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First Commonwealth Bank 2028 [Member]

Subsequent Events [Text Block]

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Subsequent Event

As of March 31, 2024, the Company holds 26,681 shares of non-transferable Class B-1 shares of Visa, Inc., which are carried at a cost basis of zero. On April 8, 2024, Visa commenced an exchange offer for any and all outstanding shares of its Class B-1 common stock for a combination of Visa's Class B-2 common stock, Class C common stock and where applicable cash in lieu of fractional shares. As part of this exchange, each share of Class B-1 common stock would be exchanged for one half share of the newly issued Class B-2 common stock and Class C common stock would be issued in an amount equivalent to one half of a share of Class B-1 common stock. The Company opted to participate in this exchange offer prior to its expiration on May 3, 2024 and received 13,340 Class B-2 shares and 5,294 Class C shares. The newly issued Class C shares will be sold by Visa at market prices over a period of 90 days after the exchange. As of April 30, 2024, the value of the Class C shares is approximately $5.7 million. The Class B-2 shares will continue to be carried by the company with a zero basis.

On April 22, 2024, the Company provided notice to redeem $50.0 million of First Commonwealth Bank's ten-year subordinated notes with an original maturity date of June 1, 2028. The redemption will occur on June 1, 2024 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. On June 1, 2024, with the redemption of the subordinated notes, $0.4 million in remaining unamortized deferred issuance costs will be fully recognized in noninterest expense.