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April 2024
April 2024
March 2024
March 2024
January 2024
October 2023
July 2023
July 2023
April 2023
April 2023
(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, | ||||||||||||||||||||||||
2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
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 assets | 1.38 | % | 1.54 | % | 1.41 | % | 1.37 | % | 1.29 | % | |||||||||||||||||||
Return on average equity | 12.46 | % | 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 ROAA | 1.95 | % | 2.03 | % | 2.03 | % | 2.03 | % | 1.79 | % | |||||||||||||||||||
Return on average tangible common equity | 18.55 | % | 20.68 | % | 18.28 | % | 18.39 | % | 16.51 | % | |||||||||||||||||||
Core return on average tangible common equity | 18.73 | % | 20.66 | % | 18.48 | % | 20.86 | % | 16.58 | % | |||||||||||||||||||
Core efficiency ratio | 53.42 | % | 52.80 | % | 54.06 | % | 52.88 | % | 56.32 | % | |||||||||||||||||||
Net interest margin (FTE) | 3.76 | % | 3.85 | % | 3.76 | % | 3.87 | % | 3.45 | % | |||||||||||||||||||
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Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by First Commonwealth Financial Corp.
First Commonwealth Financial Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:
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Trust income decreased $0.1 million due to declines in the value of assets under management, income from bank owned life insurance decreased $0.6 million compared to the prior period primarily due to changes in market interest rates and swap fee income declined $2.9 million due to a lower volume of interest rate swaps entered into by our commercial loan customers.
Also impacting noninterest income was a $0.2 million decrease in gain on sale of mortgage loans due to changes in the volume and spreads on mortgage loans sold and a $0.1 million decrease in gain on sale of other loans and assets due to an decrease in the market value of SBA loans sold during the quarter.
If future events differ from our 69 FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES current forecasts, we may need to establish a valuation allowance, which could have a material impact on our financial condition and results of operations.
The analysis and model used to quantify the sensitivity of our net interest income becomes less meaningful in a decreasing 200 basis point scenario given the current interest rate environment.
The higher yield on interest-earning assets impacted net interest income by $107.9 million, while the increase in the cost of interest-bearing liabilities negatively impacted net interest income by $84.7 million.
Failure to meet minimum capital...Read more
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For the three months ended...Read more
The cost of interest-bearing liabilities...Read more
Net interest income was negatively...Read more
Net interest income was negatively...Read more
The cost of interest-bearing liabilities...Read more
In October 2021, a share...Read more
In addition, certain statements may...Read more
Nonperforming loans and leases, including...Read more
Litigation and operational losses increased...Read more
Litigation and operational losses increased...Read more
Provision for Credit Losses The...Read more
The increase in cost of...Read more
The increase in cost of...Read more
The most significant changes include...Read more
Although we believe that these...Read more
On April 24, 2023, the...Read more
Provision for Credit Losses The...Read more
This increase is a result...Read more
ASU 2023-02 is effective for...Read more
Credit Risk First Commonwealth maintains...Read more
65 FIRST COMMONWEALTH FINANCIAL CORPORATION...Read more
59 FIRST COMMONWEALTH FINANCIAL CORPORATION...Read more
A lower level of rate...Read more
66 FIRST COMMONWEALTH FINANCIAL CORPORATION...Read more
Comparing the three months ended...Read more
Comparing the nine months ended...Read more
Effective January 1, 2015, the...Read more
The higher yield on loans...Read more
The adoption of this guidance...Read more
The Company adopted CECL effective...Read more
The Centric acquisition contributed $374.0...Read more
Our ability to increase market...Read more
Changes in consumer spending, borrowings...Read more
These deposits are part of...Read more
Factors that can impact the...Read more
New Accounting Pronouncements In March...Read more
Average interest-earning assets for the...Read more
Average interest-earning assets for the...Read more
We believe these non-GAAP financial...Read more
Average time deposits for the...Read more
The taxable equivalent yield on...Read more
The taxable equivalent yield on...Read more
The increase in net interest...Read more
Examples of forward-looking statements include,...Read more
Capital Resources At September 30,...Read more
This adjustment does not reflect...Read more
The level of provision expense...Read more
We generate an annual effective...Read more
Contributing to this increase was...Read more
Contributing to this increase was...Read more
Impairment of our goodwill or...Read more
The cost of interest-bearing deposits...Read more
The cost of interest-bearing deposits...Read more
The increase was primarily the...Read more
Contributing to the increase in...Read more
The brokered deposits included in...Read more
The decline in the level...Read more
Net charge-offs for the three...Read more
Total noninterest income decreased $2.1...Read more
Additionally, nine basis points of...Read more
Additionally, nine basis points of...Read more
Offsetting these increases was a...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
First Commonwealth Financial Corp provided additional information to their SEC Filing as exhibits
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