FIRST COMMONWEALTH FINANCIAL CORP /PA/, DEF 14A filed on 3/19/2026
Proxy Statement (definitive)
v3.26.1
Cover
 12 Months Ended
Dec. 31, 2025
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name FIRST COMMONWEALTH FINANCIAL CORP /PA/
Entity Central Index Key 0000712537
v3.26.1
Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
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
Price
1
($)
    
Compensation
Actually Paid
to T. Michael
Price
1,2,3
($)
    
Average
Summary
Compensation
Table Total for
Non-PEO

NEOs
1
($)
    
Average
Compensation
Actually Paid
to
Non-PEO

NEOs
1,2,3
($)
    
Value of Initial
Fixed $100
Investment
based on:
4
    
Net Income
($ 000s)
    
Core
ROTCE
(non-GAAP)
(%)
5
  
 
TSR
($)
    
Peer
Group
TSR
($)
  
2025
  
 
2,000,604
 
  
 
2,135,384
 
  
 
1,124,353
 
  
 
1,196,239
 
  
 
182.49
 
  
 
211.47
 
  
 
152,302
 
  
 
14.69
%
 
2024
  
 
1,661,340
 
  
 
1,796,319
 
  
 
1,208,173
 
  
 
1,142,351
 
  
 
177.17
 
  
 
164.70
 
  
 
142,572
 
  
 
14.95
%
 
2023
  
 
1,387,155
 
  
 
1,692,137
 
  
 
866,000
 
  
 
1,036,214
 
  
 
156.31
 
  
 
123.02
 
  
 
157,063
 
  
 
20.86
%
 
2022
  
 
1,350,670
 
  
 
1,406,268
 
  
 
957,245
 
  
 
960,390
 
  
 
136.27
 
  
 
112.77
 
  
 
128,181
 
  
 
17.49
%
 
2021
  
 
1,251,199
 
  
 
1,599,524
 
  
 
859,429
 
  
 
1,045,870
 
  
 
151.93
 
  
 
135.97
 
  
 
138,257
 
  
 
17.98
%
 
 
(1)
T. Michael Price was our PEO for the disclosed period. Individuals comprising the
Non-PEO
NEOs for each year presented are listed below.
 
     
2021-2023
  
2024
  
2025
James R. Reske
  
James R. Reske
  
James R. Reske
Jane Grebenc
  
Jane Grebenc
  
Jane Grebenc
Brian G. Karrip
  
Brian G. Karrip
  
Michael P. McCuen
Norman J. Montgomery
  
Norman J. Montgomery
  
Norman J. Montgomery
   
Michael P. McCuen
    
 
(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 for
T. Michael Price
($)
   
Inclusion of
Equity Values for
T. Michael Price
($)
   
Compensation
Actually Paid to
T. Michael Price
($)
2025
     
 
2,000,604
    
 
(515,746
)
     
 
650,526
    
 
2,135,384
 
         
Year
   
Average
Summary
Compensation
Table Total for
Non-PEO NEOs
($)
   
Average
Exclusion of
Stock Awards for
Non-PEO
NEOs
($)
   
Average
Inclusion of
Equity Values for
Non-PEO
NEOs
($)
   
Average
Compensation
Actually Paid to
Non-PEO
NEOs
($)
2025
     
 
1,124,353
    
 
(234,012
)
     
 
305,898
    
 
1,196,239
 
Executive Compensation
 
 
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
($)
2025
    
 
514,798
   
 
139,451
   
 
—
   
 
(3,723
)
    
 
—
   
 
—
   
 
650,526
 
               
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
($)
2025
    
 
233,581
   
 
73,926
   
 
—
   
 
(1,609
)
    
 
—
   
 
—
   
 
305,898
 
(4)
The Peer Group TSR set forth in this table utilizes the S&P U.S BMI 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, 2025. The comparison assumes $100 was invested for the period starting December 31, 2020, through the end of the listed year in the Company and in the S&P U.S BMI 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 2025. Core
ROTCE
is a
non-GAAP
financial measure. See Appendix A for a reconciliation to the most closely related GAAP financial measure.
       
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.
 
     
2021-2023
  
2024
  
2025
James R. Reske
  
James R. Reske
  
James R. Reske
Jane Grebenc
  
Jane Grebenc
  
Jane Grebenc
Brian G. Karrip
  
Brian G. Karrip
  
Michael P. McCuen
Norman J. Montgomery
  
Norman J. Montgomery
  
Norman J. Montgomery
   
Michael P. McCuen
    
       
Peer Group Issuers, Footnote The Peer Group TSR set forth in this table utilizes the S&P U.S BMI 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, 2025. The comparison assumes $100 was invested for the period starting December 31, 2020, through the end of the listed year in the Company and in the S&P U.S BMI Banks Index, respectively. Historical stock performance is not necessarily indicative of future stock performance. 		       
PEO Total Compensation Amount $ 2,000,604 $ 1,661,340 $ 1,387,155 $ 1,350,670 $ 1,251,199
PEO Actually Paid Compensation Amount $ 2,135,384 1,796,319 1,692,137 1,406,268 1,599,524
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 for
T. Michael Price
($)
   
Inclusion of
Equity Values for
T. Michael Price
($)
   
Compensation
Actually Paid to
T. Michael Price
($)
2025
     
 
2,000,604
    
 
(515,746
)
     
 
650,526
    
 
2,135,384
 
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
($)
2025
    
 
514,798
   
 
139,451
   
 
—
   
 
(3,723
)
    
 
—
   
 
—
   
 
650,526
 
        
Non-PEO NEO Average Total Compensation Amount $ 1,124,353 1,208,173 866,000 957,245 859,429
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,196,239 1,142,351 1,036,214 960,390 1,045,870
Adjustment to Non-PEO NEO Compensation Footnote
         
Year
   
Average
Summary
Compensation
Table Total for
Non-PEO NEOs
($)
   
Average
Exclusion of
Stock Awards for
Non-PEO
NEOs
($)
   
Average
Inclusion of
Equity Values for
Non-PEO
NEOs
($)
   
Average
Compensation
Actually Paid to
Non-PEO
NEOs
($)
2025
     
 
1,124,353
    
 
(234,012
)
     
 
305,898
    
 
1,196,239
 
               
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
($)
2025
    
 
233,581
   
 
73,926
   
 
—
   
 
(1,609
)
    
 
—
   
 
—
   
 
305,898
 
        
Compensation Actually Paid vs. Total Shareholder Return
Relationship Between PEO and
Non-PEO
NEO Compensation Actually Paid and Total Shareholder Return (“TSR”)
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, our cumulative TSR over the five most recently completed fiscal years, and the S&P U.S. BMI Banks Index TSR over the same period.
 
LOGO
 
        
Compensation Actually Paid vs. Net Income
 
Relationship Between PEO and
Non-PEO
NEO Compensation Actually Paid and 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 five most recently completed fiscal years.
 
LOGO
       
Compensation Actually Paid vs. Company Selected Measure
Relationship Between PEO and
Non-PEO
NEO Compensation Actually Paid and Core ROTCE
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 five most recently completed fiscal years.
 
LOGO
       
Tabular List, Table
Tabular List of Most Important Financial Performance Measures
The following table presents the financial performance measures that the Company considers to have been the most important in linking Compensation Actually Paid to our PEO and other NEOs for 2025 to Company performance. The measures in this table are not ranked.
 
•
  
Core ROTCE
 
•
  
Core EPS
 
•
  
Core Efficiency Ratio
 
•
  
Pre-Tax
Pre-Provision
Return on Average Assets
 
•
  
Total Shareholder Return
       
Total Shareholder Return Amount $ 182.49 177.17 156.31 136.27 151.93
Peer Group Total Shareholder Return Amount 211.47 164.7 123.02 112.77 135.97
Net Income (Loss) $ 152,302,000 $ 142,572,000 $ 157,063,000 $ 128,181,000 $ 138,257,000
Company Selected Measure Amount 14.69 14.95 20.86 17.49 17.98
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 | Equity Awards Adjustments          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 650,526        
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 514,798        
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 139,451        
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (3,723)        
PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
PEO | Exclusion Of Stock Awards And Option Awards [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (515,746)        
Non-PEO NEO | Equity Awards Adjustments          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 305,898        
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 233,581        
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 73,926        
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (1,609)        
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
Non-PEO NEO | Exclusion Of Stock Awards And Option Awards [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (234,012)