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Incentive Compensation Plan | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Incentive Compensation Plan | 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 1,835,683 shares were still eligible for awards as of December 31, 2023. Restricted Stock The following provides detail on the restricted stock awards which were issued and outstanding in 2023, 2022 and 2021 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 Date | Shares issued | Grant Price | Vesting Date | Number of Equal Vesting Periods
September 11, 2023 | 8,000 |  | $ | 12.39 |  | September 11, 2026 | 1
August 16, 2023 | 1,000 |  | 13.24 |  | August 16, 2026 | 1
March 27, 2023 | 25,000 |  | 12.70 |  | March 27, 2026 | 1
March 6, 2023 | 4,300 |  | 15.16 |  | March 6, 2026 | 1
March 6, 2023 | 37,750 |  | 15.16 |  | March 6, 2026 | 1
March 6, 2023 | 26,200 |  | 15.16 |  | March 6, 2026 | 1
December 16, 2022 | 1,000 |  | 13.46 |  | December 16, 2025 | 1
December 6, 2022 | 2,000 |  | 14.36 |  | December 6, 2025 | 1
December 6, 2022 | 1,500 |  | 14.36 |  | December 6, 2025 | 1
March 28, 2022 | 50,000 |  | 15.46 |  | March 28, 2025 | 1
February 17, 2022 | 57,000 |  | 16.43 |  | February 17, 2025 | 1
January 3, 2022 | 1,000 |  | 16.25 |  | January 3, 2025 | 1
December 13, 2021 | 2,000 |  | 14.83 |  | December 13, 2024 | 1
December 9, 2021 | 1,000 |  | 15.07 |  | December 9, 2024 | 1
November 22, 2021 | 1,565 |  | 15.96 |  | November 22, 2024 | 1
November 19, 2021 | 24,000 |  | 15.81 |  | November 19, 2024 | 1
September 27, 2021 | 6,000 |  | 13.78 |  | September 27, 2024 | 1
June 14, 2021 | 15,000 |  | 14.58 |  | June 1, 2024 | 3
February 18, 2021 | 84,950 |  | 12.77 |  | February 18, 2024 | 1
February 20, 2020 | 95,300 |  | 13.72 |  | February 20, 2023 | 1
February 21, 2019 | 63,000 |  | 14.22 |  | February 22, 2022 | 1
February 21, 2019 | 15,000 |  | 14.22 |  | February 22, 2022 | 1
November 26, 2018 | 2,000 |  | 13.82 |  | November 26, 2021 | 1
May 29, 2018 | 3,000 |  | 15.44 |  | May 29, 2021 | 1
March 26, 2018 | 2,000 |  | 14.08 |  | March 26, 2021 | 1
February 26, 2018 | 77,500 |  | 14.49 |  | February 26, 2021 | 1
Compensation expense related to restricted stock was $3.8 million, $3.7 million and $3.1 million in 2023, 2022 and 2021, respectively. As of December 31, 2023, there was $4.2 million of unrecognized compensation cost related to unvested restricted stock awards granted. 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:
| 2023 |  | 2022 |  | 2021
| Shares |  | Weighted Average Grant Date Fair Value |  | Shares |  | Weighted Average Grant Date Fair Value |  | Shares |  | Weighted Average Grant Date Fair Value
Outstanding, beginning of the year | 311,265 |  |  | $ | 14.48 |  |  | 286,015 |  |  | $ | 13.82 |  |  | 250,800 |  |  | $ | 14.13 |
Granted | 106,750 |  |  | 14.32 |  |  | 108,000 |  |  | 15.98 |  |  | 134,515 |  |  | 13.64 |
Vested | (90,810) |  |  | 13.76 |  |  | (75,500) |  |  | 14.24 |  |  | (88,389) |  |  | 14.46 |
Forfeited | (10,140) |  |  | 14.86 |  |  | (7,250) |  |  | 13.11 |  |  | (10,911) |  |  | 13.66 |
Outstanding, end of the year | 317,065 |  |  | 14.62 |  |  | 311,265 |  |  | 14.48 |  |  | 286,015 |  |  | 13.82 |
The following provides detail on restricted stock awards estimated to be granted on a performance award basis during 2023, 2022 and 2021. These plans were previously approved by the Board of Directors.
Grant Date | Target Share Award | Performance Period (years) | Award if threshold met | Award if targets are met | Award if superior met | Award if threshold not achieved | Vesting After Performance Period (years) | Final vesting
February 21, 2019 | 121,900 |  | 3 | 40 | % | 100 | % | 200 | % | — | % | 0 | December 31, 2021
February 20, 2020 | 125,800 |  | 3 | 40 | % | 100 | % | 200 | % | — | % | 0 | December 31, 2022
February 18, 2021 | 143,400 |  | 3 | 40 | % | 100 | % | 200 | % | — | % | 0 | December 31, 2023
February 17, 2022 | 121,200 |  | 3 | 40 | % | 100 | % | 200 | % | — | % | 0 | December 31, 2024
January 23, 2023 | 159,000 |  | 3 | 40 | % | 100 | % | 200 | % | — | % | 0 | December 31, 2025
The following table summarizes the estimated unvested target share awards for the Plans as of December 31:
| 2023 |  | 2022 |  | 2021
Outstanding, beginning of the year | 434,352 |  |  |  |  | 391,100 |  |  |  |  | 434,180 |  |  |
Granted | 162,774 |  |  |  |  | 200,503 |  |  |  |  | 143,400 |  |  |
Issued | (143,412) |  |  |  |  | (157,251) |  |  |  |  | (158,531) |  |  |
Forfeited | — |  |  |  |  | — |  |  |  |  | (27,949) |  |  |
Outstanding, end of the year | 453,714 |  |  |  |  | 434,352 |  |  |  |  | 391,100 |  |  |
Based on a Monte Carlo simulation, the above grants have the following fair market values per share:
| Proportional Fair Value
| 50% |  | 25% |  | 25%
February 21, 2019 | 14.22 |  |  | 16.62 |  |  | 13.07 |
February 20, 2020 | 13.72 |  |  | 15.37 |  |  | 12.43 |
February 18, 2021 | 12.77 |  |  | 16.41 |  |  | 11.45 |
February 17, 2022 | 16.56 |  |  | 21.08 |  |  | 15.20 |
January 23, 2023 | 14.06 |  |  | 17.53 |  |  | 12.70 |

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