Document

0000712537-18-000006.txt : 20180123 0000712537-18-000006.hdr.sgml : 20180123 20180123171108 ACCESSION NUMBER: 0000712537-18-000006 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20180123 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20180123 DATE AS OF CHANGE: 20180123 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST COMMONWEALTH FINANCIAL CORP /PA/ CENTRAL INDEX KEY: 0000712537 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 251428528 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11138 FILM NUMBER: 18543281 BUSINESS ADDRESS: STREET 1: 601 PHILADELPHIA STREET CITY: INDIANA STATE: PA ZIP: 15701 BUSINESS PHONE: 7243497220 MAIL ADDRESS: STREET 1: 601 PHILADELPHIA STREET CITY: INDIANA STATE: PA ZIP: 15701 8-K 1 fcf-20180123x8k.htm FORM 8-K Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 23, 2018

First Commonwealth Financial Corporation

(Exact name of registrant as specified in its charter)




Pennsylvania	001-11138	25-1428528
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

601 Philadelphia Street, Indiana, PA		15701
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (724) 349-7220

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:



¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)



¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)



¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))



¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



Item 2.02	Results of Operations and Financial Condition

On January 23, 2018, First Commonwealth Financial Corporation (the “Company”) issued a press release announcing financial results for the three and twelve month periods ended December 31, 2017. A copy of this press release and the related earnings tables are furnished as Exhibit 99.1 to this report and incorporated herein by reference.



Item 7.01	Regulation FD Disclosure

On January 23, 2018, the Company announced a cash dividend of $0.08 per share of the Company’s common stock. The dividend declaration is included in the press release announcing financial results for the three and twelve month periods ended December 31, 2017. A copy of this press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference.



Item 9.01	Financial Statements and Exhibits

Exhibits

99.1 Press Release announcing Fourth Quarter 2017 Financial Results and Declaration of Quarterly Dividend.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: January 23, 2018




FIRST COMMONWEALTH FINANCIAL CORPORATION

By:				/s/ James R. Reske
Name:				James R. Reske
Title:				Executive Vice President, Chief Financial Officer and Treasurer

EX-99.1 2 fcf-ex991_20180123x8k.htm EXHIBIT 99.1 PRESS RELEASE Exhibit

Exhibit 99.1

FOR IMMEDIATE RELEASE

First Commonwealth Reports Fourth Quarter and Full Year 2017 Earnings; Declares Quarterly Dividend

Indiana, PA, January 23, 2018 - First Commonwealth Financial Corporation (NYSE: FCF) today announced financial results for the fourth quarter and full year 2017.

Full Year 2017 Highlights

Franchise Growth


•	The company successfully completed its acquisition of DCB Financial Corp. located in the Columbus, Ohio metropolitan area on April 3, 2017, which included $383 million in loans and $484 million in deposits at close.


•	The company successfully negotiated a definitive merger agreement to acquire Cincinnati, Ohio based Foundation Bank, which was announced on January 10, 2018.

Earnings

•

For the year ended December 31, 2017, net income was $55.2 million (or $0.58 diluted earnings per share). Core net income (non-GAAP), which excludes acquisition expenses and a previously disclosed $16.7 million non-cash charge for the revaluation of the deferred tax asset (DTA) taken in connection with the passage of the Tax Cuts and Jobs Act, was $78.5 million, or $0.82 diluted earnings per share.


◦	Core earnings per share increased $0.13, or 18.8% from the previous year.


•	Total revenue grew $45.9 million, or 17.1% from the prior year.


◦	Net interest income (on a fully tax-equivalent (FTE) basis) increased $30.1 million, or 14.9%, from the prior year.


◦	Noninterest income grew $15.7 million, or 24.4%, from the prior year.


•	Provision for credit losses totaled $5.1 million, a decrease of $13.4 million as compared to the prior year, in part due to the recognition of two large commercial recoveries of $3.1 million in the second quarter.


•	The return on average equity (ROE) for the year ended December 31, 2017 was 6.45%. The Core return on average tangible common equity (ROTCE) (non-GAAP) for the period was 13.38%, an increase of 259 basis points from the previous year.

Profitability


•	The net interest margin improved 25 basis points to 3.57% compared to the prior year.


•	The return on average assets (ROA) for the year ended December 31, 2017 was 0.77%. The Core ROA (non-GAAP) improved 16 basis points to 1.09% compared to the prior year.

“This was another very productive year for our company,” stated T. Michael Price, President and Chief Executive Officer, “Our performance trajectory, especially in our fee income, demonstrates a desire to become one of the top performing community banks in the country. And our recent acquisitions have put additional wind in our sails by allowing us to expand beyond our core Pennsylvania markets and establish a presence in each of Ohio’s three major metropolitan markets. As we enter 2018, our efforts will be focused on building on our successful expansion strategy in Ohio, while being mindful to keep costs in line with our revenue streams.”

Fourth Quarter 2017 Highlights

Earnings

•

For the quarter ended December 31, 2017, net income was $4.0 million (or $0.04 diluted earnings per share), resulting in an ROA of 0.21% and an ROE of 1.75%. Core net income (non-GAAP), which excludes acquisition expenses and the $16.7 million non-cash charge for the revaluation of the DTA, was $20.6 million, or $0.21 diluted earnings per share, resulting in a Core ROA and Core ROTCE of 1.11% and 13.29%, respectively.


•	Total revenue grew $14.5 million, or 20.4%, from the prior year quarter.


◦	Net interest income (FTE) increased $8.1 million, or 15.4%, from the prior year quarter.


◦	Noninterest income grew $6.4 million, or 34.8%, from the prior year quarter (or $2.6 million and 14.7%, respectively, excluding securities gains).


•	Total noninterest expense includes $2.5 million of expense for a one-time cash bonus of $1,500 paid to all employees (other than the top five executive officers) following the passage of the Tax Cuts and Jobs Act.


◦	Noninterest expense in the fourth quarter also reflected $0.6 million in expense related to growth in unfunded loan commitments.


•	Fourth quarter results also reflect approximately $0.7 million in expense related to expense management strategies associated with the recent tax law change.


•	These expense items were offset by net security gains of $4.3 million following the successful auction call of a pooled trust preferred security held in the company’s investment portfolio.


•	Commercial loans grew at an annualized rate of 3.3%.

Profitability


•	The net interest margin improved 17 basis points to 3.61% compared to the prior year, and was unchanged from the prior quarter as positive replacement yields on loans offset deposit rate increases.


•	The Core return on average assets (non-GAAP) was 1.11%.

“The fourth quarter builds on the success of recent quarters and sets us up well for the coming year,” stated T. Michael Price, President and Chief Executive Officer, “We were particularly happy to be able to give back some of the benefit from the tax law change to our employees in the form of a cash bonus. In addition, in light of our recent performance and positive outlook for the future, we are pleased that we will be able to make a total of approximately $500 thousand in cash contributions to our employee’s health savings accounts in 2018.”

Financial Summary



(dollars in thousands,	For the Three Months Ended						For the Year Ended
except per share data)	December 31,		September 30,		December 31,		December 31,		December 31,
	2017		2017		2016		2017		2016
Reported Results
Net income	$3,981		$21,283		$17,914		$55,165		$59,590
Diluted earnings per share	$0.04		$0.22		$0.20		$0.58		$0.67
Return on average assets	0.21	%	1.14	%	1.07	%	0.77	%	0.89	%
Return on average equity	1.75	%	9.50	%	9.46	%	6.45	%	8.02	%

Operating Results (non-GAAP)⁽¹⁾
Core net income	$20,561		$21,238		$19,744		$78,512		$61,652
Core diluted earnings per share	$0.21		$0.22		$0.22		$0.82		$0.69
Core return on average assets	1.11	%	1.14	%	1.18	%	1.09	%	0.93	%
Return on average tangible common equity	2.84	%	14.04	%	12.46	%	9.50	%	10.43	%
Core return on average tangible common equity	13.29	%	14.01	%	13.73	%	13.38	%	10.79	%
Core efficiency ratio	62.24	%	57.96	%	61.70	%	60.22	%	58.71	%
Net interest margin (FTE)	3.61	%	3.61	%	3.44	%	3.57	%	3.32	%

⁽¹⁾

Operating results are non-GAAP measures 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. See supplemental information included with the release for “non-GAAP Financial Measures and Key Performance Indicators” and additional information.

Earnings

Net income for the fourth quarter of 2017 was $4.0 million, as compared to $17.9 million for the fourth quarter of 2016. The current quarter’s results were impacted by a previously disclosed valuation adjustment to the company’s deferred tax asset which resulted in a non-cash charge of $16.7 million.

Net income for the year ended December 31, 2017 was $55.2 million, as compared to $59.6 million for the same period in 2016, a decrease of $4.4 million. The results for the current year were impacted by the aforementioned non-cash charge of $16.7 million as well as one-time merger-related expenses of $10.2 million (pretax).

Excluding these one-time expenses, core net income for the year ended December 31, 2017 was $78.5 million, an increase of $16.9 million, or 27.3%, from the previous year.

Net Interest Margin and Net Interest Income

The net interest margin for the year ended December 31, 2017 was 3.57%, an increase of 25 basis points from the previous year.

The increase from the prior year was due primarily to a 27 basis point increase in the yield on interest earning assets partially offset by a 2 basis point increase in funding costs. These increases were primarily due to improved yields on variable and adjustable loan portfolios following the Federal Reserve’s decision to increase short-term rates in December of 2016, March, June and December of 2017, along with the ability to pay down higher cost short-term borrowings following our recent acquisitions.

The net interest margin for the fourth quarter of 2017 was 3.61%, which was unchanged from the previous quarter and an increase of 17 basis points from the fourth quarter of 2016. The increase from the prior year quarter was primarily due to a 30 basis point increase in the yield on loans, which was partially offset by higher short-term borrowing costs following the Federal Reserve’s decisions to raise short-term interest rates.

For the quarter and year ended December 31, 2017, total average earning assets grew $571.7 million and $422.1 million, respectively, from the prior year period primarily due to the aforementioned acquisitions.

Total average deposits grew by $973.9 million for the year ended December 31, 2017 compared to the previous year. Growth from the prior year was driven by a $980.2 million increase in transaction accounts and a $6.3 million decrease in time deposits.

Credit Quality

The provision for credit losses totaled $5.1 million for the year ended December 31, 2017, a decrease of $13.4 million as compared to the prior year. The decrease from the prior year is primarily the result of lower net charge-offs and improved asset quality as well as the recognition of $3.1 million of recoveries on two large commercial relationships during the second quarter of 2017.

At December 31, 2017, nonperforming loans were $42.2 million, an increase of $3.4 million from September 30, 2017 and an increase of $0.4 million from December 31, 2016. Nonperforming loans as a percentage of total loans were 0.78%, 0.72% and 0.86% for the periods ended December 31, 2017, September 30, 2017 and December 31, 2016, respectively.

For the year ended December 31, 2017, net charge-offs were $7.0 million, or 0.13% of average loans, compared to $19.1 million in the prior year period. Net charge-offs during the current year period included recoveries for two large commercial credits totaling $3.1 million.

During the fourth quarter of 2017, net charge-offs were $2.1 million, or 0.16% of average loans (annualized), compared to $1.1 million in the prior quarter and $2.7 million in the fourth quarter of 2016.

For the originated loan portfolio at December 31, 2017, the allowance for credit losses to total originated loans was 0.96%, compared to 0.97% at September 30, 2017 and 1.05% at December 31, 2016.

Noninterest Income and Noninterest Expense

Noninterest income (excluding net security gains) totaled $20.4 million for the fourth quarter of 2017 as compared to $19.7 million for the third quarter of 2017 and $17.7 million for the fourth quarter of 2016. Swap fee income increased $1.3 million and $1.2 million from the prior quarter and the year ago quarter, respectively, primarily due to increased commercial borrower swap activity. Trust fee income and service charges on deposit accounts increased $0.6 million and $0.4 million from the prior year quarter due to an expanded customer base as a result of recent acquisitions. Gain on sale of mortgage loans totaled $1.7 million for the fourth quarter of 2017, an increase of $0.4 million from the prior year quarter, representing the highest quarterly total since the company reentered the traditional mortgage business in 2014.

Net security gains were $4.3 million for the quarter ended December 31, 2017, following the successful auction call of a single pooled trust preferred security for which the company had previously recognized an other-than-temporary impairment charge.

Noninterest expense (excluding merger-related expenses) totaled $52.1 million for the fourth quarter of 2017, as compared to $47.4 million for the third quarter of 2017 and $42.9 million for the fourth quarter of 2016. The $4.7 million increase from the previous quarter was primarily the result of $2.5 million of expense for a one-time bonus of $1,500 paid to all employees (other than the top five named executive officers) following the passage of the Tax Cuts and Jobs Act, a $0.4 million increase in furniture and equipment expense and a $0.3 million increase in occupancy expense primarily due to higher snow removal costs.

Full time equivalent staff was 1,372 at December 31, 2017, 1,366 at September 30, 2017 and 1,274 at December 31, 2016. The increase from the prior year is the result of the addition of employees from acquisitions and the continued expansion of the mortgage and commercial banking businesses in Ohio.

Dividends and Capital

First Commonwealth Financial Corporation declared a common stock quarterly dividend of $0.08 per share, which is payable on February 16, 2018 to shareholders of record as of February 2, 2018. This dividend represents a 2.1% projected annual yield utilizing the January 22, 2018 closing market price of $15.10.

First Commonwealth’s capital ratios for Total, Tier I, Leverage and Common Equity Tier I at December 31, 2017 were 12.3%, 11.5%, 9.7% and 10.3%, respectively. First Commonwealth’s current capital levels exceed the fully phased-in Basel III capital requirements issued by U.S. bank regulators.

Conference Call

First Commonwealth will host a quarterly conference call to discuss its financial results for the quarter and year ended December 31, 2017 on Wednesday, January 24, 2018 at 2:00 PM (ET). The call can be accessed by dialing (toll free) 1-844-792-3645 or through the company’s web page, http://www.fcbanking.com/InvestorRelations. A replay of the call will be available approximately one hour following the conclusion of the conference by dialing 1-877-344-7529 and entering the access code #10115427. A link to the webcast replay will also be accessible on the company’s web page for 30 days.

About First Commonwealth Financial Corporation

First Commonwealth Financial Corporation (NYSE: FCF), headquartered in Indiana, Pennsylvania, is a financial services company with 135 banking offices in 20 counties throughout western and central Pennsylvania and central and northeastern Ohio, as well as a Corporate Banking Center in northeast Ohio and mortgage offices in Stow and Dublin, Ohio. First Commonwealth provides a full range of commercial banking, consumer banking, mortgage, wealth management and insurance products and services through its subsidiaries First Commonwealth Bank and First Commonwealth Insurance Agency. For more information about First Commonwealth or to open an account today, please visit www.fcbanking.com.

Forward-Looking Statements

This release contains forward-looking statements about First Commonwealth’s future plans, strategies and financial performance. These 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." Such statements are based on assumptions and involve risks and uncertainties, many of which are beyond First Commonwealth’s control. Factors that could cause actual results, performance or achievements to differ from those discussed in the forward-looking statements include, but are not limited to: (1) local, regional, national and international economic conditions and the impact they may have on First Commonwealth and its customers; (2) volatility and disruption in national and international financial markets; (3) the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board; (4) inflation, interest rate, commodity price, securities market and monetary fluctuations; (5) the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance); (6) the soundness of other financial institutions; (7) political instability; (8) impairment of First Commonwealth’s goodwill or other intangible assets; (9) acts of God or of war or terrorism; (10) the timely development and acceptance of new products and services and perceived overall value of these products and services by users; (11) changes in consumer spending, borrowings and savings habits; (12) changes in the financial performance and/or condition of First Commonwealth’s borrowers; (13) technological changes; (14) acquisitions and integration of acquired businesses (including the pending acquisition Garfield Acquisition Corp and its banking subsidiary Foundation Bank); (15) First Commonwealth’s ability to attract and retain qualified employees; (16) changes in the competitive environment in First Commonwealth’s markets and among banking organizations and

other financial service providers; (17) the ability to increase market share and control expenses; (18) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters; (19) the reliability of First Commonwealth’s vendors, internal control systems or information systems; (20) the costs and effects of legal and regulatory developments, the resolution of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals; and (21) other risks and uncertainties described in the reports that First Commonwealth files 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.

Media Relations:

Amy Jeffords

Assistant Vice President / Communications and Community Relations

Phone: 724-463-6806

E-mail: AJeffords@fcbanking.com

Investor Relations:

Ryan M. Thomas

Vice President / Finance and Investor Relations

Phone: 724-463-1690

E-mail: RThomas1@fcbanking.com

###



FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)
	For the Three Months Ended									For the Year Ended
	December 31,			September 30,			December 31,			December 31,			December 31,
	2017			2017			2016			2017			2016
SUMMARY RESULTS OF OPERATIONS
Net interest income (FTE) ⁽¹⁾	$	60,624		$	60,667		$	52,529		$	233,005		$	202,881
Provision for credit losses	2,253			1,214			(1,826		)	5,087			18,480
Noninterest income	24,705			19,790			18,332			80,331			64,599
Noninterest expense	51,909			47,361			45,675			200,298			159,925
Net income	3,981			21,283			17,914			55,165			59,590
Core net income ⁽⁵⁾	20,561			21,238			19,744			78,512			61,652

Earnings per common share (diluted)	$	0.04		$	0.22		$	0.20		$	0.58		$	0.67
Core earnings per common share (diluted) ⁽⁶⁾	$	0.21		$	0.22		$	0.22		$	0.82		$	0.69

KEY FINANCIAL RATIOS

Return on average assets	0.21		%	1.14		%	1.07		%	0.77		%	0.89		%
Core return on average assets ⁽⁷⁾	1.11		%	1.14		%	1.18		%	1.09		%	0.93		%
Return on average shareholders' equity	1.75		%	9.50		%	9.46		%	6.45		%	8.02		%
Return on average tangible common equity⁽⁸⁾	2.84		%	14.04		%	12.46		%	9.50		%	10.43		%
Core return on average tangible common equity⁽⁹⁾	13.29		%	14.01		%	13.73		%	13.38		%	10.79		%
Core efficiency ratio ^(2)(10)	62.24		%	57.96		%	61.70		%	60.22		%	58.71		%
Net interest margin (FTE) ⁽¹⁾	3.61		%	3.61		%	3.44		%	3.57		%	3.32		%

Book value per common share	$	9.11		$	9.17		$	8.43
Tangible book value per common share ⁽¹¹⁾	6.34			6.39			6.20
Market value per common share	14.32			14.13			14.18
Cash dividends declared per common share	0.08			0.08			0.07			$	0.32		$	0.28

ASSET QUALITY RATIOS
Nonperforming loans as a percent of end-of-period loans⁽³⁾	0.78		%	0.72		%	0.86		%
Nonperforming assets as a percent of total assets ⁽³⁾	0.62		%	0.61		%	0.73		%
Net charge-offs as a percent of average loans (annualized)	0.16		%	0.08		%	0.22		%
Allowance for credit losses as a percent of nonperforming loans ⁽⁴⁾	114.34		%	124.16		%	120.02		%
Allowance for credit losses as a percent of end-of-period loans ⁽⁴⁾	0.89		%	0.90		%	1.03		%
Allowance for credit losses (originated loans and leases) as a percent of originated loans and leases	0.96		%	0.97		%	1.05		%

CAPITAL RATIOS
Shareholders' equity as a percent of total assets	12.2		%	12.1		%	11.2		%
Tangible common equity as a percent of tangible assets ⁽¹²⁾	8.8		%	8.8		%	8.5		%
Leverage Ratio	9.7		%	9.7		%	9.8		%
Risk Based Capital - Tier I	11.5		%	11.5		%	11.3		%
Risk Based Capital - Total	12.3		%	12.3		%	12.3		%
Common Equity - Tier I	10.3		%	10.3		%	10.1		%



FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)
	For the Three Months Ended									For the Year Ended
	December 31,			September 30,			December 31,			December 31,			December 31,
	2017			2017			2016			2017			2016
INCOME STATEMENT
Interest income	$	65,840		$	65,411		$	55,932		$	250,550		$	217,614
Interest expense	6,270			5,848			4,413			21,770			18,579
Net Interest Income	59,570			59,563			51,519			228,780			199,035
Taxable equivalent adjustment ⁽¹⁾	1,054			1,104			1,010			4,225			3,846
Net Interest Income (FTE)	60,624			60,667			52,529			233,005			202,881
Provision for credit losses	2,253			1,214			(1,826		)	5,087			18,480
Net Interest Income after Provision for Credit Losses (FTE)	58,371			59,453			54,355			227,918			184,401

Net securities gains (losses)	4,345			92			589			5,040			617
Trust income	1,823			2,147			1,268			7,098			5,366
Service charges on deposit accounts	4,721			4,803			4,341			18,579			15,869
Insurance and retail brokerage commissions	2,155			2,128			1,916			8,807			7,964
Income from bank owned life insurance	1,486			1,472			1,424			5,699			5,381
Gain on sale of mortgage loans	1,656			1,418			1,236			5,366			4,086
Gain on sale of other loans and assets	486			503			363			1,753			1,411
Card-related interchange income	4,907			4,780			3,916			18,780			14,955
Derivative mark-to-market	(424		)	(14		)	1,294			(473		)	219
Swap fee income	1,547			217			374			2,005			2,359
Other income	2,003			2,244			1,611			7,677			6,372
Total Noninterest Income	24,705			19,790			18,332			80,331			64,599

Salaries and employee benefits	28,781			26,169			24,913			103,714			87,125
Net occupancy	4,051			3,715			3,307			15,648			13,150
Furniture and equipment	3,755			3,342			3,028			13,508			11,624
Data processing	2,431			2,229			2,050			9,090			7,429
Pennsylvania shares tax	1,139			1,093			1,061			4,209			3,825
Advertising and promotion	1,051			941			661			3,786			2,601
Intangible amortization	819			844			229			3,081			547
Collection and repossession	563			402			447			1,905			2,250
Other professional fees and services	1,406			1,300			1,049			4,761			3,915
FDIC insurance	744			696			698			3,210			3,903
Litigation and operational losses	943			598			246			2,050			1,420
Loss on sale or write-down of assets	348			167			526			1,834			1,155
Merger and acquisition related	(199		)	(69		)	2,815			10,213			3,173
Other operating expenses	6,077			5,934			4,645			23,289			17,808
Total Noninterest Expense	51,909			47,361			45,675			200,298			159,925

Income before Income Taxes	31,167			31,882			27,012			107,951			89,075
Taxable equivalent adjustment ⁽¹⁾	1,054			1,104			1,010			4,225			3,846
Income tax provision	26,132			9,495			8,088			48,561			25,639
Net Income	$	3,981		$	21,283		$	17,914		$	55,165		$	59,590

Shares Outstanding at End of Period	97,456,478			97,475,575			89,007,077			97,456,478			89,007,077
Average Shares Outstanding Assuming Dilution	97,507,465			97,457,470			88,887,387			95,331,037			88,851,573



FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands)

	December 31,			September 30,			December 31,
	2017			2017			2016
BALANCE SHEET (Period End)
Assets
Cash and due from banks	$	98,624		$	98,319		$	91,033
Interest-bearing bank deposits	8,668			29,709			24,644
Securities available for sale, at fair value	761,195			810,946			815,110
Securities held to maturity, at amortized cost	422,096			436,081			372,513
Loans held for sale	14,850			17,100			7,052

Loans	5,407,376			5,375,847			4,879,347
Allowance for credit losses	(48,298		)	(48,176		)	(50,185		)
Net loans	5,359,078			5,327,671			4,829,162

Goodwill and other intangibles	270,360			271,347			198,496
Other assets	373,668			393,166			346,008
Total Assets	$	7,308,539		$	7,384,339		$	6,684,018

Liabilities and Shareholders' Equity
Noninterest-bearing demand deposits	$	1,416,771		$	1,416,814		$	1,268,786

Interest-bearing demand deposits	187,281			264,731			114,043
Savings deposits	3,361,840			3,290,978			2,972,747
Time deposits	614,813			582,534			591,832
Total interest-bearing deposits	4,163,934			4,138,243			3,678,622

Total deposits	5,580,705			5,555,057			4,947,408

Short-term borrowings	707,466			805,825			867,943
Long-term borrowings	87,918			88,155			80,916
Total borrowings	795,384			893,980			948,859

Other liabilities	44,323			41,001			37,822
Shareholders' equity	888,127			894,301			749,929
Total Liabilities and Shareholders' Equity	$	7,308,539		$	7,384,339		$	6,684,018

FIRST COMMONWEALTH FINANCIAL CORPORATION

CONSOLIDATED FINANCIAL DATA

Unaudited

(dollars in thousands)



	For the Three Months Ended												For the Year Ended
	December 31,		Yield/		September 30,		Yield/		December 31,		Yield/		December 31,		Yield/		December 31,		Yield/
	2017		Rate		2017		Rate		2016		Rate		2017		Rate		2016		Rate
NET INTEREST MARGIN

Assets
Loans (FTE)⁽¹⁾⁽³⁾	$	5,433,384	4.29	%	$	5,398,815	4.28	%	$	4,856,579	3.99	%	$	5,278,511	4.20	%	$	4,818,759	3.91	%
Securities and interest bearing bank deposits (FTE) ⁽¹⁾	1,220,469		2.63	%	1,265,416		2.60	%	1,225,600		2.66	%	1,252,739		2.63	%	1,290,392		2.56	%
Total Interest-Earning Assets (FTE) ⁽¹⁾	6,653,853		3.99	%	6,664,231		3.96	%	6,082,179		3.72	%	6,531,250		3.90	%	6,109,151		3.63	%
Noninterest-earning assets	710,946				713,142				555,920				679,212				551,465
Total Assets	$	7,364,799			$	7,377,373			$	6,638,099			$	7,210,462			$	6,660,616

Liabilities and Shareholders' Equity
Interest-bearing demand and savings deposits	$	3,521,485	0.20	%	$	3,576,365	0.18	%	$	2,768,287	0.14	%	$	3,429,445	0.17	%	$	2,659,202	0.14	%
Time deposits	596,051		0.73	%	562,868		0.64	%	577,851		0.63	%	578,158		0.65	%	584,429		0.63	%
Short-term borrowings	807,831		1.19	%	829,954		1.16	%	1,210,619		0.58	%	867,391		1.01	%	1,387,737		0.58	%
Long-term borrowings	88,019		4.24	%	88,256		4.18	%	80,984		3.82	%	86,391		4.12	%	81,197		3.67	%
Total Interest-Bearing Liabilities	5,013,386		0.50	%	5,057,443		0.46	%	4,637,741		0.38	%	4,961,385		0.44	%	4,712,565		0.39	%
Noninterest-bearing deposits	1,411,902				1,393,024				1,195,862				1,356,125				1,146,189
Other liabilities	39,011				38,125				50,837				37,818				58,918
Shareholders' equity	900,500				888,781				753,659				855,134				742,944
Total Noninterest-Bearing Funding Sources	2,351,413				2,319,930				2,000,358				2,249,077				1,948,051
Total Liabilities and Shareholders' Equity	$	7,364,799			$	7,377,373			$	6,638,099			$	7,210,462			$	6,660,616

Net Interest Margin (FTE) (annualized)⁽¹⁾			3.61	%			3.61	%			3.44	%			3.57	%			3.32	%



FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands)
	December 31,			September 30,			December 31,
	2017			2017			2016
Loan Portfolio Detail
Commercial Loan Portfolio:
Commercial, financial, agricultural and other	$	1,163,383		$	1,154,225		$	1,139,547
Commercial real estate	2,019,096			1,990,264			1,742,210
Real estate construction	248,868			259,129			219,621
Total Commercial	3,431,347			3,403,618			3,101,378

Consumer Loan Portfolio:
Closed-end mortgages	897,284			893,809			713,471
Home equity lines of credit	529,086			529,613			515,721
Total Real Estate - Consumer	1,426,370			1,423,422			1,229,192

Auto loans	454,932			454,320			458,610
Direct installment	24,560			24,995			24,381
Personal lines of credit	60,023			58,880			53,339
Student loans	10,144			10,612			12,447
Total Other Consumer	549,659			548,807			548,777
Total Consumer Portfolio	1,976,029			1,972,229			1,777,969
Total Portfolio Loans	5,407,376			5,375,847			4,879,347
Loans held for sale	14,850			17,100			7,052
Total Loans	$	5,422,226		$	5,392,947		$	4,886,399


	December 31,			September 30,			December 31,
	2017			2017			2016
ASSET QUALITY DETAIL
Nonperforming Loans:
Loans on nonaccrual basis	$	19,455		$	14,943		$	16,301
Troubled debt restructured loans on nonaccrual basis	11,222			11,408			11,722
Troubled debt restructured loans on accrual basis	11,563			12,451			13,790
Total Nonperforming Loans	$	42,240		$	38,802		$	41,813
Other real estate owned ("OREO")	2,765			5,701			6,805
Repossessions ("Repos")	292			200			242
Total Nonperforming Assets	$	45,297		$	44,703		$	48,860
Loans past due in excess of 90 days and still accruing	1,854			1,332			2,131
Classified loans	73,017			65,948			92,705
Criticized loans	124,417			125,034			134,372

Nonperforming assets as a percentage of total loans, plus OREO and Repos	0.83		%	0.83		%	1.00		%
Allowance for credit losses	$	48,298		$	48,176		$	50,185

FIRST COMMONWEALTH FINANCIAL CORPORATION

CONSOLIDATED FINANCIAL DATA

Unaudited

(dollars in thousands)



	For the Three Months Ended									For the Year Ended
	December 31,			September 30,			December 31,			December 31,			December 31,
	2017			2017			2016			2017			2016
Net Charge-offs (Recoveries):
Commercial, financial, agricultural and other	$	777		$	315		$	2,392		$	2,733		$	15,439
Real estate construction	—			(373		)	(335		)	(470		)	(562		)
Commercial real estate	177			(25		)	(567		)	62			(952		)
Residential real estate	240			276			139			916			708
Loans to individuals	937			912			1,094			3,733			4,474
Net Charge-offs	$	2,131		$	1,105		$	2,723		$	6,974		$	19,107

Net charge-offs as a percentage of average loans outstanding (annualized)	0.16		%	0.08		%	0.22		%	0.13		%	0.40		%
Provision for credit losses as a percentage of net charge-offs	105.73		%	109.86		%	(67.06		)%	72.94		%	96.72		%
Provision for credit losses	$	2,253		$	1,214		$	(1,826	)	$	5,087		$	18,480



DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES

⁽¹⁾ Net interest income has been computed on a fully taxable equivalent basis ("FTE") using the 35% federal income tax statutory rate.
⁽²⁾ Core efficiency ratio excludes from total revenue the impact of derivative mark-to-market and excludes from "total noninterest expense" the amortization of intangibles, unfunded commitment expense and any other unusual items deemed by management to not be related to normal operations, such as merger, acquisition and severance costs.
⁽³⁾ Includes held for sale loans.
⁽⁴⁾ Excludes held for sale loans.

	For the Three Months Ended									For the Year Ended
	December 31,			September 30,			December 31,			December 31,			December 31,
	2017			2017			2016			2017			2016

Net Income	$	3,981		$	21,283		$	17,914		$	55,165		$	59,590
Intangible amortization	819			844			229			3,081			547
Tax benefit of amortization of intangibles	(287		)	(295		)	(80		)	(1,078		)	(191		)
Net Income, adjusted for tax affected amortization of intangibles	4,513			21,832			18,063			57,168			59,946

Average Tangible Equity:
Total shareholders' equity	$	900,500		$	888,781		$	753,659		$	855,134		$	742,944
Less: intangible assets	270,906			271,670			177,081			253,533			168,446
Tangible Equity	629,594			617,111			576,578			601,601			574,498
Less: preferred stock	—			—			—			—			—
Tangible Common Equity	$	629,594		$	617,111		$	576,578		$	601,601		$	574,498

⁽⁸⁾Return on Average Tangible Common Equity	2.84		%	14.04		%	12.46		%	9.50		%	10.43		%

FIRST COMMONWEALTH FINANCIAL CORPORATION

CONSOLIDATED FINANCIAL DATA

Unaudited

(dollars in thousands, except per share data)



DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES

	For the Three Months Ended									For the Year Ended
	December 31,			September 30,			December 31,			December 31,			December 31,
	2017			2017			2016			2017			2016

Core Net Income:
Total Net Income	$	3,981		$	21,283		$	17,914		$	55,165		$	59,590
Deferred tax asset writedown	16,709			—			—			16,709			—
Merger & Acquisition related expenses	(199		)	(69		)	2,815			10,213			3,173
Tax benefit of merger & acquisition related expenses	70			24			(985		)	(3,575		)	(1,111		)
⁽⁵⁾Core net income	20,561			21,238			19,744			78,512			61,652
Average Shares Outstanding Assuming Dilution	97,507,465			97,457,470			88,887,387			95,331,037			88,851,573
⁽⁶⁾ Core Earnings per common share (diluted)	$	0.21		$	0.22		$	0.22		$	0.82		$	0.69

Intangible amortization	819			844			229			3,081			547
Tax benefit of amortization of intangibles	(287		)	(295		)	(80		)	(1,078		)	(191		)
Core Net Income, adjusted for tax affected amortization of intangibles	$	21,093		$	21,787		$	19,893		$	80,515		$	62,008

⁽⁹⁾ Core Return on Average Tangible Common Equity	13.29		%	14.01		%	13.73		%	13.38		%	10.79		%


	For the Three Months Ended									For the Year Ended
	December 31,			September 30,			December 31,			December 31,			December 31,
	2017			2017			2016			2017			2016
Core Return on Average Assets:
Total Net Income	$	3,981		$	21,283		$	17,914		$	55,165		$	59,590
Total Average Assets	7,364,799			7,377,373			6,638,099			7,210,462			6,660,616
Return on Average Assets	0.21		%	1.14		%	1.07		%	0.77		%	0.89		%

Core Net Income ⁽⁵⁾	$	20,561		$	21,238		$	19,744		$	78,512		$	61,652
Total Average Assets	7,364,799			7,377,373			6,638,099			7,210,462			6,660,616
⁽⁷⁾Core Return on Average Assets	1.11		%	1.14		%	1.18		%	1.09		%	0.93		%

FIRST COMMONWEALTH FINANCIAL CORPORATION

CONSOLIDATED FINANCIAL DATA

Unaudited

(dollars in thousands)



DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES

	For the Three Months Ended									For the Year Ended
	December 31,			September 30,			December 31,			December 31,			December 31,
	2017			2017			2016			2017			2016
Core Efficiency Ratio:
Total Noninterest Expense	$	51,909		$	47,361		$	45,675		$	200,298		$	159,925
Adjustments to Noninterest Expense:
Unfunded commitment reserve	624			(1		)	71			1,075			(341		)
Intangible amortization	819			844			229			3,081			547
Merger and acquisition related	(199		)	(69		)	2,815			10,213			3,173
Noninterest Expense - Core	$	50,665		$	46,587		$	42,560		$	185,929		$	156,546

Net interest income, fully tax equivalent	$	60,624		$	60,667		$	52,529		$	233,005		$	202,881
Total noninterest income	24,705			19,790			18,332			80,331			64,599
Net securities gains	(4,345		)	(92		)	(589		)	(5,040		)	(617		)
Total Revenue	$	80,984		$	80,365		$	70,272		$	308,296		$	266,863

Adjustments to Revenue:
Derivative mark-to-market	(424		)	(14		)	1,294			(473		)	219
Total Revenue - Core	$	81,408		$	80,379		$	68,978		$	308,769		$	266,644

⁽¹⁰⁾Core Efficiency Ratio	62.24		%	57.96		%	61.70		%	60.22		%	58.71		%


	December 31,			September 30,			December 31,
	2017			2017			2016
Tangible Equity:
Total shareholders' equity	$	888,127		$	894,301		$	749,929
Less: intangible assets	270,360			271,347			198,496
Tangible Equity	617,767			622,954			551,433
Less: preferred stock	—			—			—
Tangible Common Equity	$	617,767		$	622,954		$	551,433

Tangible Assets:
Total assets	$	7,308,539		$	7,384,339		$	6,684,018
Less: intangible assets	270,360			271,347			198,496
Tangible Assets	$	7,038,179		$	7,112,992		$	6,485,522

⁽¹²⁾Tangible Common Equity as a percentage of Tangible Assets	8.78		%	8.76		%	8.50		%

Shares Outstanding at End of Period	97,456,478			97,475,575			89,007,077
⁽¹¹⁾Tangible Book Value Per Common Share	$	6.34		$	6.39		$	6.20

Note: Management believes that it is standard practice in the banking industry to present these non-GAAP measures. These measures provide useful information to management and investors by allowing them to make peer comparisons.

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