First Commonwealth Financial Earnings 2019-03-31

FCF 10Q Quarterly Report

Balance Sheet	Income Statement	Cash Flow

10-Q 1 fcf-20190331x10q.htm FORM 10-Q Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q



x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2019



¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-11138

First Commonwealth Financial Corporation

(Exact name of registrant as specified in its charter)



Pennsylvania		25-1428528
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

601 Philadelphia Street, Indiana, PA		15701
(Address of principal executive offices)		(Zip Code)

724-349-7220

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Indicate by a check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨.

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer x Accelerated filer ¨ Smaller reporting company ¨ Emerging growth company ¨

Non-accelerated filer ¨ (Do not check if a smaller reporting company)

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

The number of shares outstanding of issuer’s common stock, $1.00 par value, as of May 3, 2019, was 98,499,937.

Table of Contents

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

FORM 10-Q

INDEX



		PAGE

PART I.	Financial Information

ITEM 1.	Financial Statements and Supplementary Data

	Included in Part I of this report:

	First Commonwealth Financial Corporation and Subsidiaries

	Consolidated Statements of Financial Condition (Unaudited)	3
	Consolidated Statements of Income (Unaudited)	4
	Consolidated Statements of Comprehensive Income (Unaudited)	5
	Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)	6
	Consolidated Statements of Cash Flows (Unaudited)	7
	Notes to the Unaudited Consolidated Financial Statements	8

ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	41

ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	55

ITEM 4.	Controls and Procedures	55

PART II.	Other Information

ITEM 1.	Legal Proceedings	56

ITEM 1A.	Risk Factors	56

ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	56

ITEM 3.	Defaults Upon Senior Securities	56

ITEM 4.	Mine Safety Disclosures	56

ITEM 5.	Other Information	56

ITEM 6.	Exhibits	57

	Signatures	58

Table of Contents

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION



	March 31, 2019			December 31, 2018
	(Unaudited)
	(dollars in thousands, except share data)
Assets
Cash and due from banks	$	100,724		$	95,934
Interest-bearing bank deposits	23,168			3,013
Securities available for sale, at fair value	893,101			909,247
Securities held to maturity, at amortized cost (Fair value of $380,443 and $383,993 at March 31, 2019 and December 31, 2018, respectively)	384,909			393,855
Other investments	25,378			32,126
Loans held for sale	9,627			11,881
Loans:
Portfolio loans	5,871,070			5,774,139
Allowance for credit losses	(49,653		)	(47,764		)
Net loans	5,821,417			5,726,375
Premises and equipment, net	129,107			80,474
Other real estate owned	3,993			3,935
Goodwill	274,202			274,202
Amortizing intangibles, net	12,876			13,038
Bank owned life insurance	217,192			215,766
Other assets	76,979			68,409
Total assets	$	7,972,673		$	7,828,255
Liabilities
Deposits (all domestic):
Noninterest-bearing	$	1,510,566		$	1,466,213
Interest-bearing	4,620,194			4,431,779
Total deposits	6,130,760			5,897,992
Short-term borrowings	565,616			721,823
Subordinated debentures	170,328			170,288
Other long-term debt	7,395			7,551
Capital lease obligation	7,118			7,217
Total long-term debt	184,841			185,056
Other liabilities	93,437			47,995
Total liabilities	6,974,654			6,852,866
Shareholders’ Equity
Preferred stock, $1 par value per share, 3,000,000 shares authorized, none issued	—			—
Common stock, $1 par value per share, 200,000,000 shares authorized; 113,914,902 shares issued at March 31, 2019 and December 31, 2018, and 98,625,806 and 98,518,668 shares outstanding at March 31, 2019 and December 31, 2018, respectively	113,915			113,915
Additional paid-in capital	493,664			492,273
Retained earnings	526,136			511,409
Accumulated other comprehensive loss, net	(4,102		)	(11,341		)
Treasury stock (15,289,096 and 15,396,234 shares at March 31, 2019 and December 31, 2018, respectively)	(131,594		)	(130,867		)
Total shareholders’ equity	998,019			975,389
Total liabilities and shareholders’ equity	$	7,972,673		$	7,828,255

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

ITEM 1. Financial Statements and Supplementary Data (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)



	For the Three Months Ended
	March 31,
	2019			2018
	(dollars in thousands, except share data)
Interest Income
Interest and fees on loans	$	70,421		$	58,483
Interest and dividends on investments:
Taxable interest	8,164			7,056
Interest exempt from federal income taxes	418			410
Dividends	537			519
Interest on bank deposits	54			31
Total interest income	79,594			66,499
Interest Expense
Interest on deposits	8,175			3,541
Interest on short-term borrowings	3,438			2,295
Interest on subordinated debentures	2,354			827
Interest on other long-term debt	71			77
Interest on lease obligations	70			74
Total interest expense	14,108			6,814
Net Interest Income	65,486			59,685
Provision for credit losses	4,095			6,903
Net Interest Income after Provision for Credit Losses	61,391			52,782
Noninterest Income
Net securities gains	—			2,840
Trust income	1,926			1,928
Service charges on deposit accounts	4,245			4,406
Insurance and retail brokerage commissions	1,961			1,868
Income from bank owned life insurance	1,426			1,494
Gain on sale of mortgage loans	1,428			1,484
Gain on sale of other loans and assets	1,084			574
Card-related interchange income	4,730			4,742
Derivatives mark to market	(26		)	789
Swap fee income	393			290
Other income	1,705			1,628
Total noninterest income	18,872			22,043
Noninterest Expense
Salaries and employee benefits	27,220			24,873
Net occupancy	4,916			4,369
Furniture and equipment	3,668			3,540
Data processing	2,544			2,433
Advertising and promotion	1,240			809
Pennsylvania shares tax	916			903
Intangible amortization	754			784
Collection and repossession	547			823
Other professional fees and services	754			1,007
FDIC insurance	574			776
Loss on sale or write-down of assets	65			197
Litigation and operational losses	401			179
Merger and acquisition related	—			337
Other operating	6,131			5,843
Total noninterest expense	49,730			46,873
Income Before Income Taxes	30,533			27,952
Income tax provision	5,944			4,682
Net Income	$	24,589		$	23,270
Average Shares Outstanding	98,479,041			97,433,137
Average Shares Outstanding Assuming Dilution	98,706,827			97,601,162
Per Share Data:
Basic Earnings per Share	$	0.25		$	0.24
Diluted Earnings per Share	$	0.25		$	0.24
Cash Dividends Declared per Common Share	$	0.10		$	0.08

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

ITEM 1. Financial Statements and Supplementary Data (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)



	For the Three Months Ended
	March 31,
	2019			2018
	(dollars in thousands)
Net Income	$	24,589		$	23,270
Other comprehensive income (loss), before tax (expense) benefit:
Unrealized holding gains (losses) on securities arising during the period	9,030			(3,982		)
Less: reclassification adjustment for gains on securities included in net income	—			(2,840		)
Unrealized holding gains (losses) on derivatives arising during the period	133			(130		)
Less: reclassification adjustment for losses on derivatives included in net income	—			—
Total other comprehensive income (loss), before tax (expense) benefit	9,163			(6,952		)
Income tax (expense) benefit related to items of other comprehensive income (loss)	(1,924		)	1,460
Total other comprehensive income (loss)	7,239			(5,492		)
Comprehensive Income	$	31,828		$	17,778

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

ITEM 1. Financial Statements and Supplementary Data (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)



	Shares Outstanding		Common Stock		Additional Paid-in- Capital		Retained Earnings			Accumulated Other Comprehensive Income (Loss), net			Treasury Stock			Total Shareholders’ Equity
	(dollars in thousands, except share and per share data)
Balance at December 31, 2018	98,518,668		$	113,915	$	492,273	$	511,409		$	(11,341	)	$	(130,867	)	$	975,389
Net income							24,589									24,589
Other comprehensive income										7,239						7,239
Cash dividends declared ($0.10 per share)							(9,862		)							(9,862		)
Treasury stock acquired	(159,562	)											(2,074		)	(2,074		)
Treasury stock reissued	188,700				941		—						1,590			2,531
Restricted stock	78,000		—		450		—						(243		)	207
Balance at March 31, 2019	98,625,806		$	113,915	$	493,664	$	526,136		$	(4,102	)	$	(131,594	)	$	998,019



	Shares Outstanding		Common Stock		Additional Paid-in- Capital		Retained Earnings			Accumulated Other Comprehensive Income (Loss), net			Treasury Stock			Total Shareholders’ Equity
	(dollars in thousands, except share and per share data)
Balance at December 31, 2017	97,456,478		$	113,915	$	470,123	$	437,416		$	(6,173	)	$	(127,154	)	$	888,127
Cumulative effect of adoption of ASU 2018-02							1,344			(1,344		)				—
January 1, 2018	97,456,478		113,915		470,123		438,760			(7,517		)	(127,154		)	888,127
Net income							23,270									23,270
Other comprehensive loss										(5,492		)				(5,492		)
Cash dividends declared ($0.08 per share)							(7,803		)							(7,803		)
Treasury stock acquired	(72,307	)											(1,079		)	(1,079		)
Treasury stock reissued	149,480				1,108		—						1,149			2,257
Restricted stock	69,500		—		537		—						(468		)	69
Balance at March 31, 2018	97,603,151		$	113,915	$	471,768	$	454,227		$	(13,009	)	$	(127,552	)	$	899,349

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

ITEM 1. Financial Statements and Supplementary Data (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)



	For the Three Months Ended
	March 31,
	2019			2018
Operating Activities	(dollars in thousands)
Net income	$	24,589		$	23,270
Adjustment to reconcile net income to net cash provided by operating activities:
Provision for credit losses	4,095			6,903
Deferred tax expense	1,443			1,097
Depreciation and amortization	2,478			2,380
Net gains on securities and other assets	(2,218		)	(5,143		)
Net amortization of premiums and discounts on securities	784			775
Income from increase in cash surrender value of bank owned life insurance	(1,426		)	(1,494		)
Increase in interest receivable	(2,346		)	(620		)
Mortgage loans originated for sale	(34,985		)	(38,218		)
Proceeds from sale of mortgage loans	35,255			46,134
Increase (decrease) in interest payable	1,522			(235		)
Increase in income taxes payable	4,454			3,557
Other-net	(14,956		)	(17,004		)
Net cash provided by operating activities	18,689			21,402
Investing Activities
Transactions with securities held to maturity:
Proceeds from maturities and redemptions	8,641			11,335
Purchases	—			—
Transactions with securities available for sale:
Proceeds from sales	—			—
Proceeds from maturities and redemptions	31,099			44,067
Purchases	(6,401		)	(130,012		)
Purchases of FHLB stock	(10,293		)	(13,491		)
Proceeds from the redemption of FHLB stock	17,041			18,928
Proceeds from sale of loans	8,559			6,647
Proceeds from sale of other assets	1,144			1,141
Net (increase) decrease in loans	(104,189		)	16,012
Purchases of premises and equipment and other assets	(4,128		)	(1,974		)
Net cash used in investing activities	(58,527		)	(47,347		)
Financing Activities
Net (decrease) increase in federal funds purchased	(11,000		)	6,000
Net decrease in other short-term borrowings	(145,207		)	(125,450		)
Net increase in deposits	232,892			122,849
Repayments of other long-term debt	(156		)	(150		)
Repayments of capital lease obligation	(99		)	(92		)
Dividends paid	(9,862		)	(7,803		)
Purchase of treasury stock	(1,785		)	(1,079		)
Net cash provided by (used in) financing activities	64,783			(5,725		)
Net increase (decrease) in cash and cash equivalents	24,945			(31,670		)
Cash and cash equivalents at January 1	98,947			107,292
Cash and cash equivalents at March 31	$	123,892		$	75,622

The accompanying notes are an integral part of these unaudited consolidated financial statements.

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Note 1 Basis of Presentation

The accounting and reporting policies of First Commonwealth Financial Corporation and its subsidiaries (“First Commonwealth” or the “Company”) conform with generally accepted accounting principles in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates, assumptions and judgments that affect the amounts reported in the financial statements and accompanying notes. Actual realized amounts could differ from those estimates. In the opinion of management, the unaudited interim consolidated financial statements include all adjustments (consisting of only normal recurring adjustments) necessary for a fair presentation of First Commonwealth’s financial position, results of operations, comprehensive income, cash flows and changes in shareholders’ equity as of and for the periods presented. Certain information and Note disclosures normally included in Consolidated Financial Statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC.

For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, federal funds sold and interest-bearing bank deposits. Generally, federal funds are sold for one-day periods.

The results of operations for the three months ended March 31, 2019 are not necessarily indicative of the results that may be expected for the full year of 2019. These interim financial statements should be read in conjunction with First Commonwealth’s 2018 Annual Report on Form 10-K.

Adoption of New Accounting Standards

In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)," in order to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Additionally, the FASB issued ASU No. 2018-01, "Leases (Topic 842)" in January 2018, ASU No. 2018-11, "Leases - Targeted Improvements" in July 2018 and ASU 2018-20, "Leases - Narrow-Scope Improvements for Lessors" in December 2018. These ASU's provide certain improvements and optional practical expedients to Topic 842. First Commonwealth adopted this guidance on January 1, 2019. Under this new guidance, all entities will classify leases to determine how to recognize lease-related revenue and expense. Quantitative and qualitative disclosures will be required by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The intention is to require enough information to supplement the amounts recorded in the financial statements so that users can understand more about the nature of an entity’s leasing activities. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. First Commonwealth has elected the transition option provided in ASU No. 2018-11, which provides for the modified retrospective approach to be applied on January 1, 2019. Upon adoption of this standard on January 1, 2019, we recognized right-of-use ("ROU") assets and related lease liabilities totaling $38.5 million and $41.8 million, respectively. Additionally, during the first quarter of 2019, we recognized an additional right-of-use asset and related lease liability totaling $10.0 million in connection with the relocation of leased space that includes a corporate loan production office and some administrative offices. We have elected to apply certain practical expedients provided under the standard including (i) to not apply the requirements in the new standard to short-term leases (ii) to not reassess the lease classification for any expired or existing lease (iii) to account for lease and non-lease components separately (iv) to not reassess initial direct costs for any existing leases. The initial impact of this standard primarily relates to operating leases of certain real estate properties. First Commonwealth has no material leasing arrangements for which it is the lessor of property or equipment.

Note 2 Supplemental Comprehensive Income Disclosures

The following table identifies the related tax effects allocated to each component of other comprehensive income (“OCI”) in the Consolidated Statements of Comprehensive Income. Reclassification adjustments related to securities available for sale are included in the "Net securities gains" line and reclassification adjustments related to losses on derivatives are included in the "Other operating expenses" line in the Consolidated Statements of Income.

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)



	For the Three Months Ended March 31,
	2019							2018
	Pretax Amount		Tax (Expense) Benefit			Net of Tax Amount		Pretax Amount			Tax (Expense) Benefit		Net of Tax Amount
	(dollars in thousands)
Unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period	$	9,030	$	(1,896	)	$	7,134	$	(3,982	)	$	837	$	(3,145	)
Reclassification adjustment for gains on securities included in net income	—		—			—		(2,840		)	596		(2,244		)
Total unrealized gains (losses) on securities	9,030		(1,896		)	7,134		(6,822		)	1,433		(5,389		)
Unrealized gains (losses) on derivatives:
Unrealized holding gains (losses) on derivatives arising during the period	133		(28		)	105		(130		)	27		(103		)
Reclassification adjustment for losses on derivatives included in net income	—		—			—		—			—		—
Total unrealized gains (losses) on derivatives	133		(28		)	105		(130		)	27		(103		)
Total other comprehensive income (loss)	$	9,163	$	(1,924	)	$	7,239	$	(6,952	)	$	1,460	$	(5,492	)

The following table details the change in components of OCI for the three months ended March 31:



	2019											2018
	Securities Available for Sale			Post-Retirement Obligation		Derivatives			Accumulated Other Comprehensive Income (Loss)			Securities Available for Sale			Post-Retirement Obligation		Derivatives			Accumulated Other Comprehensive Income (Loss)
	(dollars in thousands)
Balance at December 31	$	(11,697	)	$	461	$	(105	)	$	(11,341	)	$	(6,166	)	$	299	$	(306	)	$	(6,173	)
Cumulative effect of adoption of ASU 2018-02	—			—		—			—			(1,344		)	—		—			(1,344		)
Balance at January 1	(11,697		)	461		(105		)	(11,341		)	(7,510		)	299		(306		)	(7,517		)
Other comprehensive income (loss) before reclassification adjustment	7,134			—		105			7,239			(3,145		)	—		(103		)	(3,248		)
Amounts reclassified from accumulated other comprehensive (loss) income	—			—		—			—			(2,244		)	—		—			(2,244		)
Net other comprehensive income (loss) during the period	7,134			—		105			7,239			(5,389		)	—		(103		)	(5,492		)
Balance at March 31	$	(4,563	)	$	461	$	—		$	(4,102	)	$	(12,899	)	$	299	$	(409	)	$	(13,009	)

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 3 Supplemental Cash Flow Disclosures

The following table presents information related to cash paid during the period for interest and income taxes, as well as detail on non-cash investing and financing activities for the three months ended March 31:



	2019		2018
	(dollars in thousands)
Cash paid during the period for:
Interest	$	12,660	$	7,072
Income taxes	61		28
Non-cash investing and financing activities:
Loans transferred to other real estate owned and repossessed assets	982		1,186
Loans transferred from held to maturity to held for sale	4,156		8,019
Gross increase (decrease) in market value adjustment to securities available for sale	9,030		(6,822		)
Gross increase (decrease) in market value adjustment to derivatives	133		(131		)
Noncash treasury stock reissuance	2,531		2,257
Unsettled treasury stock repurchases	289		—
Proceeds from death benefit on bank-owned life insurance not received	—		2,306

Note 4 Earnings per Share

The following table summarizes the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computations:



	For the Three Months Ended March 31,
	2019			2018
Weighted average common shares issued	113,914,902			113,914,902
Average treasury stock shares	(15,291,253		)	(16,369,144		)
Average deferred compensation shares	(37,411		)	(37,411		)
Average unearned nonvested shares	(107,197		)	(75,210		)
Weighted average common shares and common stock equivalents used to calculate basic earnings per share	98,479,041			97,433,137
Additional common stock equivalents (nonvested stock) used to calculate diluted earnings per share	190,375			130,614
Additional common stock equivalents (deferred compensation) used to calculate diluted earnings per share	37,411			37,411
Weighted average common shares and common stock equivalents used to calculate diluted earnings per share	98,706,827			97,601,162
Basic Earnings per Share	$	0.25		$	0.24
Diluted Earnings per Share	$	0.25		$	0.24

The following table shows the number of shares and the price per share related to common stock equivalents that were not included in the computation of diluted earnings per share for the three months ended March 31 because to do so would have been antidilutive.



	2019					2018
		Price Range					Price Range
	Shares	From		To		Shares	From		To
Restricted Stock	95,403	$	12.99	$	14.49	37,298	$	9.84	$	14.49
Restricted Stock Units	39,618	$	14.22	$	16.62	43,067	$	13.25	$	15.83

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 5 Commitments and Contingent Liabilities

Commitments and Letters of Credit

Standby letters of credit and commercial letters of credit are conditional commitments issued by First Commonwealth to guarantee the performance of a customer to a third party. The contract or notional amount of these instruments reflects the maximum amount of future payments that First Commonwealth could be required to pay under the guarantees if there were a total default by the guaranteed parties, without consideration of possible recoveries under recourse provisions or from collateral held or pledged. In addition, many of these commitments are expected to expire without being drawn upon; therefore, the total commitment amounts do not necessarily represent future cash requirements.

The following table identifies the notional amount of those instruments at:



	March 31, 2019		December 31, 2018
	(dollars in thousands)
Financial instruments whose contract amounts represent credit risk:
Commitments to extend credit	$	1,881,445	$	1,883,914
Financial standby letters of credit	18,121		18,298
Performance standby letters of credit	28,520		22,027
Commercial letters of credit	887		887

The notional amounts outstanding as of March 31, 2019 include amounts issued in 2019 of $8.1 million in performance standby letters of credit. There were no financial standby or commercial letters of credit issued in 2019. A liability of $0.3 million and $0.2 million has been recorded as of March 31, 2019 and December 31, 2018, respectively, which represents the estimated fair value of letters of credit issued. The fair value of letters of credit is estimated based on the unrecognized portion of fees received at the time the commitment was issued.

Unused commitments and letters of credit provide exposure to future credit loss in the event of nonperformance by the borrower or guaranteed parties. Management’s evaluation of the credit risk related to these commitments resulted in the recording of a liability of $4.6 million and $5.0 million as of March 31, 2019 and December 31, 2018, respectively. This liability is reflected in "Other liabilities" in the Consolidated Statements of Financial Condition. The credit risk evaluation incorporated probability of default, loss given default and estimated utilization for the next twelve months for each loan category and the letters of credit.

Legal Proceedings

First Commonwealth and its subsidiaries are subject in the normal course of business to various pending and threatened legal proceedings in which claims for monetary damages are asserted. As of March 31, 2019, management, after consultation with legal counsel, does not anticipate that the aggregate ultimate liability arising out of litigation pending or threatened against First Commonwealth or its subsidiaries will be material to First Commonwealth’s consolidated financial position. On at least a quarterly basis, First Commonwealth assesses its liabilities and contingencies in connection with such legal proceedings. For those matters where it is probable that First Commonwealth will incur losses and the amounts of the losses can be reasonably estimated, First Commonwealth records an expense and corresponding liability in its consolidated financial statements. To the extent the pending or threatened litigation could result in exposure in excess of that liability, the amount of such excess is not currently estimable. Although not considered probable, the range of reasonably possible losses for such matters in the aggregate, beyond the existing recorded liability (if any), is between $0 and $1 million. Although First Commonwealth does not believe that the outcome of pending litigation will be material to First Commonwealth’s consolidated financial position, it cannot rule out the possibility that such outcomes will be material to the consolidated results of operations and cash flows for a particular reporting period in the future.

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 6 Investment Securities

Securities Available for Sale

Below is an analysis of the amortized cost and estimated fair values of securities available for sale at:



	March 31, 2019									December 31, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential	$	8,731	$	539	$	(24	)	$	9,246	$	9,011	$	479	$	(84	)	$	9,406
Mortgage-Backed Securities – Commercial	169,153		457		(1,490		)	168,120		169,633		214		(2,103		)	167,744
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential	660,080		2,749		(8,863		)	653,966		686,906		1,846		(15,391		)	673,361
Other Government-Sponsored Enterprises	10,000		6		—			10,006		10,000		12		—			10,012
Obligations of States and Political Subdivisions	28,010		204		—			28,214		27,592		126		(6		)	27,712
Corporate Securities	22,903		665		(19		)	23,549		20,912		321		(221		)	21,012
Total Securities Available for Sale	$	898,877	$	4,620	$	(10,396	)	$	893,101	$	924,054	$	2,998	$	(17,805	)	$	909,247

Mortgage-backed securities include mortgage-backed obligations of U.S. Government agencies and obligations of U.S. Government-sponsored enterprises. These obligations have contractual maturities ranging from less than one year to approximately 30 years with lower anticipated lives to maturity due to prepayments. All mortgage-backed securities contain a certain amount of risk related to the uncertainty of prepayments of the underlying mortgages. Interest rate changes have a direct impact upon prepayment speeds; therefore, First Commonwealth uses computer simulation models to test the average life and yield volatility of all mortgage-backed securities under various interest rate scenarios to monitor the potential impact on earnings and interest rate risk positions.

Expected maturities will differ from contractual maturities because issuers may have the right to call or repay obligations with or without call or prepayment penalties. Other fixed income securities within the portfolio also contain prepayment risk.

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The amortized cost and estimated fair value of debt securities available for sale at March 31, 2019, by contractual maturity, are shown below.



	Amortized Cost		Estimated Fair Value
	(dollars in thousands)
Due within 1 year	$	—	$	—
Due after 1 but within 5 years	27,333		27,588
Due after 5 but within 10 years	33,580		34,181
Due after 10 years	—		—
	60,913		61,769
Mortgage-Backed Securities (a)	837,964		831,332
Total Debt Securities	$	898,877	$	893,101


(a)	Mortgage-Backed Securities include an amortized cost of $177.9 million and a fair value of $177.4 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $660.1 million and a fair value of $654.0 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.

Proceeds from sales, gross gains (losses) realized on sales, maturities and other-than-temporary impairment charges related to securities available for sale were as follows for the three months ended March 31:



	2019		2018
	(dollars in thousands)
Proceeds from sales	$	—	$	—
Gross gains (losses) realized:
Sales Transactions:
Gross gains	$	—	$	—
Gross losses	—		—
	—		—
Maturities and impairment
Gross gains	—		2,840
Gross losses	—		—
	—		2,840
Net gains and impairment	$	—	$	2,840

Gross gains of $2.8 million were recognized in 2018 as a result of a successful auction call on PreSTL XIV, one of our pooled trust preferred securities. There were no gains or losses recognized in 2019.

Securities available for sale with an estimated fair value of $625.2 million and $636.3 million were pledged as of March 31, 2019 and December 31, 2018, respectively, to secure public deposits and for other purposes required or permitted by law.

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Securities Held to Maturity

Below is an analysis of the amortized cost and fair values of debt securities held to maturity at:



	March 31, 2019									December 31, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential	$	3,606	$	—	$	(26	)	$	3,580	$	3,635	$	—	$	(97	)	$	3,538
Mortgage-Backed Securities- Commercial	54,898		—		(1,763		)	53,135		55,221		—		(2,327		)	52,894
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential	270,807		352		(3,303		)	267,856		279,109		212		(7,254		)	272,067
Mortgage-Backed Securities – Commercial	12,894		—		(95		)	12,799		13,159		—		(258		)	12,901
Obligations of States and Political Subdivisions	42,304		400		(31		)	42,673		42,331		175		(313		)	42,193
Debt Securities Issued by Foreign Governments	400		—		—			400		400		—		—			400
Total Securities Held to Maturity	$	384,909	$	752	$	(5,218	)	$	380,443	$	393,855	$	387	$	(10,249	)	$	383,993

The amortized cost and estimated fair value of debt securities held to maturity at March 31, 2019, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or prepayment penalties.



	Amortized Cost		Estimated Fair Value
	(dollars in thousands)
Due within 1 year	$	518	$	518
Due after 1 but within 5 years	7,922		7,965
Due after 5 but within 10 years	34,264		34,590
Due after 10 years	—		—
	42,704		43,073
Mortgage-Backed Securities (a)	342,205		337,370
Total Debt Securities	$	384,909	$	380,443


(a)	Mortgage-Backed Securities include an amortized cost of $58.5 million and a fair value of $56.7 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $283.7 million and a fair value of $280.7 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.

Securities held to maturity with an amortized cost of $324.7 million and $250.3 million were pledged as of March 31, 2019 and December 31, 2018, respectively, to secure public deposits and for other purposes required or permitted by law.

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 7 Impairment of Investment Securities

Securities Available for Sale and Held to Maturity

As required by FASB ASC Topic 320, “Investments – Debt and Equity Securities,” credit-related other-than-temporary impairment on debt securities is recognized in earnings, while non-credit related other-than-temporary impairment on debt securities not expected to be sold is recognized in OCI. During the three months ended March 31, 2019 and 2018, no other-than-temporary impairment charges were recognized.

First Commonwealth utilizes the specific identification method to determine the net gain or loss on debt securities and the average cost method to determine the net gain or loss on equity securities.

We review our investment portfolio on a quarterly basis for indications of impairment. This review includes analyzing the length of time and the extent to which the fair value has been lower than the cost, the financial condition and near-term prospects of the issuer, including any specific events which may influence the operations of the issuer and whether we are more likely than not to sell, or be required to sell, the security. We evaluate whether we are more likely than not to sell debt securities based upon our investment strategy for the particular type of security, our cash flow needs, liquidity position, capital adequacy, tax position and interest rate risk position. In addition, the risk of future other-than-temporary impairment may be influenced by weakness in the U.S. economy or changes in real estate values.

The following table presents the gross unrealized losses and estimated fair values at March 31, 2019 for both available for sale and held to maturity securities by investment category and time frame for which securities have been in a continuous unrealized loss position:



	Less Than 12 Months					12 Months or More					Total
	Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses
	(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential	$	—	$	—		$	7,336	$	(50	)	$	7,336	$	(50	)
Mortgage-Backed Securities – Commercial	48,274		(28		)	124,003		(3,225		)	172,277		(3,253		)
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential	4		—			710,446		(12,166		)	710,450		(12,166		)
Mortgage-Backed Securities – Commercial	—		—			12,799		(95		)	12,799		(95		)
Obligations of States and Political Subdivisions	—		—			5,925		(31		)	5,925		(31		)
Debt Securities Issued by Foreign Governments	200		—			—		—			200		—
Corporate Securities	—		—			4,976		(19		)	4,976		(19		)
Total Securities	$	48,478	$	(28	)	$	865,485	$	(15,586	)	$	913,963	$	(15,614	)

At March 31, 2019, fixed income securities issued by U.S. Government-sponsored enterprises and U.S. Government agencies comprised 79% and 21%, respectively, of total unrealized losses due to changes in market interest rates. At March 31, 2019, there are 98 debt securities in an unrealized loss position.

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following table presents the gross unrealized losses and estimated fair values at December 31, 2018 by investment category and time frame for which securities have been in a continuous unrealized loss position:



	Less Than 12 Months					12 Months or More					Total
	Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses
	(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential	$	2,289	$	(41	)	$	5,028	$	(140	)	$	7,317	$	(181	)
Mortgage-Backed Securities - Commercial	95,826		(925		)	75,959		(3,505		)	171,785		(4,430		)
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential	156,732		(1,856		)	626,003		(20,789		)	782,735		(22,645		)
Mortgage-Backed Securities – Commercial	—		—			12,901		(258		)	12,901		(258		)
Obligation of States and Political Subdivisions	8,591		(85		)	9,338		(234		)	17,929		(319		)
Corporate Securities	14,769		(214		)	3,993		(7		)	18,762		(221		)
Total Securities	$	278,207	$	(3,121	)	$	733,222	$	(24,933	)	$	1,011,429	$	(28,054	)

As of March 31, 2019, our corporate securities had an amortized cost and an estimated fair value of $22.9 million and $23.5 million, respectively. As of December 31, 2018, our corporate securities had an amortized cost and estimated fair value of $20.9 million and $21.0 million, respectively. Corporate securities are comprised of debt for large regional banks. There was one corporate security in an unrealized loss position as of March 31, 2019 and four corporate securities in an unrealized loss position as of December 31, 2018. When unrealized losses exist on these investments, management reviews each of the issuer’s asset quality, earnings trends and capital position, to determine whether issues in an unrealized loss position were other-than-temporarily impaired. All interest payments on the corporate securities are being made as contractually required.

During 2018, all of our pooled trust preferred collateralized debt obligations were liquidated either through a successful auction call or sale. Other-than-temporary impairment charges were recognized on the pooled trust preferred securities in 2008, 2009 and 2010. The following table provides a cumulative roll forward of credit losses recognized in earnings for the trust preferred securities:



	For the Three Months Ended March 31,
	2019		2018
	(dollars in thousands)
Balance, beginning (a)	$	—	$	12,208
Credit losses on debt securities for which other-than-temporary impairment was not previously recognized	—		—
Additional credit losses on debt securities for which other-than-temporary impairment was previously recognized	—		—
Increases in cash flows expected to be collected, recognized over the remaining life of the security (b)	—		(147		)
Reduction for debt securities sold during the period	—		—
Reduction for debt securities called during the period	—		(2,302		)
Balance, ending	$	—	$	9,759


(a)	The beginning balance represents credit related losses included in other-than-temporary impairment charges recognized on debt securities in prior periods.


(b)	Represents the increase in cash flows recognized in interest income during the period.

Other Investments

As a member of the Federal Home Loan Bank ("FHLB"), First Commonwealth is required to purchase and hold stock in the FHLB to satisfy membership and borrowing requirements. The level of stock required to be held is dependent on the amount of First Commonwealth's mortgage-related assets and outstanding borrowings with the FHLB. This stock is restricted in that it can only be sold to the FHLB or to another member institution, and all sales of FHLB stock must be at par. As a result of these restrictions, FHLB stock is unlike other investment securities insofar as there is no trading market for FHLB stock and the transfer price is determined by FHLB membership rules and not by market participants. As of March 31, 2019 and December 31, 2018, our FHLB stock totaled $23.7 million and $30.5 million, respectively, and is included in “Other investments” on the Consolidated Statements of Financial Condition.

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

FHLB stock is held as a long-term investment and its value is determined based on the ultimate recoverability of the par value. First Commonwealth evaluates impairment quarterly and has concluded that the par value of its investment in FHLB stock will be recovered. Accordingly, no impairment charge was recorded on these securities during the three months ended March 31, 2019.

As of both March 31, 2019 and 2018, "Other investments" also includes $1.7 million in equity securities. These securities do not have a readily determinable fair value and are carried at cost. During the three-months ended March 31, 2019 and 2018, there were no gains or losses recognized through earnings on equity securities. On a quarterly basis, management evaluates equity securities by reviewing the severity and duration of decline in estimated fair value, research reports, analysts’ recommendations, credit rating changes, news stories, annual reports, regulatory filings, impact of interest rate changes and other relevant information.

Note 8 Loans and Allowance for Credit Losses

The following table provides outstanding balances related to each of our loan types:



	March 31, 2019						December 31, 2018
	Originated		Acquired		Total		Originated		Acquired		Total
	(dollars in thousands)
Commercial, financial, agricultural and other	$	1,143,885	$	36,435	$	1,180,320	$	1,100,947	$	37,526	$	1,138,473
Real estate construction	383,164		6,223		389,387		353,008		5,970		358,978
Residential real estate	1,325,740		239,609		1,565,349		1,313,645		248,760		1,562,405
Commercial real estate	1,946,482		191,894		2,138,376		1,922,349		201,195		2,123,544
Loans to individuals	593,481		4,157		597,638		585,347		5,392		590,739
Total loans	$	5,392,752	$	478,318	$	5,871,070	$	5,275,296	$	498,843	$	5,774,139

Credit Quality Information

As part of the on-going monitoring of credit quality within the loan portfolio, the following credit worthiness categories are used in grading our loans:



Pass		Acceptable levels of risk exist in the relationship. Includes all loans not classified as OAEM, substandard or doubtful.



Other Assets Especially Mentioned (OAEM)		Potential weaknesses that deserve management’s close attention. The potential weaknesses may result in deterioration of the repayment prospects or weaken the Company’s credit position at some future date. The credit risk may be relatively minor, yet constitute an undesirable risk in light of the circumstances surrounding the specific credit. No loss of principal or interest is expected.



Substandard		Well-defined weakness or a weakness that jeopardizes the repayment of the debt. A loan may be classified as substandard as a result of deterioration of the borrower’s financial condition and repayment capacity. Loans for which repayment plans have not been met or collateral equity margins do not protect the Company may also be classified as substandard.



Doubtful		Loans with the characteristics of substandard loans with the added characteristic that collection or liquidation in full, on the basis of presently existing facts and conditions, is highly improbable.

The use of creditworthiness categories to grade loans permits management’s use of migration analysis to estimate a portion of credit risk. The Company’s internal creditworthiness grading system provides a measurement of credit risk based primarily on an evaluation of the borrower’s cash flow and collateral. Movement between these rating categories provides a predictive measure of credit losses and therefore assists in determining the appropriate level for the loan loss reserves. Category ratings are reviewed each quarter, at which time management analyzes the results, as well as other external statistics and factors related to loan performance. Loans that migrate towards higher risk rating levels generally have an increased risk of default, whereas loans that migrate toward lower risk ratings generally will result in a lower risk factor being applied to those related loan balances.

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following tables represent our credit risk profile by creditworthiness:



	March 31, 2019
	Commercial, financial, agricultural and other		Real estate construction		Residential real estate		Commercial real estate		Loans to individuals		Total
	(dollars in thousands)
Originated loans
Pass	$	1,107,013	$	374,201	$	1,315,339	$	1,894,745	$	593,253	$	5,284,551
Non-Pass
OAEM	31,225		8,963		809		32,635		—		73,632
Substandard	5,647		—		9,592		19,102		228		34,569
Doubtful	—		—		—		—		—		—
Total Non-Pass	36,872		8,963		10,401		51,737		228		108,201
Total	$	1,143,885	$	383,164	$	1,325,740	$	1,946,482	$	593,481	$	5,392,752

Acquired loans
Pass	$	30,627	$	5,602	$	236,594	$	189,052	$	4,143	$	466,018
Non-Pass
OAEM	5,672		621		725		423		—		7,441
Substandard	136		—		2,290		2,419		14		4,859
Doubtful	—		—		—		—		—		—
Total Non-Pass	5,808		621		3,015		2,842		14		12,300
Total	$	36,435	$	6,223	$	239,609	$	191,894	$	4,157	$	478,318



	December 31, 2018
	Commercial, financial, agricultural and other		Real estate construction		Residential real estate		Commercial real estate		Loans to individuals		Total
	(dollars in thousands)
Originated loans
Pass	$	1,055,394	$	337,367	$	1,302,912	$	1,880,139	$	585,141	$	5,160,953
Non-Pass
OAEM	33,723		15,641		1,026		28,904		—		79,294
Substandard	11,830		—		9,707		13,306		206		35,049
Doubtful	—		—		—		—		—		—
Total Non-Pass	45,553		15,641		10,733		42,210		206		114,343
Total	$	1,100,947	$	353,008	$	1,313,645	$	1,922,349	$	585,347	$	5,275,296

Acquired loans
Pass	$	31,399	$	5,337	$	245,637	$	198,201	$	5,377	$	485,951
Non-Pass
OAEM	5,890		633		736		441		—		7,700
Substandard	237		—		2,387		2,553		15		5,192
Doubtful	—		—		—		—		—		—
Total Non-Pass	6,127		633		3,123		2,994		15		12,892
Total	$	37,526	$	5,970	$	248,760	$	201,195	$	5,392	$	498,843

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Portfolio Risks

The credit quality of our loan portfolio can potentially represent significant risk to our earnings, capital and liquidity. First Commonwealth devotes substantial resources to managing this risk primarily through our credit administration department that develops and administers policies and procedures for underwriting, maintaining, monitoring and collecting loans. Credit administration is independent of lending departme

Closing Price ($)	Shares Out (MM)	Market Cap ($MM)
$13.66	99	$1,350

10-Q	2019-03-31	Quarter: 2019-03-31
10-K	2018-12-31	Annual: 2018-12-31
10-Q	2018-09-30	Quarter: 2018-09-30
10-Q	2018-06-30	Quarter: 2018-06-30
10-Q	2018-03-31	Quarter: 2018-03-31
10-K	2017-12-31	Annual: 2017-12-31
10-Q	2017-09-30	Quarter: 2017-09-30
10-Q	2017-06-30	Quarter: 2017-06-30
10-Q	2017-03-31	Quarter: 2017-03-31
10-K	2016-12-31	Annual: 2016-12-31
10-Q	2016-09-30	Quarter: 2016-09-30
10-Q	2016-06-30	Quarter: 2016-06-30
10-Q	2016-03-31	Quarter: 2016-03-31
10-K	2015-12-31	Annual: 2015-12-31
10-Q	2015-09-30	Quarter: 2015-09-30
10-Q	2015-06-30	Quarter: 2015-06-30
10-Q	2015-03-31	Quarter: 2015-03-31
10-K	2014-12-31	Annual: 2014-12-31
10-Q	2014-09-30	Quarter: 2014-09-30
10-Q	2014-06-30	Quarter: 2014-06-30
10-Q	2014-03-31	Quarter: 2014-03-31
10-K	2013-12-31	Annual: 2013-12-31

8-K	2019-07-23	Earnings, Regulation FD, Exhibits
8-K	2019-04-23	Shareholder Vote
8-K	2019-04-23	Earnings, Regulation FD, Exhibits
8-K	2019-04-22	Other Events, Exhibits
8-K	2019-01-29	Earnings, Regulation FD, Exhibits
8-K	2018-10-23	Earnings, Regulation FD, Exhibits
8-K	2018-08-15	Accountant, Exhibits
8-K	2018-07-24	Earnings, Regulation FD, Exhibits
8-K	2018-05-21	Enter Agreement, Off-BS Arrangement, Exhibits
8-K	2018-05-16	Regulation FD, Exhibits
8-K	2018-05-11	Other Events, Exhibits
8-K	2018-05-01	Enter Agreement, Sale of Shares, Other Events, Exhibits
8-K	2018-04-24	Shareholder Vote
8-K	2018-02-22	Officers
8-K	2018-01-23	Earnings, Regulation FD, Exhibits
8-K	2018-01-10	Other Events, Exhibits
8-K	2018-01-03	Other Events

PLAN	Anaplan	5,040
TRCO	Tribune Media	4,090
NNI	Nelnet	2,520
ARCH	Arch Coal	1,610
WINA	Winmark	668
EFR	Energy Fuels	489
PDLB	PDL Community Bancorp	266
MREO	Mirenco	101
TGC	Tengasco	11
BNON	Baynon	0

EX-10.1	fcf-ex101_2019annualincent.htm
EX-10.2	fcf-ex102_2019x2021longter.htm
EX-31.1	fcf-ex311_20190331x10q.htm
EX-31.2	fcf-ex312_20190331x10q.htm
EX-32.1	fcf-ex321_20190331x10q.htm
EX-32.2	fcf-ex322_20190331x10q.htm