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Subsequent Events
9 Months Ended
Sep. 30, 2021
Subsequent Events [Abstract]  
Subsequent Events Subsequent Event
On October 26, 2021, the Board of Directors authorized a new $25.0 million share repurchase program of the Company's common stock. Under the new program, management is authorized to repurchase shares through Rule 10b5-1 plans, open market purchases, privately negotiated transactions, block purchases or otherwise in a manner that is intended to comply with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934. First Commonwealth may suspend or discontinue the program at any time.
Subsequent to September 30, 2021, as the result of a borrower initiated sale, a $6.9 million nonperforming commercial real estate loan with a $0.3 million specific reserve was sold at par. This loan accounted for 22.5% of our nonperforming loans as of September 30, 2021.