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WKN: 919114 | ISIN: US3198291078 | Ticker-Symbol: FCF
Frankfurt
01.11.24
08:01 Uhr
14,900 Euro
-0,400
-2,61 %
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FIRST COMMONWEALTH FINANCIAL CORPORATION Chart 1 Jahr
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FIRST COMMONWEALTH FINANCIAL CORPORATION 5-Tage-Chart
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14,90015,40013:33
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First Commonwealth Financial Corporation: First Commonwealth Announces Third Quarter 2024 Earnings; Declares Quarterly Dividend

INDIANA, Pa., Oct. 29, 2024 (GLOBE NEWSWIRE) -- First Commonwealth Financial Corporation (NYSE: FCF) today announced financial results for the third quarter of 2024.

Financial Summary

(dollars in thousands,For the Three Months Ended For the Nine Months Ended
except per share data)September 30, June 30, September 30, September 30, September 30,
2024 2024 2023 2024 2023
Reported Results
Net income$32,086 $37,088 $39,231 $106,723 $112,236
Diluted earnings per share$0.31 $0.36 $0.38 $1.04 $1.10
Return on average assets 1.08% 1.28% 1.38% 1.22% 1.37%
Return on average equity 9.19% 11.10% 12.46% 10.54% 12.35%
Operating Results (non-GAAP)(1)
Core net income$31,933 $37,070 $39,611 $106,642 $127,732
Core diluted earnings per share$0.31 $0.36 $0.39 $1.04 $1.26
Core pre-tax pre-provision net revenue$50,949 $54,381 $55,652 $156,163 $166,477
Provision expense$10,615 $7,827 $5,885 $22,680 $6,025
Provision for credit losses - acquisition day 1 non-PCD$- $- $- $- $10,653
Net charge-offs$8,785 $4,402 $3,976 $17,489 $13,814
Reserve build/(release)(2)$2,458 $4,556 $791 $8,394 $31,431
Core return on average assets (ROAA) 1.08% 1.27% 1.39% 1.22% 1.55%
Core pre-tax pre-provision ROAA 1.72% 1.87% 1.95% 1.79% 2.03%
Return on average tangible common equity 13.09% 15.94% 18.55% 15.13% 18.39%
Core return on average tangible common equity 13.02% 15.93% 18.73% 15.12% 20.86%
Core efficiency ratio 56.66% 53.63% 53.42% 55.12% 52.88%
Net interest margin (FTE) 3.56% 3.57% 3.76% 3.55% 3.87%
(1)Core operating results are a non-GAAP measure used by management to measure performance in operating the business that management believes enhances investors' ability to better understand the underlying business performance and trends related to core business activities. A full reconciliation of non-GAAP financial measures may be found at the end of the financial statements which accompany this release.
(2)Reserve build/(release) represents the net change in the Company's allowance for credit losses (ACL) from the prior period.

Third Quarter 2024 Highlights

  • Net income of $32.1 million and diluted earnings per share of $0.31 represented a decrease of $5.0 million, or $0.05 per share, from the prior quarter and a decrease of $7.1 million, or $0.07 per share, from the third quarter of 2023
  • Core pre-tax pre-provision net revenue (PPNR)(1) totaled $50.9 million, a decrease of $3.4 million from the previous quarter and a decrease of $4.7 million from the third quarter of 2023
  • Net interest income (FTE) of $96.9 million increased $1.5 million from the previous quarter and decreased $1.2 million from the third quarter of 2023
  • Average deposits increased $76.4 million, or 3.2% annualized, compared to the prior quarter, due to a $71.4 million increase in average time deposits and a $28.8 million increase in interest-bearing demand and savings partially offset by a $23.8 million decrease in average noninterest-bearing deposits
    • End of period deposits increased $336.6 million, or 14.2% annualized, compared to the prior quarter
  • Total loans decreased $33.4 million, or 1.5% annualized, from the previous quarter, driven by a $26.1 million decrease in consumer real estate loans
    • The loan-to-deposit ratio decreased 366 basis points to 92.5% at the end of the third quarter of 2024
  • Noninterest income (excluding security gains and losses) of $24.5 million decreased $0.7 million from the previous quarter which reflects a $3.0 million decrease in card related interchange income resulting from a full quarter effect of the Durbin amendment
  • Noninterest expense of $70.1 million increased $4.3 million from the previous quarter due primarily to elevated operational losses and employee-related salaries and benefits
  • Total shareholders' equity increased $47.1 million from the previous quarter, primarily due to a $30.3 million increase in accumulated other comprehensive income (AOCI) resulting from the impact of lower interest rates on the fair value of the Company's available for sale investment portfolio and interest rate swap agreements, combined with an $18.8 million increase in retained earnings
    • Tangible book value per share increased $0.47, or 19.7% annualized, from the previous quarter
    • AOCI as a percentage of tangible common equity decreased 350 basis points to 8.1% in the third quarter of 2024

Profitability

  • Core pre-tax pre-provision ROA(1) for the quarter ended September 30, 2024 was 1.72% as compared to 1.87% in the prior quarter and 1.95% in the third quarter of 2023
  • The net interest margin (FTE) of 3.56% decreased one basis point compared to the prior quarter and decreased 20 basis points as compared to the third quarter of 2023
    • Purchase accounting accretion contributed seven basis points to the margin in the third quarter, a decrease of one basis point from the prior quarter
    • The retention of $278 million of excess cash on the Bank's balance sheet had a negative impact on the net interest margin of nine basis points in the third quarter
  • The core efficiency ratio(1) of 56.66% increased 303 basis points from the previous quarter and increased 324 basis points compared to the third quarter of 2023
  • The return on average assets (ROA) decreased 20 basis points to 1.08% compared to the previous quarter and decreased 30 basis points compared to the third quarter of 2023
    • The core return on average assets(1) decreased 19 basis points to 1.08% compared to the previous quarter and decreased 31 basis points compared to the third quarter of 2023

Asset quality

  • The provision for credit losses was $10.6 million, an increase of $2.8 million compared to the previous quarter
  • The allowance for credit losses as a percentage of end-of-period loans was 1.41%, an increase of four basis points from the previous quarter
  • Total nonperforming loans of $74.7 million increased $17.6 million from the previous quarter
    • Approximately $23.8 million or 31.8% of nonperforming loans were acquired
  • Total classified loans increased $11.6 million from the previous quarter, from $103.1 million, or 1.15% of total loans and leases, to $114.8 million, or 1.28% of total loans and leases
  • Net charge-offs on loans totaled $8.8 million, an increase of $4.4 million from the previous quarter and includes $6.2 million of acquired loans that were reserved for through purchase accounting marks
    • Net charge-offs (annualized) as a percentage of average loans outstanding was 0.39% in the third quarter of 2024 as compared to 0.20% in the previous quarter, 27 basis points of which was attributable to the charge off of acquired loans

Strong capital and liquidity positions

  • Total available liquidity of $4.9 billion at September 30, 2024
  • Bank-level Tier 1 Capital ratio of 11.7%, which represents $339.3 million in excess capital above the regulatory "well capitalized" requirement of 8.0%
  • A total of 146,850 shares at a weighted average price of $16.83 were repurchased during the third quarter of 2024 under the Company's previously authorized share repurchase program. The remaining repurchase capacity under the current program was $14.6 million as of September 30, 2024

"First Commonwealth's third quarter results highlight our continued strength, with a solid 1.73% pre-tax pre-provision ROAA and a stable net interest margin coupled with meaningful deposit growth," stated T. Michael Price, President and Chief Executive Officer. "Despite a $3.0 million headwind from the Durbin amendment kicking in, our organization demonstrated its diverse revenue sources to largely blunt the reduction in fee income." Price continues, "While we experienced elevated credit expenses this quarter, we remain focused on disciplined growth and I am confident in our ability to optimize shareholder value to the benefit of all of our long-term stakeholders."

Earnings

Net income for the third quarter of 2024 was $32.1 million, or $0.31 per share, compared to $37.1 million, or $0.36 per share in the second quarter of 2024, and $39.2 million, or $0.38 per share for the third quarter of 2023.

Net Interest Income and Net Interest Margin

Net interest income (FTE) of $96.9 million was increased $1.5 million from the previous quarter and decreased $1.2 million from the prior year quarter. The increase from the prior quarter was primarily due to an $89.5 million increase in average interest-earning assets, partially offset by a decrease in the net interest margin.

The net interest margin (FTE) for the third quarter of 2024 was 3.56%, a decrease of one basis point from the previous quarter and a decrease of 20 basis points from the third quarter of 2023. The decrease from the previous quarter was due primarily to a 10 basis point decrease in variable rate commercial loans, partially offset by a 19 basis point increase in the yield on indirect auto loans and an 11 basis point increase in the yield on investment securities. The yield on total interest earning assets increased two basis points from the previous quarter, which was offset by a five basis point increase in the cost of funds. The total cost of funds was 2.26% in the third quarter of 2024.

Total average deposits grew $76.4 million in the third quarter of 2024 as compared to the previous quarter. Average time deposits grew $71.4 million and interest-bearing demand and savings deposits grew $28.8 million, which offset a $23.8 million decrease in average noninterest-bearing deposits.

Total loans decreased $33.4 million, or 1.5% annualized, from the previous quarter, driven by a $49.8 million decrease in commercial and industrial (C&I) loans and a $23.2 million decrease in closed-end 1-4 family mortgages, partially offset by a $49.8 million increase in equipment finance loans and leases.

Average interest-earning assets increased $89.5 million, or 3.3% annualized, from the previous quarter. Average interest bearing bank deposits increased $69.6 million and average investment securities increased $32.4 million which offset a $12.5 million decrease in average loans.

Asset Quality

Provision expense in the third quarter of 2024 totaled $10.6 million as compared to $7.8 million in the previous quarter. The $2.8 million increase in the provision expense was primarily driven by a $4.4 million increase in net charge-offs and a $2.5 million increase in specific reserves for two commercial credits that were moved to nonaccrual status during the quarter.

The allowance for credit losses in the third quarter of 2024 totaled $126.1 million as compared to $123.7 million in the previous quarter. The increase from the previous quarter was primarily the result of the aforementioned specific reserves, partially offset by $8.8 million in net charge-offs ($3.6 million of which were related to specific reserves recognized in prior periods).

The allowance for credit losses as a percentage of end-of-period loans in the third quarter of 2024 was 1.41% as compared to 1.37% in the previous quarter.

At September 30, 2024, nonperforming loans totaled $74.7 million, an increase of $17.6 million from the previous quarter.

Nonperforming loans represented 0.83% of total loans for the period ended September 30, 2024 as compared to 0.63% and 0.54% for the periods ended June 30, 2024 and September 30, 2023, respectively.

During the third quarter of 2024, net charge-offs were $8.8 million as compared to $4.4 million in the previous quarter and $4.0 million in the third quarter of 2023. The increase from the prior quarter was primarily due to the charge off of $5.1 million for two commercial loans.

Net charge-offs (annualized) as a percentage of average loans were 0.39%, 0.20% and 0.18% for the periods ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively.

Noninterest Income and Noninterest Expense

Noninterest income (excluding security gains and losses) totaled $24.5 million for the third quarter of 2024, as compared to $25.2 million for the second quarter of 2024 and $24.9 million for the third quarter of 2023. The $0.7 million decrease from the previous quarter was primarily due to a $3.0 million decrease in card-related interchange resulting from the effect of the Durbin amendment reduction, partially offset by a $1.0 million increase in gain on sale of Small Business Administration (SBA) loans and a $0.9 million increase in bank owned life insurance revenue.

Noninterest expense totaled $70.1 million for the third quarter of 2024, as compared to $65.8 million for the second quarter of 2024 and $67.4 million for the third quarter of 2023. Expense increased in comparison with the prior quarter primarily due to a $1.7 million increase in operational losses, a $1.3 million increase in salaries and benefits due to higher severance and hospitalization expense and a $1.1 million increase in advertising and promotion expense due to a $0.4 million debit card incentive payment received from a 3rd party vendor in the prior quarter along with higher checking account promotion expense.

The core efficiency ratio was 56.7% during the third quarter of 2024 as compared to 53.6% in the previous quarter and 53.4% in the third quarter of 2023.

Full time equivalent staff was 1,500 at September 30, 2024, 1,472 at June 30, 2024, and 1,481 at September 30, 2023.

Dividends and Capital

First Commonwealth declared a common stock quarterly dividend of $0.13 per share, which represents a 4.0% increase from the third quarter of 2023. The cash dividend is payable on November 22, 2024 to shareholders of record as of November 8, 2024. This dividend represents a 3.0% projected annual yield utilizing the October 28, 2024 closing market price of $17.09.

First Commonwealth's capital ratios for Total, Tier I, Leverage and Common Equity Tier I at September 30, 2024 were 14.5%, 12.7%, 10.3% and 12.0%, respectively. First Commonwealth's current capital levels exceed the fully phased-in Basel III capital requirements issued by U.S. bank regulators.

Conference Call

First Commonwealth will host a quarterly conference call to discuss its financial results for the third quarter of 2024 on Wednesday, October 30, 2024 at 2:00 PM (ET). The call can be accessed by dialing (toll free) 1-888-330-3181 conference ID # 4651379 or through the Company's web page, http://www.fcbanking.com/InvestorRelations. A replay of the call will be available approximately one hour following the conclusion of the conference by dialing 1-800-770-2030 and entering the conference ID # 4651379. A link to the webcast replay will also be accessible on the Company's webpage for 30 days.

About First Commonwealth Financial Corporation

First Commonwealth Financial Corporation (NYSE: FCF), headquartered in Indiana, Pennsylvania, is a financial services company with 124 community banking offices in 30 counties throughout western and central Pennsylvania and throughout Ohio, as well as commercial lending operations in Pittsburgh and Harrisburg, Pennsylvania, and Canton, Cleveland, Columbus and Cincinnati, Ohio. The Company also operates mortgage offices in Wexford, Pennsylvania, as well as Hudson and Lewis Center, Ohio. First Commonwealth provides a full range of commercial banking, consumer banking, mortgage, equipment finance, wealth management and insurance products and services through its subsidiaries First Commonwealth Bank and First Commonwealth Insurance Agency. For more information about First Commonwealth or to open an account today, please visit www.fcbanking.com.

Forward-Looking Statements

Certain statements contained in this release that are not historical facts may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the Securities and Exchange Commission, in press releases, and in oral and written statements made by us or with our approval that are not statements of historical fact and constitute "forward-looking statements" as well. These statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of words such as "may," "will," "should," "could," "would," "plan," "believe," "expect," "anticipate," "intend," "estimate" or words of similar meaning. These forward-looking statements are subject to significant risks, assumptions and uncertainties, and could be affected by many factors, including, but not limited to: (1) volatility and disruption in national and international financial markets; (2) the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board; (3) inflation, interest rate, commodity price, securities market and monetary fluctuations; (4) the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which First Commonwealth or its customers must comply; (5) the soundness of other financial institutions; (6) political instability; (7) impairment of First Commonwealth's goodwill or other intangible assets; (8) acts of God or of war or terrorism; (9) the timely development and acceptance of new products and services and perceived overall value of these products and services by users; (10) changes in consumer spending, borrowings and savings habits; (11) changes in the financial performance and/or condition of First Commonwealth's borrowers; (12) technological changes; (13) acquisitions and integration of acquired businesses; (14) First Commonwealth's ability to attract and retain qualified employees; (15) changes in the competitive environment in First Commonwealth's markets and among banking organizations and other financial service providers; (16) the ability to increase market share and control expenses; (17) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters; (18) the reliability of First Commonwealth's vendors, internal control systems or information systems; (19) the costs and effects of legal and regulatory developments, the resolution of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals; and (20) other risks and uncertainties described in this report and in the other reports that we file with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K.

In light of these risks, uncertainties and assumptions, you should not place undue reliance on any forward-looking statements in this release. We undertake no obligation to publicly update or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Media Relations:
Ron Wahl
Communications and Media Relations
Phone: 724-463-6806
E-mail: RWahl@fcbanking.com

Investor Relations:
Ryan M. Thomas
Vice President / Finance and Investor Relations
Phone: 724-463-1690
E-mail: RThomas1@fcbanking.com

FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)
For the Three Months Ended For the Nine Months Ended
September 30, June 30, September 30, September 30, September 30,
2024 2024 2023 2024 2023
SUMMARY RESULTS OF OPERATIONS
Net interest income$96,515 $94,992 $97,757 $283,811 $289,939
Provision for credit losses 10,615 7,827 5,885 22,680 6,025
Provision for credit losses - acquisition day 1 non-PCD - - - - 10,653
Noninterest income 24,698 25,210 24,826 73,896 72,312
Noninterest expense 70,070 65,798 67,413 201,441 204,737
Net income 32,086 37,088 39,231 106,723 112,236
Core net income(5) 31,933 37,070 39,611 106,642 127,732
Earnings per common share (diluted)$0.31 $0.36 $0.38 $1.04 $1.10
Core earnings per common share (diluted)(6)$0.31 $0.36 $0.39 $1.04 $1.26
KEY FINANCIAL RATIOS
Return on average assets 1.08% 1.28% 1.38% 1.22% 1.37%
Core return on average assets(7) 1.08% 1.27% 1.39% 1.22% 1.55%
Return on average assets, pre-provision, pre-tax 1.73% 1.87% 1.94% 1.79% 1.92%
Core return on average assets, pre-provision, pre-tax 1.72% 1.87% 1.95% 1.79% 2.03%
Return on average shareholders' equity 9.19% 11.10% 12.46% 10.54% 12.35%
Return on average tangible common equity(8) 13.09% 15.94% 18.55% 15.13% 18.39%
Core return on average tangible common equity(9) 13.02% 15.93% 18.73% 15.12% 20.86%
Core efficiency ratio(2)(10) 56.66% 53.63% 53.42% 55.12% 52.88%
Net interest margin (FTE)(1) 3.56% 3.57% 3.76% 3.55% 3.87%
Book value per common share$13.79 $13.32 $12.14
Tangible book value per common share(11) 10.03 9.56 8.35
Market value per common share 17.15 13.81 12.21
Cash dividends declared per common share 0.130 0.130 0.125 0.385 0.370
ASSET QUALITY RATIOS
Nonperforming loans and leases as a percent of end-of-period loans and leases(3) 0.83% 0.63% 0.54%
Nonperforming assets as a percent of total assets(3) 0.64% 0.51% 0.43%
Net charge-offs as a percent of average loans and leases (annualized)(4) 0.39% 0.20% 0.18%
Allowance for credit losses as a percent of nonperforming loans and leases(4) 168.77% 216.48% 280.31%
Allowance for credit losses as a percent of end-of-period loans and leases(4) 1.41% 1.37% 1.51%
CAPITAL RATIOS
Shareholders' equity as a percent of total assets 11.8% 11.7% 10.9%
Tangible common equity as a percent of tangible assets(12) 8.8% 8.7% 7.7%
Leverage Ratio 10.3% 10.2% 9.9%
Risk Based Capital - Tier I 12.7% 12.5% 11.6%
Risk Based Capital - Total 14.5% 14.2% 13.8%
Common Equity - Tier I 12.0% 11.7% 10.9%
FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)
For the Three Months Ended For the Nine Months Ended
September 30,June 30,September 30, September 30,September 30,
2024 2024 2023 2024 2023
INCOME STATEMENT
Interest income$154,323 $150,682 $139,885 $450,467 $385,741
Interest expense 57,808 55,690 42,128 166,656 95,802
Net Interest Income 96,515 94,992 97,757 283,811 289,939
Provision for credit losses 10,615 7,827 5,885 22,680 6,025
Provision for credit losses - acquisition day 1 non-PCD - - - - 10,653
Net Interest Income after Provision for Credit Losses 85,900 87,165 91,872 261,131 273,261
Net securities gains (losses) 88 (5,535) (103) (5,447) (103)
Gain on VISA exchange 106 5,558 - 5,664 -
Trust income 3,242 2,821 2,949 8,790 7,967
Service charges on deposit accounts 5,840 5,546 5,600 16,769 15,842
Insurance and retail brokerage commissions 2,663 2,709 2,305 7,618 7,171
Income from bank owned life insurance 2,278 1,371 1,242 4,943 3,664
Gain on sale of mortgage loans 1,151 1,671 1,270 4,150 3,175
Gain on sale of other loans and assets 2,576 1,408 1,027 6,035 5,004
Card-related interchange income 4,137 7,137 7,221 17,964 21,422
Derivative mark-to-market (153) - 35 (141) 27
Swap fee income 88 - 452 88 1,029
Other income 2,682 2,524 2,828 7,463 7,114
Total Noninterest Income 24,698 25,210 24,826 73,896 72,312
Salaries and employee benefits 38,618 37,320 35,640 111,262 106,639
Net occupancy 4,858 4,822 4,782 15,014 14,584
Furniture and equipment 4,335 4,278 4,414 13,093 12,936
Data processing 3,879 3,840 3,857 11,543 11,024
Pennsylvania shares tax 1,126 1,126 1,588 3,454 4,013
Advertising and promotion 1,960 898 1,662 4,177 4,652
Intangible amortization 1,223 1,169 1,344 3,656 3,773
Other professional fees and services 1,448 1,286 1,603 3,976 4,376
FDIC insurance 1,638 1,286 1,920 4,537 4,614
Litigation and operational losses 2,181 494 1,626 3,672 3,263
Loss on sale or write-down of assets 132 77 50 352 97
Loss on early redemption of subordinated debt - 369 - 369 -
Merger and acquisition - - 379 114 8,860
Other operating expenses 8,672 8,833 8,548 26,222 25,906
Total Noninterest Expense 70,070 65,798 67,413 201,441 204,737
Income before Income Taxes 40,528 46,577 49,285 133,586 140,836
Income tax provision 8,442 9,489 10,054 26,863 28,600
Net Income$32,086 $37,088 $39,231 $106,723 $112,236
Shares Outstanding at End of Period 102,237,941 102,297,847 102,184,652 102,237,941 102,184,652
Average Shares Outstanding Assuming Dilution 102,418,964 102,287,598 102,442,878 102,293,213 101,674,970
FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands)
September 30, June 30, September 30,
2024 2024 2023
BALANCE SHEET (Period End)
Assets
Cash and due from banks$126,598 $109,907 $122,982
Interest-bearing bank deposits 455,711 78,386 214,088
Securities available for sale, at fair value 1,165,392 1,101,154 866,582
Securities held to maturity, at amortized cost 430,425 453,820 429,558
Loans held for sale 46,785 50,769 33,127
Loans and leases 8,965,500 8,994,890 8,901,725
Allowance for credit losses (126,112) (123,654) (134,337)
Net loans and leases 8,839,388 8,871,236 8,767,388
Goodwill and other intangibles 384,172 384,854 387,328
Other assets 534,728 576,747 600,935
Total Assets$11,983,199 $11,626,873 $11,421,988
Liabilities and Shareholders' Equity
Noninterest-bearing demand deposits$2,463,971 $2,304,830 $2,535,704
Interest-bearing demand deposits 671,667 619,877 632,062
Savings deposits 4,953,206 4,955,718 4,928,607
Time deposits 1,656,708 1,528,496 1,144,692
Total interest-bearing deposits 7,281,581 7,104,091 6,705,361
Total deposits 9,745,552 9,408,921 9,241,065
Short-term borrowings 538,828 537,613 544,060
Long-term borrowings 136,285 136,581 187,017
Total borrowings 675,113 674,194 731,077
Other liabilities 152,918 181,253 209,315
Shareholders' equity 1,409,616 1,362,505 1,240,531
Total Liabilities and Shareholders' Equity$11,983,199 $11,626,873 $11,421,988
FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands)
For the Three Months Ended For the Nine Months Ended
September 30,Yield/June 30,Yield/September 30,Yield/ September 30,Yield/September 30,Yield/
2024Rate 2024Rate 2023Rate 2024Rate 2023Rate
NET INTEREST MARGIN
Assets
Loans and leases (FTE)(1)(3)$9,004,8086.09%$9,017,2886.06%$8,884,7315.79% $9,006,9086.03%$8,627,2035.56%
Interest bearing bank deposits 278,0065.49% 208,3605.58% 235,7615.63% 199,8875.55% 197,5225.35%
Securities (FTE)(1) 1,542,7923.34% 1,510,4093.23% 1,229,3082.32% 1,508,6043.21% 1,229,7212.20%
Total Interest-Earning Assets (FTE)(1) 10,825,6065.68% 10,736,0575.66% 10,349,8005.37% 10,715,3995.63% 10,054,4465.14%
Noninterest-earning assets 950,926 959,103 957,258 949,389 932,844
Total Assets$11,776,532 $11,695,160 $11,307,058 $11,664,788 $10,987,290
Liabilities and Shareholders' Equity
Interest-bearing demand and savings deposits$5,657,7962.27%$5,629,0282.20%$5,581,6231.67% $5,613,9862.19%$5,497,3361.31%
Time deposits 1,575,9754.40% 1,504,5444.35% 1,054,2163.48% 1,489,4764.33% 890,2993.03%
Short-term borrowings 541,0104.62% 545,5514.67% 504,0255.23% 560,7434.62% 402,7824.73%
Long-term borrowings 136,4085.44% 170,9635.52% 187,1225.94% 164,5535.59% 186,6295.35%
Total Interest-Bearing Liabilities 7,911,1892.91% 7,850,0862.85% 7,326,9862.28% 7,828,7582.84% 6,977,0461.84%
Noninterest-bearing deposits 2,286,482 2,310,274 2,519,184 2,299,650 2,592,373
Other liabilities 189,571 190,440 211,447 183,255 202,438
Shareholders' equity 1,389,290 1,344,360 1,249,441 1,353,125 1,215,433
Total Noninterest-Bearing Funding Sources 3,865,343 3,845,074 3,980,072 3,836,030 4,010,244
Total Liabilities and Shareholders' Equity$11,776,532 $11,695,160 $11,307,058 $11,664,788 $10,987,290
Net Interest Margin (FTE) (annualized)(1) 3.56% 3.57% 3.76% 3.55% 3.87%
FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands)
September 30,June 30,September 30,
2024 2024 2023
Loan and Lease Portfolio Detail
Commercial Loan and Lease Portfolio:
Commercial, financial, agricultural and other$1,263,008 $1,312,816 $1,305,905
Commercial real estate 3,069,438 3,077,013 3,050,084
Equipment Finance loans and leases 366,527 316,700 190,116
Real estate construction 522,548 523,595 508,875
Total Commercial 5,221,521 5,230,124 5,054,980
Consumer Loan Portfolio:
Closed-end mortgages 1,878,980 1,902,173 1,915,506
Home equity lines of credit 495,396 492,133 499,275
Real estate construction 18,227 24,460 66,672
Total Real Estate - Consumer 2,392,603 2,418,766 2,481,453
Auto & RV loans 1,275,765 1,270,044 1,285,380
Direct installment 26,425 26,807 27,888
Personal lines of credit 47,076 46,932 48,718
Student loans 2,110 2,217 3,306
Total Other Consumer 1,351,376 1,346,000 1,365,292
Total Consumer Portfolio 3,743,979 3,764,766 3,846,745
Total Portfolio Loans and Leases 8,965,500 8,994,890 8,901,725
Loans held for sale 46,785 50,769 33,127
Total Loans and Leases$9,012,285 $9,045,659 $8,934,852
September 30,June 30,September 30,
2024 2024 2023
ASSET QUALITY DETAIL
Nonperforming Loans and Leases:
Loans and leases on nonaccrual basis$50,929 $31,443 $25,902
Loans on nonaccrual basis - Centric acquisition 23,794 25,676 22,022
Total Nonperforming Loans and Leases$74,723 $57,119 $47,924
Other real estate owned ("OREO") 669 484 765
Repossessions ("Repos") 1,188 1,456 762
Total Nonperforming Assets$76,580 $59,059 $49,451
Loans past due in excess of 90 days and still accruing 1,191 1,753 2,484
Classified loans and leases 114,751 103,111 66,272
Criticized loans and leases 241,962 241,611 193,192
Nonperforming assets as a percentage of total loans and leases, plus OREO and Repos(4) 0.85% 0.66% 0.56%
Allowance for credit losses$126,112 $123,654 $134,337
FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands)
For the Three Months Ended For the Nine Months Ended
September 30,June 30,September 30, September 30,September 30,
2024 2024 2023 2024 2023
Net Charge-offs (Recoveries):
Commercial, financial, agricultural and other$5,870 $2,485 $1,664 $10,597 $8,750
Real estate construction - 35 - 29 -
Commercial real estate 1,381 331 166 1,881 1,547
Residential real estate 55 64 247 140 256
Loans to individuals 1,479 1,487 1,899 4,842 3,261
Net Charge-offs$8,785 $4,402 $3,976 $17,489 $13,814
Net charge-offs as a percentage of average loans and leases outstanding (annualized)(4) 0.39% 0.20% 0.18% 0.26% 0.21%
Provision for credit losses as a percentage of net charge-offs 120.83% 177.81% 148.01% 129.68% 43.62%
Provision for credit losses$10,615 $7,827 $5,885 $22,680 $6,025
DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES
Note: Management believes that it is standard practice in the banking industry to present these non-GAAP measures. These measures provide useful information to management and investors by allowing them to make peer comparisons.
(1) Net interest income has been computed on a fully taxable equivalent basis ("FTE") using the federal income tax statutory rate of 21%.
(2) Core efficiency ratio excludes from total revenue the impact of derivative mark-to-market and excludes from "total noninterest expense" the amortization of intangibles and any other unusual items deemed by management to not be related to normal operations, such as merger, acquisition and severance costs.
(3) Includes held for sale loans.
(4) Excludes held for sale loans.
For the Three Months Ended For the Nine Months Ended
September 30,June 30,September 30, September 30,September 30,
2024 2024 2023 2024 2023
Interest income$154,323$150,682$139,885 $450,467$385,741
Adjustment to fully taxable equivalent basis(1) 342 329 313 994 923
Interest income adjusted to fully taxable equivalent basis (non-GAAP) 154,665 151,011 140,198 451,461 386,664
Interest expense 57,808 55,690 42,128 166,656 95,802
Net interest income, (FTE)(1)$96,857$95,321$98,070 $284,805$290,862
FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)
DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES
For the Three Months Ended For the Nine Months Ended
September 30,June 30,September 30, September 30,September 30,
2024 2024 2023 2024 2023
Net Income$32,086 $37,088 $39,231 $106,723 $112,236
Intangible amortization 1,223 1,169 1,344 3,656 3,773
Tax benefit of amortization of intangibles (257) (245) (282) (768) (792)
Net Income, adjusted for tax affected amortization of intangibles$33,052 $38,012 $40,293 $109,611 $115,217
Average Tangible Equity:
Total shareholders' equity$1,389,290 $1,344,360 $1,249,441 $1,353,125 $1,215,433
Less: intangible assets 384,404 385,332 387,782 385,255 377,697
Tangible Equity 1,004,886 959,028 861,659 967,870 837,736
Less: preferred stock - - - - -
Tangible Common Equity$1,004,886 $959,028 $861,659 $967,870 $837,736
(8)Return on Average Tangible Common Equity 13.09% 15.94% 18.55% 15.13% 18.39%
For the Three Months Ended For the Nine Months Ended
September 30,June 30,September 30, September 30,September 30,
2024 2024 2023 2024 2023
Core Net Income:
Total Net Income$32,086 $37,088 $39,231 $106,723 $112,236
Net securities (gains) losses (194) (23) 103 (217) 103
Tax benefit of net securities gains 41 5 (22) 46 (22)
Merger and acquisition related expenses - - 379 114 8,860
Tax benefit of merger and acquisition related expenses - - (80) (24) (1,861)
Provision for credit losses - acquisition day 1 non-PCD - - - - 10,653
Tax benefit of provision for credit losses - acquisition day 1 non-PCD - - - - (2,237)
(5)Core net income$31,933 $37,070 $39,611 $106,642 $127,732
Average Shares Outstanding Assuming Dilution 102,418,964 102,287,598 102,442,878 102,293,213 101,674,970
(6)Core Earnings per common share (diluted)$0.31 $0.36 $0.39 $1.04 $1.26
Intangible amortization 1,223 1,169 1,344 3,656 3,773
Tax benefit of amortization of intangibles (257) (245) (282) (768) (792)
Core Net Income, adjusted for tax affected amortization of intangibles$32,899 $37,994 $40,673 $109,530 $130,713
(9)Core Return on Average Tangible Common Equity 13.02% 15.93% 18.73% 15.12% 20.86%
FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)
DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES
For the Three Months Ended For the Nine Months Ended
September 30,June 30,September 30, September 30,September 30,
2024 2024 2023 2024 2023
Core Return on Average Assets:
Total Net Income$32,086 $37,088 $39,231 $106,723 $112,236
Total Average Assets 11,776,532 11,695,160 11,307,058 11,664,788 10,987,290
Return on Average Assets 1.08% 1.28% 1.38% 1.22% 1.37%
Core Net Income(5)$31,933 $37,070 $39,611 $106,642 $127,732
Total Average Assets 11,776,532 11,695,160 11,307,058 11,664,788 10,987,290
(7)Core Return on Average Assets 1.08% 1.27% 1.39% 1.22% 1.55%
For the Three Months Ended For the Nine Months Ended
September 30,June 30,September 30, September 30,September 30,
2024 2024 2023 2024 2023
Core Efficiency Ratio:
Total Noninterest Expense$70,070 $65,798 $67,413 $201,441 $204,737
Adjustments to Noninterest Expense:
Intangible amortization 1,223 1,169 1,344 3,656 3,773
Merger and acquisition related - - 379 114 8,860
Noninterest Expense - Core$68,847 $64,629 $65,690 $197,671 $192,104
Net interest income, (FTE)$96,857 $95,321 $98,070 $284,805 $290,862
Total noninterest income 24,698 25,210 24,826 73,896 72,312
Net securities (gains) losses (194) (23) 103 (217) 103
Total Revenue 121,361 120,508 122,999 358,484 363,277
Adjustments to Revenue:
Derivative mark-to-market (153) - 35 (141) 27
Total Revenue - Core$121,514 $120,508 $122,964 $358,625 $363,250
(10)Core Efficiency Ratio 56.66% 53.63% 53.42% 55.12% 52.88%
FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands)
DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES
September 30,June 30,September 30,
2024 2024 2023
Tangible Equity:
Total shareholders' equity$1,409,616 $1,362,505 $1,240,531
Less: intangible assets 384,172 384,854 387,328
Tangible Equity 1,025,444 977,651 853,203
Less: preferred stock - - -
Tangible Common Equity$1,025,444 $977,651 $853,203
Tangible Assets:
Total assets$11,983,199 $11,626,873 $11,421,988
Less: intangible assets 384,172 384,854 387,328
Tangible Assets$11,599,027 $11,242,019 $11,034,660
(12)Tangible Common Equity as a percentage of Tangible Assets 8.84% 8.70% 7.73%
Shares Outstanding at End of Period 102,237,941 102,297,847 102,184,652
(11)Tangible Book Value Per Common Share$10.03 $9.56 $8.35
For the Three Months Ended For the Nine Months Ended
September 30,June 30,September 30, September 30,September 30,
2024 2024 2023 2024 2023
Pre-tax pre-provision income:
Net interest income$96,515 $94,992 $97,757 $283,811 $289,939
Noninterest income 24,698 25,210 24,826 73,896 72,312
Noninterest expense 70,070 65,798 67,413 201,441 204,737
Pre-tax pre-provision income$51,143 $54,404 $55,170 $156,266 $157,514
Net securities (gains) losses$(194)$(23)$103 $(217)$103
Merger and acquisition related expenses - 0 379 114 8,860
Core pre-tax pre-provision income$50,949 $54,381 $55,652 $156,163 $166,477
Net charge-offs$8,785 $4,402 $3,976 $17,489 $13,814

© 2024 GlobeNewswire (Europe)
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