Company Quick10K Filing
First Commonwealth Financial
Price13.42 EPS1
Shares99 P/E17
MCap1,323 P/FCF17
Net Debt106 EBIT141
TEV1,429 TEV/EBIT10
TTM 2019-09-30, in MM, except price, ratios
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
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

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
Note 5 Commitments and Contingent Liabilities
Item 1. Financial Statements and Supplementary Data
Note 6 Investment Securities
Note 7 Impairment of Investment Securities
Item 1. Financial Statements and Supplementary Data
Note 8 Loans and Allowance for Credit Losses
Note 9 Leases
Item 1. Financial Statements and Supplementary Data
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
Part II - Other Information
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
EX-10.1 fcf-20200331xexx101202.htm
EX-10.2 fcf-20200331xexx102202.htm
EX-31.1 fcf-ex31120200331x10q.htm
EX-31.2 fcf-ex31220200331x10q.htm
EX-32.1 fcf-ex32120200331x10q.htm
EX-32.2 fcf-ex32220200331x10q.htm

First Commonwealth Financial Earnings 2020-03-31

Balance SheetIncome StatementCash Flow

fcf-20200331
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 
ýQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 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
IndianaPA 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 May 7, 2020, was 98,134,697.


Table of Contents


FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
FORM 10-Q
INDEX
 
  PAGE
PART I.
ITEM 1.
ITEM 2.
ITEM 3.
ITEM 4.
PART II.
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 5.
ITEM 6.

2

Table of Contents



ITEM 1. Financial Statements and Supplementary Data
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (unaudited)

March 31, 2020December 31, 2019
(Unaudited)
 (dollars in thousands, except share data)
Assets
Cash and due from banks$118,413  $102,346  
Interest-bearing bank deposits15,762  19,510  
Securities available for sale, at fair value972,626  902,292  
Securities held to maturity, at amortized cost (Fair value of $327,592 and $338,718 at March 31, 2020 and December 31,2019, respectively)318,256  337,123  
Other investments19,415  16,761  
Loans held for sale25,783  15,989  
Loans:
Portfolio loans6,313,944  6,189,148  
Allowance for credit losses(79,075) (51,637) 
Net loans6,234,869  6,137,511  
Premises and equipment, net136,896  137,268  
Other real estate owned2,697  2,228  
Goodwill303,328  303,328  
Amortizing intangibles, net15,563  16,366  
Bank owned life insurance222,132  220,723  
Other assets129,365  97,328  
Total assets$8,515,105  $8,308,773  
Liabilities
Deposits (all domestic):
Noninterest-bearing$1,751,524  $1,690,247  
Interest-bearing5,171,564  4,987,368  
Total deposits6,923,088  6,677,615  
Short-term borrowings146,971  201,853  
Subordinated debentures170,490  170,450  
Other long-term debt56,755  56,917  
Capital lease obligation6,710  6,815  
Total long-term debt233,955  234,182  
Other liabilities153,167  139,458  
Total liabilities7,457,181  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 March 31, 2020 and December 31, 2019, and 98,015,396 and 98,311,840 shares outstanding at March 31, 2020 and December 31, 2019, respectively113,915  113,915  
Additional paid-in capital494,181  493,737  
Retained earnings571,256  577,348  
Accumulated other comprehensive income, net17,352  5,579  
Treasury stock (15,899,506 and 15,603,062 shares at March 31, 2020 and December 31, 2019, respectively)(138,780) (134,914) 
Total shareholders’ equity1,057,924  1,055,665  
Total liabilities and shareholders’ equity$8,515,105  $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
 March 31,
 20202019
(dollars in thousands, except share data)
Interest Income
Interest and fees on loans$71,740  $70,421  
Interest and dividends on investments:
Taxable interest6,973  8,164  
Interest exempt from federal income taxes315  418  
Dividends264  537  
Interest on bank deposits37  54  
Total interest income79,329  79,594  
Interest Expense
Interest on deposits8,449  8,175  
Interest on short-term borrowings588  3,438  
Interest on subordinated debentures2,146  2,354  
Interest on other long-term debt355  71  
Interest on lease obligations67  70  
Total interest expense11,605  14,108  
Net Interest Income67,724  65,486  
Provision for credit losses30,967  4,095  
Net Interest Income after Provision for Credit Losses36,757  61,391  
Noninterest Income
Net securities gains19    
Trust income2,111  1,926  
Service charges on deposit accounts4,745  4,245  
Insurance and retail brokerage commissions1,995  1,961  
Income from bank owned life insurance1,616  1,426  
Gain on sale of mortgage loans2,546  1,428  
Gain on sale of other loans and assets699  1,084  
Card-related interchange income5,262  4,730  
Derivatives mark to market(1,741) (26) 
Swap fee income214  393  
Other income1,807  1,705  
Total noninterest income19,273  18,872  
Noninterest Expense
Salaries and employee benefits29,977  27,220  
Net occupancy4,973  4,916  
Furniture and equipment3,778  3,668  
Data processing2,467  2,544  
Advertising and promotion1,150  1,240  
Pennsylvania shares tax738  916  
Intangible amortization934  754  
Collection and repossession564  547  
Other professional fees and services910  754  
FDIC insurance28  574  
Loss on sale or write-down of assets213  65  
Litigation and operational losses390  401  
Unfunded commitment reserve(2,539) (381) 
Other operating6,688  6,512  
Total noninterest expense50,271  49,730  
Income Before Income Taxes5,759  30,533  
Income tax provision1,032  5,944  
Net Income$4,727  $24,589  
Average Shares Outstanding98,123,627  98,479,041  
Average Shares Outstanding Assuming Dilution98,361,494  98,706,827  
Per Share Data:
Basic Earnings per Share$0.05  $0.25  
Diluted Earnings per Share$0.05  $0.25  
Cash Dividends Declared per Common Share$0.11  $0.10  

The accompanying notes are an integral part of these unaudited consolidated financial statements.
4

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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,
 20202019
 (dollars in thousands)
Net Income$4,727  $24,589  
Other comprehensive income, before tax expense:
Unrealized holding gains on securities arising during the period19,503  9,030  
Less: reclassification adjustment for gains on securities included in net income(19)   
Unrealized holding (losses) gains on derivatives arising during the period(4,581) 133  
Total other comprehensive income, before tax expense14,903  9,163  
Income tax expense related to items of other comprehensive income(3,130) (1,924) 
Total other comprehensive income11,773  7,239  
Comprehensive Income$16,500  $31,828  

The accompanying notes are an integral part of these unaudited consolidated financial statements.
5

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, 201998,311,840  $113,915  $493,737  $577,348  $5,579  $(134,914) $1,055,665  
Net income4,727  4,727  
Other comprehensive income