First Commonwealth Bank
Climate Impact & Sustainability Data (2020-03-23 to 2023-03-22)
Reporting Period: 2020-03-23 to 2023-03-22
Environmental Metrics
ESG Focus Areas
- Community Reinvestment Act (CRA)
Social Achievements
- Originated 4,197 innovative and flexible loans totaling $523.4 million during the review period to serve low- and moderate-income borrowers and first-time homebuyers.
- Provided 8,041 hours of financial expertise, technical assistance, and financial education to community development-related organizations and low- and moderate-income individuals.
Climate Goals & Targets
Environmental Challenges
- Decreased home mortgage lending in 2022 due to increasing interest rates.
- Decline in small business lending after a drastic increase in 2020 due to PPP loans.
- COVID-19 pandemic impacted the ability to provide financial education and community development services.
Mitigation Strategies
- Adapted financial education to be provided virtually.
- Offered innovative and flexible lending programs to serve low- and moderate-income borrowers.
Supply Chain Management
Climate-Related Risks & Opportunities
Reporting Standards
Frameworks Used: Interagency Large Institution CRA Examination Procedures