Company Quick10K Filing

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First Commonwealth Financial

Financials

Price	13.42		EPS	1
Shares	99		P/E	17
MCap	1,323		P/FCF	17
Net Debt	106		EBIT	141
TEV	1,429		TEV/EBIT	10
TTM 2019-09-30, in MM, except price, ratios

Filings

10-Q	2020-06-30	Filed 2020-08-10
10-Q	2020-03-31	Filed 2020-05-08
10-K	2019-12-31	Filed 2020-03-02
10-Q	2019-09-30	Filed 2019-11-08
10-Q	2019-06-30	Filed 2019-08-07
10-Q	2019-03-31	Filed 2019-05-07
10-K	2018-12-31	Filed 2019-03-01
10-Q	2018-09-30	Filed 2018-11-08
10-Q	2018-06-30	Filed 2018-08-08
10-Q	2018-03-31	Filed 2018-05-09
10-K	2017-12-31	Filed 2018-03-01
10-Q	2017-09-30	Filed 2017-11-07
10-Q	2017-06-30	Filed 2017-08-09
10-Q	2017-03-31	Filed 2017-05-09
10-K	2016-12-31	Filed 2017-03-14
10-Q	2016-09-30	Filed 2016-11-09
10-Q	2016-06-30	Filed 2016-08-09
10-Q	2016-03-31	Filed 2016-05-09
10-K	2015-12-31	Filed 2016-02-29
10-Q	2015-09-30	Filed 2015-11-09
10-Q	2015-06-30	Filed 2015-08-07
10-Q	2015-03-31	Filed 2015-05-08
10-K	2014-12-31	Filed 2015-03-02
10-Q	2014-09-30	Filed 2014-11-10
10-Q	2014-06-30	Filed 2014-08-07
10-Q	2014-03-31	Filed 2014-05-09
10-K	2013-12-31	Filed 2014-03-03
10-Q	2013-09-30	Filed 2013-11-12
10-Q	2013-06-30	Filed 2013-08-08
10-Q	2013-03-31	Filed 2013-05-08
10-K	2012-12-31	Filed 2013-03-13
10-Q	2012-09-30	Filed 2012-11-08
10-Q	2012-06-30	Filed 2012-08-07
10-Q	2012-03-31	Filed 2012-05-08
10-K	2011-12-31	Filed 2012-03-05
10-Q	2011-09-30	Filed 2011-11-09
10-Q	2011-06-30	Filed 2011-08-05
10-Q	2011-03-31	Filed 2011-05-10
10-K	2010-12-31	Filed 2011-03-03
10-Q	2010-09-30	Filed 2010-11-05
10-Q	2010-06-30	Filed 2010-07-30
10-Q	2010-03-31	Filed 2010-05-10
10-K	2009-12-31	Filed 2010-03-01

Reports

8-K	2020-09-10	Regulation FD, Exhibits
8-K	2020-07-28	Earnings, Regulation FD, Exhibits
8-K	2020-04-28
8-K	2020-04-28
8-K	2020-01-28
8-K	2019-11-14
8-K	2019-10-29
8-K	2019-07-23
8-K	2019-04-23
8-K	2019-04-23
8-K	2019-04-22
8-K	2019-03-04
8-K	2019-02-21
8-K	2019-01-29
8-K	2018-10-23
8-K	2018-08-15
8-K	2018-07-24
8-K	2018-05-21
8-K	2018-05-16
8-K	2018-05-11
8-K	2018-05-01
8-K	2018-04-24
8-K	2018-04-24
8-K	2018-02-22
8-K	2018-01-23
8-K	2018-01-10
8-K	2018-01-03

FCF 10Q Quarterly Report

Content

Item 1. Financial Statements and Supplementary Data

Note 1 Basis of Presentation

Note 2 Supplemental Comprehensive Income Disclosures

Item 1. Financial Statements and Supplementary Data

Note 3 Supplemental Cash Flow Disclosures

Note 4 Earnings per Share

Item 1. Financial Statements and Supplementary Data

Note 5 Commitments and Contingent Liabilities

Note 6 Investment Securities

Item 1. Financial Statements and Supplementary Data

Note 7 Impairment of Investment Securities

Note 8 Loans and Allowance for Credit Losses

Item 1. Financial Statements and Supplementary Data

Note 9 Leases

Note 10 Income Taxes

Note 11 Fair Values of Assets and Liabilities

Item 1. Financial Statements and Supplementary Data

Note 12 Derivatives

Note 13 Goodwill

Item 1. Financial Statements and Supplementary Data

Note 14 Subordinated Debentures

Note 15 Revenue Recognition

Item 1. Financial Statements and Supplementary Data

Note 16 Subsequent Event

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Item 4. Controls and Procedures

Part II - Other Information

Item 1. Legal Proceedings

Item 1A. Risk Factors

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Item 3. Defaults Upon Senior Securities

Item 4. Mine Safety Disclosures

Item 5. Other Information

Part II - Other Information

Item 6. Exhibits

Exhibits

EX-31.1	fcf-ex31120200630x10q.htm
EX-31.2	fcf-ex31220200630x10q.htm
EX-32.1	fcf-ex32120200630x10q.htm
EX-32.2	fcf-ex32220200630x10q.htm

First Commonwealth Financial Earnings 2020-06-30

Balance Sheet	Income Statement	Cash Flow

fcf-20200630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


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

For the quarterly period ended June 30, 2020

Or


☐			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 every Interactive Data File required to be submitted 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 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 August 6, 2020, was 98,132,697.

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)			8
			Notes to the Unaudited Consolidated Financial Statements			9

ITEM 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			46

ITEM 3.			Quantitative and Qualitative Disclosures About Market Risk			69

ITEM 4.			Controls and Procedures			69

PART II.			Other Information

ITEM 1.			Legal Proceedings			70

ITEM 1A.			Risk Factors			70

ITEM 2.			Unregistered Sales of Equity Securities and Use of Proceeds			70

ITEM 3.			Defaults Upon Senior Securities			70

ITEM 4.			Mine Safety Disclosures			70

ITEM 5.			Other Information			70

ITEM 6.			Exhibits			71

			Signatures			72

2

Table of Contents

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (unaudited)


			June 30, 2020						December 31, 2019

			(dollars in thousands, except share data)
Assets
Cash and due from banks			$	108,970					$	102,346
Interest-bearing bank deposits			348,763						19,510
Securities available for sale, at fair value			902,140						902,292
Securities held to maturity, at amortized cost (Fair value of $307,874 and $338,718 at June 30, 2020 and December 31,2019, respectively)			297,986						337,123
Other investments			12,272						16,761
Loans held for sale			30,409						15,989
Loans:
Portfolio loans			6,922,075						6,189,148
Allowance for credit losses			(81,441)						(51,637)
Net loans			6,840,634						6,137,511
Premises and equipment, net			134,780						137,268
Other real estate owned			1,634						2,228
Goodwill			303,328						303,328
Amortizing intangibles, net			14,744						16,366
Bank owned life insurance			223,114						220,723
Other assets			145,881						97,328
Total assets			$	9,364,655					$	8,308,773
Liabilities
Deposits (all domestic):
Noninterest-bearing			$	2,288,299					$	1,690,247
Interest-bearing			5,493,902						4,987,368
Total deposits			7,782,201						6,677,615
Short-term borrowings			108,484						201,853
Subordinated debentures			170,531						170,450
Other long-term debt			56,590						56,917
Capital lease obligation			6,602						6,815
Total long-term debt			233,723						234,182
Other liabilities			164,542						139,458
Total liabilities			8,288,950						7,253,108
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 June 30, 2020 and December 31, 2019, and 98,132,697 and 98,311,840 shares outstanding at June 30, 2020 and December 31, 2019, respectively			113,915						113,915
Additional paid-in capital			494,682						493,737
Retained earnings			584,312						577,348
Accumulated other comprehensive income, net			21,522						5,579
Treasury stock (15,782,205 and 15,603,062 shares at June 30, 2020 and December 31, 2019, respectively)			(138,726)						(134,914)

Total shareholders’ equity			1,075,705						1,055,665
Total liabilities and shareholders’ equity			$	9,364,655					$	8,308,773

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

3

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																		For the Six Months Ended
			June 30,																		June 30,
			2020						2019						2020						2019
			(dollars in thousands, except share data)
Interest Income
Interest and fees on loans			$	68,076					$	73,389					$	139,816					$	143,810
Interest and dividends on investments:
Taxable interest			6,493						7,712						13,466						15,876
Interest exempt from federal income taxes			267						415						582						833
Dividends			113						495						377						1,032
Interest on bank deposits			32						46						69						100
Total interest income			74,981						82,057						154,310						161,651
Interest Expense
Interest on deposits			5,686						9,277						14,135						17,452
Interest on short-term borrowings			47						3,017						635						6,455
Interest on subordinated debentures			2,142						2,343						4,288						4,697
Interest on other long-term debt			354						224						709						295
Interest on lease obligations			66						70						133						140

Total interest expense			8,295						14,931						19,900						29,039
Net Interest Income			66,686						67,126						134,410						132,612
Provision for credit losses			6,859						2,835						37,826						6,930
Net Interest Income after Provision for Credit Losses			59,827						64,291						96,584						125,682
Noninterest Income



Net securities gains			8						6						27						6
Trust income			2,109						1,970						4,220						3,896
Service charges on deposit accounts			3,286