 0.09 %$1,529,697 $434 0.03 %$1,525,195 $1,843 0.12 %
Savings deposits (d)3,374,638 4,145 0.12 3,282,307 3,111 0.09 3,027,016 9,966 0.33 
Time deposits352,622 1,193 0.34 449,452 2,204 0.49 726,702 10,163 1.40 
Short-term borrowings144,834 1,999 1.38 119,801 99 0.08 142,634 704 0.49 
Long-term debt181,724 9,019 4.96 200,961 9,449 4.70 233,701 10,262 4.39 
Total interest-bearing liabilities5,650,015 17,732 0.31 5,582,218 15,297 0.27 5,655,248 32,938 0.58 
Noninterest-bearing liabilities and shareholders’ equity:
Noninterest-bearing demand
deposits (d)
2,708,580 2,580,460 2,101,412 
Other liabilities147,871 130,007 140,612 
Shareholders’ equity1,068,767 1,101,379 1,077,308 
Total noninterest-bearing funding sources3,925,218 3,811,846 3,319,332 
Total Liabilities and Shareholders’ Equity$9,575,233 $9,394,064 $8,974,580 
Net Interest Income and Net Yield on Interest-Earning Assets$313,270 3.58 %$279,641 3.26 %$269,733 3.32 %
(a)Income on interest-earning assets has been computed on a fully taxable equivalent basis using the federal income tax statutory rate of 21%.
(b)Income on nonaccrual loans is accounted for on the cash basis, and the loan balances are included in interest-earning assets.
(c)Loan income includes loan fees.
(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.
(e)Includes held for sale loans.

33

Table of Contents
The following table sets forth certain information regarding changes in net interest income attributable to changes in the volume of interest-earning assets and interest-bearing liabilities and changes in the rates for the periods indicated:
 
 Analysis of Year-to-Year Changes in Net Interest Income
 2022 Change from 20212021 Change from 2020
 Total
Change
Change Due
To Volume
Change Due
To Rate (a)
Total
Change
Change Due
To Volume
Change Due
To Rate (a)
 (dollars in thousands)
Interest-earning assets:
Interest-bearing deposits with banks$1,322 $(168)$1,490 $182 $166 $16 
Tax-free investment securities(147)(136)(11)(580)(487)(93)
Taxable investment securities301 (1,857)2,158 495 6,285 (5,790)
Loans and leases34,588 15,659 18,929 (7,830)1,634 (9,464)
Total interest income (b)36,064 13,498 22,566 (7,733)7,598 (15,331)
Interest-bearing liabilities:
Interest-bearing demand deposits942 20 922 (1,409)(1,414)
Savings deposits1,034 83 951 (6,855)842 (7,697)
Time deposits(1,011)(474)(537)(7,959)(3,882)(4,077)
Short-term borrowings1,900 20 1,880 (605)(112)(493)
Long-term debt(430)(904)474 (813)(1,437)624 
Total interest expense2,435 (1,255)3,690 (17,641)(4,584)(13,057)
Net interest income$33,629 $14,753 $18,876 $9,908 $12,182 $(2,274)
(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 to provide for expected losses inherent in the loan and lease 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.
The provision is a result of management's estimate of credit losses over the contractual life of the loan and lease portfolio. The change in the allowance for credit is impacted by estimated expected losses in the portfolio determined by a discounted cash flow analysis considering inputs such as contractual payment schedules, prepayment estimates, historical loss experience, calculated probability of default and loss given default estimates and forecasts for certain macroeconomic variables, such as unemployment, gross domestic product and the housing price index as well as other macroeconomic variables.
The provision for credit losses on loans and leases for 2022 totaled $17.5 million, an increase of $17.9 million compared to the $0.4 million negative provision recognized in 2021. The level of provision expense for the year ended December 31, 2022 is primarily a result of loan growth and changes in the economic forecast. The provision for credit losses was also impacted by a decrease of $0.3 million in reserves on individually analyzed loans. Contributing to the increase in provision for credit losses was a $4.6 million increase in expense related to higher reserves for off-balance sheet commitments.
Provision expense for the commercial, financial, agricultural and other category was impacted by net charge-offs of $2.0 million, as well as an increase of $38.3 million in outstanding balances. Provision expense for the commercial real estate category was impacted by $1.7 million in net charge-offs offset by an increase in general reserves due to $173.9 million in loan growth. Contributing to the negative provision for commercial real estate is the release of the remaining COVID-19 qualitative reserves which were established at the beginning of the pandemic. These reserves have been released as the risk of the COVID-19 pandemic on the loan portfolio declined. Increase in the residential real estate category is due primarily to $274.4 million in loan growth, slowing prepayment speeds and an annual review of loss history data used in the allowance for credit loss model. Net charge-offs related to loans to individuals were $3.3 million for the year ended December 31, 2022, including $1.9 million for indirect auto loans and $1.0 million related to other consumer loans. The provision expense for loans to individuals was also impacted by growth in the portfolio of $297.7 million and the impact of the annual review of loss history data used in the allowance model.

34

Table of Contents
The table below provides a breakout of the provision for credit losses by loan category for the years ended December 31: 
 20222021
 DollarsPercentageDollarsPercentage
 (dollars in thousands)
Commercial, financial, agricultural and other$6,524 37 %$5,496 (1,458)%
Time and demand5,265 30 5,441 (1,443)
Commercial credit cards234 55 (15)
Equipment Finance1,086 
Time and demand other(61)— 
Real estate construction4,593 26 (3,892)1,032 
Construction other3,073 17 
Construction residential1,520 
Residential real estate8,939 51 (1,892)502 
Residential first liens7,396 42 (737)196 
Residential junior liens/home equity1,543 (1,155)306 
Commercial real estate(2,854)(16)(7,053)1,871 
Multifamily1,165 (2,678)710 
Nonowner occupied(6,918)(40)(2,145)569 
Owner occupied2,899 17 (2,230)592 
Loans to individuals319 2 6,964 (1,847)
Automobile and recreational vehicles(721)(4)6,035 (1,601)
Consumer credit cards327 215 (57)
Consumer other713 714 (189)
Provision for credit losses on loans and leases$17,521 100 %$(377)100 %
Provision for off-balance sheet credit exposure3,585 (999)
Total provision for credit losses$21,106 $(1,376)
The provision expense for the year ended December 31, 2021 totaled a $0.4 million negative provision and primarily was a result of $8.4 million in net charge-offs offset by a decrease in the allowance for credit losses due to improvement in the economic forecast as compared to the prior year which included a higher level of uncertainty and risks related to the COVID-19 pandemic. Also impacting provision expense in 2021 was a decrease of $4.5 million on individually analyzed loans.
The allowance for credit losses was $102.9 million, or 1.35%, of total loans outstanding at December 31, 2022, compared to $92.5 million, or 1.35%, at December 31, 2021. Nonperforming loans as a percentage of total loans decreased to 0.46% at December 31, 2022 from 0.81% at December 31, 2021. The allowance to nonperforming loan ratio was 290.0% as of December 31, 2022 and 167.7% at December 31, 2021. Net charge-offs were $7.1 million for the year-ended December 31, 2022 compared to $8.4 million for the same period in 2021.
Upon adoption of CECL at January 1, 2020, the provision for credit losses on off-balance sheet credit exposures are recorded as part of the provision for credit losses instead of a component of non-interest expense as it previously was recorded. The provision for credit losses recorded for off-balance sheet credit exposures totaled $3.6 million for the year ended December 31, 2022 compared to a negative provision of $1.0 million for the year ended December 31, 2021.
Management believes that the allowance for credit losses is at a level deemed appropriate to absorb expected losses inherent in the loan portfolio at December 31, 2022.
 
35

Table of Contents
A detailed analysis of our credit loss experience for the previous five years is shown below:
 
20222021202020192018
 (dollars in thousands)
Loans and leases outstanding at end of year$7,642,143 $6,839,230 $6,761,183 $6,189,148 $5,774,139 
Average loans outstanding$7,172,624 $6,777,192 $6,737,339 $5,987,398 $5,582,651 
Balance, beginning of year$92,522 $101,309 $51,637 $47,764 $48,298 
Adoption of accounting standard - ASU 2016-13— — 13,393 — — 
Loans charged off:
Commercial, financial, agricultural and other2,361 7,020 6,318 3,393 5,294 
Real estate construction— — — — 
Residential real estate339 309 1,040 1,042 1,313 
Commercial real estate2,487 1,659 4,939 2,008 3,930 
Loans to individuals4,658 4,061 6,953 5,831 4,576 
Total loans charged off9,845 13,058 19,250 12,274 15,113 
Recoveries of loans previously charged off:
Commercial, financial, agricultural and other394 2,430 314 326 788 
Real estate construction155 26 158 141 
Residential real estate187 468 414 315 361 
Commercial real estate769 135 312 189 153 
Loans to individuals1,349 1,460 991 626 605 
Total recoveries2,708 4,648 2,057 1,614 2,048 
Net charge-offs7,137 8,410 17,193 10,660 13,065 
Provision charged to expense17,521 (377)53,472 14,533 12,531 
Balance, end of year$102,906 $92,522 $101,309 $51,637 $47,764 
Ratios:
Net charge-offs as a percentage of average loans and leases outstanding0.10 %0.12 %0.26 %0.18 %0.23 %
Allowance for credit losses as a percentage of end-of-period loans and leases outstanding1.35 %1.35 %1.50 %0.83 %0.83 %
Allowance for credit losses as a percentage of end-of-period loans and leases outstanding, excluding PPP loans1.35 %1.37 %1.61 %0.83 %0.83 %
 

36

Table of Contents
Noninterest Income
The components of noninterest income for each year in the three-year period ended December 31 are as follows: 
    2022 compared to 2021
 202220212020$ Change% Change
 (dollars in thousands)
Noninterest Income:
Trust income$10,518 $11,111 $9,101 $(593)(5)%
Service charges on deposit accounts19,641 17,984 16,387 1,657 
Insurance and retail brokerage commissions8,857 8,502 7,850 355 
Income from bank owned life insurance5,459 6,433 6,552 (974)(15)
Card related interchange income27,603 27,954 23,966 (351)(1)
Swap fee income4,685 2,543 1,588 2,142 84 
Other income10,263 8,185 7,892 2,078 25 
Subtotal87,026 82,712 73,336 4,314 
Net securities gains16 70 (14)(88)
Gain on sale of mortgage loans5,276 13,555 18,764 (8,279)(61)
Gain on sale of other loans and assets6,036 8,130 4,827 (2,094)(26)
Derivative mark to market368 2,344 (2,521)(1,976)(84)
Total noninterest income$98,708 $106,757 $94,476 $(8,049)(8)%
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, increased $4.3 million, or 5%, in 2022. Swap fee income increased $2.1 million due to an increase in interest rate swaps entered into for our commercial customers. Other income increased $2.1 million primarily due to income related to limited partnership investments. Service charges on deposit accounts increased $1.7 million as customer activity began to return to pre-COVID levels. Income from bank owned life insurance decreased $1.0 million due to the recognition of benefits during 2021 with no similar benefits in 2022, card related interchange income decreased $0.4 million due to a decline in transactions, and trust income decreased $0.6 million due to declines in the values of assets under management, all of which offset the aforementioned growth.
Total noninterest income decreased $8.0 million, or 8%, in comparison to the year ended December 31, 2021. The most significant change, other than the changes noted above, includes a decrease of $8.3 million in gain on sale of mortgage loans due to a decline in volume and spread received on mortgage loans sold. The mark to market adjustment on interest rate swaps entered into for our commercial loan customers decreased $2.0 million. This adjustment does not reflect a realized gain or loss on the swaps, but rather relates to a change in fair value due to movements in corporate bond spreads and swap rates as well as changes in counterparty credit risk. Gain on sale of other loans and assets decreased $2.1 million due to a decrease in the sale of other loans, primarily SBA loans, in comparison to the prior year.
If the Company's total assets would equal or exceed $10 billion, as of the end of the previous calendar year, we would no longer qualify for exemption from the interchange fee cap included in the Dodd-Frank Act. We estimate the application of the interchange fee cap would have decreased interchange income by approximately $14.1 million in 2022. First Commonwealth's total assets are expected to exceed $10 billion as of December 31, 2023, and as such, we expect to become subject to the interchange fee cap beginning July 1, 2024.
 
37

Table of Contents
Noninterest Expense
The components of noninterest expense for each year in the three-year period ended December 31 are as follows: 
    2022 compared to 2021
 202220212020$ Change% Change
 (dollars in thousands)
Noninterest Expense:
Salaries and employee benefits$126,031 $119,506 $118,961 $6,525 %
Net occupancy18,037 16,586 17,647 1,451 
Furniture and equipment15,582 15,642 15,393 (60)
Data processing13,922 12,373 10,543 1,549 13 
Advertising and promotion5,031 4,983 4,679 48 
Pennsylvania shares tax4,447 4,604 4,500 (157)(3)
Intangible amortization3,196 3,497 3,689 (301)(9)
Other professional fees and services4,894 4,501 3,886 393 
FDIC insurance2,871 2,529 2,699 342 14 
Other operating expenses30,701 26,663 24,770 4,038 15 
Subtotal224,712 210,884 206,767 13,828 
Loss on sale or write-down of assets343 303 680 40 13 
Litigation and operational losses2,834 2,324 1,411 510 22 
Merger and acquisition related1,702 — — 1,702 — 
COVID-19 expense151 449 874 (298)(66)
Early retirement— — 3,422 — 100 
Branch consolidation(104)(103)2,672 (1)
Total noninterest expense$229,638 $213,857 $215,826 $15,781 %
Total noninterest expense increased $15.8 million, or 7%, compared to the year ended December 31, 2021. Contributing to the change is the recognition of $1.7 million in merger and acquisition related expenses for the acquisition of Centric. Also contributing to the increase in noninterest expense is a $6.5 million increase in salaries and employee benefits due to annual merit increases and salary adjustments. Net occupancy increased $1.5 million due to higher building repairs and maintenance costs. Data processing costs increased $1.5 million due to continued investment in our digital banking and other product offerings. Contributing to the $4.0 million increase in other operating expenses were several expense categories, including travel, interview and placement, subscriptions and credit reporting expenses, none of which were individually significant.

Income Tax
The provision for income taxes of $32.0 million in 2022 reflects a decrease of $2.6 million compared to the provision for income taxes in 2021, as a result of a $12.6 million decrease in the level of income before taxes.
The effective tax rate was 20.0% for tax expense in both 2022 and 2021. We ordinarily generate an annual effective tax rate that is less than the statutory rate 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.

Financial Condition
First Commonwealth’s total assets increased $260.6 million as of December 31, 2022 compared to December 31, 2021. Loans, including loans held for sale, increased $796.2 million, or 12%. Loan growth in 2022 was experienced in all loan categories, with loans to individuals and residential real estate loans accounting for a majority of the growth. Investment securities decreased $358.9 million, or 23% and cash and interest-bearing balances with banks decreased $241.1 million, or 61%, as these funds provided liquidity necessary to fund the strong loan growth.
First Commonwealth’s total liabilities increased $317.9 million, or 4%, in 2022. Deposits increased $23.0 million and short-term borrowings increased $234.4 million, or 169%. The increase in short-term borrowings provided the liquidity necessary to fund loan growth. Also impacting total liabilities in 2022, was a $55.1 million increase in the fair value of interest rate swaps due to changes in the interest rate environment.
38

Table of Contents
Total shareholders' equity decreased $57.3 million in 2022. The decline in shareholders' equity was the result of net income of $128.2 million, offset by a $128.9 million decrease in accumulated other comprehensive income, $44.6 million in dividends declared and $15.6 million in stock repurchases.

Loan and Lease Portfolio
Following is a summary of our loan and lease portfolio as of December 31:
 
 20222021202020192018
 Amount%Amount%Amount%Amount%Amount%
 (dollars in thousands)
Commercial, financial,
agricultural and other
$1,211,706 16 %$1,173,452 17 %$1,555,986 23 %$1,241,853 20 %$1,138,473 20 %
Real estate construction513,101 494,456 427,221 449,039 358,978 
Residential real estate2,194,669 29 1,920,250 28 1,750,592 26 1,681,362 27 1,562,405 27 
Commercial real estate2,425,012 31 2,251,097 33 2,211,569 33 2,117,519 34 2,123,544 37 
Loans to individuals1,297,655 17 999,975 15 815,815 12 699,375 12 590,739 10 
Total loans and leases$7,642,143 100 %$6,839,230 100 %$6,761,183 100 %$6,189,148 100 %$5,774,139 100 %
The loan and lease portfolio totaled $7.6 billion as of December 31, 2022, reflecting growth of $802.9 million, or 12%, compared to December 31, 2021. All categories experienced loan growth.
Commercial, financial, agricultural and other loans increased $38.3 million, or 3%, as a result of growth in this category exceeding runoff of $67.0 million in PPP loans. As of December 31, 2022, PPP loans totaled $4.3 million compared to $71.3 million at December 31, 2021. In the first quarter of 2022, we entered the equipment leasing and finance business, which accounted for $79.7 million of the growth in this category
Residential real estate loans increased $274.4 million, or 14%, primarily due to originations of first lien closed-end 1-4 family mortgage loans.
Growth in the loans to individuals category of $297.7 million, or 30%, was the result of growth in indirect auto and recreational vehicle loans.
Commercial real estate loans increased $173.9 million, or 7%, primarily due to growth in owner occupied properties.
The majority of our loan and lease portfolio is with borrowers located in the states of Pennsylvania and Ohio. As of December 31, 2022 and 2021, there were no concentrations of loans relating to any industry in excess of 10% of total loans.
Final loan maturities and rate sensitivities of the loan portfolio excluding consumer installment and mortgage loans at December 31, 2022 were as follows:
Within
One Year
One to
5 Years
After
5 Years
Total
 (dollars in thousands)
Commercial, financial, agricultural and other$200,868 $579,709 $350,753 $1,131,330 
Real estate construction (a)120,788 202,883 72,535 396,206 
Commercial real estate300,109 847,448 1,277,500 2,425,057 
Other5,772 24,161 119,361 149,294 
Totals$627,537 $1,654,201 $1,820,149 $4,101,887 
Loans at fixed interest rates317,863 301,166 
Loans at variable interest rates1,336,338 1,518,983 
Totals$1,654,201 $1,820,149 
(a)The maturities of real estate construction loans include term commitments that follow the construction period. Loans with these term commitments will be moved to the commercial real estate category when the construction phase of the project is completed.
First Commonwealth has a legal lending limit of $165.1 million to any one borrower or closely related group of borrowers, but has established lower thresholds for credit risk management.
39

Table of Contents

Nonperforming Loans
Nonperforming loans include nonaccrual loans and restructured loans. Nonaccrual loans represent loans on which interest accruals have been discontinued. 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 under terms not available in the market.
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. Consumer loans are placed in nonaccrual status at 150 days past due.  Other types of loans are typically placed in nonaccrual status when there is evidence of a significantly weakened financial condition or principal and interest is 90 days or more delinquent. Interest received on a nonaccrual loan is normally applied as a reduction to loan principal rather than interest income utilizing the cost recovery methodology of revenue recognition.
Nonperforming loans are closely monitored on an ongoing basis as part of our loan review and work-out process. The estimated credit loss on these loans is evaluated by comparing the loan balance to the fair value of any underlying collateral and the present value of projected future cash flows. Losses are recognized when a loss is expected and the amount is reasonably estimable.
 
40

Table of Contents
The following is a comparison of nonperforming assets and the effects on interest due to nonaccrual loans for the period ended December 31:
 
20222021202020192018
 (dollars in thousands)
Nonperforming Loans:
Loans on nonaccrual basis$20,193 $34,926 $30,801 $18,638 $11,509 
Loans held for sale on nonaccrual basis— — 13 — — 
Troubled debt restructured loans on nonaccrual basis8,852 13,134 14,740 6,037 11,761 
Troubled debt restructured loans on accrual basis6,442 7,120 8,512 7,542 8,757 
Total nonperforming loans$35,487 $55,180 $54,066 $32,217 $32,027 
Loans and leases past due in excess of 90 days and still accruing$1,991 $1,606 $1,523 $2,073 $1,582 
Other real estate owned$534 $642 $1,215 $2,228 $3,935 
Loans and leases outstanding at end of period$7,642,143 $6,839,230 $6,761,183 $6,189,148 $5,774,139 
Average loans and leases outstanding$7,172,624 $6,777,192 $6,737,339 $5,987,398 $5,582,651 
Nonperforming loans as a percentage of total loans and leases0.46 %0.81 %0.80 %0.52 %0.55 %
Provision for credit losses on loans and leases$17,521 $(377)$53,472 $14,533 $12,531 
Allowance for credit losses$102,906 $92,522 $101,309 $51,637 $47,764 
Net charge-offs$7,137 $8,410 $17,193 $10,660 $13,065 
Net charge-offs as a percentage of average loans and leases outstanding0.10 %0.12 %0.26 %0.18 %0.23 %
Provision for credit losses on loans and leases as a percentage of net charge-offs245.50 %(4.48)%311.01 %136.33 %95.91 %
Allowance for credit losses as a percentage of end-of-period loans and leases outstanding (a)1.35 %1.35 %1.50 %0.83 %0.83 %
Allowance for credit losses as a percentage of end-of-period loans and leases outstanding, excluding PPP loans (a)1.35 %1.37 %1.61 %0.83 %0.83 %
Allowance for credit losses as a percentage of nonperforming loans (a)289.98 %167.67 %187.43 %160.28 %149.14 %
Gross income that would have been recorded at original rates$1,444 $3,503 $3,733 $1,860 $1,428 
Interest that was reflected in income244 569 297 262 256 
Net reduction to interest income due to nonaccrual$1,200 $2,934 $3,436 $1,598 $1,172 
(a)End of period loans and nonperforming loans exclude loans held for sale.
Nonperforming loans decreased $19.7 million to $35.5 million at December 31, 2022, compared to $55.2 million at December 31, 2021. Nonperforming loans as a percentage of total loans decreased to 0.46% from 0.81% at December 31, 2022 compared to December 31, 2021.
Also included in nonperforming loans are TDRs, which 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 under terms not available in the market. TDRs decreased $5.0 million during 2022. For additional information on TDRs please refer to Note 9 “Loans and Leases and Allowance for Credit Losses.”
Net charge-offs were $7.1 million in 2022 compared to $8.4 million for the year 2021. The most significant credit losses recognized during the year include $2.5 million in charge-offs recognized on six commercial real estate relationships. Net charge-offs in the loans to individuals category totaled $3.3 million for 2022, primarily due to charge-offs of indirect auto loans.
41

Table of Contents
Additional detail on credit risk is included in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” under “Provision for Credit Losses,” “Allowance for Credit Losses" and "Credit Risk.”
Provision for credit losses on loans and leases as a percentage of net charge-offs increased to a 245.5% for the year ended December 31, 2022 from a negative 4.5% for the year ended December 31, 2021. This change was not driven by net charge-offs, but rather an increase in the provision for loan credit losses on loans. This increased provision in 2022 is primarily a result of loan growth and changes in the economic forecast used in calculating the allowance.

Allowance for Credit Losses
Following is a summary of the allocation of the allowance for credit losses at December 31:
 
 20222021202020192018
 Allowance
Amount
%
(a)
Allowance
Amount
%
(a)
Allowance
Amount
%
(a)
Allowance
Amount
%
(a)
Allowance
Amount
%
(a)
 (dollars in thousands)
Commercial, financial, agricultural and other$22,65016 %$18,09317 %$17,18723 %$20,23420 %$19,37420 %
Real estate construction8,8224,2207,9662,5582,002
Residential real estate21,41229 12,62528 14,35826 4,09327 3,96927 
Commercial real estate28,80431 33,37633 41,95333 19,76834 18,38637 
Loans to individuals21,21817 24,20815 19,84512 4,98412 4,03310 
Total$102,906$92,522$101,309$51,637$47,764
Allowance for credit losses as percentage of end-of-period loans outstanding1.35 %1.35 %1.50 %0.83 %0.83 %
Allowance for credit losses as a percentage of end-of-period loans and leases outstanding, excluding PPP loans1.35 %1.37 %1.61 %0.83 %0.83 %
(a)Represents the ratio of loans in each category to total loans.

Effective January 1, 2020, the company adopted the CECL methodology of calculating the allowance for credit losses which provides for expected losses over the life of a loan. Prior periods are reported in accordance with previously applicable GAAP and was calculated to provide for credit losses as they were incurred.

The allowance for credit losses increased $10.4 million from December 31, 2021 to December 31, 2022. The allowance for credit losses as a percentage of end-of-period loans outstanding was 1.35% at both December 31, 2022 and 2021. The allowance for credit losses includes both a general reserve for performing loans and reserves for individually analyzed loans. Comparing December 31, 2022 to December 31, 2021, the general reserve for performing loans is 1.34% and 1.36%, respectively, of total performing loans for both periods. Reserves for individually analyzed loans increased from 0.7% of nonperforming loans at December 31, 2021 to 2.0% of nonperforming loans at December 31, 2022. The allowance for credit losses as a percentage of nonperforming loans was 290.0% and 167.7% at December 31, 2022 and 2021, respectively.

The allowance for credit losses represents management’s estimate of expected losses in the loan portfolio at a specific point in time. This estimate includes losses associated with specifically identified loans, as well as estimated credit losses inherent in the remainder of the loan portfolio. Additions are made to the allowance through both periodic provisions charged to income and recoveries of losses previously incurred. Reductions to the allowance occur as loans are charged off. Management evaluates the appropriateness of the allowance at least quarterly, and in doing so relies on various factors including, but not limited to, assessment of historical loss experience, contractual payment schedules, prepayment estimates, calculated probability of default and loss given default estimates and forecasts of certain macroeconomic variables, such as unemployment, gross domestic product, housing price index as well as other macroeconomic variables. This evaluation is subjective and requires material estimates that may change over time. For a description of the methodology used to calculate the allowance for credit losses, please refer to “Critical Accounting Policies and Significant Accounting Estimates—Allowance for Credit Losses.”
Investment Portfolio
Marketable securities that we hold in our investment portfolio, which are classified as “securities available for sale,” act as a source of liquidity. However, we do not anticipate liquidating the investments prior to maturity.
42

Table of Contents
Following is a detailed schedule of the amortized cost of securities available for sale as of December 31: 
202220212020
 (dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities—Residential$4,127 $5,242 $6,492 
Mortgage-Backed Securities—Commercial324,306 365,024 182,823 
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities—Residential527,777 632,687 481,109 
Other Government-Sponsored Enterprises1,000 1,000 100,996 
Obligations of States and Political Subdivisions9,482 9,538 11,154 
Corporate Securities32,010 32,088 22,941 
Total Securities Available for Sale$898,702 $1,045,579 $805,515 
As of December 31, 2022, securities available for sale had a fair value of $0.8 billion. Gross unrealized gains were $0.3 million and gross unrealized losses were $136.3 million. The level of gross unrealized losses is directly related to the change in market interest rates.
The following is a schedule of the contractual maturity distribution of securities available for sale at December 31, 2022.
 
U.S.
Government
Agencies and
Corporations
States and
Political
Subdivisions
Other
Securities
Total
Amortized
Cost (a)
Weighted
Average
Yield (b)
 (dollars in thousands)
Within 1 year$48 $— $5,001 $5,049 3.28 %
After 1 but within 5 years31,204 1,885 5,996 39,085 2.23 
After 5 but within 10 years42,924 7,597 21,013 71,534 2.36 
After 10 years783,034 — — 783,034 1.72 
Total$857,210 $9,482 $32,010 $898,702 1.80 %
(a)Equities are excluded from this schedule because they have an indefinite maturity.
(b)Yields are calculated on a taxable equivalent basis.
 
Mortgage-backed securities, which include mortgage-backed obligations of U.S. Government agencies and obligations of U.S. Government-sponsored enterprises, have contractual maturities ranging from less than one year to approximately 45 years and have anticipated average lives to maturity ranging from less than three years to approximately six years.
The available for sale investment portfolio amortized cost decreased $146.9 million, or 14%, at December 31, 2022 compared to 2021. Available for sale investment calls or maturities totaled $145.6 million during 2022. Liquidity provided from sales, calls and maturities was utilized to fund growth in the loan portfolio or reinvested into investment securities and interest-bearing deposits with banks.
43

Table of Contents
Following is a detailed schedule of the amortized cost of securities held to maturity as of December 31: 
202220212020
 (dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities—Residential$2,008 $2,409 $2,766 
Mortgage-Backed Securities—Commercial75,229 91,439 36,799 
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities—Residential329,267 387,848 277,351 
Mortgage-Backed Securities—Commercial4,794 7,309 9,737 
Other Government-Sponsored Enterprises22,221 21,904 — 
Obligations of States and Political Subdivisions26,643 29,402 34,391 
Debt Securities Issued by Foreign Governments1,000 1,000 800 
Total Securities Held to Maturity$461,162 $541,311 $361,844 
The following is a schedule of the contractual maturity distribution of securities held to maturity at December 31, 2022.
U.S.
Government
Agencies and
Corporations
States and
Political
Subdivisions
Other
Securities
Total
Amortized
Cost
Weighted
Average
Yield
 (dollars in thousands)
Within 1 year$— $945 $200 $1,145 3.01 %
After 1 but within 5 years4,794 9,019 800 14,613 2.49 
After 5 but within 10 years42,684 16,116 — 58,800 1.94 
After 10 years386,041 563 — 386,604 1.52 
Total$433,519 $26,643 $1,000 $461,162 1.61 %
The held to maturity investment portfolio decreased $80.1 million, or 15%, at December 31, 2022 compared to 2021. Held to maturity investment purchases of $0.2 million were offset by the calls or maturities of $79.6 million in investments.
See Note 8 “Investment Securities" and Note 17 “Fair Values of Assets and Liabilities” for additional information related to the investment portfolio.
44

Table of Contents
Deposits
Total deposits increased $23.0 million in 2022. Interest-bearing demand and savings deposits decreased $8.7 million, noninterest-bearing demand deposits increased $11.7 million and time deposits increased $20.0 million. For additional information concerning our deposits, please refer to Note 13 “Interest-Bearing Deposits.”
At December 31, 2022 and 2021, time deposits of $100 thousand or more totaled $172.0 million and $136.1 million, respectively. Time deposits of $250 thousand or more had remaining maturities as follows as of the end of each year in the two-year period ended December 31: 
 20222021
 Amount%Amount%
 (dollars in thousands)
3 months or less$12,663 19 %$13,349 25 %
Over 3 months through 6 months11,886 18 14,116 26 
Over 6 months through 12 months14,675 23 16,092 30 
Over 12 months26,231 40 10,390 19 
Total$65,455 100 %$53,947 100 %
The estimated total amount of uninsured deposits was $2.1 billion at both December 31, 2022 and 2021. Uninsured amounts are estimated based on known deposit account relationships for each depositor and insurance guidelines provided by the FDIC.
Short-Term Borrowings and Long-Term Debt
Short-term borrowings increased $234.4 million, or 169%, from $138.3 million at December 31, 2021 to $372.7 million at December 31, 2022. Long-term debt decreased $1.0 million, from $182.3 million at December 31, 2021 to $181.2 million at December 31, 2022. For additional information concerning our short-term borrowings, subordinated debentures and other long-term debt, please refer to Note 14 “Short-term Borrowings,” Note 15 “Subordinated Debentures” and Note 16 “Other Long-term Debt” of the Consolidated Financial Statements.
 
Contractual Obligations and Off-Balance Sheet Arrangements
The table below sets forth our contractual obligations to make future payments as of December 31, 2022. For a more detailed description of each category of obligation, refer to the note in our Consolidated Financial Statements indicated in the table below.
 
Footnote
Number
Reference
1 Year
or Less
After 1
But Within
3 Years
After 3
But Within
5 Years
After 5
Years
Total
 (dollars in thousands)
FHLB advances16 $740 $1,568 $1,693 $861 $4,862 
Subordinated debentures15 — — — 170,937 170,937 
Operating leases11 4,952 9,400 8,157 35,244 57,753 
Total contractual obligations$5,692 $10,968 $9,850 $207,042 $233,552 
The table above excludes our cash obligations upon maturity of certificates of deposit, which is set forth in Note 13 “Interest-Bearing Deposits” of the Consolidated Financial Statements.
In addition, see Note 10 “Commitments and Letters of Credit” for detail related to our off-balance sheet commitments to extend credit, financial standby letters of credit, performance standby letters of credit and commercial letters of credit as of December 31, 2022. Commitments to extend credit, standby letters of credit and commercial letters of credit do not necessarily represent future cash requirements since it is unknown if the borrower will draw upon these commitments and often these commitments expire without being drawn upon. As of December 31, 2022, a reserve for expected credit losses of $10.0 million was recorded for unused commitments and letters of credit.

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. Liquidity risk arises from the possibility that we may not be able to meet our financial obligations and operating cash needs or may become overly reliant upon external funding sources. In order to manage this risk, our Board of Directors has established a Liquidity Policy that identifies primary sources of liquidity, establishes procedures for
45

Table of Contents
monitoring and measuring liquidity and quantifies minimum liquidity requirements based on limits approved by our Board of Directors. This policy designates our Asset/Liability Committee (“ALCO”) as the body responsible for meeting these objectives. The ALCO, which includes members of executive management, reviews liquidity on a periodic basis and approves significant changes in strategies that affect balance sheet or cash flow positions. Liquidity is centrally managed on a daily basis by our Treasury Department, which monitors it by using such measures as a 30-day liquidity stress analysis, liquidity gap ratios and noncore funding ratios.
We generate funds to meet our cash flow needs primarily through the core deposit base of FCB and the maturity or repayment of loans and other interest-earning assets, including investments. Core deposits are the most stable source of liquidity a bank can have due to the long-term relationship with a deposit customer. The level of deposits during any period is sometimes 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. Deposits increased $23.0 million during 2022, and comprised 91% of total liabilities at December 31, 2022, as compared to 95% at December 31, 2021. Proceeds from the sale, maturity and redemption of investment securities totaled $225.2 million during 2022 and provided liquidity to fund 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 Federal Home Loan Bank of Pittsburgh, borrowings through the discount window at the Federal Reserve Bank of Cleveland and access to certificates of deposit through brokers. We have increased our borrowing capacity at the Federal Reserve by establishing a Borrower-in-Custody of Collateral arrangement that enables us to pledge certain loans, not being used as collateral at the Federal Home Loan Bank, as collateral for borrowings at the Federal Reserve. At December 31, 2022 our borrowing capacity at the Federal Reserve related to this program was $1.0 billion and there were no amounts outstanding. Additionally, as of December 31, 2022, our maximum borrowing capacity at the Federal Home Loan Bank of Pittsburgh was $2.0 billion and as of that date amounts used against this capacity included $289.9 million in outstanding borrowings.
We participate in the Certificate of Deposit Account Registry Services (“CDARS”) program as part of an ALCO strategy to increase and diversify funding sources. As of December 31, 2022, our maximum borrowing capacity under this program was $1.5 billion and as of that date there was $4.9 million outstanding. CDARS includes a wholesale and a reciprocal program. The reciprocal program allows our depositors to receive expanded FDIC coverage by placing multiple certificates of deposit at other CDARS member banks. The current outstanding balance in its entirety relates to the reciprocal program. As of December 31, 2022, our outstanding certificates of deposits from this program have an average weighted rate of 0.48% and an average original term of 364 days.
We also have available unused federal funds lines with four correspondent banks. These lines have an aggregate commitment of $160.0 million and there were no amounts outstanding as of December 31, 2022. In addition, we have available unused repo lines with two correspondent banks. These lines have an aggregate commitment of $265.0 million with no outstanding balance as of December 31, 2022.
The liquidity needs of First Commonwealth on an unconsolidated basis (the "Parent Company") consist primarily of operating expenses, debt service payments and dividend payments to our stockholders, which collectively totaled $52.6 million for the year ended December 31, 2022, as well as any cash necessary to repurchase our shares, which totaled $15.6 million for the year ended December 31, 2022. The primary source of liquidity for the Parent Company is dividends from subsidiaries. The Parent Company had $72.2 million in junior subordinated debentures and cash and interest-bearing deposits of $37.7 million at December 31, 2022. At the end of 2022, the Parent Company had a $20.0 million short-term, unsecured revolving line of credit with another financial institution. As of December 31, 2022, there were no amounts outstanding under this line. The Parent Company has the ability to enhance its liquidity position by raising capital or incurring debt.
Refer to “Financial Condition” above for additional information concerning our deposits, loan portfolio, investment securities and borrowings.

Market Risk
Market risk refers to potential losses arising from changes in interest rates, foreign exchange rates, equity prices and commodity prices. Our market risk is composed primarily of interest rate risk. Interest rate risk is comprised of repricing risk, basis risk, yield curve risk and options risk. Repricing risk arises from differences in the cash flow or repricing between asset and liability portfolios. Basis risk arises when asset and liability portfolios are related to different market rate indices, which do not always change by the same amount. Yield curve risk arises when asset and liability portfolios are related to different maturities on a given yield curve; when the yield curve changes shape, the risk position is altered. Options risk arises from “embedded options” within asset and liability products as certain borrowers have the option to prepay their loans when rates fall, while certain depositors can redeem or withdraw their deposits early when rates rise.
46

Table of Contents
The process by which we manage our interest rate risk is called asset/liability management. The goals of our asset/liability management are increasing net interest income without taking undue interest rate risk or material loss of net market value of our equity, while maintaining adequate liquidity. Net interest income is increased by growing earning assets and increasing the difference between the rate earned on earning assets and the rate paid on interest-bearing liabilities. Liquidity is measured by the ability to meet both depositors’ and credit customers’ requirements.
 
We use an asset/liability model to measure our interest rate risk. Interest rate risk measures include earnings simulation and gap analysis. Gap analysis is a static measure that does not incorporate assumptions regarding future events. Gap analysis, while a helpful diagnostic tool, displays cash flows for only a single rate environment. Net interest income simulations explicitly measure the exposure to earnings from changes in market rates of interest. Under simulation analysis, our current financial position is combined with assumptions regarding future business to calculate net interest income under various hypothetical rate scenarios. Our net interest income simulations assume a level balance sheet whereby new volume equals run-off. The ALCO reviews earnings simulations over multiple years under various interest rate scenarios. Reviewing these various measures provides us with a reasonably comprehensive view of our interest rate profile.
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 0.76 and 0.84 at December 31, 2022 and 2021, 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.
Following is the gap analysis as of December 31:
 
 2022
 0-90 Days91-180
Days
181-365
Days
Cumulative
0-365 Days
Over 1 Year
Through 5
Years
Over 5
Years
 (dollars in thousands)
Loans and leases$3,164,495 $354,556 $575,640 $4,094,691 $2,498,042 $978,319 
Investments46,426 35,579 74,962 156,967 461,699 734,221 
Other interest-earning assets29,919 — — 29,919 71 — 
Total interest-sensitive assets (ISA)3,240,840 390,135 650,602 4,281,577 2,959,812 1,712,540 
Certificates of deposit71,976 56,539 102,037 230,552 173,810 955 
Other deposits4,929,952 — — 4,929,952 — — 
Borrowings445,065 50,204 407 495,676 3,256 50,791 
Total interest-sensitive liabilities (ISL)5,446,993 106,743 102,444 5,656,180 177,066 51,746 
Gap$(2,206,153)$283,392 $548,158 $(1,374,603)$2,782,746 $1,660,794 
ISA/ISL0.59 3.65 6.35 0.76 16.72 33.10 
Gap/Total assets22.50 %2.89 %5.59 %14.02 %28.38 %16.94 %
 
47

Table of Contents
 2021
 0-90 Days91-180
Days
181-365
Days
Cumulative
0-365 Days
Over 1 Year
Through 5
Years
Over 5
Years
 (dollars in thousands)
Loans and leases$2,910,172 $394,048 $606,468 $3,910,688 $2,296,873 $555,022 
Investments98,969 82,267 154,316 335,552 725,576 516,766 
Other interest-earning assets310,629 — — 310,629 — — 
Total interest-sensitive assets (ISA)3,319,770 476,315 760,784 4,556,869 3,022,449 1,071,788 
Certificates of deposit97,269 72,453 106,243 275,965 107,795 1,232 
Other deposits4,938,673 — — 4,938,673 — — 
Borrowings210,682 200 400 211,282 53,197 51,577 
Total interest-sensitive liabilities (ISL)5,246,624 72,653 106,643 5,425,920 160,992 52,809 
Gap$(1,926,854)$403,662 $654,141 $(869,051)$2,861,457 $1,018,979 
ISA/ISL0.63 6.56 7.13 0.84 18.77 20.30 
Gap/Total assets20.19 %4.23 %6.85 %9.10 %29.98 %10.68 %
Gap analysis has limitations due to the static nature of the model, which 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 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)
December 31, 2022 ($)$(11,973)$(5,486)$5,902 $11,413 
December 31, 2022 (%)(3.12)%(1.43)%1.54 %2.98 %
December 31, 2021 ($)$(9,008)$(4,976)$5,956 $10,224 
December 31, 2021 (%)(3.25)%(1.79)%2.15 %3.69 %
The following table represents the potential sensitivity of our annual net interest income to immediate changes in interest rates as compared to if rates remained unchanged, assuming there are no changes in balance sheet categories.
 Net interest income change (12 months) for basis point movements of:
 -200-100+100+200
 (dollars in thousands)
December 31, 2022 ($)$(45,361)$(20,166)$18,626 $36,011 
December 31, 2022 (%)(11.83)%(5.26)%4.86 %9.39 %
December 31, 2021 ($)$(26,120)$(17,640)$13,867 $29,192 
December 31, 2021 (%)(9.42)%(6.36)%5.00 %10.53 %
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
48

Table of Contents
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. For the years 2022 and 2021, the cost of our interest-bearing liabilities averaged 0.31% and 0.27%, respectively, and the yield on our average interest-earning assets, on a fully taxable equivalent basis, averaged 3.79% and 3.43%, respectively.
The ALCO is responsible for the identification and management of interest rate risk exposure. As such, the ALCO continuously evaluates strategies to manage our exposure to interest rate fluctuations.
Asset/liability models require that certain assumptions be made, such as prepayment rates on earning assets and the impact of pricing on non-maturity deposits, which may differ from actual experience. These business assumptions are based upon our experience, business plans and published industry experience. While management believes such assumptions to be reasonable, there can be no assurance that modeled results will approximate actual results.
 
Credit Risk
First Commonwealth maintains an allowance for credit losses at a level deemed sufficient for losses inherent in the loan and lease portfolio at the date of each statement of financial condition. Management reviews the appropriateness of the allowance on a quarterly basis to ensure that the provision for credit losses has been charged against earnings in an amount necessary to maintain the allowance at a level that is appropriate based on management’s assessment of estimated expected 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 $10.0 million at December 31, 2022 and is classified in “Other liabilities” on the 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 alternate financing sources. In 2022, five loans totaling $0.7 million were identified as troubled debt restructurings. These loans were individually analyzed and no additional reserves were required.
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 in nonaccrual status when, based on regulatory definitions, the loan is maintained on a “cash basis” due to the weakened financial condition of the borrower. Generally, loans 90 days or more past due are placed on nonaccrual status, except for consumer loans which are placed on nonaccrual status at 150 days past due.
Nonperforming loans are closely monitored on an ongoing basis as part of our loan review and work-out process. The risk of loss on these loans is evaluated by comparing the loan balance to the estimated fair value of any underlying collateral or the present value of projected future cash flows. Losses or specifically assigned allowance for credit losses are recognized where appropriate.
The allowance for credit losses was $102.9 million at December 31, 2022 or 1.35% of loans outstanding, compared to $92.5 million, or 1.35% of loans outstanding, at December 31, 2021. Credit measures as of December 31, 2022 compared to December 31, 2021 reflect a decrease in the level of criticized loans of $65.3 million, from $198.1 million at December 31, 2021 to $132.9 million at December 31, 2022. Commercial real estate loans accounted for $60.0 million of this decrease. Classified assets decreased $33.1 million, from $77.6 million at December 31, 2021 to $44.4 million at December 31, 2022. Delinquency on accruing loans decreased $9.4 million, or 90%, and the level of nonperforming loans decreased $19.7 million for the same period.
The allowance for credit losses as a percentage of nonperforming loans was 290.0% at December 31, 2022 and 167.7% as of December 31, 2021. The allowance for credit losses includes specific allocations of $0.7 million related to nonperforming loans covering 2% of the total nonperforming balance at December 31, 2022 and specific allocations of $0.4 million covering 1% of the total nonperforming balance at December 31, 2021. The amount of allowance related to nonperforming loans was determined by using estimated fair values obtained from current appraisals and updated discounted cash flow analyses.
 
Management believes that the allowance for credit losses is at a level that is sufficient to absorb expected losses in the loan and lease portfolio at December 31, 2022.
49

Table of Contents
The following table provides information on net charge-offs and nonperforming loans by loan category: 
 For the Period Ended December 31, 2022As of December 31, 2022
 Net
Charge-offs
% of
Total Net
Charge-
offs
Net
Charge-offs
as a %
of Average
Loans
Nonperforming
Loans
% of Total
Nonperforming
Loans
Nonperforming
Loans as a % of
Total Loans
 (dollars in thousands)
Commercial, financial, agricultural and other$1,967 27.56 %0.03 %$4,309 12.14 %0.05 %
Real estate construction(9)(0.13)— — — — 
Residential real estate152 2.13 — 9,145 25.77 0.12 
Commercial real estate1,718 24.07 0.02 21,505 60.60 0.28 
Loans to individuals3,309 46.37 0.05 528 1.49 0.01 
Total loans and leases, net of unearned income$7,137 100.00 %0.10 %$35,487 100.00 %0.46 %
As the above table illustrates, commercial real estate and residential real estate loans were the most significant portions of the nonperforming loans as of December 31, 2022. See discussions related to the provision for credit losses and loans for more information.

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 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 Company has elected to apply the practical expedient allowing for a contract modification, due to reference rate reform, to be accounted for as a continuation of the existing contract and does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. The amendments in the update are effective for all entities between March 12, 2020 and December 31, 2024 (In December 2022, FASB released ASU 2022-06, which extended the original sunset date in ASU 2020-04 from December 31, 2022 to December 31, 2024). 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 and the use of LIBOR has been discontinued as an index for new loans. All LIBOR based loans are expected to be transitioned to a new index by June 30, 2023. The impact of the LIBOR transition is not expected to have a material impact on the Company's consolidated financial statements.
In October 2021, FASB released ASU 2021-08 – “Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” (“ASU 2021-08”). ASU 2021-08 requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, “Revenue from Contracts with Customers.” ASU 2021-08 is effective for the Company for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. The standard should be applied prospectively to business combinations occurring on or after the effective date of the amendments. The Company is in the process of assessing the impact of adoption on its consolidated financial statements.
In March 2022, FASB released ASU 2022-02 – “Financial Instruments – Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures” (“ASU 2022-02”). ASU 2022-22 eliminates the accounting guidance for troubled debt restructurings (“TDRs”) while expanding modification and vintage disclosure requirements. Under the previous guidance a TDR occurs when a loan to a borrower experiencing financial difficulty is restructured with a concession provided that a creditor would not otherwise consider. ASU 2022-02 removes the TDR accounting model, instead requiring modifications to apply existing refinancing and restructuring guidance to determine if the modification results in a new loan or is a continuation of the existing one. The update also requires additional disclosures on the nature, magnitude and subsequent performance of certain types of modifications with borrowers experiencing financial difficulties. ASU 2022-02 further includes a requirement to disclose gross charge-offs incurred by year of origination of the related loan or lease. ASU 2022-02 is effective for the Company for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. ASU 2022-02 is not expected to have a material impact on the Company's consolidated financial statements, but will result in additional disclosure requirements.

50

Table of Contents
In December 2019, FASB issued ASU 2019-12 - "Simplifying the Accounting for Income Taxes". ASU 2019-12 eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. The company adopted the ASU in 2022 and had no material adjustments.

ITEM 7A.    Quantitative and Qualitative Disclosures About Market Risk
Information appearing in Item 7 of this report under the caption “Market Risk” is incorporated herein by reference in response to this item.
51

Table of Contents
ITEM 8.    Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
 December 31,
 20222021
 (dollars in thousands, except
share data)
Assets
Cash and due from banks$124,254 $84,738 
Interest-bearing bank deposits29,990 310,634 
Securities available for sale, at fair value762,661 1,041,380 
Securities held to maturity, at amortized cost, (Fair value $386,205 at December 31, 2022 and $536,651 at December 31, 2021)
461,162 541,311 
Other investments26,414 12,838 
Loans held for sale11,869 18,583 
Loans and leases:
Portfolio loans and leases7,642,143 6,839,230 
Allowance for credit losses(102,906)(92,522)
Net loans and leases7,539,237 6,746,708 
Premises and equipment, net115,106 120,775 
Other real estate owned534 642 
Goodwill303,328 303,328 
Amortizing intangibles, net9,205 11,188 
Bank owned life insurance222,651 224,700 
Other assets199,255 128,268 
Total assets$9,805,666 $9,545,093 
Liabilities
Deposits (all domestic):
Noninterest-bearing$2,670,508 $2,658,782 
Interest-bearing5,334,961 5,323,716 
Total deposits8,005,469 7,982,498 
Short-term borrowings372,694 138,315 
Subordinated debentures170,937 170,775 
Other long-term debt4,862 5,573 
Capital lease obligation5,425 5,921 
Total long-term debt181,224 182,269 
Other liabilities194,205 132,639 
Total liabilities8,753,592 8,435,721 
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 as of December 31, 2022 and 2021; and 93,376,314 and 94,233,152 shares outstanding at December 31, 2022 and 2021, respectively
113,915 113,915 
Additional paid-in capital497,431 496,121 
Retained earnings774,863 691,260 
Accumulated other comprehensive (loss) income, net(137,692)(8,768)
Treasury stock (20,538,588 and 19,681,750 shares at December 31, 2022 and 2021, respectively)
(196,443)(183,156)
Total shareholders’ equity1,052,074 1,109,372 
Total liabilities and shareholders’ equity$9,805,666 $9,545,093 
The accompanying notes are an integral part of these Consolidated Financial Statements.
52

Table of Contents
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
 Years Ended December 31,
 202220212020
 (dollars in thousands, except share data)
Interest Income
Interest and fees on loans and leases$302,207 $267,599 $275,189 
Interest and dividends on investments:
Taxable interest24,668 24,723 24,063 
Interest exempt from federal income taxes479 595 1,053 
Dividends877 521 686 
Interest on bank deposits1,722 400 218 
Total interest income329,953 293,838 301,209 
Interest Expense
Interest on deposits6,714 5,749 21,972 
Interest on short-term borrowings1,999 99 704 
Interest on subordinated debentures8,595 8,555 8,580 
Interest on other long-term debt198 649 1,419 
Interest on capital lease obligation226 245 263 
Total interest expense17,732 15,297 32,938 
Net Interest Income312,221 278,541 268,271 
Provision for credit losses21,106 (1,376)56,718 
Net Interest Income after Provision for Credit Losses291,115 279,917 211,553 
Noninterest Income
Net securities gains2 16 70 
Trust income10,518 11,111 9,101 
Service charges on deposit accounts19,641 17,984 16,387 
Insurance and retail brokerage commissions8,857 8,502 7,850 
Income from bank owned life insurance5,459 6,433 6,552 
Gain on sale of mortgage loans5,276 13,555 18,764 
Gain on sale of other loans and assets6,036 8,130 4,827 
Card related interchange income27,603 27,954 23,966 
Derivative mark to market368 2,344 (2,521)
Swap fee income4,685 2,543 1,588 
Other income10,263 8,185 7,892 
Total noninterest income98,708 106,757 94,476 
Noninterest Expense
Salaries and employee benefits126,031 119,506 118,961 
Net occupancy18,037 16,586 17,647 
Furniture and equipment15,582 15,642 15,393 
Data processing13,922 12,373 10,543 
Advertising and promotion5,031 4,983 4,679 
Pennsylvania shares tax4,447 4,604 4,500 
Intangible amortization3,196 3,497 3,689 
Other professional fees and services4,894 4,501 3,886 
FDIC insurance2,871 2,529 2,699 
Loss on sale or write-down of assets343 303 680 
Litigation and operational losses2,834 2,324 1,411 
Merger and acquisition related1,702   
COVID-19 expense151 449 874 
Early retirement  3,422 
Branch consolidation(104)(103)2,672 
Other operating expenses30,701 26,663 24,770 
Total noninterest expense229,638 213,857 215,826 
Income before income taxes160,185 172,817 90,203 
Income tax provision32,004 34,560 16,756 
Net Income$128,181 $138,257 $73,447 
Average Shares Outstanding93,612,043 95,583,890 97,499,586 
Average Shares Outstanding Assuming Dilution93,887,447 95,840,285 97,758,965 
Per Share Data: Basic Earnings Per Share
$1.37 $1.45 $0.75 
 Diluted Earnings Per Share$1.37 $1.44 $0.75 
Cash Dividends Declared per Common Share$0.475 $0.455 $0.440 
The accompanying notes are an integral part of these Consolidated Financial Statements.
53

Table of Contents
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 
 Years Ended December 31,
 202220212020
 (dollars in thousands)
Net Income$128,181 $138,257 $73,447 
Other comprehensive (loss) income, before tax (benefit) expense:
Unrealized holding (losses) gains on securities arising during the period(131,838)(29,892)19,981 
Less: reclassification adjustment for gains on securities included in net income(2)(16)(70)
Unrealized losses on derivatives:
Unrealized holding losses on derivatives arising during the period(31,573)(3,356)(4,467)
Unrealized gains (losses) for postretirement obligation:
Prior service cost76 76 (537)
Net gain (loss)143 275 (155)
Total other comprehensive (loss) income, before income tax (benefit) expense(163,194)(32,913)14,752 
Income tax (benefit) expense related to items of other comprehensive (loss) income(34,270)(6,912)3,098 
Comprehensive Income$(743)$112,256 $85,101 
The accompanying notes are an integral part of these Consolidated Financial Statements.

54

Table of Contents
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
 
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 per share data)
Balance at December 31, 202194,233,152 $113,915 $496,121 $691,260 $(8,768)$(183,156)$1,109,372 
Net income128,181 128,181 
Total other comprehensive loss(128,924)(128,924)
Cash dividends declared ($0.475 per share)
(44,578)(44,578)
Treasury stock acquired(1,132,577)(15,598)(15,598)
Treasury stock reissued174,989 580  1,612 2,192 
Restricted stock100,750  730  699 1,429 
Balance at December 31, 202293,376,314 $113,915 $497,431 $774,863 $(137,692)$(196,443)$1,052,074 
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 per share data)
Balance at December 31, 202096,130,751 $113,915 $494,683 $596,614 $17,233 $(153,828)$1,068,617 
Net income138,257 138,257 
Total other comprehensive loss(26,001)(26,001)
Cash dividends declared ($0.455 per share)
(43,611)(43,611)
Treasury stock acquired(2,195,110)(31,301)(31,301)
Treasury stock reissued173,907 771  1,493 2,264 
Restricted stock123,604  667  480 1,147 
Balance at December 31, 202194,233,152 $113,915 $496,121 $691,260 $(8,768)$(183,156)$1,109,372 
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 per share data)
Balance at December 31, 201998,311,840 $113,915 $493,737 $577,348 $5,579 $(134,914)$1,055,665 
Net income73,447 73,447 
Total other comprehensive income11,654 11,654 
Cash dividends declared ($0.440 per share)
(42,982)(42,982)
Adoption of accounting standard - ASU 2016-13(11,199)(11,199)
Treasury stock acquired(2,430,842)(20,905)(20,905)
Treasury stock reissued158,453 459  1,358 1,817 
Restricted stock91,300  487  633 1,120 
Balance at December 31, 202096,130,751 $113,915 $494,683 $596,614 $17,233 $(153,828)$1,068,617 
The accompanying notes are an integral part of these Consolidated Financial Statements.
55

Table of Contents
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
 Years Ended December 31,
 202220212020
(dollars in thousands)
Operating Activities
Net income$128,181 $138,257 $73,447 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses21,106 (1,376)56,718 
Deferred tax (benefit) expense(2,011)1,432 (8,217)
Depreciation and amortization10,552 11,442 11,653 
Net gains on securities and other assets(11,556)(22,273)(18,807)
Net amortization of premiums and discounts on securities2,027 4,772 6,183 
Income from increase in cash surrender value of bank owned life insurance(5,261)(6,105)(6,288)
Mortgage loans originated for sale(195,105)(390,940)(410,715)
Proceeds from sale of mortgage loans198,302 419,574 408,877 
(Increase) decrease in interest receivable(6,846)5,885 (10,735)
Increase (decrease) in interest payable1,172 (412)(879)
(Decrease) increase in income taxes payable(4,561)10,664 (887)
Other—net15,413 (5,874)5,349 
Net cash provided by operating activities151,413 165,046 105,699 
Investing Activities
Transactions with securities held to maturity:
Proceeds from sales   
Proceeds from maturities and redemptions79,613 120,728 118,905 
Purchases(200)(361,734)(85,679)
Transactions with securities available for sale:
Proceeds from sales   
Proceeds from maturities and redemptions145,589 433,910 472,282 
Purchases (676,861)(411,178)
Purchases of FHLB stock(20,632)(4,453)(22,231)
Proceeds from the redemption of FHLB stock7,056 3,342 26,766 
Proceeds from redemption of other investments 500  
Proceeds from bank owned life insurance5,337 7,357 1,444 
Proceeds from the sale of loans68,625 76,414 41,141 
Proceeds from sales of other assets8,609 7,798 5,531 
Net increase in loans(871,578)(161,667)(622,504)
Purchases of premises and equipment(11,207)(10,639)(7,615)
Net cash used in investing activities(588,788)(565,305)(483,138)
Financing Activities
Net increase in federal funds purchased   
Net increase (decrease) in other short-term borrowings234,379 20,942 (84,480)
Net increase in deposits23,007 543,947 761,398 
Repayments of other long-term debt(712)(50,685)(659)
Repayments of capital lease obligations(496)(464)(430)
Dividends paid(44,578)(43,611)(42,982)
Proceeds from reissuance of treasury stock245 222 222 
Purchase of treasury stock(15,598)(31,301)(20,905)
Net cash provided by financing activities196,247 439,050 612,164 
Net (decrease) increase in cash and cash equivalents(241,128)38,791 234,725 
Cash and cash equivalents at January 1395,372 356,581 121,856 
Cash and cash equivalents at December 31$154,244 $395,372 $356,581 
The accompanying notes are an integral part of these Consolidated Financial Statements.
56

Table of Contents
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Note 1—Statement of Accounting Policies
General
The following summary of accounting and reporting policies is presented to aid the reader in obtaining a better understanding of the consolidated financial statements of First Commonwealth Financial Corporation and its subsidiaries (“First Commonwealth”) contained in this report. First Commonwealth's subsidiaries include First Commonwealth Bank ("FCB" or the "Bank"), First Commonwealth Insurance Agency, Inc. ("FCIA"), FRAMAL and First Commonwealth Financial Advisors, Inc. ("FCFA").
The financial information is presented in accordance with generally accepted accounting principles and general practice for financial institutions in the United States of America. In preparing financial statements, management is required to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. In addition, these estimates and assumptions affect revenues and expenses in the financial statements and as such, actual results could differ from those estimates.
Through its subsidiaries, which include a commercial bank and an insurance agency, First Commonwealth provides a full range of loan, deposit, trust, insurance and personal financial planning services primarily to individuals and small to middle market businesses in 26 counties in central and western Pennsylvania as well as throughout Ohio. First Commonwealth has determined that it has one business segment.
First Commonwealth is subject to regulations of certain state and federal agencies. These regulatory agencies periodically examine First Commonwealth for adherence to laws and regulations.
Basis of Presentation
The accompanying Consolidated Financial Statements include the accounts of First Commonwealth previously defined above. All material intercompany transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period's presentation.
Equity investments of less than a majority but at least 20% ownership are accounted for by the equity method and classified as “Other assets.” Earnings on these investments are reflected in “Other income” on the Consolidated Statements of Income, as appropriate, in the period earned.
Investment Securities
Debt securities that First Commonwealth has the positive intent and ability to hold to maturity are classified as securities held to maturity and are reported at amortized cost adjusted for amortization of premium and accretion of discount on a level yield basis. Debt and equity securities that are bought and held principally for the purpose of selling them in the near term are to be classified as trading securities and reported at fair value, with unrealized gains and losses included in earnings. Debt securities not classified as either held-to-maturity securities or trading securities are classified as securities available for sale and are reported at fair value, with unrealized gains and losses that are not related to impairment excluded from earnings and reported as a component of other comprehensive income, which is included in shareholders’ equity, net of deferred taxes.
First Commonwealth has securities classified as held to maturity and available for sale and does not engage in trading activities. 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 the equity securities.
First Commonwealth conducts a comprehensive review of the investment portfolio on a quarterly basis to evaluate for expected credit losses. When evaluating available-for-sale securities, management first considers whether we intend to sell the security, or if it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If there is intent to sell, the security's amortized cost is written down to fair value through income. Otherwise, available-for-sale securities whose market values have fallen below their book value are evaluated at the issuer-specific level to determine if the decline in value is a result of credit losses. Issuer-specific securities include obligations of U.S. Government agencies and sponsored enterprises, single issue trust preferred securities, corporate debentures and obligations of states and political subdivisions. Further analysis of these securities includes a review of research reports, analysts’ recommendations, credit rating changes, news stories, annual reports, impact of interest rate changes and any other relevant information pertaining to the affected security. Any loss not determined to be a credit loss is recorded as a reduction to shareholders equity, through other comprehensive income. Held-to-maturity securities are evaluated for impairment on an annual basis, using historical probability of default and loss given default information specific to the investment category. On a quarterly basis, a qualitative review is
57

Table of Contents
completed incorporating changes to the mix and credit quality of the investment portfolio. 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.
Mortgage Loans Held for Sale
Certain residential mortgage loans are originated for sale in the secondary mortgage loan market with the majority sold with servicing rights released. These loans are classified as loans held for sale and are carried at the estimated market value on an aggregate basis. Market value is determined on the basis of rates obtained in the respective secondary market for the type of loan held for sale. Loans are generally sold at a premium or discount from the carrying amount of the loan. Such premium or discount is recognized at the date of sale. Gain or loss on the sale of loans is recorded in non-interest income at the time consideration is received and all other criteria for sales treatment have been met.
Loans
Loans are carried at the principal amount outstanding. Interest is accrued as earned. Loans held for sale are carried at the lower of cost or fair market value determined on an individual basis.
First Commonwealth considers a loan to be past due and still accruing interest when payment of interest or principal is contractually past due but the loan is both well secured and in the process of collection. For installment, mortgage, term and other loans with amortizing payments that are scheduled monthly, 90 days past due is reached when four monthly payments are due and unpaid. For demand, time and other multi-payment obligations with payments scheduled other than monthly, delinquency status is calculated using number of days instead of number of payments. Revolving credit loans, including personal credit lines and home equity lines, are considered to be 90 days past due when the borrower has not made the minimum payment for four monthly cycles.
A loan is placed in nonaccrual status when, based on current information and events, it is probable that First Commonwealth will be unable to fully collect principal or interest due according to the contractual terms of the loan. A loan is also placed in nonaccrual status when, based on regulatory definitions, the loan is maintained on a “cash basis” due to the weakened financial condition of the borrower. When a determination is made to place a loan in nonaccrual status, all accrued and unpaid interest is reversed. Nonaccrual loans are restored to accrual status when, based on a sustained period of repayment by the borrower in accordance with the contractual terms of the loan, First Commonwealth expects repayment of the remaining contractual principal and interest or when the loan otherwise becomes well-secured and in the process of collection.
First Commonwealth considers a loan to be a troubled debt restructured loan ("TDR") when the loan terms have been renegotiated to provide a reduction or deferral of principal or interest as a result of the financial difficulties experienced by the borrower, who could not obtain comparable terms from alternate financing sources. TDR loans are considered to be nonperforming loans.
A loan is considered to be nonperforming when, based on current information and events, it is expected that First Commonwealth will be unable to collect principal or interest that is due in accordance with contractual terms of the loan. Nonperforming loans include nonaccrual loans and TDR loans. Expected losses on nonperforming loans are measured based on the present value of expected cash flows discounted at the loan’s effective interest rate or, as a practical expedient, at the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent.
For loans other than those that First Commonwealth expects repayment through liquidation of the collateral, when the remaining recorded investment in the loan is less than or equal to the present value of the expected cash flows, income is applied as a reduction to loan principal rather than interest income.
Loans deemed uncollectible are charged off through the allowance for credit losses. Factors considered in assessing ultimate collectability include past due status, financial condition of the borrower, collateral values and debt covenants including secondary sources of repayment by guarantors. Payments received on previously charged off loans are recorded as recoveries in the allowance for credit losses.
Acquired loans are recorded at estimated fair value on the date of acquisition with no carryover of the related allowance for credit losses. The fair value of acquired loans is determined by estimating the principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. The estimated fair value considers factors such as loan term, internal risk rating, delinquency status, prepayment rates, estimated value of the underlying collateral and the current interest rate environment.
58

Table of Contents
Loan Fees
Loan origination and commitment fees, net of associated direct costs, are deferred and the net amount is amortized as an adjustment to the related loan yield on the interest method, generally over the contractual life of the related loans or commitments.
Other Real Estate Owned
Real estate, other than bank premises, is recorded at fair value less estimated selling costs at the time of acquisition.  After that time, other real estate is carried at the lower of cost or fair value less estimated costs to sell. Fair value is determined based on an independent appraisal. Expenses related to holding the property and rental income earned on the property are generally reflected in earnings in the current period. Depreciation is not recorded on the other real estate owned properties.
Allowance for Credit Losses for Loans and Leases
On January 1, 2020, First Commonwealth adopted ASU 2016-13 Financial Instruments - Credit Losses ("Topic 326"), which replaces the incurred loss methodology for determining our allowance for credit losses and related provision for credit losses with an expected loss methodology that is referred to as the Current Expected Credit Loss ("CECL") model. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including our loans and leases.
We adopted ASU 2016-13 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures and recognized a cumulative effect adjustment reducing retained earnings by $11.2 million, net of tax. First Commonwealth made the accounting policy election to exclude accrued interest from the allowance for credit loss calculation because these balances are written off or reversed when a loan is placed in non-accrual status.
In connection with our adoption of ASU 2016-13, we made changes to our loan portfolio segments, as compared to loan segments under the incurred model, to align with the methodology applied in determining the allowance under CECL. In 2022, the annual review of loss history and loss drivers used in the allowance credit losses resulted in several new loan portfolio segments. Real estate construction, which was previously one segment, has been divided into two categories, Construction residential and Construction other. Loans to state and political subdivisions and other commercial loans that have different characteristics than loans in the Time and Demand category, were moved into a new Time and demand other category. Additionally, a new portfolio segment for equipment finance was added as we entered that business in 2022. Refer to Note 9, "Loans and Leases and Allowance for Credit Losses" for further discussion of these portfolio segments.
Under CECL, 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 includes 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.
All nonperforming credits, which includes nonaccrual loans and all TDRs, in excess of $250 thousand are individually evaluated on a quarterly basis. A specific reserve is established for individually evaluated loans in an amount equal to the total amount of estimated losses for the loans that are reviewed. Based on this reserve as a percentage of reviewed loan balances, a reserve is also established for the nonperforming loan balances that are not individually reviewed.
An additional component of the allowance is determined by management based on a qualitative analysis of certain factors related to portfolio risks that are not incorporated in the calculated model. Factors considered by management include lending practices, ability and experience of the credit staff, the overall lending environment and external factors such as the regulatory environment and competition. Portfolio risks include unusual changes or recent trends in specific portfolios such as unexpected changes in the trends or levels of delinquency. No matter how detailed an analysis of potential credit losses is performed, these estimates are inherently imprecise. Management must make estimates using assumptions and information that is often subjective and changes rapidly.
Allowance for Off-Balance Sheet Credit Exposures
First Commonwealth maintains an allowance for off-balance sheet credit exposure at a level deemed sufficient to absorb losses that are inherent to off-balance sheet credit risk. Off-balance sheet credit exposure includes commitments to extend credit, standby letters of credit and commercial letters of credit. The Company’s methodology for assessing the appropriateness of the allowance for off-balance sheet credit exposure consists of analysis of historical usage trends. The calculation begins with historical usage trends related to lines of credit as well as letters of credit and then utilizes those figures to determine the
59

Table of Contents
probable usage of available lines. These values are then adjusted by the expected loss percentage calculated for comparable loan categories as part of the allowance for credit losses for loans. This amount is adjusted quarterly and any change to the allowance is reported as part of provision expense on the Consolidated Statements of Income. The allowance for off-balance sheet credit exposures is reflected in "Other Liabilities" in the Consolidated Statements of Finance Condition.
Bank Owned Life Insurance
First Commonwealth and the banks that First Commonwealth has acquired have purchased insurance on the lives of certain groups of employees. The policies accumulate asset values to meet future liabilities, including the payment of employee benefits such as health care. Increases in the cash surrender value are recorded as non-interest income in the Consolidated Statements of Income and cash receipts and disbursements are included in "Operating Activities" in the Consolidated Statements of Cash Flows. Under some of these policies, the beneficiaries receive a portion of the death benefit. The net present value of the future death benefits scheduled to be paid to the beneficiaries was $3.7 million and $4.5 million as of December 31, 2022 and 2021, respectively, and is reflected in "Other Liabilities" on the Consolidated Statements of Financial Condition.
Premises, Equipment and Lease Commitments
Premises and equipment are carried at cost less accumulated depreciation on First Commonwealth’s Consolidated Statements of Financial Condition. Depreciation is computed on the straight-line and accelerated methods over the estimated useful life of the asset. A straight-line depreciation method was used for substantially all furniture and equipment as well as buildings and improvements. Charges for maintenance and repairs are expensed as incurred. Leasehold improvements are expensed over the term of the lease or the estimated useful life of the improvement, whichever is shorter.
Software costs are amortized on a straight-line basis over a period not to exceed 7 years.
A right-of-use asset and related lease liability is recognized on the Consolidated Statements of Financial Condition for operating leases First Commonwealth has entered to lease certain office facilities. These amounts are reported as components of premises and equipment and other liabilities. Short-term operating leases, which are leases with an original term of 12 months or less and do not have a purchase option that is likely to be exercised, are not recognized as part of the right-of-use asset or lease liability. First Commonwealth has no material leasing arrangements for which it is the lessor of property or equipment.
Business Combinations
Business combinations are accounted for by using the acquisition method of accounting. Under the acquisition method, identifiable assets acquired and liabilities assumed at the acquisition date are measured at their fair values as of that date, and are recognized separately from goodwill. The difference between the purchase price and the fair value of the net assets acquired is recorded as goodwill. Results of operations of the acquired entities are included in the consolidated statement of income from the date of acquisition. Acquisition costs are expensed when incurred.
Goodwill
Intangible assets resulting from acquisitions under the purchase method of accounting consist of goodwill and other intangible assets (see “Other Intangible Assets” section below). Goodwill is not amortized and is subject to at least annual assessments for impairment. First Commonwealth reviews goodwill annually and again at any quarter-end if a material event occurs during the quarter that may affect goodwill. 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 is performed. Goodwill is evaluated for potential impairment by determining if our fair value has fallen below carrying value.
Other Intangible Assets
Other intangible assets consist of core deposits and customer lists obtained through acquisitions. Core deposit intangibles are amortized over their estimated lives using the present value of the benefit of the core deposits and straight-line methods of amortization. Customer list intangibles are amortized over the expected lives using expected cash flows based on retention of the customer base. These intangibles are evaluated for impairment on an annual basis and when events or changes in circumstances indicate that the carrying amount may not be recoverable.
Accounting for the Impairment of Long-Lived Assets
First Commonwealth reviews long-lived assets, such as premises and equipment and intangibles, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. These changes in circumstances may include a significant decrease in the market value of an asset or the extent or manner in which an asset is used. If there is an indication that the carrying amount of an asset may not be recoverable, future undiscounted cash flows expected to result from the use of the asset are estimated. If the sum of the expected cash flows is less than the carrying value of the asset, a loss is recognized for the difference between the carrying value and fair value of the asset. Long-lived assets
60

Table of Contents
classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. Depreciation or amortization is discontinued on long-lived assets classified as held for sale.
Income Taxes
First Commonwealth records taxes in accordance with the asset and liability method of FASB ASC Topic 740, “Income Taxes,” ("Topic 740") whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amount of existing assets and liabilities and their respective tax bases given the provisions of the enacted tax laws. Deferred tax assets are reduced, if necessary, by the amount of such benefits that are more likely than not expected to be realized based upon available evidence. In accordance with Topic 740, interest or penalties incurred for taxes will be recorded as a component of noninterest expense.
Comprehensive Income Disclosures
“Other Comprehensive Income” (comprehensive income, excluding net income) includes the after-tax effect of changes in unrealized holding gains and losses on available-for-sale securities, changes in the funded status of defined benefit postretirement plans and changes in the fair value of cash flow hedges. Comprehensive income is reported in the accompanying Consolidated Statements of Comprehensive Income, net of tax.
Cash and Cash Equivalents
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.
Derivatives and Hedging Activities
First Commonwealth accounts for derivative instruments and hedging activities in accordance with FASB ASC Topic 815, “Derivatives and Hedging" ("Topic 815"). All derivatives are evaluated at inception as to whether or not they are hedging or non-hedging activities, and appropriate documentation is maintained to support the final determination. First Commonwealth recognizes all derivatives as either assets or liabilities on the Consolidated Statements of Financial Condition and measures those instruments at fair value. For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. Any hedge ineffectiveness would be recognized in the income statement line item pertaining to the hedged item. For derivatives designated as cash flow hedges, changes in fair value of the effective portion of the cash flow hedges are reported in other comprehensive income ("OCI"). When the cash flows associated with the hedged item are realized, the gain or loss included in OCI is recognized in the Consolidated Statement of Income.
When First Commonwealth purchases a portion of a commercial loan that has an existing interest rate swap, it enters a Risk Participation Agreement with the counterparty and assumes the credit risk of the loan customer related to the swap. Any fee paid to First Commonwealth as a result of the risk participation agreement is offset by credit risk of the counterparties and is recognized in the income statement. Credit risk on the risk participation agreements is determined after considering the risk rating, probability of default and loss given default of the counterparties.
Management periodically reviews contracts from various functional areas of First Commonwealth to identify potential derivatives embedded within selected contracts. As of December 31, 2022, First Commonwealth has interest rate derivative positions that are designated as hedging instruments and others that are not designated as hedging instruments. See Note 7, “Derivatives,” for a description of these instruments.
Earnings Per Common Share
Basic earnings per share excludes dilution and is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period.
Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. For all periods presented, the dilutive effect on average shares outstanding is the result of unvested restricted stock grants.
Fair Value Measurements
In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures" ("Topic 820"), First Commonwealth groups financial assets and financial liabilities measured at fair value into three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are:
61

Table of Contents
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 identical or comparable assets or liabilities from alternative pricing sources with reasonable levels of price transparency. Level 2 securities include U.S. Government securities issued by Agencies and Sponsored Enterprises, Obligations of States and Political Subdivisions, certain corporate securities, FHLB stock, loans held for sale, interest rate derivatives that include interest rate swaps, risk participation agreements and foreign currency contracts, certain other real estate owned and certain nonperforming loans.
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 evaluation 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 nonmarketable equity investments, certain other real estate owned and certain nonperforming loans.
In general, fair values of financial instruments are based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon pricing models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and our creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. See Note 17 “Fair Values of Assets and Liabilities” for additional information.
Revenue from Contracts with Customers
First Commonwealth records revenue from contracts with customers in accordance with ASC Topic 606, “Revenue from Contracts with Customers” (“Topic 606”). Under Topic 606, the Company must identify the contract with a customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue when (or as) the Company satisfies a performance obligation.
A significant component of the Company's revenue, net interest earned on financial assets and liabilities, is excluded from the scope of Topic 606. First Commonwealth generally fully satisfies its performance obligations on its contracts with customers as services are rendered and the transaction prices are typically fixed; charged either on a periodic basis or based on activity. Because performance obligations are satisfied as services are rendered and the transaction prices are fixed, the Company has made no significant judgments in applying the revenue guidance prescribed in Topic 606 that affect the determination of the amount and timing of revenue from contracts with customers.

Note 2—Acquisition
On August 30, 2022, we entered into an agreement and plan of merger to acquire Centric Financial Corporation (“Centric”) and its banking subsidiary, Centric Bank. Centric will contribute seven full-service banking offices and one loan production office in the Harrisburg, Philadelphia and Lancaster MSAs. The acquisition is an all-stock transaction and Centric shareholders were entitled to receive a fixed exchange ratio of 1.09 shares of First Commonwealth common stock for each Centric common stock. This merger was completed after close of business January 31, 2023 resulting in the issuance of 9,688,478 shares of common stock.

62

Table of Contents
Note 3—Supplemental Comprehensive Income Disclosures
The following table identifies the related tax effects allocated to each component of other comprehensive income in the Consolidated Statements of Comprehensive Income as of December 31. Reclassification adjustments related to securities available for sale are included in the Net securities gains line in the Consolidated Statements of Income.
202220212020
Pretax AmountTax (Expense) BenefitNet of Tax AmountPretax AmountTax (Expense) BenefitNet of Tax AmountPretax AmountTax (Expense) BenefitNet of Tax Amount
(dollars in thousands)
Unrealized gains (losses) on securities:
Unrealized holding (losses) gains on securities arising during the period$(131,838)$27,686 $(104,152)$(29,892)$6,278 $(23,614)$19,981 $(4,196)$15,785 
Reclassification adjustment for gains on securities included in net income(2) (2)(16)3 (13)(70)15 (55)
Total unrealized (losses) gains on securities(131,840)27,686 (104,154)(29,908)6,281 (23,627)19,911 (4,181)15,730 
Unrealized gains (losses) on derivatives:
Unrealized holding losses on derivatives arising during the period(31,573)6,630 (24,943)(3,356)705 (2,651)(4,467)938 (3,529)
Total unrealized losses on derivatives(31,573)6,630 (24,943)(3,356)705 (2,651)(4,467)938 (3,529)
Unrealized gains (losses) for postretirement obligations:
Prior service cost76 (16)60 76 (16)60 (537)113 (424)
Net gain (loss)143 (30)113 275 (58)217 (155)32 (123)
Total unrealized gains (losses) for postretirement obligations219 (46)173 351 (74)277 (692)145 (547)
Total other comprehensive (loss) income$(163,194)$34,270 $(128,924)$(32,913)$6,912 $(26,001)$14,752 $(3,098)$11,654 

63

Table of Contents
The following table details the change in components of OCI for the year ended December 31:
2022
 Securities Available for SaleDerivativesPost-Retirement ObligationAccumulated Other Comprehensive Income
 (dollars in thousands)
Balance at January 1$(3,317)$(5,546)$95 $(8,768)
Other comprehensive loss before reclassification adjustment(104,152)(24,943)(129,095)
Amounts reclassified from accumulated other comprehensive income (loss)(2) (2)
Prior service cost60 60 
Net gain113 113 
Net other comprehensive loss during the period(104,154)(24,943)173 (128,924)
Balance at December 31$(107,471)$(30,489)$268 $(137,692)
2021
Securities Available for SaleDerivativesPost-Retirement ObligationAccumulated Other Comprehensive Income
(dollars in thousands)
Balance at January 1$20,310 $(2,895)$(182)$17,233 
Other comprehensive income before reclassification adjustment(23,614)(2,651)(26,265)
Amounts reclassified from accumulated other comprehensive income (loss)(13) (13)
Prior service cost60 60 
Net gain217 217 
Net other comprehensive income during the period(23,627)(2,651)277 (26,001)
Balance at December 31$(3,317)$(5,546)$95 $(8,768)
2020
Securities Available for SaleDerivativesPost-Retirement ObligationAccumulated Other Comprehensive Income
(dollars in thousands)
Balance at January 1$4,580 $634 $365 $5,579 
Other comprehensive income before reclassification adjustment15,785 (3,529)12,256 
Amounts reclassified from accumulated other comprehensive income (loss)(55) (55)
Prior service cost(424)(424)
Net gain(123)(123)
Net other comprehensive income during the period15,730 (3,529)(547)11,654 
Balance at December 31$20,310 $(2,895)$(182)$17,233 

64

Table of Contents
Note 4—Supplemental Cash Flow Disclosures
The following table presents information related to cash paid during the year for interest and income taxes as well as detail on non-cash investing and financing activities for the years ended December 31:
202220212020
(dollars in thousands)
Cash paid during the period for:
Interest$16,396 $15,624 $33,964 
Income taxes34,326 22,374 25,914 
Non-cash investing and financing activities:
Loans transferred to other real estate owned and repossessed assets2,852 3,163 3,865 
Fair value of loans transferred from held to maturity to held for sale61,892 73,697 37,305 
Loans transferred from held for sale to held to maturity1,485  4,335 
Gross (decrease) increase in market value adjustment to securities available for sale(131,840)(29,908)19,911 
Gross decrease in market value adjustment to derivatives(31,574)(3,356)(4,467)
Investments committed to purchase, not settled  (34,185)
Increase in limited partnership investment unfunded commitment 7,565  
Proceeds from death benefit on bank-owned life insurance not received1,973  (384)
Treasury shares issued1,947 2,042 1,594 

Note 5—Earnings per Share
The following table summarizes the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computation for the years ending December 31:
 
202220212020
Weighted average common shares issued113,914,902 113,914,902 113,914,902 
Average treasury shares(20,089,722)(18,140,857)(16,254,304)
Average deferred compensation shares(55,734)(55,590)(42,751)
Average unearned nonvested shares(157,403)(134,565)(118,261)
Weighted average common shares and common stock equivalents used to calculate basic earnings per share
93,612,043 95,583,890 97,499,586 
Additional common stock equivalents (nonvested stock) used to calculate diluted earnings per share
219,584 200,712 203,836 
Additional common stock equivalents (deferred compensation) used to calculated diluted earnings per share
55,820 55,683 55,543 
Weighted average common shares and common stock equivalents used to calculate diluted earnings per share
93,887,447 95,840,285 97,758,965 
Per Share Data
Basic Earnings Per Share$1.37 $1.45 $0.75 
Diluted Earnings Per Share$1.37 $1.44 $0.75 
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 years ended December 31, because to do so would have been anti-dilutive.
202220212020
Price RangePrice RangePrice Range
SharesFromToSharesFromToSharesFromTo
Restricted Stock128,860 $12.77 $16.43 99,344 $12.77 $15.96 92,499 $13.72 $15.44 
Restricted Stock Units25,983 $21.08 $21.08  $ $ 106,931 $12.43 $15.37 

65

Table of Contents
Note 6—Cash and Due from Banks
Regulations of the Board of Governors of the Federal Reserve System impose uniform reserve requirements on all depository institutions with transaction accounts, such as checking accounts and NOW accounts. Reserves are maintained in the form of vault cash or balances held with the local Federal Reserve Bank. Because balances held at the Federal Reserve earn interest, depending on our liquidity position, we may maintain balances in excess of the reserve requirement. First Commonwealth maintained average balances of $181.6 million during 2022 and $309.6 million during 2021 with the Federal Reserve Bank of Cleveland.

Note 7—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 35 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.
During 2021, the Company entered into eight interest rate swap contracts that were designated as cash flow hedges. The interest rate swaps have a total notional amount of $500.0 million; $75.0 million with an original maturity of three years, $250.0 million with an original maturity of four years, and $175.0 million with an original maturity of five years. The Company's risk management objective for these hedges is to reduce its exposure to variability in expected future cash flows related to interest payments on commercial loans benchmarked to the 1-month LIBOR rate. Therefore, the interest rate swaps convert the interest payments on the first $500.0 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 Consolidated Statement of Income. For the years ended December 31, 2022 and 2020, net interest income decreased $4.8 million and $0.4 million, respectively, and increased $0.6 million for the year ended
66

Table of Contents
December 31, 2021 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," in the Consolidated Statements of Income in the same line item as the income or expense on the hedged items. The cash flow hedges were highly effective at December 31, 2022 and changes in the fair value attributed to hedge ineffectiveness were not material.
The Company also enters into interest rate lock commitments in conjunction with its mortgage origination business. These are commitments to originate loans whereby the interest rate on the loan is determined prior to funding and the customers have locked into that interest rate. The Company locks in the rate with an investor and commits to deliver the loan if settlement occurs (“best efforts”) or commits to deliver the locked loan in a binding (“mandatory”) delivery program with an investor. Loans under mandatory rate lock commitments are covered under forward sales contracts of mortgage-backed securities (“MBS”). Forward sales contracts of MBS are recorded at fair value with changes in fair value recorded in "Noninterest income" in the Consolidated Statements of Income. The impact to noninterest income for the years ended December 31, 2022 and 2021 was a decrease of $0.1 million and $0.5 million, respectively, and an increase of $0.4 million for the year ended December 31, 2020.
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 December 31, 2022, the underlying funded mortgage loan commitments had a carrying value of $4.3 million and a fair value of $4.0 million, while the underlying unfunded mortgage loan commitments had a notional amount of $12.0 million. At December 31, 2021, the underlying funded mortgage loan commitments had a carrying value of $11.0 million and a fair value of $11.9 million, while the underlying unfunded mortgage loan commitments had a notional amount of $29.7 million.
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 expenses" in the Consolidated Statements of Income. The impact on other noninterest expense for the years ended December 31, 2022 totaled $5 thousand, $11 thousand and $18 thousand, respectively. There were no foreign exchange forward contracts outstanding at December 31, 2022. At December 31, 2021, the underlying loans exposed to changes in foreign exchange rates had both a carrying value and a fair value of $2.0 million.
67

Table of Contents
The following table depicts the credit value adjustment recorded relative to the notional amount of derivatives outstanding as well as the notional amount of risk participation agreements participated to other banks at December 31:
20222021
 (dollars in thousands)
Derivatives not Designated as Hedging Instruments
Credit value adjustment$(27)$(395)
Notional Amount:
Interest rate derivatives816,745 708,759 
Interest rate caps15,340 66,007 
Interest rate collars35,354 35,354 
Risk participation agreements256,043 241,111 
Sold credit protection on risk participation agreements(100,741)(95,618)
Interest rate options12,009 29,691 
Derivatives Designated as Hedging Instruments
Interest rate swaps:
Fair value adjustment(38,596)(7,022)
Notional Amount570,000 570,000 
Interest rate forwards:
Fair value adjustment63 (29)
Notional Amount16,000 38,000 
Foreign exchange forwards:
Fair value adjustment 12 
Notional Amount 1,982 
The table below presents the amount representing the change in the fair value of derivative assets and derivative liabilities attributable to credit risk included in “Other income” on the Consolidated Statements of Income for the years ended December 31:
 202220212020
 (dollars in thousands)
Non-hedging interest rate derivatives:
(Decrease) increase in other income$(363)$728 $(981)
Hedging interest rate derivatives:
(Decrease) increase in interest and fees on loans(5,125)1,567  
(Decrease) increase in interest from subordinated debentures(283)959 449 
Hedging interest rate forwards:
(Decrease) increase in other income(92)(454)420 
Hedging interest rate derivatives:
Increase in other expense5 11 18 
The fair value of our derivatives is included in a table in Note 17, “Fair Values of Assets and Liabilities,” in the line items “Other assets” and “Other liabilities.”

68

Table of Contents
Note 8—Investment Securities

Securities Available for Sale
Below is an analysis of the amortized cost and fair values of securities available for sale at December 31:
 20222021
 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$4,127 $37 $(181)$3,983 $5,242 $420 $ $5,662 
Mortgage-Backed Securities – Commercial324,306  (52,890)271,416 365,024 1,725 (4,459)362,290 
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential527,777 59 (78,847)448,989 632,687 6,308 (9,021)629,974 
Other Government-Sponsored Enterprises1,000  (118)882 1,000  (19)981 
Obligations of States and Political Subdivisions9,482  (1,295)8,187 9,538 89 (103)9,524 
Corporate Securities32,010 179 (2,985)29,204 32,088 973 (112)32,949 
Total Securities Available for Sale$898,702 $275 $(136,316)$762,661 $1,045,579 $9,515 $(13,714)$1,041,380 

Mortgage backed securities include mortgage backed obligations of U.S. Government agencies and obligations of U.S. Government-sponsored enterprises. These obligations have contractual maturities ranging from less than one year to approximately 40 years with lower anticipated lives to maturity due to prepayments. All mortgage backed securities contain a certain amount of risk related to the uncertainty of prepayments of the underlying mortgages. Interest rate changes have a direct impact upon prepayment speeds; therefore, First Commonwealth uses computer simulation models to test the average life and yield volatility of all mortgage backed securities under various interest rate scenarios to monitor the potential impact on earnings and interest rate risk positions.
Expected maturities will differ from contractual maturities because issuers may have the right to call or repay obligations with or without call or prepayment penalties. Other fixed income securities within the portfolio also contain prepayment risk.
The amortized cost and estimated fair value of debt securities available for sale at December 31, 2022, by contractual maturity, are shown below:
Amortized
Cost
Estimated
Fair Value
 (dollars in thousands)
Due within 1 year$5,001 $4,997 
Due after 1 but within 5 years8,881 8,654 
Due after 5 but within 10 years28,610 24,622 
Due after 10 years  
42,492 38,273 
Mortgage-Backed Securities (a)856,210 724,388 
Total Debt Securities$898,702 $762,661 
(a)Mortgage Backed Securities include an amortized cost of $328.4 million and a fair value of $275.4 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $527.8 million and a fair value of $449.0 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.
69

Table of Contents
Proceeds from sales of securities and gross gains (losses) realized on sales, calls and maturities of securities available for sale were as follows for the years ended December 31:
202220212020
 (dollars in thousands)
Proceeds from sales$ $ $ 
Gross (losses) gains realized:
Sales Transactions:
Gross gains$ $ $ 
Gross losses   
   
Maturities
Gross gains2 16 70 
Gross losses   
2 16 70 
Net gains$2 $16 $70 
Gross gains from maturities recognized in 2022, 2021 and 2020 were the result of calls on municipal securities.
Securities available for sale with an approximate fair value of $626.7 million and $759.1 million were pledged as of December 31, 2022 and 2021, respectively, to secure public deposits and for other purposes required or permitted by law.
70

Table of Contents
Securities Held to Maturity
Below is an analysis of the amortized cost and fair values of debt securities held to maturity at December 31:
 20222021
 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$2,008 $ $(224)$1,784 $2,409 $101 $ $2,510 
Mortgage-Backed Securities – Commercial75,229  (14,196)61,033 91,439 305 (1,939)89,805 
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential329,267  (53,002)276,265 387,848 2,800 (5,758)384,890 
Mortgage-Backed Securities – Commercial4,794  (129)4,665 7,309 148  7,457 
Other Government-Sponsored Enterprises22,221  (4,501)17,720 21,904  (625)21,279 
Obligations of States and Political Subdivisions26,643  (2,865)23,778 29,402 414 (103)29,713 
Debt Securities Issued by Foreign Governments1,000  (40)960 1,000  (3)997 
Total Securities Held to Maturity$461,162 $ $(74,957)$386,205 $541,311 $3,768 $(8,428)$536,651 
The amortized cost and estimated fair value of debt securities held to maturity at December 31, 2022, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or prepayment penalties.
Amortized
Cost
Estimated
Fair Value
 (dollars in thousands)
Due within 1 year$1,145 $1,143 
Due after 1 but within 5 years9,819 9,315 
Due after 5 but within 10 years38,337 31,570 
Due after 10 years563 430 
49,864 42,458 
Mortgage-Backed Securities (a)411,298 343,747 
Total Debt Securities$461,162 $386,205 
(a)Mortgage Backed Securities include an amortized cost of $77.2 million and a fair value of $62.8 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $334.1 million and a fair value of $280.9 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 $368.8 million and $313.9 million were pledged as of December 31, 2022 and 2021, respectively, to secure public deposits 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
71

Table of Contents
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 December 31, 2022 and 2021, our FHLB stock totaled $25.2 million and $11.7 million, respectively and is included in “Other investments” on the 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 for the year ended December 31, 2022.
At both December 31, 2022 and 2021, Other Investments also includes $1.2 million in equity securities. These securities do not have a readily determinable fair value and are carried at cost. For the years ended December 31, 2022 and 2021, there were no gains or losses recognized through earnings on equity securities. On a quarterly basis, management evaluates equity securities by reviewing 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
On January 1, 2020, First Commonwealth adopted Topic 326, which requires estimated credit losses on held to maturity securities be recorded as an allowance for credit loss instead of a reduction in the amortized cost of the securities.
There were no estimated credit losses recorded during the years ended December 31, 2022, 2021 and 2020.
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.
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.
The following table presents the gross unrealized losses and estimated fair values at December 31, 2022 for available for sale securities for which an allowance for credit losses has not been recorded and held to maturity securities by investment category and time frame for which the securities have been in a continuous unrealized loss position:
 Less Than 12 Months12 Months or MoreTotal
 Estimated
Fair Value
Gross
Unrealized
Losses
Estimated
Fair Value
Gross
Unrealized
Losses
Estimated
Fair Value
Gross
Unrealized
Losses
 (dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential$3,734 $(405)$ $ $3,734 $(405)
Mortgage-Backed Securities – Commercial92,208 (12,364)240,241 (54,722)332,449 (67,086)
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential239,760 (21,543)482,195 (110,306)721,955 (131,849)
Mortgage-Backed Securities – Commercial4,666 (129)  4,666 (129)
Other Government-Sponsored Enterprises  18,603 (4,619)18,603 (4,619)
Obligations of States and Political Subdivisions21,234 (1,979)9,230 (2,181)30,464 (4,160)
Debt Securities Issued by Foreign Governments587 (13)373 (27)960 (40)
Corporate Securities14,406 (590)12,632 (2,395)27,038 (2,985)
Total Securities$376,595 $(37,023)$763,274 $(174,250)$1,139,869 $(211,273)
72

Table of Contents
 
At December 31, 2022, fixed income securities issued by U.S. Government Agencies and U.S. Government-sponsored enterprises comprised 97% of total unrealized losses. All unrealized losses are a result of changes in market interest rates. At December 31, 2022, there were 209 debt securities in an unrealized loss position. There were no equity securities in an unrealized loss position at December 31, 2022.
The following table presents the gross unrealized losses and estimated fair value at December 31, 2021 for both available for sale and held to maturity securities by investment category and time frame for which the securities had 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$320,414 $(6,398)$ $ $320,414 $(6,398)
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential658,965 (14,779)  658,965 (14,779)
Other Government-Sponsored Enterprises22,261 (644)    22,261 (644)
Obligations of States and Political Subdivisions11,213 (206)  11,213 (206)
Debt Securities Issued by Foreign Governments997 (3)  997 (3)
Corporate Securities19,013 (112)    19,013 (112)
Total Securities$1,032,863 $(22,142)$ $ $1,032,863 $(22,142)
As of December 31, 2022, our corporate securities had an amortized cost and estimated fair value of $32.0 million and $29.2 million, respectively, and were comprised of debt for large regional banks. At December 31, 2021, these securities had an amortized cost of $32.1 million and estimated fair value of $32.9 million. When unrealized losses exist, management reviews each of the issuer’s asset quality, earnings trend 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 twelve months ended December 31, 2022, 2021 and 2020.

73

Table of Contents
Note 9—Loans and Leases and Allowance for Credit Losses
Loans and leases are presented in the Consolidated Statements of Financial Condition net of deferred loan fees and costs, and discounts related to purchased loans. Net deferred costs were $5.9 million and $0.8 million as of December 31, 2022 and 2021, respectively, and discounts on purchased loans were $5.4 million and $6.0 million at December 31, 2022 and 2021, respectively. The following table provides outstanding balances related to each of our loan types as of December 31:
20222021
 (dollars in thousands)
Commercial, financial, agricultural and other$1,211,706 $1,173,452 
Time and demand1,023,824 1,159,524 
Commercial credit cards13,920 13,928 
Equipment Finance79,674 
Time and demand other94,288 
Real estate construction513,101 494,456 
Construction other395,439 
Construction residential117,662 
Residential real estate2,194,669 1,920,250 
Residential first lien1,547,192 1,299,534 
Residential junior lien/home equity647,477 620,716 
Commercial real estate2,425,012 2,251,097 
Multifamily431,151 385,432 
Nonowner occupied1,510,347 1,465,247 
Owner occupied483,514 400,418 
Loans to individuals1,297,655 999,975 
Automobile and recreational vehicles1,210,451 901,280 
Consumer credit cards10,657 11,151 
Consumer other76,547 87,544 
Total loans and leases$7,642,143 $6,839,230 
Commercial, financial, agricultural and other loans at December 31, 2022 and 2021 includes $4.3 million and $71.3 million, respectively, in PPP loans for small businesses who meet the necessary eligibility requirements. PPP loans are 100% guaranteed by the SBA under the 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 guaranteed by the SBA, there is no allowance for credit losses recognized for these loans.
First Commonwealth’s loan portfolio includes five primary loan categories. When calculating the allowance for credit losses these categories are classified into fourteen portfolio segments. During 2022, the portfolio loan segments were expanded from eleven to fourteen categories. Loan segments are explained below and all related tables are presented with loan segments considered in each respective period, as this expansion of loan segments is made on a prospective basis in accordance with applicable guidance. The composition of loans by portfolio segment includes;
Commercial, financial, agricultural and other
Time & Demand - Consists primarily of commercial and industrial loans. This category consists of loans that are typically cash flow dependent and therefore have different risk and loss characteristics than other commercial loans. Loans in this category include revolving and term structures with fixed and variable interest rates. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of national unemployment and economic conditions measured by GDP.
Commercial Credit Cards - Consists of unsecured credit cards for commercial customers. These commercial credit cards have separate characteristics outside of normal commercial non-real estate loans, as they tend to have shorter overall duration. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of national unemployment and economic conditions measured by GDP.
Equipment Finance - Consists of loans and leases to finance the purchase of equipment for commercial customers. The risk and loss characteristics are unique for this group due to the type of collateral. The primary macroeconomic drivers for estimating
74

Table of Contents
credit losses for this category include forecasts of national unemployment and economic conditions measured by GDP. There were no equipment finance loans or leases in the portfolio prior to the first quarter of 2022.
Time & Demand Other - Consists primarily of loans to state and political subdivisions and other commercial loans that have different characteristics than loans in the Time and Demand category. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of household debt to income and economic conditions measured by GDP. Prior to the first quarter of 2022, these loans were included in the Time and Demand category. The breakout into a separate category is the result of an annual review of loss history and loss drivers used in the allowance for credit losses model.
Real estate construction
Construction Other - Consists of construction loans to commercial builders and developers and are secured by the properties under development.
Construction Residential - Consists of loans to finance the construction of residential properties during the construction period. Borrowers are typically individuals who will occupy the completed single family property.
The risk and loss characteristics of these two construction categories are different than other real estate secured categories due to the collateral being at various stages of completion. The nature of the project and type of borrower of the two construction categories provides for unique risk and loss characteristics for each category. The primary macroeconomic drivers for estimating credit losses for construction loans include forecasts of national unemployment and measures of completed construction projects. Prior to the first quarter of 2022, all construction loans were included in one loan category. The breakout into separate construction categories is the result of an annual review of loss history and loss drivers used in the allowance for credit losses model.
Residential real estate
Residential first lien - Consists of loans with collateral of 1-4 family residencies with a senior lien position. The risk and loss characteristics are unique for this group because the collateral for these loans are the borrower’s primary residence. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of national unemployment and residential property values.
Residential Junior Lien/Home Equity - Consists of loans with collateral of 1-4 family residencies with an open end line of credit or junior lien position. The junior lien position for the majority of these loans provides a higher risk of loss than other residential real estate loans. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of national unemployment and residential property values.
Commercial real estate
Multifamily - Consists of loans secured by commercial multifamily properties. Real estate related to rentals to consumers provide unique risk and loss characteristics. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of commercial real estate values and national unemployment. In the first quarter of 2022, as a result of an annual review of loss history and loss drivers, national unemployment replaced rental vacancy as one of the primary macroeconomic drivers in this category.
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.
Loans to individuals
Automobile and recreational vehicles - Consists of both direct and indirect loans with automobiles and recreational vehicles held as collateral. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of consumer sentiment and automobile retention value.
Consumer Credit Cards – Consists of unsecured consumer credit cards The primary macroeconomic drivers for estimating credit losses for this category include forecasts of consumer sentiment and economic conditions measured by GDP.
Other Consumer - Consists of lines of credit, student loans and other consumer loans, not secured by real estate or autos. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of consumer sentiment and retail
75

Table of Contents
sales. In the first quarter of 2022, as a result of an annual review of loss history and loss drivers, retail sales replaced household debt as one of the primary macroeconomic factors for this category.
The allowance for credit losses is calculated by pooling loans of similar credit risk characteristics and applying a discounted cash flow methodology after incorporating probability of default and loss given default estimates. Probability of default represents an estimate of the likelihood of default and loss given default measures the expected loss upon default. Inputs impacting the expected losses include a forecast of macroeconomic factors, using a weighted forecast from a nationally recognized firm. Our model incorporates a one-year forecast of macroeconomic factors, after which the factors revert back to the historical mean over a one-year period. The most significant macroeconomic factor used in estimating credit losses is the national unemployment rate. The forecasted value for national unemployment at the beginning of the forecast period was 3.68% and during the one-year forecast period it was projected to average 4.68%, with a peak of 5.01%.
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 commercial 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 Bank’s credit position at some future date. The credit risk may be relatively minor, yet constitute an undesirable risk in light of the circumstances surrounding the specific credit. No loss of principal or interest is expected.
SubstandardWell-defined weakness or a weakness that jeopardizes the repayment of the debt. A loan may be classified as substandard as a result of deterioration of the borrower’s financial condition and repayment capacity. Loans for which repayment plans have not been met or collateral equity margins do not protect the Company may also be classified as substandard.
DoubtfulLoans with the characteristics of substandard loans with the added characteristic that collection or liquidation in full, on the basis of presently existing facts and conditions, is highly improbable.
The Company’s internal creditworthiness grading system provides a measurement of credit risk based primarily on an evaluation of the borrower’s cash flow and collateral. Category ratings are reviewed each quarter, at which time management analyzes the results, as well as other external statistics and factors related to loan performance.
The following tables represent our credit risk profile by creditworthiness category for the years ended December 31:
76

Table of Contents
 2022
Non-Pass
 PassOAEMSubstandardDoubtfulLossTotal Non-PassTotal
 (dollars in thousands)
Commercial, financial, agricultural and other$1,164,193 $35,389 $12,124 $ $ $47,513 $1,211,706 
Time and demand976,346 35,389 12,089   47,478 1,023,824 
Commercial credit cards13,920      13,920 
Equipment Finance79,674      79,674 
Time and demand other94,253  35   35 94,288 
Real estate construction513,101      513,101 
Construction other395,439      395,439 
Construction residential117,662      117,662 
Residential real estate2,187,780 736 6,153   6,889 2,194,669 
Residential first lien1,542,854 675 3,663   4,338 1,547,192 
Residential junior lien/home equity644,926 61 2,490   2,551 647,477 
Commercial real estate2,347,000 52,291 25,721   78,012 2,425,012 
Multifamily430,613 488 50   538 431,151 
Nonowner occupied1,439,478 49,037 21,832   70,869 1,510,347 
Owner occupied476,909 2,766 3,839   6,605 483,514 
Loans to individuals1,297,206  449   449 1,297,655 
Automobile and recreational vehicles1,210,090  361   361 1,210,451 
Consumer credit cards10,657      10,657 
Consumer other76,459  88   88 76,547 
Total $7,509,280 $88,416 $44,447 $ $ $132,863 $7,642,143 
77

Table of Contents
 2021
Non-Pass
 PassOAEMSubstandardDoubtfulLossTotal Non-PassTotal
 (dollars in thousands)
Commercial, financial, agricultural and other$1,121,234 $33,765 $18,453 $ $ $52,218 $1,173,452 
Time and demand1,107,306 33,765 18,453   52,218 1,159,524 
Commercial credit cards13,928      13,928 
Real estate construction493,913 498 45   543 494,456 
Residential real estate1,913,064 976 6,210   7,186 1,920,250 
Residential first lien1,295,524 905 3,105   4,010 1,299,534 
Residential junior lien/home equity617,540 71 3,105   3,176 620,716 
Commercial real estate2,113,123 85,324 52,650   137,974 2,251,097 
Multifamily355,702 14,565 15,165   29,730 385,432 
Nonowner occupied1,368,922 63,783 32,542   96,325 1,465,247 
Owner occupied388,499 6,976 4,943   11,919 400,418 
Loans to individuals999,770  205   205 999,975 
Automobile and recreational vehicles901,132  148   148 901,280 
Consumer credit cards11,151      11,151 
Consumer other87,487  57   57 87,544 
Total$6,641,104 $120,563 $77,563 $ $ $198,126 $6,839,230 
The following table summarizes the loan risk rating category by loan type including term loans on an amortized cost basis by origination year as of December 31:
78

Table of Contents
2022
Term LoansRevolving Loans
20222021202020192018PriorTotal
(dollars in thousands)
Time and demand$180,134 $165,064 $66,006 $88,959 $57,030 $57,907 $408,724 $1,023,824 
Pass180,134 154,542 56,592 79,935 56,718 56,309 392,116 976,346 
OAEM 10,489 8,387 1,846 250 895 13,522 35,389 
Substandard 33 1,027 7,178 62 703 3,086 12,089 
Commercial credit cards      13,920 13,920 
Pass      13,920 13,920 
Equipment Finance79,674       79,674 
Pass79,674       79,674 
Time and demand other7,172 20,281 19,626 3,823 2,885 36,197 4,304 94,288 
Pass7,172 20,281 19,626 3,823 2,885 36,162 4,304 94,253 
Substandard     35  35 
Construction other81,870 179,919 85,264 23,001 24,005 1,011 369 395,439 
Pass81,870 179,919 85,264 23,001 24,005 1,011 369 395,439 
Construction residential82,829 34,783  31 18  1 117,662 
Pass82,829 34,783  31 18  1 117,662 
Residential first lien272,136 507,573 337,995 102,870 69,890 255,573 1,155 1,547,192 
Pass272,136 507,042 337,979 102,097 69,212 253,310 1,078 1,542,854 
OAEM 164  133 51 250 77 675 
Substandard 367 16 640 627 2,013  3,663 
Residential junior lien/home equity77,016 49,273 1,499 2,584 1,683 4,396 511,026 647,477 
Pass77,016 49,273 1,499 2,517 1,683 4,263 508,675 644,926 
OAEM     51 10 61 
Substandard   67  82 2,341 2,490 
Multifamily140,004 90,868 60,699 39,848 19,914 78,483 1,335 431,151 
Pass140,004 90,868 60,699 39,848 19,914 77,945 1,335 430,613 
OAEM     488  488 
Substandard     50  50 
Nonowner occupied298,751 153,918 115,947 214,068 141,814 581,060 4,789 1,510,347 
Pass298,751 153,918 115,947 212,588 113,638 541,007 3,629 1,439,478 
OAEM   1,480 20,349 26,207 1,001 49,037 
Substandard    7,827 13,846 159 21,832 
Owner occupied113,010 105,513 56,977 44,430 26,456 131,432 5,696 483,514 
Pass113,010 105,309 55,468 43,014 26,294 128,230 5,584 476,909 
OAEM 182 745 791 92 923 33 2,766 
Substandard 22 764 625 70 2,279 79 3,839 
Automobile and recreational vehicles613,513 330,298 172,530 68,996 20,589 4,525  1,210,451 
Pass613,513 330,252 172,435 68,865 20,524 4,501  1,210,090 
Substandard 46 95 131 65 24  361 
Consumer credit cards      10,657 10,657 
Pass      10,657 10,657 
Consumer other6,561 17,177 2,489 3,798 1,656 4,085 40,781 76,547 
Pass6,561 17,177 2,489 3,775 1,652 4,085 40,720 76,459 
Substandard   23 4  61 88 
Total$1,952,670 $1,654,667 $919,032 $592,408 $365,940 $1,154,669 $1,002,757 $7,642,143 
79

Table of Contents
2021
Term LoansRevolving Loans
20212020201920182017PriorTotal
(dollars in thousands)
Time and demand$281,244 $126,403 $143,030 $91,118 $45,442 $111,127 $361,160 $1,159,524 
Pass280,854 125,728 128,080 83,204 31,472 102,399 355,569 1,107,306 
OAEM390 596 1,125 7,780 13,945 7,126 2,803 33,765 
Substandard 79 13,825 134 25 1,602 2,788 18,453 
Commercial credit cards      13,928 13,928 
Pass      13,928 13,928 
Real estate construction202,016 129,298 123,153 38,267 441 841 440 494,456 
Pass201,992 128,824 123,153 38,267 441 796 440 493,913 
OAEM24 474      498 
Substandard     45  45 
Residential first lien376,106 375,904 126,788 84,484 74,268 260,010 1,974 1,299,534 
Pass376,095 375,885 126,618 84,079 74,135 256,815 1,897 1,295,524 
OAEM   67  761 77 905 
Substandard11 19 170 338 133 2,434  3,105 
Residential junior lien/home equity56,861 1,999 3,322 2,684 1,009 5,348 549,493 620,716 
Pass56,861 1,999 3,246 2,684 1,009 5,195 546,546 617,540 
OAEM     61 10 71 
Substandard  76   92 2,937 3,105 
Multifamily90,062 73,068 16,782 36,523 63,872 103,774 1,351 385,432 
Pass90,062 73,068 16,782 21,846 49,832 102,761 1,351 355,702 
OAEM    14,040 525  14,565 
Substandard   14,677  488  15,165 
Nonowner occupied194,137 98,840 202,236 173,053 177,295 615,943 3,743 1,465,247 
Pass194,137 98,840 202,236 155,293 152,174 563,743 2,499 1,368,922 
OAEM   3,723 19,235 39,737 1,088 63,783 
Substandard   14,037 5,886 12,463 156 32,542 
Owner occupied77,710 62,380 53,954 34,115 32,989 134,713 4,557 400,418 
Pass77,710 59,973 51,513 33,623 31,644 129,593 4,443 388,499 
OAEM 2,194 1,220 492 1,321 1,716 33 6,976 
Substandard 213 1,221  24 3,404 81 4,943 
Automobile and recreational vehicles456,730 252,518 122,943 48,375 17,230 3,484  901,280 
Pass456,730 252,518 122,867 48,361 17,224 3,432  901,132 
Substandard  76 14 6 52  148 
Consumer credit cards      11,151 11,151 
Pass      11,151 11,151 
Consumer other22,156 4,655 8,030 5,084 542 5,503 41,574 87,544 
Pass22,156 4,655 8,030 5,084 542 5,460 41,560 87,487 
Substandard     43 14 57 
Total$1,757,022 $1,125,065 $800,238 $513,703 $413,088 $1,240,743 $989,371 $6,839,230 
Portfolio Risks
The credit quality of our loan portfolio can potentially represent significant risk to our earnings, capital and liquidity. First Commonwealth devotes a substantial amount of resources managing this risk primarily through our credit administration department that develops and administers policies and procedures for underwriting, maintaining, monitoring and collecting
80

Table of Contents
loans. Credit administration is independent of lending departments and oversight is provided by the credit committee of the First Commonwealth Board of Directors.
Total gross charge-offs for the years ended December 31, 2022 and 2021 were $9.8 million and $13.1 million, respectively.
Age Analysis of Past Due Loans by Segment
The following tables delineate the aging analysis of the recorded investments in past due loans as of December 31. 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.
 2022
 30 - 59
days
past due
60 - 89
days
past
due
90 days
and
greater
and still
accruing
NonaccrualTotal past
due and
nonaccrual
CurrentTotal
 (dollars in thousands)
Commercial, financial, agricultural and other$1,233 $279 $355 $2,374 $4,241 $1,207,465 $1,211,706 
Time and demand1,121 270 352 2,374 4,117 1,019,707 1,023,824 
Commercial credit cards27 9   36 13,884 13,920 
Equipment Finance     79,674 79,674 
Time and demand other85  3  88 94,200 94,288 
Real estate construction502    502 512,599 513,101 
Construction other     395,439 395,439 
Construction residential502    502 117,160 117,662 
Residential real estate3,023 1,178 811 5,683 10,695 2,183,974 2,194,669 
Residential first lien1,547 771 214 3,369 5,901 1,541,291 1,547,192 
Residential junior lien/home equity1,476 407 597 2,314 4,794 642,683 647,477 
Commercial real estate7,870 25 93 20,539 28,527 2,396,485 2,425,012 
Multifamily202    202 430,949 431,151 
Nonowner occupied7,547  92 19,575 27,214 1,483,133 1,510,347 
Owner occupied121 25 1 964 1,111 482,403 483,514 
Loans to individuals3,268 571 732 449 5,020 1,292,635 1,297,655 
Automobile and recreational vehicles2,694 368 295 361 3,718 1,206,733 1,210,451 
Consumer credit cards53 29 5  87 10,570 10,657 
Consumer other521 174 432 88 1,215 75,332 76,547 
Total $15,896 $2,053 $1,991 $29,045 $48,985 $7,593,158 $7,642,143 
81

Table of Contents
2021
30 - 59
days
past due
60 - 89
days
past
due
90 days
and
greater
and still
accruing
NonaccrualTotal past
due and
nonaccrual
CurrentTotal
(dollars in thousands)
Commercial, financial, agricultural and other$633 $987 $155 $2,006 $3,781 $1,169,671 $1,173,452 
Time and demand605 972 144 2,006 3,727 1,155,797 1,159,524 
Commercial credit cards28 15 11  54 13,874 13,928 
Real estate construction813  448 45 1,306 493,150 494,456 
Residential real estate3,393 983 218 5,608 10,202 1,910,048 1,920,250 
Residential first lien1,934 354 51 2,706 5,045 1,294,489 1,299,534 
Residential junior lien/home equity1,459 629 167 2,902 5,157 615,559 620,716 
Commercial real estate 74  40,195 40,269 2,210,828 2,251,097 
Multifamily   15,097 15,097 370,335 385,432 
Nonowner occupied   23,930 23,930 1,441,317 1,465,247 
Owner occupied 74  1,168 1,242 399,176 400,418 
Loans to individuals1,611 417 785 206 3,019 996,956 999,975 
Automobile and recreational vehicles1,228 175 199 148 1,750 899,530 901,280 
Consumer credit cards36 44 63  143 11,008 11,151 
Consumer other347 198 523 58 1,126 86,418 87,544 
Total$6,450 $2,461 $1,606 $48,060 $58,577 $6,780,653 $6,839,230 
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 in 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 become 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 includes 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 or repayment for 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 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.
There were no nonperforming loans held for sale at both December 31, 2022 and 2021. There were no gains on nonperforming loans held for sale during both of the years ended December 31, 2022 and 2020. There was $0.4 million in gains on sale of nonperforming loans recognized during the year ended December 31, 2021.
82

Table of Contents
The following tables include the recorded investment and unpaid principal balance for nonperforming loans with the associated allowance amount, if applicable, as of December 31, 2022 and 2021. Also presented are the average recorded investment in nonperforming loans and the related amount of interest recognized while the loan was considered nonperforming for the years ended December 31, 2022, 2021 and 2020. Average balances are calculated based on month-end balances of the loans for the period reported and are included in the table below based on its period end allowance position.
 2022
 Recorded
investment
Unpaid
principal
balance
Related
specific
allowance
Average
recorded
investment
Interest
Income
Recognized
 (dollars in thousands)
With no related specific allowance recorded:
Commercial, financial, agricultural and other$3,141 $9,555 $3,751 $157 
Time and demand3,141 9,555 3,751 157 
Equipment Finance    
Time and demand other    
Real estate construction    
Construction other    
Construction residential    
Residential real estate9,145 11,010 9,040 241 
Residential first lien5,754 6,848 5,280 172 
Residential junior lien/home equity3,391 4,162 3,760 69 
Commercial real estate21,505 24,119 22,983 172 
Multifamily  172 43 
Nonowner occupied20,155 22,565 21,304 104 
Owner occupied1,350 1,554 1,507 25 
Loans to individuals528 563 455 16 
Automobile and recreational vehicles440 475 378 16 
Consumer other88 88 77  
Subtotal34,319 45,247 36,229 586 
With a specific allowance recorded:
Commercial, financial, agricultural and other$1,168 $1,186 $711 $261 $8 
Time and demand1,168 1,186 711 261 8 
Equipment Finance     
Time and demand other     
Real estate construction     
Construction other     
Construction residential     
Residential real estate     
Residential first lien     
Residential junior lien/home equity     
Commercial real estate     
Multifamily     
Nonowner occupied     
Owner occupied     
Loans to individuals     
Automobile and recreational vehicles     
Consumer other     
Subtotal1,168 1,186 711 261 8 
Total$35,487 $46,433 $711 $36,490 $594 
83

Table of Contents
2021
Recorded
investment
Unpaid
principal
balance
Related
specific
allowance
Average
recorded
investment
Interest
Income
Recognized
(dollars in thousands)
With no related specific allowance recorded:
Commercial, financial, agricultural and other$3,720 $10,303 $9,240 $389 
Time and demand3,720 10,303 9,240 389 
Real estate construction45 53 53  
Residential real estate9,365 11,294 10,315 375 
Residential first lien5,200 6,337 5,674 279 
Residential junior lien/home equity4,165 4,957 4,641 96 
Commercial real estate40,591 41,525 26,235 119 
Multifamily14,677 14,677 1,223  
Nonowner occupied24,581 25,310 22,668 28 
Owner occupied1,333 1,538 2,344 91 
Loans to individuals446 485 479 15 
Automobile and recreational vehicles388 422 425 15 
Consumer other58 63 54  
Subtotal54,167 63,660 46,322 898 
With a specific allowance recorded:
Commercial, financial, agricultural and other$327 $349 $307 $84 $ 
Time and demand327 349 307 84  
Real estate construction     
Residential real estate     
Residential first lien     
Residential junior lien/home equity     
Commercial real estate686 711 88 665  
Multifamily421 446 88 444  
Nonowner occupied     
Owner occupied265 265  221  
Loans to individuals     
Automobile and recreational vehicles     
Consumer other     
Subtotal1,013 1,060 395 749  
Total$55,180 $64,720 $395 $47,071 $898 

84

Table of Contents
 2020
 Average
recorded
investment
Interest
Income
Recognized
 (dollars in thousands)
With no related specific allowance recorded:
Commercial, financial, agricultural and other$6,371 $80 
Time and demand6,371 80 
Real estate construction146 14 
Residential real estate11,913 335 
Residential first lien6,605 241 
Residential junior lien/home equity5,308 94 
Commercial real estate22,287 184 
Multifamily1  
Nonowner occupied18,536 82 
Owner occupied3,750 102 
Loans to individuals470 13 
Automobile and recreational vehicles447 13 
Consumer other23  
Subtotal41,187 626 
With a specific allowance recorded:
Commercial, financial, agricultural and other$1,544 $3 
Time and demand1,544 3 
Real estate construction  
Residential real estate  
Residential first lien  
Residential junior lien/home equity  
Commercial real estate7,997 10 
Multifamily395  
Nonowner occupied7,363  
Owner occupied239 10 
Loans to individuals  
Automobile and recreational vehicles  
Consumer other  
Subtotal9,541 13 
Total$50,728 $639 
Unfunded commitments related to nonperforming loans were $0.2 million at both December 31, 2022 and 2021. After considering the collateral related to these commitments, there was no reserve established as of December 31, 2022 or 2021.
Troubled debt restructured loans are those loans whose terms have been renegotiated to provide a reduction or deferral of principal or interest as a result of the financial difficulties experienced by the borrower, who could not obtain comparable terms from alternate financing sources. Troubled debt restructured loans are considered to be nonperforming loans.
85

Table of Contents

The following table provides detail as to the total troubled debt restructured loans and total commitments outstanding on troubled debt restructured loans as of December 31:
202220212020
 (dollars in thousands)
Troubled debt restructured loans
Accrual status$6,442 $7,120 $8,512 
Nonaccrual status8,852 13,134 14,740 
Total$15,294 $20,254 $23,252 
Commitments
Letters of credit$60 $60 $60 
Unused lines of credit23 16 11 
Total$83 $76 $71 
The following tables provide detail, including specific reserve and reasons for modification, related to loans identified as troubled debt restructurings during the years ending December 31:
 2022
  Type of Modification   
 Number
of
Contracts
Extend
Maturity
Modify
Rate
Modify
Payments
Total
Pre-Modification
Outstanding
Recorded
Investment
Post-
Modification
Outstanding
Recorded
Investment
Specific
Reserve
 (dollars in thousands)
Residential real estate5 $ $10 $683 $693 $676 $ 
Residential first lien5  10 683 693 676  
Total5 $ $10 $683 $693 $676 $ 
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 other6 $ $ $7,893 $7,893 $288 $ 
Time and demand6   7,893 7,893 288  
Residential real estate15  359 301 660 624  
Residential first lien12  359 171 530 502  
Residential junior lien/home equity3   130 130 122  
Commercial real estate2   644 644 634  
Nonowner occupied2   644 644 634  
Loans to individuals7  110 63 173 144  
Automobile and recreational vehicles7  110 63 173 144  
Total30 $ $469 $8,901 $9,370 $1,690 $ 
 
86

Table of Contents
 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)
Commercial, financial, agricultural and other4 $ $629 $2,176 $2,805 $2,196 $636 
Time and demand4  629 2,176 2,805 2,196 636 
Residential real estate18  33 917 950 791  
Residential first lien9  33 513 546 411  
Residential junior lien/home equity9   404 404 380  
Commercial real estate5   10,857 10,857 10,758  
Nonowner occupied4   10,289 10,289 10,263  
Owner occupied1   568 568 495  
Loans to individuals14  114 148 262 224  
Automobile and recreational vehicles14  114 148 262 224  
Total41 $ $776 $14,098 $14,874 $13,969 $636 
The troubled debt restructurings included in the above tables are also included in the nonperforming loan tables provided earlier in this footnote. Loans defined as modified due to a change in rate 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 years ended December 31, 2022, 2021 and 2020, $10 thousand, $0.4 million and $0.8 million, respectively, of total rate modifications represent loans with modifications to the rate as well as payment due to re-amortization. In 2022 and 2020, the changes in loan balances between the pre-modification balance and post-modification balance are due to customer payments. For 2021, the change between the pre-modification and post-modification balance for commercial real estate loans is primarily due to the payoff of one large commercial relationship that restructured during the year.
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 year ending December 31:
 202220212020
 Number of
Contracts
Recorded
Investment
Number of
Contracts
Recorded
Investment
Number of
Contracts
Recorded
Investment
 (dollars in thousands)
Commercial, financial, agricultural and other $ 1 $223  $ 
Time and demand  1 223   
Residential real estate    1 34 
Residential junior lien/home equity    1 34 
Loans to individuals  1 21 2 74 
Automobile and recreational vehicles  1 21 2 74 
Total $ 2 $244 3 $108 
87

Table of Contents
The following tables provide detail related to the allowance for credit losses for the years ended December 31.
 2022
Beginning balanceCharge-offsRecoveries
Provision (credit)a
Ending balance
(dollars in thousands)
Commercial, financial, agricultural and other$18,093 $(2,361)$394 $6,524 $22,650 
Time and demand15,283 (710)202 5,265 20,040 
Commercial credit cards247 (217)71 234 335 
Equipment Finance   1,086 1,086 
Time and demand other2,563 (1,434)121 (61)1,189 
Real estate construction4,220  9 4,593 8,822 
Construction other3,278  9 3,073 6,360 
Construction residential942   1,520 2,462 
Residential real estate 12,625 (339)187 8,939 21,412 
Residential first liens7,459 (163)130 7,396 14,822 
Residential junior liens/home equity5,166 (176)57 1,543 6,590 
Commercial real estate33,376 (2,487)769 (2,854)28,804 
Multifamily3,561 (411)411 1,165 4,726 
Nownowner occupied24,838 (1,836)342 (6,918)16,426 
Owner occupied4,977 (240)16 2,899 7,652 
Loans to individuals24,208 (4,658)1,349 319 21,218 
Automobile and recreational vehicles21,392 (2,639)787 (721)18,819 
Consumer credit cards496 (486)75 327 412 
Consumer other2,320 (1,533)487 713 1,987 
Total$92,522 $(9,845)$2,708 $17,521 $102,906 
a) The provision (credit) shown here excludes the provision for off-balance sheet credit exposure included in the income statement.
88

Table of Contents
December 31, 2022
Loans
Ending balanceEnding balance: individually evaluated for credit lossesEnding balance: collectively evaluated for credit lossesEnding balanceEnding balance: individually evaluated for credit lossesEnding balance: collectively evaluated for credit losses
(dollars in thousands)
Commercial, financial, agricultural and other$22,650 $711 $21,939 $1,211,706 $3,330 $1,208,376 
Time and demand20,040 711 19,329 1,023,824 3,330 1,020,494 
Commercial credit cards335  335 13,920  13,920 
Equipment Finance1,086  1,086 79,674  79,674 
Time and demand other1,189  1,189 94,288  94,288 
Real estate construction8,822  8,822 513,101  513,101 
Construction other6,360  6,360 395,439  395,439 
Construction residential2,462  2,462 117,662  117,662 
Residential real estate 21,412  21,412 2,194,669 301 2,194,368 
Residential first liens14,822  14,822 1,547,192 301 1,546,891 
Residential junior liens/home equity6,590  6,590 647,477  647,477 
Commercial real estate28,804  28,804 2,425,012 20,583 2,404,429 
Multifamily4,726  4,726 431,151  431,151 
Nownowner occupied16,426  16,426 1,510,347 19,918 1,490,429 
Owner occupied7,652  7,652 483,514 665 482,849 
Loans to individuals21,218  21,218 1,297,655  1,297,655 
Automobile and recreational vehicles18,819  18,819 1,210,451  1,210,451 
Consumer credit cards412  412 10,657  10,657 
Consumer other1,987  1,987 76,547  76,547 
Total$102,906 $711 $102,195 $7,642,143 $24,214 $7,617,929 
89

Table of Contents
 2021
Beginning balanceCharge-offsRecoveries
Provision (credit)a
Ending balance
(dollars in thousands)
Commercial, financial, agricultural and other$17,187 $(7,020)$2,430 $5,496 $18,093 
Time and demand16,838 (6,845)2,412 5,441 17,846 
Commercial credit cards349 (175)18 55 247 
Real estate construction7,966 (9)155 (3,892)4,220 
Residential real estate14,358 (309)468 (1,892)12,625 
Residential first liens7,919 (60)337 (737)7,459 
Residential junior liens/home equity6,439 (249)131 (1,155)5,166 
Commercial real estate41,953 (1,659)135 (7,053)33,376 
Multifamily6,240 (1) (2,678)3,561 
Nownowner occupied28,414 (1,556)125 (2,145)24,838 
Owner occupied7,299 (102)10 (2,230)4,977 
Loans to individuals19,845 (4,061)1,460 6,964 24,208 
Automobile and recreational vehicles16,133 (1,792)1,016 6,035 21,392 
Consumer credit cards635 (425)71 215 496 
Consumer other3,077 (1,844)373 714 2,320 
Total$101,309 $(13,058)$4,648 $(377)$92,522 
a) The provision (credit) shown here excludes the provision for off-balance sheet credit exposure included in the income statement.
December 31, 2021
Loans
Ending balanceEnding balance: individually evaluated for credit lossesEnding balance: collectively evaluated for credit lossesEnding balanceEnding balance: individually evaluated for credit lossesEnding balance: collectively evaluated for credit losses
(dollars in thousands)
Commercial, financial, agricultural and other$18,093 $307 $17,786 $1,173,452 $3,032 $1,170,420 
Time and demand17,846 307 17,539 1,159,524 3,032 1,156,492 
Commercial credit cards247  247 13,928  13,928 
Real estate construction4,220  4,220 494,456  494,456 
Residential real estate 12,625  12,625 1,920,250 253 1,919,997 
Residential first liens7,459  7,459 1,299,534  1,299,534 
Residential junior liens/home equity5,166  5,166 620,716 253 620,463 
Commercial real estate33,376 88 33,288 2,251,097 40,246 2,210,851 
Multifamily3,561 88 3,473 385,432 15,097 370,335 
Nownowner occupied24,838  24,838 1,465,247 24,205 1,441,042 
Owner occupied4,977  4,977 400,418 944 399,474 
Loans to individuals24,208  24,208 999,975  999,975 
Automobile and recreational vehicles21,392  21,392 901,280  901,280 
Consumer credit cards496  496 11,151  11,151 
Consumer other2,320  2,320 87,544  87,544 
Total$92,522 $395 $92,127 $6,839,230 $43,531 $6,795,699 

90

Table of Contents
 2020
Beginning balanceImpact of adoption of CECLCharge-offsRecoveries
Provision (credit)a
Ending balance
(dollars in thousands)
Commercial, financial, agricultural and other$20,234 $1,478 $(6,318)$314 $1,479 $17,187 
Time and demand 21,242 (6,220)301 1,515 16,838 
Commercial credit cards 470 (98)13 (36)349 
Real estate construction2,558 562  26 4,820 7,966 
Residential real estate4,093 7,276 (1,040)414 3,615 14,358 
Residential first liens 7,326 (550)296 847 7,919 
Residential junior liens/home equity 4,043 (490)118 2,768 6,439 
Commercial real estate19,768 (207)(4,939)312 27,019 41,953 
Multifamily 1,647   4,593 6,240 
Nownowner occupied 12,317 (4,678)187 20,588 28,414 
Owner occupied 5,597 (261)125 1,838 7,299 
Loans to individuals4,984 4,284 (6,953)991 16,539 19,845 
Automobile 6,106 (3,954)745 13,236 16,133 
Consumer credit cards 221 (595)36 973 635 
Consumer other 2,941 (2,404)210 2,330 3,077 
Total$51,637 $13,393 $(19,250)$2,057 $53,472 $101,309 
a) The provision (credit) shown here excludes the provision for off-balance sheet credit exposure included in the income statement.
December 31, 2020
Loans
Ending balanceEnding balance: individually evaluated for credit lossesEnding balance: collectively evaluated for credit lossesEnding balanceEnding balance: individually evaluated for credit lossesEnding balance: collectively evaluated for credit losses
(dollars in thousands)
Commercial, financial, agricultural and other$17,187 $1,268 $15,919 $1,555,986 $5,411 $1,550,575 
Time and demand16,838 1,268 15,570 1,541,382 5,411 1,535,971 
Commercial credit cards349  349 14,604  14,604 
Real estate construction7,966  7,966 427,221  427,221 
Residential real estate14,358  14,358 1,750,592 1,105 1,749,487 
Residential first liens7,919  7,919 1,144,323 528 1,143,795 
Residential junior liens/home equity6,439  6,439 606,269 577 605,692 
Commercial real estate41,953 3,638 38,315 2,211,569 34,947 2,176,622 
Multifamily6,240 116 6,124 371,239 459 370,780 
Nownowner occupied28,414 3,508 24,906 1,421,151 31,450 1,389,701 
Owner occupied7,299 14 7,285 419,179 3,038 416,141 
Loans to individuals19,845  19,845 815,815  815,815 
Automobile16,133  16,133 712,800  712,800 
Consumer credit cards635  635 12,360  12,360 
Consumer other3,077  3,077 90,655  90,655 
Total$101,309 $4,906 $96,403 $6,761,183 $41,463 $6,719,720 

91

Table of Contents
Note 10—Commitments and Letters of Credit
First Commonwealth is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of its customers. These financial instruments include commitments to extend credit, standby letters of credit and commercial letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the Consolidated Statements of Financial Condition. First Commonwealth’s exposure to credit loss in the event of nonperformance by the other party of the financial instrument for commitments to extend credit, standby letters of credit and commercial letters of credit is represented by the contract or notional amount of those instruments. First Commonwealth uses the same credit policies for underwriting all loans, including these commitments and conditional obligations.
As of December 31, 2022 and 2021, First Commonwealth did not own or trade other financial instruments with significant off-balance sheet risk including derivatives such as futures, forwards, option contracts and the like, although such instruments may be appropriate to use in the future to manage interest rate risk. See Note 7, “Derivatives,” for a description of interest rate derivatives entered into by First Commonwealth.
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 for 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 December 31:
20222021
 (dollars in thousands)
Financial instruments whose contract amounts represent credit risk:
Commitments to extend credit$2,356,539 $2,353,991 
Financial standby letters of credit18,417 18,824 
Performance standby letters of credit12,853 10,663 
Commercial letters of credit573 975 
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. First Commonwealth evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by First Commonwealth upon extension of credit, is based on management’s credit evaluation of the counterparty. Collateral that is held varies but may include accounts receivable, inventory, property, plant and equipment, and residential and income-producing commercial properties.
The notional amounts outstanding at December 31, 2022 include amounts issued in 2022 of $1.3 million in financial standby letters of credit and $4.9 million in performance standby letters of credit. There were no commercial letters of credit issued during 2022. A liability of $0.1 million has been recorded as of December 31, 2022 and 2021, 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 in these commitments resulted in the recording of a liability of $10.0 million and $6.4 million as of December 31, 2022 and 2021, respectively. This liability is reflected in Other liabilitiesin the 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.

92

Table of Contents
Note 11—Premises, Equipment and Lease Commitments
Premises and Equipment
Premises and equipment are described as follows:
Estimated Useful Life20222021
(dollars in thousands)
LandIndefinite$13,860 $14,621 
Buildings and improvements
10-50 years
70,844 75,149 
Operating lease right of use asset
1-25 years
51,499 47,938 
Leasehold improvements
5-40 years
37,398 35,909 
Furniture and equipment
3-7 years
76,879 73,976 
Software
3-7 years
44,439 43,511 
Subtotal294,919 291,104 
Less accumulated depreciation and amortization179,813 170,329 
Total premises and equipment, net$115,106 $120,775 
Depreciation related to premises and equipment included in noninterest expense for the years ended December 31, 2022, 2021 and 2020 amounted to $9.1 million, $9.9 million and $10.9 million, respectively. Amortization of lease right-of-use assets totaled $3.4 million in 2022, $1.4 million in 2021 and $2.6 million in 2020.
At December 31, 2022, there were no premise and equipment assets considered available for sale. At December 31, 2021, $1.9 million in premise and equipment assets were considered available for sale as a result of the 2020 branch consolidation initiative.
Lease Commitments
First Commonwealth has elected to apply certain practical expedients 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, primarily 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.
The following table represents the lease costs and other lease information for the years ended December 31.
20222021
(dollars in thousands)
Balance sheet:
    Operating lease asset classified as premises and equipment$40,747 $40,550 
    Operating lease liability classified as other liabilities45,149 44,801 
Income statement:
Operating lease cost classified as occupancy and equipment expense$4,990 $4,806 
Weighted average lease term, in years13.9514.11
Weighted average discount rate3.29 %3.24 %
Operating cash flows$4,838 $4,753 
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
93

Table of Contents
available for terms similar to the lease payment schedules.
The following table reconciles future minimum lease payments due under non-cancelable operating leases (those amounts subject to recognition) to the lease liability as of December 31, 2022 (dollars in thousands):
For the twelve months ended December 31,
2023$4,952 
20244,807 
20254,593 
20264,201 
20273,956 
Thereafter35,244 
Total future minimum lease payments57,753 
Less remaining imputed interest12,604 
Operating lease liability$45,149 
Rent expense, net of rental income, for all operating leases totaled $4.7 million in 2022, $4.5 million in 2021 and $6.7 million in 2020. Rent expense includes amounts related to items that are not included in the determination of lease right-of-use assets including expenses related to short-term leases and non-lease components such as taxes, insurance, and common area maintenance costs.

Note 12—Goodwill and Other Intangible Assets
FASB ASC Topic 350-20, “Intangibles—Goodwill and Other" ("Topic 350"), 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 of December 31, 2022 and 2021 was $303.3 million. No impairment charges on goodwill or other intangible assets were incurred in 2022, 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 December 31, 2022, 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.
Topic 350 also requires that an acquired intangible asset be separately recognized if the benefit of the intangible asset is obtained through contractual or other legal rights, or if the asset can be sold, transferred, licensed, rented or exchanged, regardless of the acquirer’s intent to do so.
94

Table of Contents
The following table summarizes other intangible assets:
Gross
Intangible
Assets
Accumulated
Amortization
Net
Intangible
Assets
 (dollars in thousands)
December 31, 2022
Customer deposit intangibles$22,573 $(16,750)$5,823 
Customer list intangible2,283 (1,921)362 
Total other intangible assets$24,856 $(18,671)$6,185 
December 31, 2021
Customer deposit intangibles$22,573 $(14,407)$8,166 
Customer list intangible2,283 (1,762)521 
Total other intangible assets$24,856 $(16,169)$8,687 
Core deposits are amortized over their expected lives using the present value of the benefit of the core deposits and straight-line methods of amortization. The core deposits have a remaining amortization period of 6.7 years and a weighted average amortization period of approximately 5.3 years. The customer list intangible represents the estimated value of the customer base for an insurance agency acquired in 2014 and the wealth management business acquired as part of the DCB acquisition in 2017. These amounts are amortized over their expected lives using expected cash flows based on retention of the customer base. The customer list intangible has a remaining amortization period of 6.7 years and a weighted average amortization period of 4.9 years. First Commonwealth recognized amortization expense on other intangible assets of $2.5 million, $2.9 million, and $3.4 million for the years ended December 31, 2022, 2021 and 2020, respectively.
In addition to customer deposit intangibles and customer list intangibles, First Commonwealth has servicing rights on mortgage loans as well as certain commercial loans totaling $3.0 million and $2.5 million as of December 31, 2022 and 2021, respectively. These servicing rights relate to loans sold to third parties on which the Company retains servicing responsibilities. The Company recognized amortization expense on these servicing assets of $0.7 million and $0.6 million for the years ended December 31, 2022 and 2021, respectively.
The following presents the estimated amortization expense of core deposit and customer list intangibles:
 Core Deposit IntangiblesCustomer List IntangibleTotal
 (dollars in thousands)
2023$1,932 $128 $2,060 
20241,522 97 1,619 
20251,112 69 1,181 
2026702 42 744 
2027312 15 327 
Thereafter243 11 254 
Total$5,823 $362 $6,185 

Note 13—Interest-Bearing Deposits
Components of interest-bearing deposits at December 31 were as follows:
20222021
 (dollars in thousands)
Interest-bearing demand deposits$357,769 $291,476 
Savings deposits4,572,183 4,647,197 
Time deposits405,009 385,043 
Total interest-bearing deposits$5,334,961 $5,323,716 
95

Table of Contents
Interest-bearing deposits at both December 31, 2022 and 2021 include allocations from interest-bearing demand deposit accounts of $1.4 billion into savings, which includes money market accounts. These allocations are based on a formula and were made to reduce First Commonwealth’s reserve requirement in compliance with regulatory guidelines. Deposits totaling $0.7 million and $0.6 million at December 31, 2022 and 2021, respectively, were reclassified from deposits to loans due to their overdrawn status.
Included in time deposits at December 31, 2022 and 2021 were certificates of deposit in denominations of $250 thousand or more of $65.5 million and $51.7 million, respectively.
Interest expense related to certificates of deposit in denominations of $250 thousand or greater amounted to $0.2 million in 2022, $0.4 million in 2021 and $2.0 million in 2020.
Included in time deposits at December 31, 2022, were certificates of deposit with the following scheduled maturities (dollars in thousands):
2023$230,244 
202483,065 
202564,757 
202618,708 
2027 and thereafter8,235 
Total$405,009 

Note 14—Short-term Borrowings
Short-term borrowings at December 31 were as follows:
 202220212020
 Ending
Balance
Average
Balance
Average
Rate
Ending
Balance
Average
Balance
Average
Rate
Ending
Balance
Average
Balance
Average
Rate
 (dollars in thousands)
Federal funds purchased$ $1,553 3.93 %$ $  %$ $4,147 1.06 %
Borrowings from FHLB285,000 41,529 4.24     28,252 1.54 
Securities sold under agreements to repurchase87,694 101,752 0.18 138,315 119,801 0.08 117,373 110,235 0.21 
Total$372,694 $144,834 1.38 $138,315 $119,801 0.08 $117,373 $142,634 0.49 
Maximum total at any month-end$372,694 $138,315 $248,471 
Weighted average rate at year-end3.56 %0.06 %0.10 %
Interest expense on short-term borrowings for the years ended December 31 is detailed below:
202220212020
 (dollars in thousands)
Federal funds purchased$61 $ $44 
Borrowings from FHLB1,759  434 
Securities sold under agreements to repurchase179 99 226 
Total interest on short-term borrowings$1,999 $99 $704 

96

Table of Contents
Note 15—Subordinated Debentures
Subordinated debentures outstanding at December 31 are as follows:
  20222021
 DueRateAmountAmount
  (dollars in thousands)
Owed to:
First Commonwealth BankJune 1, 2028
4.875% until June 1, 2023,
then 3-Month LIBOR + 1.845%
$49,499 $49,407 
First Commonwealth BankJune 1, 2033
5.50% until June 1, 2028,
then 3-Month LIBOR +2.37%
49,271 49,201 
First Commonwealth Capital Trust IIJanuary 23, 2034
3-Month LIBOR + 2.85%
30,929 30,929 
First Commonwealth Capital Trust IIIApril 6, 2034
3-Month LIBOR + 2.85%
41,238 41,238 
Total$170,937 $170,775 

On May 21, 2018, First Commonwealth Bank 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 three-month 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 Bank also issued fifteen-year subordinated notes with an aggregate principal amount of $50.0 million and a fixed-to-floating rate of 5.50%. The rate remains fixed until June 1, 2028, then adjusts on a quarterly basis to three-month 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 three-month 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 three-month 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 LIBOR based portion of the interest rate on Capital Trust II at 1.515% until August 15, 2024 and on Capital Trust III at 1.525% until August 15, 2026. Additional information related to these cash flow hedges can be found in Note 7- "Derivatives".

97

Table of Contents
Note 16—Other Long-term Debt
Other long-term debt at December 31 follows:
20222021
AmountWeighted
Average
Contractual
Rate
AmountWeighted
Average
Contractual
Rate
(dollars in thousands)
Borrowings from FHLB due:
2022$712 3.85 %
2023$740 3.86 %739 3.86 
2024769 3.86 769 3.86 
2025799 3.86 799 3.86 
2026830 3.87 830 3.87 
2027863 3.87 
Thereafter861 3.49 1,724 3.68 
Total$4,862 $5,573 
The weighted average contractual rate reflects the rate due to creditors. The weighted average effective rate of long-term debt is equal to the weighted average contractual rate.
All of First Commonwealth’s Federal Home Loan Bank stock, along with an interest in mortgage loans and residential mortgage backed securities, has been pledged as collateral with the Federal Home Loan Bank of Pittsburgh.
Capital securities included in total long-term debt on the Consolidated Statements of Financial Condition are excluded from the above, but are described in Note 15, “Subordinated Debentures.”

Note 17—Fair Values of Assets and Liabilities
Topic 820 requires disclosures for non-financial assets and non-financial liabilities, except for items that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). All non-financial assets are included either as a separate line item on the Consolidated Statements of Financial Condition or in the “Other assets” category of the Consolidated Statements of Financial Condition. Currently, First Commonwealth does not have any non-financial liabilities to disclose.
FASB ASC Topic 825, “Financial Instruments" ("Topic 825"), permits entities to irrevocably elect to measure select financial instruments and certain other items at fair value. The unrealized gains and losses are required to be included in earnings each reporting period for the items that fair value measurement is elected. First Commonwealth has elected not to measure any existing financial instruments at fair value under Topic 825; however, in the future we may elect to adopt this guidance for select financial instruments.
In accordance with Topic 820, First Commonwealth groups financial assets and financial liabilities measured at fair value in three levels, based on the principal markets in which the assets and liabilities are transacted and the observability of the data points used to determine fair value. These levels are defined in Note 1, "Statement of Accounting Policies."
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.
98

Table of Contents
Other Investments include FHLB stock whose estimated fair value is based on its par value. Additional information on FHLB stock is provided in Note 8, “Investment Securities.”
Loans held for sale include residential mortgage loans originated for sale in the secondary mortgage market. The estimated fair value for these loans was determined on the basis of rates obtained in the respective secondary market. Loans held for sale could also include the Small Business Administration guaranteed portion of small business loans. The estimated fair value of these loans is based on the contract with the third party investor.
Interest rate derivatives are reported at estimated fair value utilizing Level 2 inputs and are included in "Other assets" and "Other liabilities" in the Consolidated Statements of Financial Condition. These consist of interest rate swaps where there is no significant deterioration in the counterparties' (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 thirty years. These yield curves determine the valuations of interest rate swaps. Interest rate derivatives are further described in Note 7, “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.
We also utilize this approach to estimate our own credit risk on derivative liability positions. In 2022 and 2021, we have not realized any losses due to a counterparty's inability to pay any net uncollateralized position.
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.
The estimated fair value of the 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 credit quality of the underlying counterparties (loan customers).
99

Table of Contents
In accordance with ASU 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 TechniqueUnobservable InputsRange /  (weighted
average)
December 31, 2022
Other Investments$1,170 Carrying ValueN/AN/A
Nonperforming Loans363 (a)Gas Reserve StudyDiscount rate10.00%
Gas per MMBTU
$3.00 - $3.00 (b)
Oil per BBL/d
$80.00 - $80.00 (b)
Limited Partnership Investments17,691 Par ValueN/AN/A
December 31, 2021
Other Investments1,170 Carrying ValueN/AN/A
Nonperforming Loans598 (a)Gas Reserve studyDiscount rate10.00%
Gas per MMBTU
$2.00 - $2.00 (b)
Oil per BBL/d
$50.00 - $50.00 (b)
Limited Partnership Investments14,981 Par ValueN/AN/A
(a)the remainder of nonperforming loans valued using Level 3 inputs are not included in this disclosure as the values of those loans are based on bankruptcy agreement documentation.
(b)unobservable inputs are defined as follows: MMBTU—one million British thermal units; BBL/d—barrels per day.
The discount rate is the significant unobservable input used in the fair value measurement of nonperforming loans. Significant increases in this rate would result in a decrease in the estimated fair value of the loans, while a decrease in this rate would result in a higher fair value measurement. Other unobservable inputs in the fair value measurement of nonperforming loans relate to gas, oil and natural gas prices. Increases in these prices would result in an increase in the estimated fair value of the loans, while a decrease in these prices would result in a lower fair value measurement.
100

Table of Contents
The tables below present the balances of assets and liabilities measured at fair value on a recurring basis at December 31:
 2022
 Level 1Level 2Level 3Total
 (dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities—Residential$ $3,983 $ $3,983 
Mortgage-Backed Securities—Commercial 271,416  271,416 
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities—Residential 448,989  448,989 
Other Government-Sponsored Enterprises 882  882 
Obligations of States and Political Subdivisions 8,187  8,187 
Corporate Securities 29,204  29,204 
Total Securities Available for Sale 762,661  762,661 
Other Investments 25,244 1,170 26,414 
Loans Held for Sale 11,869  11,869 
Other Assets (a) 50,738 17,691 68,429 
Total Assets$ $850,512 $18,861 $869,373 
Other Liabilities (a)$ $89,298 $ $89,298 
Total Liabilities$ $89,298 $ $89,298 
(a)Hedging and non-hedging interest rate derivatives and limited partnership investments
 2021
 Level 1Level 2Level 3Total
 (dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities—Residential$ $5,662 $ $5,662 
Mortgage-Backed Securities—Commercial 362,290  362,290 
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities—Residential 629,974  629,974 
Other Government-Sponsored Enterprises 981  981 
Obligations of States and Political Subdivisions 9,524  9,524 
Corporate Securities 32,949  32,949 
Total Securities Available for Sale 1,041,380  1,041,380 
Other Investments 11,668 1,170 12,838 
Loans Held for Sale 18,583  18,583 
Other Assets (a) 26,805 14,981 41,786 
Total Assets$ $1,098,436 $16,151 $1,114,587 
Other Liabilities (a)$ $34,263 $ $34,263 
Total Liabilities$ $34,263 $ $34,263 
(a)Hedging and non-hedging interest rate derivatives and limited partnership investments

101

Table of Contents
The changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows for the year ended December 31, 2022: 
Other InvestmentsOther AssetsTotal
 (dollars in thousands)
Balance, beginning of year$1,170 $14,981 $16,151 
Total gains or losses
Included in earnings   
Included in other comprehensive income   
Purchases, issuances, sales, and settlements
Purchases 2,991 2,991 
Issuances   
Sales (281)(281)
Settlements   
Transfers from Level 3   
Transfers into Level 3   
Balance, end of year$1,170 $17,691 $18,861 
There are no gains or losses included in earnings for the period that are attributable to the change in realized gains (losses) relating to assets held at December 31, 2022.
During the year ended December 31, 2022, there were no transfers between fair value Levels 1, 2 or 3.
The changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows for the year ended December 31, 2021:
Other InvestmentsOther AssetsTotal
 (dollars in thousands)
Balance, beginning of year$1,670 $6,619 $8,289 
Total gains or losses
Included in earnings   
Included in other comprehensive income   
Purchases, issuances, sales, and settlements
Purchases 8,511 8,511 
Issuances   
Sales   
Settlements(500)(149)(649)
Transfers from Level 3   
Transfers into Level 3   
Balance, end of year$1,170 $14,981 $16,151 
There are no gains or losses included in earnings for the period that are attributable to the change in realized gains (losses) relating to assets held at December 31, 2021.
During the year ended December 31, 2021, there were no transfers between fair value Levels 1, 2 or 3.
102

Table of Contents
The tables below present the balances of assets measured at fair value on a nonrecurring basis at December 31 and total gains and losses realized on these assets during the year ended December 31:
 2022
Level 1Level 2Level 3TotalTotal
Gains
(Losses)
 (dollars in thousands)
Nonperforming loans$ $23,140 $11,636 $34,776 $(2,127)
Other real estate owned 553  553  
Total Assets$ $23,693 $11,636 $35,329 $(2,127)
 2021
 Level 1Level 2Level 3TotalTotal
Gains
(Losses)
 (dollars in thousands)
Nonperforming loans$ $42,538 $12,247 $54,785 $352 
Other real estate owned 729  729  
Total Assets$ $43,267 $12,247 $55,514 $352 
Nonperforming loans over $250 thousand are individually reviewed to determine the amount of each loan considered to be at risk of noncollection. The fair value for nonperforming loans that are collateral based is determined by reviewing real property appraisals, equipment valuations, accounts receivable listings and other financial information. A discounted cash flow analysis is performed to determine fair value for nonperforming loans when an observable market price or a current appraisal is not available. For real estate secured loans, First Commonwealth’s loan policy requires updated appraisals be obtained at least every twelve months on all nonperforming loans with balances of $250 thousand and over. For real estate secured loans with balances under $250 thousand, we rely on broker price opinions. For non-real estate secured assets, the Company normally relies on third party valuations specific to the collateral type.
A fair value 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 had a current carrying value of $0.5 million as of December 31, 2022 and consisted primarily of 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 costs 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 this measurement is provided in Note 12 “Goodwill and Other Amortizing Intangible Assets.” There were no other assets or liabilities measured at fair value on a nonrecurring basis during 2022.
FASB ASC Topic 825-10, “Transition Related to FSP FAS 107-1” and APB 28-1, “Interim Disclosures about Fair Value of Financial Instruments,” requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis. The methodologies for estimating the fair value of financial assets and financial liabilities that are measured at fair value on a recurring or nonrecurring basis are as discussed above. The methodologies for other financial assets and financial liabilities are discussed below.
Cash and due from banks and interest bearing bank deposits: The carrying amounts for cash and due from banks and interest-bearing bank deposits approximate the estimated fair values of such assets.
Securities: Fair values for available for sale and held to maturity securities 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, is considered a reasonable estimate of fair value.
Loans held for sale: The estimated fair value of loans held for sale is based on market bids obtained from potential buyers.
103

Table of Contents
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.
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 December 31, 2022 and 2021. See Note 10, “Commitments and Letters of Credit,” 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 the fair value 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 types of borrowings. The carrying amounts of other short-term borrowings, such as federal funds purchased and securities sold under agreement to repurchase, were used to approximate fair value due to the short-term nature of the borrowings.
Subordinated debt and long-term debt: The fair value of long-term debt and subordinated debt is estimated by discounting the future cash flows using First Commonwealth’s estimate of the current market rate for similar types of borrowing arrangements.
104

Table of Contents
The following table presents carrying amounts and estimated fair values of First Commonwealth’s financial instruments at December 31:
 2022
  Fair Value Measurements Using:
 Carrying
Amount
TotalLevel 1Level 2Level 3
 (dollars in thousands)
Financial assets
Cash and due from banks$124,254 $124,254 $124,254 $ $ 
Interest-bearing deposits29,990 29,990 29,990   
Securities available for sale762,661 762,661  762,661  
Securities held to maturity461,162 386,205  386,205  
Other investments26,414 26,414  25,244 1,170 
Loans held for sale11,869 11,869  11,869  
Loans and leases7,642,143 7,639,721  23,140 7,616,581 
Financial liabilities
Deposits8,005,469 7,992,012  7,992,012  
Short-term borrowings372,694 363,135  363,135  
Long-term debt4,862 4,781  4,781  
Subordinated debt170,937 156,621   156,621 
Capital lease obligation5,425 5,425  5,425  
 2021
  Fair Value Measurements Using:
 Carrying
Amount
TotalLevel 1Level 2Level 3
 (dollars in thousands)
Financial assets
Cash and due from banks$84,738 $84,738 $84,738 $ $ 
Interest-bearing deposits310,634 310,634 310,634   
Securities available for sale1,041,380 1,041,380  1,041,380  
Securities held to maturity541,311 536,651  536,651  
Other investments12,838 12,838  11,668 1,170 
Loans held for sale18,583 18,583  18,583  
Loans and leases6,839,230 7,169,768  42,538 7,127,230 
Financial liabilities
Deposits7,982,498 7,980,101  7,980,101  
Short-term borrowings138,315 136,473  136,473  
Long-term debt5,573 6,065  6,065  
Subordinated debt170,775 175,040   175,040 
Capital lease obligation5,921 5,921  5,921  

105

Table of Contents
Note 18—Income Taxes
The income tax provision for the years ended December 31 is as follows:
202220212020
 (dollars in thousands)
Current tax provision:
Federal$33,545 $32,586 $21,629 
State471 397 329 
Total current tax provision34,016 32,983 21,958 
Deferred tax provision (benefit):
Federal(1,967)1,501 (5,070)
State(45)76 (132)
Total deferred tax provision(2,012)1,577 (5,202)
Total tax provision$32,004 $34,560 $16,756 
The statutory to effective tax rate reconciliation for the years ended December 31 is as follows:
 202220212020
 Amount% of
Pretax
Income
Amount% of
Pretax
Income
Amount% of
Pretax
Income
 (dollars in thousands)
Tax at statutory rate$33,639 21 %$36,292 21 %$18,943 21 %
Increase (decrease) resulting from:
State income tax, net of federal benefit361  326  155  
Income from bank owned life insurance(1,146)(1)(1,351)(1)(1,376)(1)
Tax-exempt interest income, net(809)(1)(846) (1,117)(1)
Tax credits(341) (127) (44) 
Other300 1 266  195  
Total tax provision$32,004 20 %$34,560 20 %$16,756 19 %

The total tax provision for financial reporting differs from the amount computed by applying the statutory federal income tax rate to income before taxes. First Commonwealth ordinarily generates 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. The consistent level of tax benefits that reduce First Commonwealth’s tax rate below the statutory rate produced an annual effective tax rate of 20% for each of the years ended December 31, 2022 and 2021 and 19% for the year ended December 31, 2020.
106

Table of Contents
The tax effects of temporary differences between the financial statement carrying amounts and the tax bases of assets and liabilities that represent significant portions of the deferred tax assets and liabilities at December 31 are presented below:
20222021
 (dollars in thousands)
Deferred tax assets:
Lease liability$9,581 $9,489 
Allowance for credit losses21,837 19,597 
Postretirement benefits other than pensions223 235 
Unrealized loss on securities available for sale36,673 2,357 
Net operating loss carryforward37 75 
Deferred compensation1,960 1,969 
Accrued interest on nonaccrual loans935 779 
Accrued incentives3,185 2,591 
Unfunded loan commitments & other reserves2,126 1,363 
Other1,205 988 
Total deferred tax assets77,762 39,443 
Deferred tax liabilities:
Loan origination fees and costs(1,320)(253)
Right of use asset(8,646)(8,589)
Depreciation of assets(2,139)(1,725)
Section 197 intangibles(1,717)(1,107)
Other(197)(308)
Total deferred tax liabilities(14,019)(11,982)
Net deferred tax asset$63,743 $27,461 

The Company has approximately $0.9 million of Pennsylvania net operating losses which begin to expire in 2034 and the Company expects to fully utilize the losses prior to expiration.
Management assesses all available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. Based on our evaluation, as of December 31, 2022, management has determined that no valuation allowance is necessary for the deferred tax assets because it is more likely than not that these assets will be realized through future reversals of existing temporary differences and future taxable income.
In accordance with FASB ASC Topic 740-10, “Accounting for Uncertainty in Income Taxes,” the Company has no material unrecognized tax benefits or accrued interest and penalties as of December 31, 2022. We do not expect the total amount of unrecognized tax benefits to significantly increase in the next twelve months. The Company records interest and penalties on unrecognized tax benefits as a component of noninterest expense.
First Commonwealth is subject to routine audits of our tax returns by the Internal Revenue Service (“IRS”) as well as all states in which we conduct business. Generally, tax years prior to the year ended December 31, 2019 are no longer open to examination by federal and state taxing authorities.
Note 19—Retirement Plans
First Commonwealth has a savings plan pursuant to the provisions of section 401(k) of the Internal Revenue code. Effective January 1, 2020, a participating employee can receive a maximum matching contribution of 4% of their eligible compensation. In addition, each participating employee may contribute up to 80% of their eligible compensation to the plan. The 401(k) plan expense was $2.9 million in 2022, $3.0 million in 2021, and $3.9 million in 2020.
First Commonwealth maintains a Non-Qualified Deferred Compensation Plan (NQDC Plan) to provide deferred compensation for those employees who are in the top 10% of full-time employees, as determined on the basis of eligible compensation. The NQDC Plan provides participants whose maximum retirement contribution is limited by IRS rules to defer additional compensation.
107

Table of Contents
Participants in the NQDC Plan are eligible to defer (on a pre-tax basis) from 1% to 25% of their eligible Plan compensation. Participants are also eligible to defer all or a portion of the Annual Incentive Plan (on a pre-tax basis) from 10% to 100% of their annual cash incentive earned. Effective January 1, 2020, an employer elective contribution is available to participants
who reach the IRS Compensation limits in the 401kPlan. The ‘makeup match’ contribution is made to eligible participants on an annual basis. Effective January 1, 2021, an employer non-elective contribution is available to certain participants determined by the Company. The ‘discretionary’ contribution may be approved from year-to-year and allocated on an annual basis. There was $0.2 million in NQDC Plan expense recognized in 2022, and no NQDC Plan expense recognized in either 2021 and 2020.
Select employees from former acquisitions were covered by postretirement benefit plans which provide medical and life insurance coverage. The measurement date for these plans was December 31.
Postretirement Benefits Other than Pensions from Prior Acquisitions
Net periodic benefit cost of these plans for the years ended December 31, was as follows:
202220212020
 (dollars in thousands)
Service cost$ $ $ 
Interest cost on projected benefit obligation35 23 23 
Amortization of transition obligation   
Amortization of prior service cost75 76  
Gain amortization(96)(27)(52)
Net periodic benefit cost$14 $72 $(29)
The following table sets forth the change in the benefit obligation and plan assets as of December 31:
20222021
 (dollars in thousands)
Change in Benefit Obligation
Benefit obligation at beginning of year$986 $1,372 
Service cost  
Interest cost22 23 
Amendments  
Actuarial gain(212)(302)
Net benefits paid(88)(107)
Benefit obligation at end of year708 986 
Change in Plan Assets
Fair value of plan assets at beginning of year  
Actual return on plan assets  
Employer contributions88 107 
Net benefits paid(88)(107)
Fair value of plan assets at end of year  
Funded Status at End of Year708 986 
Unrecognized prior service cost(386)(461)
Unrecognized net gain728 584 
Amounts recognized in retained earnings$1,050 $1,109 
As of December 31, the funded status of the plan is:
20222021
 (dollars in thousands)
Amounts Recognized in the Statement of Financial Condition as Other liabilities$708 $986 
108

Table of Contents
The following table sets forth the amounts recognized in accumulated other comprehensive income that have not yet been recognized as components of net periodic benefit costs as of December 31:
202220212020
 (dollars in thousands)
Amounts recognized in accumulated other comprehensive income, net of tax:
Net (gain) loss$(575)$(461)$(243)
Prior service cost305 364 424 
Total$(270)$(97)$181 
Weighted-average assumptions used to determine the benefit obligation as of December 31 are as follows:
202220212020
Weighted-Average Assumptions
Discount rate5.31 %2.38 %1.83 %
Health care cost trend: Initial6.50 %5.90 %5.95 %
Health care cost trend: Ultimate4.75 %4.75 %4.75 %
Year ultimate reached202820272026
Weighted-average assumptions used to determine the net benefit costs as of December 31 are as follows: 
202220212020
Weighted-Average Assumptions for Net Periodic Cost
Discount rate2.38 %1.83 %2.88 %
Health care cost trend: Initial5.90 %5.95 %5.55 %
Health care cost trend: Ultimate4.75 %4.75 %4.75 %
Year ultimate reached202720262025
Corridor10.00 %10.00 %10.00 %
Recognition period for gains and losses9.910.410.9
The Medicare Prescription Drug, Improvement and Modernization Act of 2003 introduced a prescription drug benefit under Medicare Part D and a federal subsidy to sponsors of retiree health care benefit plans that provide a prescription drug benefit that is at least actuarially equivalent to Medicare Part D. The postretirement plans of First Commonwealth are provided through insurance coverage; therefore, First Commonwealth will not receive a direct federal subsidy. The preceding measures of the accumulated postretirement benefit cost assume that First Commonwealth will not receive the subsidy due to the relatively small number of retirees.
As of December 31, 2022, the projected benefit payments for the next ten years are as follows:
Projected Benefit
        Payments         
 (dollars in thousands)
2023$105 
202499 
202593 
202687 
202779 
2028 - 2032287 
The projected payments were calculated using the same assumptions as those used to calculate the benefit obligations included in this note.
109

Table of Contents
The estimated costs that will be amortized from accumulated other comprehensive income into net periodic cost for 2023 are as follows:
 Postretirement
Benefits
 (dollars in thousands)
Net gain$(96)
Prior service cost76 
Total$(20)

Note 20—Incentive Compensation Plan
On January 20, 2009, the Board of Directors of the Company adopted, with shareholder approval, the First Commonwealth Financial Corporation Incentive Compensation Plan. This plan allows for shares of common stock to be issued to employees, directors, and consultants of the Company and its subsidiaries as an incentive to aid in the financial success of the Company. The shares can be issued as options, stock appreciation rights, performance share or unit awards, dividend or dividend equivalent rights, stock awards, restricted stock awards, or other annual incentive awards. Up to 5,000,000 shares of stock can be awarded under this plan, of which 2,115,605 shares were still eligible for awards as of December 31, 2022.
Restricted Stock
The following provides detail on the restricted stock awards which were issued and outstanding in 2022, 2021 and 2020 in order to retain and attract key employees. The grant date fair value of the restricted stock awards is equal to the price of First Commonwealth’s common stock on grant date.
Grant DateShares issuedGrant PriceVesting DateNumber of Equal Vesting Periods
March 28, 202250,000 $15.46 March 28, 20251
February 17, 202257,000 16.43 February 17, 20251
January 3, 20221,000 16.25 January 3, 20251
December 13, 20212,000 14.83 December 13, 20241
December 9, 20211,000 15.07 December 9, 20241
November 22, 20211,565 15.96 November 22, 20241
November 19, 202124,000 15.81 November 19, 20241
September 27, 20216,000 13.78 September 27, 20241
June 14, 202115,000 14.58 June 1, 20243
February 18, 202184,950 12.77 February 18, 20241
February 20, 202095,300 13.72 February 20, 20231
February 21, 201963,000 14.22 February 22, 20221
February 21, 201915,000 14.22 February 22, 20221
November 26, 20182,000 13.82 November 26, 20211
May 29, 20183,000 15.44 May 29, 20211
March 26, 20182,000 14.08 March 26, 20211
February 26, 201877,500 14.49 February 26, 20211
March 24, 20175,000 12.99 March 24, 20201
March 24, 20177,000 12.99 March 24, 20201
Compensation expense related to restricted stock was $3.7 million, $3.1 million and $2.9 million in 2022, 2021 and 2020, respectively. As of December 31, 2022, there was $4.3 million of unrecognized compensation cost related to unvested restricted stock awards granted.
110

Table of Contents
A summary of the status of First Commonwealth’s unvested service-based restricted stock awards as of December 31 and changes for the years ended on those dates is presented below:
 202220212020
 SharesWeighted
Average
Grant Date
Fair Value
SharesWeighted
Average
Grant Date
Fair Value
SharesWeighted
Average
Grant Date
Fair Value
Outstanding, beginning of the year286,015 $13.82 250,800 $14.13 171,500 $14.27 
Granted108,000 15.98 134,515 13.64 95,300 13.72 
Vested(75,500)14.24 (88,389)14.46 (12,000)12.99 
Forfeited(7,250)13.11 (10,911)13.66 (4,000)13.85 
Outstanding, end of the year311,265 14.48 286,015 13.82 250,800 14.13 
The following provides detail on restricted stock awards estimated to be granted on a performance award basis during 2022, 2021 and 2020. These plans were previously approved by the Board of Directors.
Grant DateTarget Share AwardPerformance Period (years)Award if threshold metAward if targets are metAward if superior met Award if threshold not achievedVesting After Performance Period (years)Final vesting
December 30, 201560,000 50December 31, 2020
February 22, 2018102,000 340 %100 %200 %— %0December 31, 2020
February 21, 2019121,900 340 %100 %200 %— %0December 31, 2021
February 20, 2020125,800 340 %100 %200 %— %0December 31, 2022
February 18, 2021143,400 340 %100 %200 %— %0December 31, 2023
February 17, 2022121,200 340 %100 %200 %— %0December 31, 2024
The following table summarizes the estimated unvested target share awards for the Plans as of December 31:
 202220212020
Outstanding, beginning of the year391,100 434,180 442,832 
Granted200,503 143,400 125,800 
Issued(157,251)(158,531)(134,452)
Forfeited (27,949) 
Outstanding, end of the year434,352 391,100 434,180 
Based on a Monte Carlo simulation, the above grants have the following fair market values per share:
Proportional Fair Value
50%25%25%
February 23, 2017$13.29 $13.29 $15.09 
February 22, 201814.17 13.25 15.83 
February 21, 201914.22 16.62 13.07 
February 20, 202013.72 15.37 12.43 
February 18, 202112.77 11.45 16.41 
February 17, 202216.56 15.20 21.08 

111

Table of Contents
Note 21—Contingent Liabilities
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 December 31, 2022, 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.

Note 22—Revenue Recognition

Substantially all of the Company’s revenue is generated from contracts with customers. Revenue associated with financial instruments, including revenue from loans and securities, certain noninterest income streams such as fees associated with derivatives are not in scope of FASB ASU Topic 606 - "Revenue from Contracts with Customers". Topic 606 is applicable to noninterest revenue streams such as trust income, service charges on deposits, insurance and retail brokerage commissions, card related interchange income and gain(loss) on sale of OREO. For contracts within the scope of Topic 606, the Company immediately expenses contract acquisition costs when the asset that would have resulted from capitalizing these costs would have been amortized in one year or less.
Noninterest revenue streams in-scope of Topic 606 are discussed below:
Trust Income
Trust income is primarily comprised of fees earned from the management and administration of trusts and other customer assets. The Company’s performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon a tiered scale of market value of the assets under management at month-end. Payment is generally received a few days after month end through a direct charge to customers’ accounts. The Company does not earn performance-based incentives. Optional services such as financial planning or tax return preparation services are also available to trust customers. The Company’s performance obligation for these transactional-based services is generally satisfied and related revenue recognized, at a point in time. Payment is received shortly after services are rendered.
Service Charges on Deposit Accounts
Service charges on deposit accounts consist of fees earned from its deposit customers for transaction-based, account maintenance, overdraft services and account analysis fees. Transaction-based fees, which include services such as ATM use fees, stop payment fees, statement rendering and ACH fees, are recognized at the time the transaction is executed which is the point in time the Company fulfills the customer’s request. Monthly account maintenance fees are earned over the course of the month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. The Company’s performance obligation for account analysis fees is generally satisfied, and the related revenue recognized, during the month the service is provided. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to customers’ accounts.
Insurance and Retail Brokerage Commissions
Insurance income primarily consists of commissions received from execution of personal, business and health insurance policies when acting as an agent on behalf of insurance carriers. The Company’s performance obligation is generally satisfied upon the issuance of the insurance policy. Because the Company’s contracts with the insurance carriers are generally cancellable by either party, with minimal notice, insurance commissions are recognized during the policy period as received. Also, the majority of insurance commissions are received on a monthly basis during the policy period, however some carriers pay the full annual commission to First Commonwealth at the time of policy issuance or renewal. In these cases, First Commonwealth would be required to refund any commissions it would not be entitled to as a result of cancelled or terminated policies. The Company has established a refund liability for the remaining term of the policies expected to be cancelled. The
112

Table of Contents
Company also receives incentive-based contingency fees from the insurance carriers. Contingency fee revenue, which totals approximately $0.5 million per year, is recognized as received due to the immaterial amount.
Retail brokerage income primarily consists of commissions received on annuity and investment product sales through a third-party service provider. The Company’s performance obligation is generally satisfied upon the issuance of the annuity policy or the execution of an investment transaction. The Company does not earn a significant amount of trailer fees on annuity sales. However, after considering the factors impacting these trailer fees, such as the uncertainty of investor behavior and changes in the market value of assets, First Commonwealth determined that it would recognize trailing fees as received because it could not reasonably estimate an amount of future trailing commissions for which collection is probable. Commissions from the third-party service provider are received on a monthly basis based upon customer activity for the month. The fees are recognized monthly with a receivable until commissions are received from the third-party service provider the following month. Because the Company acts as an agent in arranging the relationship between the customer and the third-party service provider and does not control the services rendered to the customers, retail brokerage fees are presented net of related costs, including $4.0 million and $3.7 million, respectively, in commission expense as of December 31, 2022 and 2021.
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 at the point in time 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 year ended December 31:
 202220212020
 (dollars in thousands)
Noninterest Income
In-scope of Topic 606:
Trust income$10,518 $11,111 $9,101 
Service charges on deposit accounts19,641 17,984 16,387 
Insurance and retail brokerage commissions8,857 8,502 7,850 
Card related interchange income27,603 27,954 23,966 
Gain on sale of other loans and assets455 753 967 
Other income4,036 4,184 3,675 
Noninterest Income (in-scope of Topic 606)71,110 70,488 61,946 
Noninterest Income (out-of-scope of Topic 606)27,598 36,269 32,530 
Total Noninterest Income$98,708 $106,757 $94,476 

113

Table of Contents
Note 23—Related Party Transactions
Some of First Commonwealth’s directors, executive officers, principal shareholders and their related interests had transactions with the subsidiary bank in the ordinary course of business. All deposit and loan transactions were made on substantially the same terms, such as collateral and interest rates, as those prevailing at the time for comparable transactions. In the opinion of management, these transactions do not involve more than the normal risk of collectability nor do they present other unfavorable features. It is anticipated that similar transactions will be entered into in the future.
The following is an analysis of loans to related parties (dollars in thousands):
December 31, 2021$18,953 
Advances928 
Repayments(900)
Other327 
December 31, 2022$19,308 

Note 24—Regulatory Restrictions and Capital Adequacy
The amount of funds available to the parent from its subsidiary bank is limited by restrictions imposed on all depository institutions by banking regulation that restricts and limits the payment of dividends and the ability of depository institutions to engage in transactions, including lending transactions and asset purchases, with affiliates.
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 which, 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, First Commonwealth became subject to regulatory risk-based capital rules adopted by the federal banking agencies implementing Basel III. The capital rules require First Commonwealth to maintain the following minimum capital levels:
a minimum Tier I capital to risk-weighted assets of at least 6.0%, plus a capital conservation buffer of 2.5%, resulting in a required minimum ratio of 8.5%
a minimum Common Equity Tier 1 to risk weighted assets of at least 4.5%, plus the capital conservation buffer of 2.5%, resulting in a required minimum ratio of 7%.
a minimum Total Capital to risk weighted assets of at least 8.0%, plus the 2.5% capital conservation buffer, resulting in a required minimum of 10.5%
a minimum Leverage ratio, which is Tier 1 capital to adjusted average assets, of 4.0%
The capital conservation buffer may only include capital that qualifies as Common Equity Tier 1.
The Basel III Rules also permit banking organizations with less than $15.0 billion in assets to retain, through a one-time election, the exclusion of accumulated other comprehensive income from regulatory capital. The Company elected to retain this treatment, which reduces the volatility of regulatory capital levels.
During the second quarter of 2018, First Commonwealth Bank, the Company's banking subsidiary, issued $100 million in subordinated debt, which under regulatory rules qualifies as Tier II capital. This subordinated debt issuance increased the total risk-based capital ratio by 160 basis points.
As of December 31, 2022, the Company had $4.3 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 December 31, 2022, as we did not utilize the PPP Facility.
114

Table of Contents
In March 2020, regulators issued interim financial rule (“IFR”) “Regulatory Capital Rule: Revised Transition of the Current Expected Losses Methodology for Allowances” in response to the disrupted economic activity from the pandemic. The IFR provides financial institutions that adopt CECL during 2020 with the option to delay for two years the estimated impact of CECL on regulatory capital, followed by a three-year transition period to phase out the aggregate amount of the capital benefit provided by the initial two-year delay (“five-year transition”). The Company adopted CECL effective January 1, 2020 and elected to implement the five-year transition. Regulatory capital levels without the capital benefit at December 31, 2022 for both First Commonwealth and First Commonwealth Bank would have continued to be greater than the amounts needed to be considered “well capitalized”, as the transition provided a capital benefit of approximately 7 to 15 basis points.
As of December 31, 2022 and 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 as set forth in the tables below:
 ActualMinimum Capital Required Required to be Considered Well
Capitalized
 Capital
Amount
RatioCapital
Amount
RatioCapital
Amount
Ratio
 (dollars in thousands)
As of December 31, 2022
Total Capital to Risk Weighted Assets
First Commonwealth Financial Corporation$1,160,053 14.36 %$848,288 10.50 %$807,893 10.00 %
First Commonwealth Bank1,100,529 13.65 846,593 10.50 806,279 10.00 
Tier I Capital to Risk Weighted Assets
First Commonwealth Financial Corporation$966,072 11.96 %$686,709 8.50 %$646,314 8.00 %
First Commonwealth Bank906,548 11.24 685,337 8.50 645,023 8.00 
Tier I Capital to Average Assets
First Commonwealth Financial Corporation$966,072 10.18 %$379,527 4.00 %$474,408 5.00 %
First Commonwealth Bank906,548 9.58 378,578 4.00 473,223 5.00 
Common Equity Tier I to Risk Weighted Assets
First Commonwealth Financial Corporation$896,072 11.09 %$565,525 7.00 %$525,131 6.50 %
First Commonwealth Bank906,548 11.24 564,395 7.00 524,081 6.50 
 ActualMinimum Capital RequiredRequired to be Considered Well
Capitalized
 Capital
Amount
RatioCapital
Amount
RatioCapital
Amount
Ratio
 (dollars in thousands)
As of December 31, 2021
Total Capital to Risk Weighted Assets
First Commonwealth Financial Corporation$1,071,965 14.64 %$768,723 10.50 %$732,118 10.00 %
First Commonwealth Bank1,041,854 14.26 767,321 10.50 730,782 10.00 
Tier I Capital to Risk Weighted Assets
First Commonwealth Financial Corporation$894,670 12.22 %$622,300 8.50 %$585,694 8.00 %
First Commonwealth Bank864,559 11.83 621,165 8.50 584,626 8.00 
Tier I Capital to Average Assets
First Commonwealth Financial Corporation$894,670 9.73 %$367,656 4.00 %$459,570 5.00 %
First Commonwealth Bank864,559 9.43 366,839 4.00 458,549 5.00 
Common Equity Tier I to Risk Weighted Assets
First Commonwealth Financial Corporation$824,670 11.26 %$512,482 7.00 %$475,876 6.50 %
First Commonwealth Bank864,559 11.83 511,547 7.00 475,008 6.50 
115

Table of Contents
Note 25—Capital
At December 31, 2022, shareholders’ equity was $1.1 billion, a decrease of $57.3 million from December 31, 2021. The decrease was due to a $128.9 million decrease in the fair value of available for sale securities, $44.6 million of dividends paid to shareholders and $15.6 million of common stock repurchases. These decreases were partially offset by $128.2 million in net income and $2.2 million in treasury stock sales. Cash dividends declared per common share were $0.475, $0.455 and $0.440 for the years ended December 31, 2022, 2021 and 2020, respectively.
In October 2021, the Board of Directors authorized a $25.0 million share repurchase program of the Company's common stock. As of December 31, 2022, 1,371,019 shares at an average price of $13.92 have been repurchased. First Commonwealth may suspend or discontinue the program at any time.

Note 26—Condensed Financial Information of First Commonwealth Financial Corporation (parent company only)
Statements of Financial ConditionDecember 31,
 20222021
 (dollars in thousands)
Assets
Cash$37,695 $11,649 
Loans8 9 
Investment in subsidiaries1,061,285 1,152,580 
Investment in unconsolidated subsidiary trusts2,200 2,181 
Investment in jointly-owned company394 357 
Premises and equipment, net3,098 3,244 
Dividends receivable from subsidiaries5,428 7,762 
Other assets21,345 8,212 
Total assets$1,131,453 $1,185,994 
Liabilities and Shareholders’ Equity
Accrued expenses and other liabilities$7,212 $4,455 
Subordinated debentures payable72,167 72,167 
Shareholders’ equity1,052,074 1,109,372 
Total liabilities and shareholders’ equity$1,131,453 $1,185,994 
Statements of IncomeFor the years ended December 31,
202220212020
 (dollars in thousands)
Interest and dividends$78 $4 $8 
Dividends from subsidiaries92,082 72,202 61,708 
Interest expense(3,245)(3,205)(3,229)
Other income112  3 
Operating expense(4,747)(4,721)(4,687)
Income before taxes and equity in undistributed earnings of subsidiaries84,280 64,280 53,803 
Applicable income tax benefits1,625 1,646 1,648 
Income before equity in undistributed earnings of subsidiaries85,905 65,926 55,451 
Equity in undistributed earnings of subsidiaries42,276 72,331 17,996 
Net income$128,181 $138,257 $73,447 
116

Table of Contents
For the years ended December 31,
Statements of Cash Flow202220212020
 (dollars in thousands)
Operating Activities
Net income$128,181 $138,257 $73,447 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization335 369 383 
Net gains on sales of assets(113)228  
Decrease (increase) in prepaid income taxes 317 (317)
Undistributed equity in subsidiaries(42,276)(72,330)(17,996)
Other net (14,830)19,705 
Net cash provided by operating activities86,127 52,011 75,222 
Investing Activities
Net change in loans2 2 1 
Purchases of premises and equipment(152)(101)(20)
Net cash used in investing activities(150)(99)(19)
Financing Activities
Dividends paid(44,578)(43,611)(42,982)
Proceeds from reissuance of treasury stock245 222 222 
Purchase of treasury stock(15,598)(31,301)(20,905)
Net cash used in financing activities(59,931)(74,690)(63,665)
Net increase (decrease) in cash26,046 (22,778)11,538 
Cash at beginning of year11,649 34,427 22,889 
Cash at end of year$37,695 $11,649 $34,427 
Cash dividends declared per common share were $0.475 for 2022, $0.455 in 2021 and $0.440 in 2020.
First Commonwealth Financial Corporation has an unsecured $20.0 million line of credit with another financial institution. As of December 31, 2022, there are no amounts outstanding on this line and we are in compliance with all debt covenants related to the line of credit.

117

Table of Contents
Report of Independent Registered Public Accounting Firm


The Board of Directors and Stockholders of First Commonwealth Financial Corporation
Opinion on the Financial Statements
We have audited the accompanying consolidated statement of financial condition of First Commonwealth Financial Corporation and subsidiaries (the Company) as of December 31, 2022 and 2021, the related consolidated statements of income, comprehensive income, changes in shareholders' equity, and cash flows for each of the three years in the period ended December 31, 2022, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company at December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2022, in conformity with U.S. generally accepted accounting principles.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February 27, 2023 expressed an unqualified opinion thereon.
Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the account or disclosure to which it relates.

118

Table of Contents
Allowance for Credit Losses
Description of the Matter
First Commonwealth’s loan and lease portfolio totaled $7.6 billion as of December 31, 2022 and the associated Allowance for Credit Losses (ACL) was $102.9 million. As discussed in Notes 1 and 9 of the financial statements, the ACL represents management’s current estimate of lifetime credit losses inherent in the loan portfolio at the balance sheet date. The ACL is calculated by pooling loans of similar risk characteristics and applying a discounted cash flow methodology after incorporating probability of default and loss given default estimates. Inputs impacting the expected losses include a forecast of macroeconomic factors, using a weighted forecast from a nationally recognized firm. The ACL also includes qualitative factors related to loan portfolio risks not reflected in the calculated model, including lending practices, ability and experience of the credit staff, the overall lending environment and external factors such as the regulatory environment and competition.

Auditing management’s ACL estimate and related provision for credit losses was complex due to the discounted cash flow model and related inputs used to compute the reserve and involves a high degree of subjectivity due to the judgment required in evaluating management’s determination of the qualitative factors described above.
How We Addressed the Matter in Our Audit
We obtained an understanding, evaluated the design, and tested the operating effectiveness of the Company’s controls over the ACL process, including controls over the appropriateness of the ACL methodology, the expected loss models, the reliability and accuracy of data used in developing the ACL estimate, and management’s review and approval process over the forecast, qualitative adjustments and overall ACL results.

We tested management’s expected loss models including evaluating the conceptual soundness of model methodology, assessing model performance and governance, testing key model assumptions, including the reasonable and supportable forecast, and independently recalculating model output with the assistance of EY specialists. We also verified the underlying economic forecast data used to estimate the quantitative reserve was complete and accurate.

To test the qualitative factor adjustments, among other procedures, we assessed management’s methodology and considered whether relevant risks were reflected in the models and whether adjustments to the model output were appropriate. We tested the completeness, accuracy, and relevance of the underlying data used to estimate the qualitative adjustments. We evaluated whether qualitative adjustments were reasonable based on changes in economic conditions and the loan portfolio. We also assessed whether qualitative adjustments were consistent with publicly available information (e.g. macroeconomic data). Further, we performed an independent search for the existence of new or contrary information relating to risks impacting the qualitative factor adjustments to validate that management’s considerations are appropriate. Additionally, we evaluated whether the overall ACL, inclusive of qualitative factor adjustments, appropriately reflects losses expected in the loan and lease portfolio by comparing to historical losses and peer bank data.



/s/ Ernst & Young LLP

We have served as the Company’s auditor since 2019.    
Pittsburgh, Pennsylvania
February 27, 2023


 
119

Table of Contents
Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of First Commonwealth Financial Corporation
Opinion on Internal Control over Financial Reporting
We have audited First Commonwealth Financial Corporation and subsidiaries internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, First Commonwealth Financial Corporation and subsidiaries (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2022, based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statements of financial condition of the Company as of December 31, 2022 and 2021, the related consolidated statements of income, comprehensive income, changes in shareholders’ equity, and cash flows for each of the three years in the period ended December 31, 2022, and the related notes and our report dated February 27, 2023 expressed an unqualified opinion thereon.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Assessment of Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.
Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Ernst & Young LLP
Pittsburgh, Pennsylvania
February 27, 2023
120

Table of Contents
ITEM 9.    Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
 
ITEM 9A.    Controls and Procedures
Disclosure 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.
In addition, our management, including our Chief Executive Officer and Chief Financial Officer, also conducted an evaluation of our internal controls over financial reporting to determine whether any changes occurred during the fourth fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting. No such changes were identified in connection with this evaluation.
Ernst & Young LLP, Pittsburgh, Pennsylvania, (U.S. PCAOB Auditor Firm I.D.: 42), the independent registered public accounting firm that audited our consolidated financial statements included in this Annual Report on Form 10-K, has issued an audit report on the effectiveness of our internal control over financial reporting as of December 31, 2022. The report, which expresses an unqualified opinion on the effectiveness of our internal control over financial reporting as of December 31, 2022, is included at the end of Item 8 under the heading Report of "Independent Registered Public Accounting Firm.”


121

Table of Contents
MANAGEMENT’S ASSESSMENT OF INTERNAL CONTROL OVER FINANCIAL REPORTING
First Commonwealth is responsible for the preparation, the integrity, and the fair presentation of the Consolidated Financial Statements included in this annual report. The Consolidated Financial Statements and notes to the financial statements have been prepared in conformity with generally accepted accounting principles and include some amounts based upon management’s best estimates and judgments.
First Commonwealth’s management is responsible for establishing and maintaining effective internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f), that is designed to produce reliable financial statements in conformity with generally accepted accounting principles and includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on the financial statements. Under the supervision and with the participation of management, including First Commonwealth’s principal executive officer and principal financial officer, First Commonwealth conducted an evaluation of the effectiveness of internal control over financial reporting based on criteria established in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
All internal control systems, no matter how well designed, have inherent limitations, including the possibility that a control can be circumvented and that misstatements due to error or fraud may occur without detection. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.
Based on First Commonwealth’s evaluation based on criteria established in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), management concluded that internal control over financial reporting was effective as of December 31, 2022. The effectiveness of First Commonwealth’s internal control over financial reporting as of December 31, 2022 has been audited by Ernst & Young, LLP, an independent registered public accounting firm, as stated in their audit report which is included herein.

First Commonwealth Financial Corporation
Indiana, Pennsylvania
February 27, 2023
 
/S/    T. Michael Price         /S/    James R. Reske       
T. Michael PriceJames R. Reske
President and Chief Executive OfficerExecutive Vice President, Chief Financial Officer and Treasurer

122

Table of Contents
ITEM 9B.    Other Information
None.
ITEM 9C.    Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
None.
123

Table of Contents
PART III

ITEM 10.    Directors, Executive Officers and Corporate Governance
Information called for by this item concerning the identification, business experience and qualifications of First Commonwealth’s directors will be included in First Commonwealth’s definitive Proxy Statement to be filed with the Securities and Exchange Commission in connection with the annual meeting of shareholders to be held April 25, 2023 (the “Proxy Statement”), under the heading “Proposal 1—Election of Directors,” and is incorporated herein by reference.
Information called for by this item concerning First Commonwealth’s compliance with section 16(a) of the Exchange Act will be included in the Proxy Statement under the heading “Section 16(a) Beneficial Ownership Reporting Compliance,” and is incorporated herein by reference.
First Commonwealth has adopted a code of conduct and ethics that applies to all employees of the Company, including executive officers. In addition, First Commonwealth has adopted a code of ethics for the Chief Executive Officer and all senior financial officers of the Company. Both of these codes are filed as exhibits to this Annual Report on Form 10-K and are posted on First Commonwealth’s website at http://www.fcbanking.com. Refer to Item 15 of this Annual Report on Form 10-K for a list of exhibits.
Information called for by this item concerning First Commonwealth’s Audit Committee and the identification of “Audit Committee financial experts” will be included in the Proxy Statement under the heading “Corporate Governance,” and is incorporated herein by reference.
Certain information regarding executive officers is included under the caption “Executive Officers of First Commonwealth Financial Corporation” after Part I, Item 4, of this Report.
 
ITEM 11.    Executive Compensation
Information called for by this item concerning compensation of First Commonwealth’s executive officers and the report of the Compensation and Human Resources Committee will be included in the Proxy Statement under the heading “Executive Compensation,” and is incorporated herein by reference.
Information called for by this item concerning compensation of First Commonwealth’s directors will be included in the Proxy Statement under the heading “Compensation of Directors,” and is incorporated herein by reference.
 
ITEM 12.    Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Information called for by this item concerning security ownership of certain beneficial owners and security ownership of management will be included in the Proxy Statement under the headings “Stock Ownership of Certain Beneficial Owners” and “Stock Ownership of Directors and Management,” and is incorporated herein by reference. 
The following table provides information related to our existing equity compensation plans as of December 31, 2022:
Plan CategoryNumber of
securities to  be
issued upon
exercise of
outstanding
options, warrants
and rights
Weighted average
exercise price of
outstanding
options, warrants
and rights
Number of
securities
remaining
available for
future issuance
under equity
compensation
plans
Equity compensation plans approved by security holders434,352 N/A2,115,605 
Equity compensation plans not approved by security holdersN/AN/AN/A
Total434,352 N/A2,115,605 
The number of securities to be issued upon exercise of outstanding option, warrants and rights represent the maximum number of shares that may be issued pursuant to outstanding performance units.
124

Table of Contents

ITEM 13.    Certain Relationships and Related Transactions, and Director Independence
Information called for by this item concerning transactions with related persons and review, approval or ratification of transactions with related persons will be included in the Proxy Statement under the heading “Related Party Transactions,” and is incorporated herein by reference.
Information called for by this item concerning director independence will be included in the Proxy Statement under the heading “Corporate Governance,” and is incorporated herein by reference.

ITEM 14.    Principal Accountant Fees and Services
Information called for by this item concerning fees paid to First Commonwealth’s principal accountant and First Commonwealth’s pre-approval policies and procedures will be included in the Proxy Statement under the heading “Audit Information,” and is incorporated herein by reference.

125

Table of Contents
PART IV
ITEM 15.    Exhibits, Financial Statements and Schedules

(A)Documents Filed as Part of this Report
(1)     Financial Statements
All financial statements of the registrant as set forth under Item 8 of the Report on Form 10-K.
(2)    Financial Statement Schedules
Schedule
Number
  DescriptionPage
I  Indebtedness to Related PartiesN/A
II  Guarantees of Securities of Other IssuersN/A
(3)Exhibits
Exhibit
Number
  Description  Incorporated by Reference to
3.1  Amended and Restated Articles of Incorporation of First Commonwealth Financial Corporation  Exhibit 3.1 to the quarterly report on Form 10-Q for the quarter ended June 30, 2010
3.2  Amended and Restated By-Laws of First Commonwealth Financial Corporation  Exhibit 3.1 to the current report as Form 8-K filed February 1, 2016
10.1  Amended and Restated Non-Qualified Deferred Compensation Plan (formerly known as the Supplemental Executive Retirement Plan)  Exhibit 10.1 to the current report on Form 8-K filed December 21, 2017
10.2
Amendment No. One to Amended and Restated Non-Qualified Deferred Compensation Plan
Exhibit 10.1 to the quarterly report on Form 10-Q for the quarter ended September 30, 2021
10.3Amendment No. Two to Amended and Restated Non-Qualified Deferred Compensation PlanExhibit 10.2 to the quarterly report on Form 10-Q for the quarter ended September 30, 2021
10.4Amendment No. Three to Amended and Restated Non-Qualified Deferred Compensation PlanExhibit 10.3 to the quarterly report on Form 10-Q for the quarter ended September 30, 2021
10.5  Amended and Restated Employment Agreement dated January 1, 2012 entered into among First Commonwealth Financial Corporation, First Commonwealth Bank and T. Michael Price  Exhibit 10.1 to the current report on Form 8-K filed January 5, 2012
10.6  Change of Control Agreement dated December 30, 2011 entered into between FCFC and T. Michael Price  Exhibit 10.3 to the current report on Form 8-K filed January 5, 2012
10.7  First Commonwealth Financial Corporation Incentive Compensation Plan  Annex I to Proxy Statement filed March 19, 2015 relating to the 2015 Annual Meeting of Shareholders
10.8  2022 Annual Incentive Plan  Exhibit 10.1 to the quarterly report on Form 10-Q for the quarter ended March 31, 2022
10.92020-2022 Long-Term Incentive PlanExhibit 10.2 to the quarterly report on Form 10-Q for the quarter ended March 31, 2020
10.102021-2023 Long-Term Incentive PlanExhibit 10.2 to the quarterly report on Form 10-Q for the quarter ended March 31, 2021
10.112022-2024 Long-Term Incentive PlanExhibit 10.2 to the quarterly report on Form 10-Q for the quarter ended March 31, 2022
10.12  Form of Restricted Stock Agreement for service-based restricted stock  Exhibit 10.3 to the quarterly report on Form 10-Q filed May 8, 2012
10.13 Change of Control Agreement dated December 30, 2011 entered into between FCFC and Leonard V. Lombardi Exhibit 10.13 to the annual report on Form 10-K filed March 5, 2012
126

Table of Contents
Exhibit
Number
  Description  Incorporated by Reference to
10.14 Change of Control Agreement dated December 30, 2011 entered into between FCFC and Matthew C. Tomb Exhibit 10.14 to the annual report on Form 10-K filed March 5, 2012
10.15Employment Agreement dated April 10, 2014 between First Commonwealth Financial Corporation and James R. ReskeExhibit 10.1 to the current report on Form
8-K filed April 10, 2014
10.16Change of Control Agreement dated April 10, 2014 between First Commonwealth Financial Corporation and James R. ReskeExhibit 10.3 to the current report on Form
8-K filed April 10, 2014
10.17Change of Control Agreement dated November 14, 2019 entered into between FCFC and Norman J. MontgomeryExhibit 10.1 to current report on Form 8-K filed November 19, 2019
10.18Change of Control Agreement dated March 1, 2013 entered into between FCFC and Carrie L. RiggleExhibit 10.4 to the quarterly report on Form 10-Q filed May 8, 2013
10.19Change of Control Agreement dated May 31, 2013 entered into between FCFC and Jane GrebencExhibit 10.2 to the quarterly report on Form 10-Q filed August 7, 2013
10.20Employment Agreement dated May 31, 2013 entered into between FCFC and Jane GrebencExhibit 10.1 to the quarterly report on Form 10-Q filed August 7, 2013
10.21Employment Agreement dated September 19, 2016 entered into between FCFC and Brian KarripExhibit 10.1 to the quarterly report on Form 10-Q filed November 9, 2016
10.22Change of Control Agreement dated September 19, 2016 entered into between FCFC and Brian KarripExhibit 10.2 to the quarterly report on Form 10-Q filed November 9, 2016
  Filed herewith
  Filed herewith
  Filed herewith
  Filed herewith
  Filed herewith
  Filed herewith
101.00 
The following materials from First Commonwealth Financial Corporation’s Annual Report on Form 10-K for the year ended December 31, 2022, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Balance Sheets at December 31, 2022 and December 31, 2021, (ii) the Consolidated Statements of Income for the years ended December 31, 2022, 2021 and 2020, (iii) the Consolidated Statements of Comprehensive Income for the years ended December 31, 2022, 2021 and 2020, (iv) the Consolidated Statements of Changes in Shareholders’ Equity for the years ended December 31, 2022, 2021 and 2020, (v) the Consolidated Statements of Cash Flows for the years ended December 31, 2022, 2021 and 2020, and (vi) the Notes to Consolidated Financial Statements.
 Filed herewith
ITEM 16.    Form 10-K Summary
None.
127

Table of Contents
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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, in Indiana, Pennsylvania.
FIRST COMMONWEALTH FINANCIAL CORPORATION (Registrant)
By: /S/    T. Michael Price        
 T. Michael Price
President and Chief Executive Officer
 Dated: February 27, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been executed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
Signature  Capacity Date
/S/    Julie A. Caponi       DirectorFebruary 27, 2023
Julie A. Caponi
/S/    Ray T. Charley          Director February 27, 2023
Ray T. Charley
/S/    Gary R. Claus          Director February 27, 2023
Gary R. Claus
/S/    David S. Dahlmann     Director February 27, 2023
David S. Dahlmann
/S/    Johnston A. Glass          Director February 27, 2023
Johnston A. Glass
/S/    Jon L. Gorney          Director, Chairman February 27, 2023
Jon L. Gorney
/S/ Jane GrebencExecutive Vice President and Chief Revenue OfficerFebruary 27, 2023
Jane Grebenc
/S/    David W. Greenfield  Director February 27, 2023
David W. Greenfield
/S/ Patrica A. HusicDirectorFebruary 27, 2023
Patricia A. Husic
/S/ Bart E. Johnson  Director February 27, 2023
Bart E. Johnson
/S/    Luke A. Latimer    Director February 27, 2023
Luke A. Latimer
/S/ Aradhna M. OliphantDirectorFebruary 27, 2023
Aradhna M. Oliphant
/S/    T. Michael Price          President and Chief Executive Officer (Principal Executive Officer) February 27, 2023
T. Michael Price
/S/    James R. Reske         Executive Vice President, Chief Financial Officer, and Treasurer February 27, 2023
James R. Reske
/S/    Robert J. Ventura  Director February 27, 2023
Robert J. Ventura
/S/ Stephen A. Wolfe  Director February 27, 2023
Stephen A. Wolfe
128