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First Commonwealth Financial Corp (FCF) SEC Filing 10-Q Quarterly Report for the period ending Saturday, September 30, 2023

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First Commonwealth Financial Corp

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CIK: 712537 Ticker: FCF
                                                
Exhibit 99.1

fcfimagea01.jpg                    
FOR IMMEDIATE RELEASE

First Commonwealth Announces Third Quarter 2023 Earnings; Declares Quarterly Dividend

Indiana, PA, October 24, 2023 - First Commonwealth Financial Corporation (NYSE: FCF) today announced financial results for the third quarter of 2023.

Financial Summary
(dollars in thousands,For the Three Months EndedFor the Nine Months Ended
except per share data)September 30,June 30,September 30,September 30,September 30,
20232023202220232022
Reported Results
Net income $39,231 $42,781 $33,968 $112,236 $92,448 
Diluted earnings per share$0.38 $0.42 $0.36 $1.10 $0.98 
Return on average assets1.38 %1.54 %1.41 %1.37 %1.29 %
Return on average equity12.46 %13.90 %12.67 %12.35 %11.47 %
Operating Results (non-GAAP)(1)
Core net income$39,611 $42,734 $34,353 $127,732 $92,811 
Core diluted earnings per share$0.39 $0.42 $0.37 $1.26 $0.99 
Core pre-tax pre-provision net revenue$55,652 $56,344 $48,860 $166,477 $127,749 
Provision for credit losses$5,885 $2,790 $5,923 $6,025 $11,986 
Provision for credit losses - acquisition day 1 non-PCD$— $— $— $10,653 $— 
Net charge-offs$3,976 $8,665 $2,461 $13,814 $5,123 
Reserve build/(release)(2)
$791 $(339)$2,490 $31,431 $3,571 
Core return on average assets (ROAA)1.39 %1.54 %1.43 %1.55 %1.30 %
Core pre-tax pre-provision ROAA1.95 %2.03 %2.03 %2.03 %1.79 %
Return on average tangible common equity18.55 %20.68 %18.28 %18.39 %16.51 %
Core return on average tangible common equity18.73 %20.66 %18.48 %20.86 %16.58 %
Core efficiency ratio53.42 %52.80 %54.06 %52.88 %56.32 %
Net interest margin (FTE)3.76 %3.85 %3.76 %3.87 %3.45 %
(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 can 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 2023 Highlights
•Net income of $39.2 million and diluted earnings per share of $0.38 represented a decrease of $3.6 million, or $0.04 per share, from the prior quarter and an increase of $5.3 million, or $0.02 per share, from the third quarter of 2022
•Core pre-tax pre-provision net revenue (PPNR)(1) totaled $55.7 million, a decrease of $0.7 million from the previous quarter and an increase of $6.8 million from the third quarter of 2022

The following information was filed by First Commonwealth Financial Corp (FCF) on Tuesday, October 24, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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First Commonwealth Financial Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:

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Inside First Commonwealth Financial Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Changes In Shareholders' Equity (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Financial Condition (Parenthetical) (Unaudited)
Condensed Consolidated Statements Of Financial Condition (Unaudited)
Condensed Consolidated Statements Of Income (Unaudited)
Basis Of Presentation
Business Combinations And Asset Acquisitions
Business Combinations And Asset Acquisitions (Details) - Goodwill Rollforward
Business Combinations And Asset Acquisitions (Tables)
Business Combinations And Asset Acquisitions - Additional Information (Details)
Business Combinations And Asset Acquisitions - Assets Acquired And Liabilities Assumed (Details)
Business Combinations And Asset Acquisitions - Nonpcd Loans (Details)
Business Combinations And Asset Acquisitions - Pcd Loans (Details)
Commitments And Contingent Liabilities
Commitments And Contingent Liabilities (Tables)
Commitments And Contingent Liabilities - Additional Information (Detail)
Commitments And Contingent Liabilities - Notional Amount Of Outstanding Commitments (Detail)
Comprehensive Income Disclosures (Tables)
Derivatives (Tables)
Derivatives - Additional Information (Detail)
Derivatives - Credit Value Adjustment Recorded Related To Notional Amount Of Derivatives Outstanding (Detail)
Derivatives - Schedule Of Changes In Fair Value Of Derivative Assets And Liabilities (Detail)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Common Stock Equivalents Not Included In Computation Of Diluted Earnings Per Share (Detail)
Earnings Per Share - Composition Of Weighted-Average Common Shares (Denominator) Used In Basic And Diluted Earnings Per Share (Detail)
Fair Values Of Assets And Liabilities
Fair Values Of Assets And Liabilities (Tables)
Fair Values Of Assets And Liabilities - Additional Information (Detail)
Fair Values Of Assets And Liabilities - Carrying Amounts And Fair Values Of Financial Instruments (Detail)
Fair Values Of Assets And Liabilities - Losses Realized On Assets Measured On Non-Recurring Basis (Detail)
Fair Values Of Assets And Liabilities - Quantitative Inputs And Assumptions Used In Level 3 Fair Value Measurements (Detail)
Fair Values Of Assets And Liabilities - Schedule Of Assets And Liabilities Measured At Fair Value On Recurring Basis (Detail)
Fair Values Of Assets And Liabilities - Schedule Of Assets Measured On Non-Recurring Basis (Detail)
Fair Values Of Assets And Liabilities - Schedule Of Changes In Level 3 Assets And Liabilities Measured At Fair Value On Recurring Basis (Detail)
Goodwill
Goodwill - Additional Information (Detail)
Income Taxes
Income Taxes (Details)
Investment Securities
Investment Securities (Tables)
Investment Securities - Additional Information (Detail)
Investment Securities - Analysis Of Amortized Cost And Estimated Fair Values Of Securities Available For Sale (Detail)
Investment Securities - Maturity Of Securities Available For Sale (Detail)
Investment Securities - Proceeds From Sale, Gross Gains (Losses) Realized On Sales, Maturities And Other-Than-Temporary Impairment Charges Related To Securities Available For Sale (Detail)
Investment Securities Held To Maturity Securities By Type (Details)
Investment Securities Schedule Of Held-To-Maturity Securities (Details)
Leases Lease Liability Maturity (Tables)
Leases Lease Liablity Maturity (Details)
Leases Leases
Leases Operating Lease Assets And Liabilities (Details)
Loans And Allowance For Credit Losses
Loans And Allowance For Credit Losses (Tables)
Loans And Allowance For Credit Losses - Additional Information (Detail)
Loans And Allowance For Credit Losses - Age Analysis Of Past Due Loans By Segment (Detail)
Loans And Allowance For Credit Losses - Allowance For Credit Losses (Detail)
Loans And Allowance For Credit Losses - Credit Risk Profile By Creditworthiness (Detail)
Loans And Allowance For Credit Losses - Credit Risk Profile Vintage By Creditworthiness (Details)
Loans And Allowance For Credit Losses - Loans Modified During The Period (Details)
Loans And Allowance For Credit Losses - Modified Payment Status (Detail)
Loans And Allowance For Credit Losses - Outstanding Balances Of Loan (Detail)
Loans And Allowance For Credit Losses - Recorded Investment And Unpaid Principal Balance For Impaired Loans With Associated Allowance (Detail)
Loans And Allowance For Credit Losses - Troubled Debt Restructuring Is 90 Days Or More Past Due (Detail)
Loans And Allowance For Credit Losses - Troubled Debt Restructurings Identified During Period (Detail)
Reclassification Of Accumulated Other Comprehensive Income (Details)
Revenue Recognition And Deferred Revenue
Revenue Recognition In-Scope And Out-Of-Scope Revenue Streams (Details)
Revenue Recognition Revenue Recognition (Details)
Revenue Recognition Revenue Recogntion (Tables)
Schedule Of Accumulated Other Comprehensive Income (Details)
Schedule Of Temporary Impairment Losses, Investments (Details)
Subordinated Debentures Schedule Of Subordinated Debentures Outstanding (Details)
Subordinated Debentures Subordinated Debentures Outstanding
Subordinated Debentures Subordinated Debentures Outstanding (Tables)
Subordinated Debentures Subordinated Debentures, Additional Information (Details)
Supplemental Cash Flow Disclosures - Non-Cash Investing And Financing Activities (Details)
Supplemental Cash Flow Note
Supplemental Cash Flow Note (Tables)
Supplemental Comprehensive Income Disclosures

Material Contracts, Statements, Certifications & more

First Commonwealth Financial Corp provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
Ticker: FCF
CIK: 712537
Form Type: 10-Q Quarterly Report
Accession Number: 0000712537-23-000112
Submitted to the SEC: Tue Nov 07 2023 4:28:31 PM EST
Accepted by the SEC: Tue Nov 07 2023
Period: Saturday, September 30, 2023
Industry: National Commercial Banks

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