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INDIANA, Pa., Nov. 6 /PRNewswire-FirstCall/ -- First Commonwealth Financial Corporation (NYSE: FCF), the holding company for First Commonwealth Bank, today announced that it has updated the previously-announced financial results for the third quarter ended September 30, 2009 to reflect the impact of two events which occurred subsequent to the release of its preliminary financial results on October 22, 2009.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030416/FIRSTLOGO )
The first event was the announcement by a bank with securities in two of the pooled trust preferred collateralized debt obligations held by First Commonwealth that it intends to defer interest payment on its trust preferred securities beginning in the fourth quarter of 2009. This deferral resulted in $2.0 million of additional other-than-temporary impairment charges for the quarter ended September 30, 2009.
The second event was the receipt of updated financial information and projections from a commercial real estate borrower that prompted management to downgrade the relationship, which resulted in a $1.6 million increase in the provision for credit losses for the quarter ended September 30, 2009. The credit remains on accrual status. This borrower is also a party to an interest rate swap transaction with First Commonwealth, and the downgrade of the credit relationship resulted in a charge of $770 thousand for credit risk relating to the interest rate swap. This charge for the quarter reduced the "other operating income" line of the income statement.
The cumulative effect of these events increased the net loss for the third quarter and nine months ended September 30, 2009 to $5.9 million and $22.8 million, respectively, or ($0.07) and ($0.27) per diluted share. The allowance for credit losses increased to $90.5 million at September 30, 2009, or 2.00% as a percentage of average loans outstanding.
For additional information, refer to First Commonwealth Financial Corporation's Form 10-Q for the quarterly period ended September 30, 2009, filed today with the Securities and Exchange Commission.
About First Commonwealth Financial Corporation
First Commonwealth Financial Corporation is a $6.5 billion bank holding company headquartered in Indiana, Pennsylvania. It operates 115 retail branch offices in 15 counties in western and central Pennsylvania through First Commonwealth Bank, a Pennsylvania chartered bank and trust company. Financial services and insurance products are also provided through First Commonwealth Insurance Agency and First Commonwealth Financial Advisors, Inc.
Forward-Looking Statements
This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the adequacy of First Commonwealth's allowance for credit losses, liquidity and capital; and expected future cash flows from investments in trust preferred collateralized debt obligations. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and often include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate" or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could" or "may." Forward-looking statements describe First Commonwealth's future plans, strategies and expectations. These plans, strategies and expectations are based on assumptions and involve risks and uncertainties, many of which are beyond the control of First Commonwealth and which may cause actual results, performance or achievements to differ materially from the results, performance or achievements contemplated by the forward-looking statements. Such risks and uncertainties include, among other things:
-- Deepened or prolonged weakness in economic and business conditions,
nationally and in First Commonwealth's market areas, which could
increase credit-related losses and expenses and limit growth;
-- Further declines in the market value of investment securities that are
considered to be other-than-temporary, which would negatively impact
First Commonwealth's earnings and capital levels;
-- Increases in defaults by borrowers and other delinquencies, which could
result in an increased provision for credit losses on loans and related
expenses;
-- Reduced wholesale funding capacity or higher borrowing costs due to
capital constraints at the Federal Home Loan Bank, which would reduce
First Commonwealth's liquidity and negatively impact earnings and net
interest margin;
-- Fluctuations in interest rates and market prices, which could reduce net
interest margin and asset valuations and increase expenses;
-- Changes in legislative or regulatory requirements applicable to First
Commonwealth and its subsidiaries, which could increase costs, limit
certain operations and adversely affect results of operations; and
-- Other risks and uncertainties described in First Commonwealth's reports
filed with the Securities and Exchange Commission, including its most
recent Annual Report on Form 10-K.
Forward-looking statements speak only as of the date on which they are made. First Commonwealth undertakes no obligation to update any forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED SELECTED FINANCIAL DATA
(dollars in thousands, except share data)
For the Quarter Ended
September June March December September
30, 2009 30, 2009 31, 2009 31, 2008 30, 2008
---------------------------------------------------------
Interest Income
Interest and
fees on loans $57,085 $57,793 $58,275 $64,580 $62,285
Interest and
dividends on
investments:
Taxable
interest 12,406 13,177 13,708 14,434 15,013
Interest
exempt from
Federal
income taxes 2,540 2,660 2,894 3,025 3,176
Dividends 31 89 63 389 663
Interest on
Federal funds
sold 0 0 0 0 0
Interest on bank
deposits 1 1 1 1 2
------ ------ ------ ------ ------
Total interest
income 72,063 73,720 74,941 82,429 81,139
Interest Expense
Interest on
deposits 17,014 17,874 19,576 22,045 23,069
Interest on
short-term
borrowings 947 1,133 1,347 2,238 4,634
Interest on
subordinated
debentures 1,447 1,559 1,766 1,908 1,870
Interest on
other long-term
debt 1,672 1,666 1,653 3,582 3,639
------ ------ ------ ------ ------
Total interest
on long-term
debt 3,119 3,225 3,419 5,490 5,509
------ ------ ------ ------ ------
Total
interest
expense 21,080 22,232 24,342 29,773 33,212
------ ------ ------ ------ ------
Net Interest
Income 50,983 51,488 50,599 52,656 47,927
Provision for
credit losses 23,020 48,248 8,242 10,642 3,913
------ ------ ------ ------ ------
Net Interest
Income after
provision for
credit losses 27,963 3,240 42,357 42,014 44,014
Non-Interest Income
Impairment
losses on
securities (25,473) (14,421) (28,589) (3,850) (8,619)
Noncredit-related
losses on
securities not
expected to be
sold (recognized
in other
comprehensive
income) (a) 13,570 5,660 18,723 0 0
------ ------ ------ ------ ------
Net impairment
losses (11,903) (8,761) (9,866) (3,850) (8,619)
Net securities
gains 44 56 24 15 910
Trust income 1,366 1,151 1,087 1,125 1,444
Service charges
on deposit
accounts 4,555 4,406 3,837 4,555 4,792
Insurance and
retail
brokerage
commissions 2,068 1,756 1,616 1,236 1,390
Income from
bank owned life
insurance 1,078 1,034 1,138 1,155 1,435
Card related
interchange
income 2,224 2,138 1,896 1,956 1,950
Other operating
income 1,569 4,935 3,008 3,820 2,972
------ ------ ------ ------ ------
Total non-
interest
income 1,001 6,715 2,740 10,012 6,274
Non-Interest Expense
Salaries and
employee
benefits 21,405 21,081 22,500 21,658 21,091
Net occupancy
expense 3,263 3,528 4,000 3,807 3,613
Furniture and
equipment
expense 3,121 2,977 2,975 2,845 2,995
Data processing
expense 1,136 1,165 1,132 1,161 1,075
Pennsylvania
shares tax
expense 1,310 1,312 1,331 1,357 1,342
Intangible
amortization 684 743 743 743 802
FDIC insurance 2,046 4,863 1,521 182 179
Other operating
expenses 8,980 9,666 9,146 10,124 7,900
------ ------ ------ ------ ------
Total non-
interest
expense 41,945 45,335 43,348 41,877 38,997
------ ------ ------ ------ ------
(Loss) Income
before income
taxes (12,981) (35,380) 1,749 10,149 11,291
Income tax
(benefit)
provision (7,120) (16,761) 62 1,260 1,127
------ ------ ------ ------ ------
Net (Loss) Income ($5,861) ($18,619) $1,687 $8,889 $10,164
======= ======== ====== ====== =======
Average Shares
Outstanding 84,594,952 84,559,889 84,521,266 80,076,383 72,715,709
Average Shares
Outstanding
Assuming
Dilution 84,597,649 84,597,997 84,582,545 80,179,260 72,817,216
Per Share Data:
Basic Earnings
Per Share ($0.07) ($0.22) $0.02 $0.11 $0.14
Diluted
Earnings Per
Share ($0.07) ($0.22) $0.02 $0.11 $0.14
Cash Dividends
Declared per
Common Share $0.03 $0.00 $0.12 $0.17 $0.17
For the Nine Months Ended
September 30, September 30,
2009 2008
---- ----
Interest Income
Interest and fees on loans $173,153 $186,966
Interest and dividends on investments:
Taxable interest 39,291 46,122
Interest exempt from Federal income taxes 8,094 10,118
Dividends 183 1,950
Interest on Federal funds sold 0 2
Interest on bank deposits 3 9
------- -------
Total interest income 220,724 245,167
Interest Expense
Interest on deposits 54,464 79,472
Interest on short-term borrowings 3,427 12,590
Interest on subordinated debentures 4,772 5,659
Interest on other long-term debt 4,991 11,504
------- -------
Total interest on long-term debt 9,763 17,163
------- -------
Total interest expense 67,654 109,225
------- -------
Net Interest Income 153,070 135,942
Provision for credit losses 79,510 12,453
------- -------
Net Interest Income after provision for
credit losses 73,560 123,489
Non-Interest Income
Impairment losses on securities (68,483) (9,161)
Noncredit-related losses on securities not
expected to be sold (recognized in other
comprehensive income)(a) 37,953 0
------- -------
Net impairment losses (30,530) (9,161)
Net securities gains 124 1,502
Trust income 3,604 4,514
Service charges on deposit accounts 12,798 14,003
Insurance and retail brokerage commissions 5,440 4,061
Income from bank owned life insurance 3,250 4,368
Card related interchange income 6,258 5,653
Other operating income 9,512 7,879
------- -------
Total non-interest income 10,456 32,819
Non-Interest Expense
Salaries and employee benefits 64,986 61,849
Net occupancy expense 10,791 11,248
Furniture and equipment expense 9,073 9,131
Data processing expense 3,433 3,122
Pennsylvania shares tax expense 3,953 3,952
Intangible amortization 2,170 2,465
FDIC insurance 8,430 427
Other operating expenses 27,792 24,544
------- -------
Total non-interest expense 130,628 116,738
------- -------
(Loss) Income before income taxes (46,612) 39,570
Income tax (benefit) provision (23,819) 5,372
------- -------
Net (Loss) Income ($22,793) $34,198
======== =======
Average Shares Outstanding 84,558,972 72,597,977
Average Shares Outstanding Assuming
Dilution 84,592,785 72,704,279
Per Share Data:
Basic Earnings Per Share ($0.27) $0.47
Diluted Earnings Per Share ($0.27) $0.47
Cash Dividends Declared per Common Share $0.15 $0.51
(a) In accordance with the early adoption of Financial Accounting
Standards Board Accounting Standards Codification 320-10-65,
Transition Related to FSP FAS 115-2 and FAS 124-2, Recognition and
Presentation of Other-than-Temporary Impairments, as of January 1,
2009, prior period net impairment losses are not restated; but rather
reflect both credit and non-credit related impairment.
FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED SELECTED FINANCIAL DATA
(dollars in thousands, except share data)
September June March December September
30, 2009 30, 2009 31, 2009 31, 2008 30, 2008
---------------------------------------------------------
Assets
Cash and due from
banks $79,694 $84,346 $93,259 $88,277 $93,327
Interest-bearing
bank deposits 332 961 392 289 267
Securities available
for sale, at market
value 1,231,015 1,264,685 1,271,925 1,349,920 1,349,561
Securities held to
maturity, at
amortized cost,
(Market value
$42,466 at
September 30, 2009
and $50,558 at
December 31, 2008) 41,397 44,398 46,433 50,840 56,839
Other Investments 51,431 51,431 51,431 51,431 52,967
Loans:
Portfolio loans,
net of unearned
income 4,649,034 4,536,771 4,457,358 4,418,377 4,184,600
Allowance for
credit losses (90,466) (83,056) (41,549) (52,759) (45,482)
------- ------- ------- ------- -------
Net loans 4,558,568 4,453,715 4,415,809 4,365,618 4,139,118
Premises and
equipment, net 72,074 72,379 73,376 72,636 71,141
Other real estate
owned 24,138 25,565 25,936 3,262 3,718
Goodwill 159,956 159,956 159,956 159,956 159,956
Amortizing
intangibles, net 8,063 8,747 9,490 10,233 10,976
Other assets 284,771 282,814 274,567 273,418 265,920
------- ------- ------- ------- -------
Total
assets $6,511,439 $6,448,997 $6,422,574 $6,425,880 $6,203,790
========== ========== ========== ========== ==========
Liabilities
Deposits
(all domestic):
Noninterest-
bearing $599,842 $592,219 $573,573 $566,845 $564,443
Interest-bearing
demand deposits 93,062 99,281 90,217 97,011 101,955
Savings
deposits 2,133,203 2,045,970 1,850,809 1,773,843 1,703,804
Time deposits 1,670,930 1,748,420 1,803,829 1,842,644 1,890,928
--------- --------- --------- --------- ---------
Total interest-
bearing 3,897,195 3,893,671 3,744,855 3,713,498 3,696,687
--------- --------- --------- --------- ---------
Total
deposits 4,497,037 4,485,890 4,318,428 4,280,343 4,261,130
Short-term
borrowings 1,043,447 998,259 1,111,220 1,139,737 875,424
Other liabilities 42,276 44,866 56,255 63,778 43,385
Subordinated
debentures 105,750 105,750 105,750 105,750 105,750
Other long-term
debt 179,784 180,922 183,421 183,493 386,288
------- ------- ------- ------- -------
Total long-term
debt 285,534 286,672 289,171 289,243 492,038
------- ------- ------- ------- -------
Total
liabil-
ities 5,868,294 5,815,687 5,775,074 5,773,101 5,671,977
Shareholders' Equity
Preferred stock,
$1 par value per
share, 3,000,000
shares authorized,
none issued 0 0 0 0 0
Common stock, $1
par value per
share, 200,000,000
shares authorized;
86,600,431 shares
issued and
85,056,516 shares
outstanding at
September 30, 2009;
86,600,431 shares
issued and 85,050,744
shares outstanding
at December 31,
2008 86,600 86,600 86,600 86,600 75,100
Additional paid-in
capital 302,418 302,602 302,862 303,008 205,953
Retained earnings 278,695 287,092 305,712 309,947 315,404
Accumulated other
comprehensive loss,
net (762) (18,618) (22,763) (21,269) (38,133)
Treasury stock
(1,543,915 and
1,549,687 shares at
September 30, 2009
and December 31,
2008, respectively,
at cost) (17,706) (17,766) (17,811) (17,907) (18,411)
Unearned ESOP shares (6,100) (6,600) (7,100) (7,600) (8,100)
------ ------ ------ ------ ------
Total
shareholders'
equity 643,145 633,310 647,500 652,779 531,813
------- ------- ------- ------- -------
Total
liabilities
and
shareholders'
equity $6,511,439 $6,448,997 $6,422,574 $6,425,880 $6,203,790
========== ========== ========== ========== ==========
Book value per share $7.56 $7.45 $7.61 $7.68 $7.23
Market value per share $5.68 $6.34 $8.87 $12.38 $13.47
FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED SELECTED FINANCIAL DATA
Loans by Categories
(dollars in thousands)
September 30, June 30, March 31, December 31, September 30,
2009 2009 2009 2008 2008
---- ---- ---- ---- ----
Commercial,
financial,
agricultural
and other $1,265,546 $1,233,131 $1,259,498 $1,272,014 $1,148,601
Real estate -
construction 347,805 476,762 449,771 464,806 382,225
Real estate -
residential 1,226,519 1,223,690 1,199,472 1,210,985 1,223,611
Real estate -
commercial 1,259,063 1,075,659 1,047,331 974,772 938,044
Loans to
individuals 550,101 527,529 501,286 495,800 492,119
------- ------- ------- ------- -------
Total loans
and leases,
net of
unearned
income $4,649,034 $4,536,771 $4,457,358 $4,418,377 $4,184,600
========== ========== ========== ========== ==========
The amount reflected in "Real estate-construction" as of June 30, 2009
includes $50.6 million in respect of loans that were previously classified
as "Commercial, financial, agricultural and other", "Real estate-
residential" and "Real estate-commercial". Amounts for prior periods have
been adjusted to reflect the effect of this reclassification.
FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED SELECTED FINANCIAL DATA
Quarter To Date Average Balance Sheets and Net Interest Analysis at
September 30,
(dollars in thousands)
2009 2008
------------------------- -------------------------
Average Income/ Yield or Average Income/ Yield or
Balance Expense Rate(a) Balance Expense Rate(a)
------------------------- -------------------------
Assets
Interest-earning assets:
Interest-bearing
deposits with
banks $461 $1 1.04% $355 $2 1.94%
Tax-free investment
securities 228,271 2,540 6.79% 279,792 3,176 6.95%
Taxable investment
securities 1,097,915 12,437 4.49% 1,246,144 15,676 5.01%
Federal funds sold 0 0 0.00% 48 0 1.90%
Loans, net of
unearned income
(b)(c) 4,600,016 57,085 5.07% 4,149,186 62,285 6.11%
--------- ------ --------- ------
Total interest-
earning assets 5,926,663 72,063 5.03% 5,675,525 81,139 5.91%
--------- ------ --------- ------
Noninterest-earning assets:
Cash 78,497 80,393
Allowance for
credit losses (82,698) (44,621)
Other assets 562,452 512,996
------- -------
Total noninterest-
earning assets 558,251 548,768
------- -------
Total Assets $6,484,914 $6,224,293
========== ==========
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing
demand deposits(d) $603,830 $388 0.25% $623,686 $1,225 0.78%
Savings deposits(d) 1,601,898 4,421 1.10% 1,165,568 4,348 1.48%
Time deposits 1,707,787 12,205 2.84% 1,938,709 17,496 3.59%
Short-term
borrowings 996,416 947 0.38% 858,165 4,634 2.15%
Long-term debt 286,427 3,119 4.32% 495,170 5,509 4.43%
------- ----- ------- -----
Total interest-
bearing
liabilities 5,196,358 21,080 1.61% 5,081,298 33,212 2.60%
--------- ------ --------- ------
Noninterest-bearing liabilities and capital:
Noninterest-
bearing demand
deposits(d) 599,606 558,373
Other liabilities 40,149 36,527
Shareholders'
equity 648,801 548,095
------- -------
Total
noninterest-
bearing funding
sources 1,288,556 1,142,995
--------- ---------
Total
Liabilities
and
Shareholders'
Equity $6,484,914 $6,224,293
========== ==========
Net Interest Income and Net
Yield on Interest-Earning
Assets $50,983 3.62% $47,927 3.58%
======= =======
(a) Yields on interest-earning assets have been computed on a tax
equivalent basis using the 35% Federal income tax statutory rate.
(b) Income on nonaccrual loans is accounted for on the cash basis, and
the loan balances are included in interest-earning assets.
(c) Loan income includes loan fees.
(d) Average balances do not include reallocations from noninterest-
bearing demand deposits and interest-bearing demand deposits into
savings deposits which were made for regulatory purposes.
FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED SELECTED FINANCIAL DATA
Year To Date Average Balance Sheets and Net Interest Analysis at
September 30,
(dollars in thousands)
2009 2008
------------------------- -------------------------
Average Income/ Yield or Average Income/ Yield or
Balance Expense Rate(a) Balance Expense Rate(a)
------------------------- -------------------------
Assets
Interest-earning assets:
Interest-bearing
deposits with banks $679 $3 0.60% $416 $9 2.74%
Tax-free investment
securities 241,709 8,094 6.89% 300,125 10,118 6.93%
Taxable investment
securities 1,120,002 39,474 4.71% 1,300,267 48,072 4.94%
Federal funds sold 0 0 0.00% 125 2 2.49%
Loans, net of
unearned income
(b)(c) 4,524,567 173,153 5.26% 4,011,476 186,966 6.37%
--------- ------- --------- -------
Total interest-
earning assets 5,886,957 220,724 5.22% 5,612,409 245,167 6.07%
--------- ------- --------- -------
Noninterest-earning assets:
Cash 75,994 76,386
Allowance for
credit losses (59,817) (43,003)
Other assets 548,766 499,632
------- -------
Total noninterest-
earning assets 564,943 533,015
------- -------
Total Assets $6,451,900 $6,145,424
========== ==========
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing
demand deposits(d) $600,229 $1,367 0.30% $602,340 $4,213 0.93%
Savings deposits(d) 1,450,336 12,715 1.17% 1,128,539 13,845 1.64%
Time deposits 1,766,375 40,382 3.06% 2,043,109 61,414 4.02%
Short-term
borrowings 1,065,530 3,427 0.43% 709,586 12,590 2.37%
Long-term debt 288,221 9,763 4.53% 521,543 17,163 4.40%
------- ----- ------- ------
Total interest-
bearing
liabilities 5,170,691 67,654 1.75% 5,005,117 109,225 2.91%
--------- ------ --------- -------
Noninterest-bearing liabilities and capital:
Noninterest-
bearing demand
deposits(d) 582,952 536,837
Other liabilities 41,766 36,201
Shareholders'
equity 656,491 567,269
------- -------
Total noninterest-
bearing funding
sources 1,281,209 1,140,307
--------- ---------
Total Liabilities
and Shareholders'
Equity $6,451,900 $6,145,424
========== ==========
Net Interest Income and
Net Yield on Interest-
Earning Assets $153,070 3.69% $135,942 3.47%
======== ========
(a) Yields on interest-earning assets have been computed on a tax
equivalent basis using the 35% Federal income tax statutory rate.
(b) Income on nonaccrual loans is accounted for on the cash basis, and
the loan balances are included in interest-earning assets.
(c) Loan income includes loan fees.
(d) Average balances do not include reallocations from noninterest-
bearing demand deposits and interest-bearing demand deposits into
savings deposits which were made for regulatory purposes.
FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED SELECTED FINANCIAL DATA
Asset Quality Data
(dollars in thousands)
September 30, June 30, March 31, December 31, September 30,
2009 2009 2009 2008 2008
------------------------------------------------------------
Loans on non-
accrual basis $133,200 $81,285 $29,049 $55,922 $49,692
Troubled debt
restructured
loans 627 637 128 132 135
--- --- --- --- ---
Total
nonperforming
loans $133,827 $81,922 $29,177 $56,054 $49,827
Non-accrual
securities at
market value $3,503 $530 $0 $0 $0
Loans past due in
excess of 90 days
and still
accruing $14,369 $14,978 $17,532 $16,189 $13,719
Loans outstanding
at end of
period $4,649,034 $4,536,771 $4,457,358 $4,418,377 $4,184,600
Average loans
outstanding $4,524,567 $4,486,216 $4,460,337 $4,084,506 $4,011,476
Allowance for
credit losses $90,466 $83,056 $41,549 $52,759 $45,482
Nonperforming
loans as a
percentage of
total loans 2.88% 1.81% 0.65% 1.27% 1.19%
Provision for
credit losses
(Year To Date) $79,510 $56,490 $8,242 $23,095 $12,453
Net credit losses
(Year To Date) $41,803 $26,193 $19,451 $12,732 $9,367
Net credit losses
as a percentage
of average loans
outstanding
(annualized) 1.24% 1.18% 1.77% 0.31% 0.31%
Allowance for
credit losses as
a percentage of
average loans
outstanding 2.00% 1.85% 0.93% 1.29% 1.13%
Allowance for
credit losses as
a percentage of
nonperforming
loans 67.60% 101.38% 142.40% 94.12% 91.28%
Other real estate
owned $24,138 $25,565 $25,936 $3,262 $3,718
Profitability Ratios
(dollars in thousands)
For the
For the Quarter Ended Nine Months Ended
------------------------------------- -----------------
Sept- Sept- Sept- Sept-
ember June March December ember ember ember
30, 30, 31, 31, 30, 30, 30,
2009 2009 2009 2008 2008 2009 2008
Return on average
assets -0.36% -1.16% 0.11% 0.56% 0.65% -0.47% 0.74%
Return on average
equity -3.58% -11.34% 1.03% 5.79% 7.38% -4.64% 8.05%
Net interest
margin(a) 3.62% 3.73% 3.72% 3.87% 3.58% 3.69% 3.47%
Efficiency ratio(b) 62.66% 64.71% 65.29% 60.10% 59.07% 64.23% 65.33%
Fully tax equivalent
adjustment $3,052 $3,091 $3,185 $3,166 $3,202 $9,328 $9,928
(a) Net interest margin has been computed on a tax equivalent basis using
the 35% Federal income tax statutory rate.
(b) Efficiency ratio is "total non-interest expense" as a percentage of
total revenue.
Total revenue consists of "net interest income, on a fully
tax-equivalent basis," plus "total non-interest income," excluding
"net impairment losses."
FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED SELECTED FINANCIAL DATA
Pooled Trust Preferred Security Detail
(dollars in thousands)
Deferr- Excess
als Subord-
and ination
Defaults as a
as a % of
% of Current
Curr- Per-
Unrealized Moody's/ Number ent forming
Book Fair Gain Fitch of Collat Collat
Deal Class Value Value (Loss) Ratings Banks -eral -eral
--------------------------------------------------------------------------
Pre TSL I Senior $3,681 $3,203 $(478) A1/A 32 19.46% 83.66%
Pre TSL IV Mezzanine 1,830 692 (1,138) Ca/B 6 27.07% 19.33%
Pre TSL V Mezzanine 456 174 (282) Ba3/A 4 65.87% 0.00%
Pre TSL VI Mezzanine 340 166 (174) Caa1/CCC 5 61.35% 0.00%
Pre TSL VII Mezzanine 5,591 1,975 (3,616) Ca/CC 20 57.26% 0.00%
Pre TSL VIII Mezzanine 2,025 423 (1,602) Ca/CC 36 42.84% 0.00%
Pre TSL IX Mezzanine 2,423 955 (1,468) Ca/CC 49 26.33% 0.00%
Pre TSL X Mezzanine 1,918 408 (1,510) Ca/CC 58 37.22% 0.00%
Pre TSL XII Mezzanine 7,809 2,671 (5,138) Ca/CC 78 24.05% 0.00%
Pre TSL XIII Mezzanine 14,598 5,229 (9,369) Ca/CC 65 17.79% 0.00%
Pre TSL XIV Mezzanine 15,690 6,066 (9,624) Ca/CC 64 15.08% 0.00%
MMCap I Senior 8,731 7,182 (1,549) A3/A 29 9.15% 93.00%
MMCap I Mezzanine 1,058 523 (535) Ca/CCC 29 9.15% 4.65%
MM Comm IX Mezzanine 9,132 3,962 (5,170) Caa3/CC 34 37.03% 0.00%
------ ----- ------
Total $75,282 $33,629 $(41,653)
FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED SELECTED FINANCIAL DATA
Commercial Portfolio Loans
Original Balance $1 Million and Greater
(dollars in thousands)
Commercial, Loans Past Due
Financial 90 Days
Agricultural Real Estate Real Estate and Still Non-
and Other Construction Commercial Total Accruing accrual
-----------------------------------------------------------------
Pennsylvania $795,935 $170,395 $779,590 $1,745,920 $0 $31,065
Ohio 59,277 11,893 20,656 91,826 0 3,004
Maryland 47,075 0 5,196 52,271 0 1,982
West Virginia 40,505 5,836 34,667 81,008 0 0
Virginia 27,274 0 0 27,274 0 0
New York 3,762 7,342 24,902 36,006 0 0
Florida 20,390 73,637 1,857 95,884 0 61,638
Arizona 0 0 13,883 13,883 0 0
Other 41,005 72,425 31,570 145,000 0 18,065
---------- -------- -------- ---------- -- --------
Total $1,035,223 $341,528 $912,321 $2,289,072 $0 $115,754
========== ======== ======== ========== == ========
SOURCE First Commonwealth Financial
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