EX-99.1 2 dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

*** NEWS RELEASE ***

 

TO:

   All Area News Agencies

FROM:

   First Commonwealth
   Financial Corporation

DATE:

   November 6, 2009

First Commonwealth Updates Third Quarter 2009 Financial Results

based upon Subsequent Events

Indiana, PA., November 6, 2009—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.

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.

CONTACT: First Commonwealth Financial Corporation

    Investor Relations: Donald A. Lawry, Vice President 724-349-7220

    Media: Susie Barbour, Communications & Media Relations Supervisor 724-463-5618


FIRST COMMONWEALTH FINANCIAL CORPORATION

CONSOLIDATED SELECTED FINANCIAL DATA

(dollars in thousands, except share data)

 

    For the Quarter Ended     For the Nine Months Ended  
    September 30,
2009
    June 30,
2009
    March 31,
2009
    December 31,
2008
    September 30,
2008
    September 30,
2009
    September 30,
2008
 

Interest Income

             

Interest and fees on loans

  $ 57,085      $ 57,793      $ 58,275      $ 64,580      $ 62,285      $ 173,153      $ 186,966   

Interest and dividends on investments:

             

Taxable interest

    12,406        13,177        13,708        14,434        15,013        39,291        46,122   

Interest exempt from Federal income taxes

    2,540        2,660        2,894        3,025        3,176        8,094        10,118   

Dividends

    31        89        63        389        663        183        1,950   

Interest on Federal funds sold

    0        0        0        0        0        0        2   

Interest on bank deposits

    1        1        1        1        2        3        9   
                                                       

Total interest income

    72,063        73,720        74,941        82,429        81,139        220,724        245,167   

Interest Expense

             

Interest on deposits

    17,014        17,874        19,576        22,045        23,069        54,464        79,472   

Interest on short-term borrowings

    947        1,133        1,347        2,238        4,634        3,427        12,590   

Interest on subordinated debentures

    1,447        1,559        1,766        1,908        1,870        4,772        5,659   

Interest on other long-term debt

    1,672        1,666        1,653        3,582        3,639        4,991        11,504   
                                                       

Total interest on long-term debt

    3,119        3,225        3,419        5,490        5,509        9,763        17,163   
                                                       

Total interest expense

    21,080        22,232        24,342        29,773        33,212        67,654        109,225   
                                                       

Net Interest Income

    50,983        51,488        50,599        52,656        47,927        153,070        135,942   

Provision for credit losses

    23,020        48,248        8,242        10,642        3,913        79,510        12,453   
                                                       

Net Interest Income after provision for credit losses

    27,963        3,240        42,357        42,014        44,014        73,560        123,489   

Non-Interest Income

             

Impairment losses on securities

    (25,473     (14,421     (28,589     (3,850     (8,619     (68,483     (9,161

Noncredit-related losses on securities not expected to be sold (recognized in other comprehensive income) (a)

    13,570        5,660        18,723        0        0        37,953        0   
                                                       

Net impairment losses

    (11,903     (8,761     (9,866     (3,850     (8,619     (30,530     (9,161

Net securities gains

    44        56        24        15        910        124        1,502   

Trust income

    1,366        1,151        1,087        1,125        1,444        3,604        4,514   

Service charges on deposit accounts

    4,555        4,406        3,837        4,555        4,792        12,798        14,003   

Insurance and retail brokerage commissions

    2,068        1,756        1,616        1,236        1,390        5,440        4,061   

Income from bank owned life insurance

    1,078        1,034        1,138        1,155        1,435        3,250        4,368   

Card related interchange income

    2,224        2,138        1,896        1,956        1,950        6,258        5,653   

Other operating income

    1,569        4,935        3,008        3,820        2,972        9,512        7,879   
                                                       

Total non-interest income

    1,001        6,715        2,740        10,012        6,274        10,456        32,819   

Non-Interest Expense

             

Salaries and employee benefits

    21,405        21,081        22,500        21,658        21,091        64,986        61,849   

Net occupancy expense

    3,263        3,528        4,000        3,807        3,613        10,791        11,248   

Furniture and equipment expense

    3,121        2,977        2,975        2,845        2,995        9,073        9,131   

Data processing expense

    1,136        1,165        1,132        1,161        1,075        3,433        3,122   

Pennsylvania shares tax expense

    1,310        1,312        1,331        1,357        1,342        3,953        3,952   

Intangible amortization

    684        743        743        743        802        2,170        2,465   

FDIC insurance

    2,046        4,863        1,521        182        179        8,430        427   

Other operating expenses

    8,980        9,666        9,146        10,124        7,900        27,792        24,544   
                                                       

Total non-interest expense

    41,945        45,335        43,348        41,877        38,997        130,628        116,738   
                                                       

(Loss) Income before income taxes

    (12,981     (35,380     1,749        10,149        11,291        (46,612     39,570   

Income tax (benefit) provision

    (7,120     (16,761     62        1,260        1,127        (23,819     5,372   
                                                       

Net (Loss) Income

  $ (5,861   $ (18,619   $ 1,687      $ 8,889      $ 10,164      $ (22,793   $ 34,198   
                                                       

Average Shares Outstanding

    84,594,952        84,559,889        84,521,266        80,076,383        72,715,709        84,558,972        72,597,977   

Average Shares Outstanding Assuming Dilution

    84,597,649        84,597,997        84,582,545        80,179,260        72,817,216        84,592,785        72,704,279   

Per Share Data:

             

Basic Earnings Per Share

  $ (0.07   $ (0.22   $ 0.02      $ 0.11      $ 0.14      $ (0.27   $ 0.47   

Diluted Earnings Per Share

  $ (0.07   $ (0.22   $ 0.02      $ 0.11      $ 0.14      $ (0.27   $ 0.47   

Cash Dividends Declared per Common Share

  $ 0.03      $ 0.00      $ 0.12      $ 0.17      $ 0.17      $ 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 30,
2009
    June 30,
2009
    March 31,
2009
    December 31,
2008
    September 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 liabilities

     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,
2009
   June 30,
2009
   March 31,
2009
   December 31,
2008
   September 30,
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
Balance
    Income/
Expense
   Yield or
Rate (a)
    Average
Balance
    Income/
Expense
   Yield or
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
Balance
    Income/
Expense
   Yield or
Rate (a)
    Average
Balance
    Income/
Expense
   Yield or
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,
2009
    June 30,
2009
    March 31,
2009
    December 31,
2008
    September 30,
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 Quarter Ended     For the Nine Months Ended  
     September 30,
2009
    June 30,
2009
    March 31,
2009
    December 31,
2008
    September 30,
2008
    September 30,
2009
    September 30,
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)

 

Deal

  

Class

   Book
Value
   Fair
Value
   Unrealized
Gain (Loss)
    Moody’s/Fitch
Ratings
   Number
of
Banks
   Deferrals and
Defaults as a % of
Current Collateral
    Excess Subordination
as a % of Current
Performing Collateral
 

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,
Financial
Agricultural
and Other
   Real Estate
Construction
   Real Estate
Commercial
   Total    Loans Past Due
90 Days and
Still Accruing
   Nonaccrual

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