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Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table
Pay Versus Performance
In accordance with rules adopted by the Securities and Exchange Commission pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, we provide the following disclosure regarding executive compensation for our principal executive officer (“PEO”) and
Non-PEO
NEOs and Company performance for the fiscal years listed below.
 
               
Year
  
Summary
Compensation
Table Total for
T. Michael Price¹
($)
    
Compensation
Actually Paid
to T. Michael
Price
1,2,3
($)
    
Average
Summary
Compensation
Table Total for
Non-PEO

NEOs¹
($)
    
Average
Compensation
Actually Paid
to Non-PEO

NEO
1,2,3
($)
    
Value of Initial
Fixed $100
Investment
based on:
4
    
Net Income
($ Thousands)
    
Core ROTCE
5
  
 
TSR
($)
    
Peer
Group
TSR
($)
  
2023     1,387,155       1,692,137       866,000       1,036,214       123.66       107.32       157,063       20.86 % 
2022     1,355,337       1,406,268       957,245       960,390       107.81       98.38       128,181       17.49 % 
2021     1,251,199       1,599,524       859,429       1,045,870       120.20       118.61       138,257       17.98 % 
2020     1,004,817       713,566       704,673       538,904       79.11       87.24       73,447       10.78 % 
 
1.
T. Michael Price was our PEO for the disclosed period. Individuals comprising the
Non-PEO
NEOs for each year presented are listed below.
 
       
2020
  
2021
  
2022
  
2023
James R. Reske   James R. Reske   James R. Reske   James R. Reske
Jane Grebenc   Jane Grebenc   Jane Grebenc   Jane Grebenc
Brian G. Karrip   Brian G. Karrip   Brian G. Karrip   Brian G. Karrip
Matthew C. Tomb   Norman J. Montgomery   Norman J. Montgomery   Norman J. Montgomery
 
2.
The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation
S-K
and do not reflect compensation actually earned, realized, or received by the Company’s NEOs. These amounts reflect the Summary Compensation Table Total with certain adjustments as described in footnote 3 below.
 
3.
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the
Non-PEO
NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards column are the totals from the Stock Awards column set forth in the Summary Compensation Table.
 
         
Year
   
Summary
Compensation
Table Total for
T. Michael
Price
($)
     
Exclusion of
Stock Awards
and Option
Awards for
T. Michael
Price
($)
     
Inclusion of
Equity Values for
T. Michael
Price
($)
     
Compensation
Actually Paid to
T. Michael
Price
($)
  
2023      1,387,155        (402,615 )       707,597        1,692,137  
 
         
Year
   
Average
Summary
Compensation
Table Total for
Non-PEO NEOs

($)
     
Average
Exclusion of
Stock Awards
and Option
Awards for
Non-PEO

NEOs
($)
     
Average
Inclusion of
Equity Values for
Non-PEO
NEOs
($)
     
Average
Compensation
Actually Paid to
Non-PEO
NEOs
($)
  
2023      866,000        (201,308 )       371,522        1,036,214  
 
 
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:
 
               
Year
  
Year-End Fair

Value of Equity
Awards Granted
During Year
That Remained
Unvested as of
Last Day of
Year for
T. Michael
Price
($)
    
Change in Fair
Value from
Last Day of
Prior Year to
Last Day of
Year of
Unvested
Equity Awards
for T. Michael
Price
($)
    
Vesting-Date

Fair Value
of Equity
Awards
Granted
During Year
that Vested
During
Year for
T. Michael
Price
($)
    
Change in Fair
Value from
Last Day of
Prior Year to
Vesting Date
of Unvested
Equity Awards
that Vested
During Year
for T. Michael
Price
($)
    
Fair Value at
Last Day of
Prior Year
of Equity
Awards
Forfeited
During
Year for
T. Michael
Price
($)
    
Value of Dividends
or Other Earnings
Paid on Equity
Awards Not
Otherwise
Included for
T. Michael
Price
($)
    
Total
Inclusion of
Equity
Values for
T. Michael
Price
($)
  
2023     472,437       171,052       0       64,108       0       0       707,597  
 
               
Year
  
Average Year-End

Fair Value of
Equity Awards
Granted During
Year That
Remained
Unvested as of
Last Day of Year
for
Non-PEO

NEOs
($)
    
Average Change
in Fair Value
from Last Day of
Prior Year to
Last Day of Year
of Unvested
Equity Awards
for
Non-PEO

NEOs
($)
    
Average
Vesting-Date

Fair Value of
Equity Awards
Granted During
Year that Vested
During Year for
Non-PEO

NEOs
($)
    
Average Change
in Fair Value
from Last Day of
Prior Year to
Vesting Date of
Unvested
Equity Awards
that Vested
During Year for
Non-PEO
NEOs
($)
    
Average Fair
Value at
Last Day of
Prior Year of
Equity
Awards
Forfeited
During Year
for
Non-PEO

NEOs
($)
    
Average Value
of Dividends
or Other
Earnings Paid
on Equity
Awards Not
Otherwise
Included for
Non-PEO

NEOs
($)
    
Total -
Average
Inclusion of
Equity
Values for
Non-PEO

NEOs
($)
  
2023     236,218       100,383       0       34,921       0       0       371,522  
 
4.
The Peer Group TSR set forth in this table utilizes the S&P BMI U.S. Banks Index, which we also utilize in the stock performance graph required by Item 201(e) of Regulation
S-K
included in our Annual Report for the year ended December 31, 2023. The comparison assumes $100 was invested for the period starting December 31, 2019, through the end of the listed year in the Company and in the S&P BMI U.S. Banks Index, respectively. Historical stock performance is not necessarily indicative of future stock performance.
 
5.
We determined Core ROTCE to be the most important financial performance measure used to link Company performance to Compensation Actually Paid to our PEOs and
Non-PEO
NEOs in 2023. This performance measure may not have been the most important financial performance measure for prior years and we may determine a different financial performance measure to be the most important financial performance measure in future years.
     
Company Selected Measure Name Core ROTCE      
Named Executive Officers, Footnote
 
1.
T. Michael Price was our PEO for the disclosed period. Individuals comprising the
Non-PEO
NEOs for each year presented are listed below.
 
       
2020
  
2021
  
2022
  
2023
James R. Reske   James R. Reske   James R. Reske   James R. Reske
Jane Grebenc   Jane Grebenc   Jane Grebenc   Jane Grebenc
Brian G. Karrip   Brian G. Karrip   Brian G. Karrip   Brian G. Karrip
Matthew C. Tomb   Norman J. Montgomery   Norman J. Montgomery   Norman J. Montgomery
      
Peer Group Issuers, Footnote The Peer Group TSR set forth in this table utilizes the S&P BMI U.S. Banks Index, which we also utilize in the stock performance graph required by Item 201(e) of Regulation
S-K
included in our Annual Report for the year ended December 31, 2023. The comparison assumes $100 was invested for the period starting December 31, 2019, through the end of the listed year in the Company and in the S&P BMI U.S. Banks Index, respectively. Historical stock performance is not necessarily indicative of future stock performance. 		     
PEO Total Compensation Amount $ 1,387,155 $ 1,355,337 $ 1,251,199 $ 1,004,817
PEO Actually Paid Compensation Amount $ 1,692,137 1,406,268 1,599,524 713,566
Adjustment To PEO Compensation, Footnote
3.
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the
Non-PEO
NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards column are the totals from the Stock Awards column set forth in the Summary Compensation Table.
 
         
Year
   
Summary
Compensation
Table Total for
T. Michael
Price
($)
     
Exclusion of
Stock Awards
and Option
Awards for
T. Michael
Price
($)
     
Inclusion of
Equity Values for
T. Michael
Price
($)
     
Compensation
Actually Paid to
T. Michael
Price
($)
  
2023      1,387,155        (402,615 )       707,597        1,692,137  
 
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:
 
               
Year
  
Year-End Fair

Value of Equity
Awards Granted
During Year
That Remained
Unvested as of
Last Day of
Year for
T. Michael
Price
($)
    
Change in Fair
Value from
Last Day of
Prior Year to
Last Day of
Year of
Unvested
Equity Awards
for T. Michael
Price
($)
    
Vesting-Date

Fair Value
of Equity
Awards
Granted
During Year
that Vested
During
Year for
T. Michael
Price
($)
    
Change in Fair
Value from
Last Day of
Prior Year to
Vesting Date
of Unvested
Equity Awards
that Vested
During Year
for T. Michael
Price
($)
    
Fair Value at
Last Day of
Prior Year
of Equity
Awards
Forfeited
During
Year for
T. Michael
Price
($)
    
Value of Dividends
or Other Earnings
Paid on Equity
Awards Not
Otherwise
Included for
T. Michael
Price
($)
    
Total
Inclusion of
Equity
Values for
T. Michael
Price
($)
  
2023     472,437       171,052       0       64,108       0       0       707,597  
      
Non-PEO NEO Average Total Compensation Amount $ 866,000 957,245 859,429 704,673
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,036,214 960,390 1,045,870 538,904
Adjustment to Non-PEO NEO Compensation Footnote
3.
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the
Non-PEO
NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards column are the totals from the Stock Awards column set forth in the Summary Compensation Table.
 
         
Year
   
Average
Summary
Compensation
Table Total for
Non-PEO NEOs

($)
     
Average
Exclusion of
Stock Awards
and Option
Awards for
Non-PEO

NEOs
($)
     
Average
Inclusion of
Equity Values for
Non-PEO
NEOs
($)
     
Average
Compensation
Actually Paid to
Non-PEO
NEOs
($)
  
2023      866,000        (201,308 )       371,522        1,036,214  
 
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:
 
               
Year
  
Average Year-End

Fair Value of
Equity Awards
Granted During
Year That
Remained
Unvested as of
Last Day of Year
for
Non-PEO

NEOs
($)
    
Average Change
in Fair Value
from Last Day of
Prior Year to
Last Day of Year
of Unvested
Equity Awards
for
Non-PEO

NEOs
($)
    
Average
Vesting-Date

Fair Value of
Equity Awards
Granted During
Year that Vested
During Year for
Non-PEO

NEOs
($)
    
Average Change
in Fair Value
from Last Day of
Prior Year to
Vesting Date of
Unvested
Equity Awards
that Vested
During Year for
Non-PEO
NEOs
($)
    
Average Fair
Value at
Last Day of
Prior Year of
Equity
Awards
Forfeited
During Year
for
Non-PEO

NEOs
($)
    
Average Value
of Dividends
or Other
Earnings Paid
on Equity
Awards Not
Otherwise
Included for
Non-PEO

NEOs
($)
    
Total -
Average
Inclusion of
Equity
Values for
Non-PEO

NEOs
($)
  
2023     236,218       100,383       0       34,921       0       0       371,522  
      
Compensation Actually Paid vs. Total Shareholder Return
Relationship Between Pay and Performance
The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our
Non-PEO
NEOs, and the Company’s cumulative TSR over the four most recently completed fiscal years.
 
LOGO
     
Compensation Actually Paid vs. Net Income
The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our
Non-PEO
NEOs, and our Net Income during the four most recently completed fiscal years.
 
LOGO
     
Compensation Actually Paid vs. Company Selected Measure
The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our
Non-PEO
NEOs, and our Core ROTCE during the four most recently completed fiscal years.
 

      
Tabular List, Table
Tabular List of Financial Performance Measures
First Commonwealth considers the following to be the most important financial performance measures it uses to link compensation actually paid to its NEOs, for 2023, to company performance.
 
•
  
Core ROTCE
 
•
  
Core EPS
 
•
  
Core Efficiency Ratio
 
•
  
Pre-Tax
Pre-Provision
Return on Average Assets
 
•
  
Total Shareholder Return
     
Total Shareholder Return Amount $ 123.66 107.81 120.2 79.11
Peer Group Total Shareholder Return Amount 107.32 98.38 118.61 87.24
Net Income (Loss) $ 157,063,000 $ 128,181,000 $ 138,257,000 $ 73,447,000
Company Selected Measure Amount 0.2086 0.1749 0.1798 0.1078
PEO Name T. Michael Price      
Measure:: 1        
Pay vs Performance Disclosure        
Name Core ROTCE      
Measure:: 2        
Pay vs Performance Disclosure        
Name Core EPS      
Measure:: 3        
Pay vs Performance Disclosure        
Name Core Efficiency Ratio      
Measure:: 4        
Pay vs Performance Disclosure        
Name Pre-Tax Pre-Provision Return on Average Assets      
Measure:: 5        
Pay vs Performance Disclosure        
Name Total Shareholder Return      
PEO | Year End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 472,437      
PEO | Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 171,052      
PEO | Vesting Date Fair Value of Equity Awards Granted During Year that Vested During Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0      
PEO | Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 64,108      
PEO | Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0      
PEO | Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Included [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0      
PEO | Total Inclusion of Equity Values [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 707,597      
PEO | Stock Awards and Option Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (402,615)      
PEO | Equity Values [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 707,597      
Non-PEO NEO | Year End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 236,218      
Non-PEO NEO | Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 100,383      
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted During Year that Vested During Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0      
Non-PEO NEO | Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 34,921      
Non-PEO NEO | Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0      
Non-PEO NEO | Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Included [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0      
Non-PEO NEO | Total Inclusion of Equity Values [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 371,522      
Non-PEO NEO | Stock Awards and Option Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (201,308)      
Non-PEO NEO | Equity Values [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 371,522