FIRST COMMONWEALTH FINANCIAL CORPORATION 
By INDIANA, Pa., Jan. 30, 2013 /PRNewswire/ -- First Commonwealth Financial Corporation (NYSE: FCF) today reported net income of $8.7 million, or $0.09 diluted earnings per share, for the fourth quarter ended December 31, 2012, as compared to a net loss of $5.7 million, or $0.05 per share, in the fourth quarter of 2011. The increase in net income was primarily the result of reduced provision for credit losses and noninterest expense, partially offset by lower net interest income and noninterest income. For the year ended December 31, 2012, net income was $42.0 million, or $0.40 diluted earnings per share, compared to net income of $15.3 million, or $0.15 diluted earnings per share, for the year 2011. The increase in year-over-year net income was primarily the result of reduced provision for credit losses and increased noninterest income, partially offset by lower net interest income.
(Logo: http://photos.prnewswire.com/prnh/20130123/MM47239LOGO)
T. Michael Price, President and Chief Executive Officer, stated, "We are pleased with the earnings improvement we have achieved from a net income of $15.3 million in 2011 to $42.0 million in 2012. Our business production in middle market, small business and branch lending is at its highest level in recent memory, and we have continued to make good progress with our credit and efficiency initiatives since the latter part of 2011. However, much more remains to be done. Credit quality and efficiency are key aspects to driving our performance to a best-in-class level."
Net Interest Income and Net Interest Margin
Fourth quarter 2012 net interest income, on a fully taxable equivalent basis, decreased $0.7 million, or 1%, to $48.2 million as compared to the fourth quarter of 2011. The decrease was the result of a 21 basis point decline in net interest margin, partially offset by a $187.9 million increase in average loans and a $52.5 million increase in average investment securities. Net interest margin was 3.57%, 3.54% and 3.78% for the three-month periods ended December 31, 2012, September 30, 2012 and December 31, 2011, respectively. For the year ended December 31, 2012 net interest income, on a fully taxable equivalent basis, decreased $2.0 million, or 1%. The decrease was primarily due to a 19 basis point decline in the net interest margin, partially offset by growth in average loans and securities. The net interest margin for the years ended December 31, 2012 and 2011 was 3.61% and 3.80%, respectively.
Significant changes to First Commonwealth's balance sheet from December 31, 2011 to December 31, 2012 included:
-- A $161.1 million, or 4%, increase in loans.
-- Continued improvement in the mix of deposits, including a $104.9
million, or 12%, increase in demand deposits; a $113.2 million, or 5%,
increase in savings deposits; and a $164.9 million, or 14%, decrease in
time deposits.
-- Borrowings increased $116.3 million, including $72.8 million of
long-term borrowings.
-- 5,662,083 common stock shares were repurchased during 2012 for a total
of approximately $37 million.
"I am particularly pleased with our team's success in increasing loans and transactional deposit accounts during the past year," said Mr. Price. "The discipline of our customer calling programs has produced encouraging results in both the consumer and business markets. We have also seen significant household growth and improvement in the cross-selling of financial solutions in both banking areas."
Credit Quality
The provision for credit losses totaled $5.7 million and $20.5 million for the fourth quarter and year ended December 31, 2012, respectively, as compared to $25.9 million and $55.8 million in the prior-year periods. The fourth quarter 2012 provision for credit losses included $4.4 million due to deterioration in collateral values on two impaired loan relationships.
At December 31, 2012, nonperforming loans were $107.6 million, an increase of $13.6 million from September 30, 2012. The significant loans that were placed into nonperforming status in the fourth quarter of 2012 included two commercial real estate credits totaling $9.5 million. Nonperforming loans as a percentage of total loans were 2.56%, 2.23% and 2.76% for the periods ended December 31, 2012, September 30, 2012 and December 31, 2011, respectively.
During the fourth quarter of 2012, net charge-offs were $2.6 million compared to $36.8 million in the fourth quarter of 2011. For the year ended December 31, 2012, net charge-offs were $14.6 million, or 0.35% of average loans on an annualized basis, compared to $65.8 million, or 1.62% of average loans on an annualized basis, for the year 2011. The allowance for credit losses as a percentage of total loans outstanding was 1.60%, 1.52% and 1.51% for December 31, 2012, September 30, 2012 and December 31, 2011, respectively.
Other Real Estate Owned ("OREO") acquired through foreclosure was $11.3 million at December 31, 2012 which represented a decrease of $4.8 million from September 30, 2012 and an $18.8 million decrease from December 31, 2011. During the fourth quarter of 2012, there were $3.2 million of write-downs charged to noninterest expense, primarily associated with two OREO properties, based on updated appraisals.
Price commented, "We have made significant progress resolving many of the problem loans that negatively affected our performance in the 2009-2011 timeframe. That progress now allows our organization to focus more intensely on the fundamentals of community banking."
Noninterest Income
Noninterest income, excluding net securities gains, decreased $1.4 million, or 9%, in the fourth quarter of 2012 compared to the same period last year. This decrease is primarily the result of $1.6 million in gains from the sale of two OREO properties in 2011, $1.0 million in rental revenue from an OREO property in 2011, offset by a $0.5 million increase in card-related interchange income and $0.7 million of improved credit adjustments on commercial loan interest rate swaps.
There were no significant recognized net securities gains or other-than-temporary impairment charges for the fourth quarter of 2012 or 2011. First Commonwealth also did not incur any other-than-temporary impairment charges for 2012 or 2011. Net securities gains for the year 2012 were $0.2 million compared to net securities gains of $2.2 million for the year 2011.
For the year ended December 31, 2012, noninterest income, excluding net securities gains, increased $9.8 million, or 18%, when compared to the full-year 2011. Significant changes to noninterest income for the twelve-month period included increases of $7.4 million in credit adjustments on commercial loan interest rate swaps, $1.2 million in card-related interchange income and $0.5 million in gains on the sale of troubled assets. The $7.4 million increase in credit adjustments on commercial loan interest rate swaps was primarily the result of a $6.8 million adverse mark-to-market credit adjustment for a troubled commercial loan relationship in 2011.
Noninterest Expense
Noninterest expense decreased $4.7 million, or 10%, in the fourth quarter of 2012 from the fourth quarter of 2011, primarily from $3.0 million less in OREO write-downs to current fair value and lower OREO operating expense in 2012. Also affecting fourth quarter 2012 noninterest expense comparisons are a $0.9 million decrease in staff expenses and a $0.4 million decrease for unfunded commitment expense.
For the year ended December 31, 2012, as compared to 2011, noninterest expense increased slightly to $177.2 million as compared to $176.8 million.
The most significant year-over-year changes in noninterest expense included reductions of $0.8 million for occupancy and $3.9 million in OREO write-downs and OREO operating expense. These reductions were offset by a $3.5 million external fraud recognized in the third quarter of 2012 and a $1.0 million increase in data processing expense.
Full time equivalent staff was 1,395 and 1,442 for the periods ended December 31, 2012 and 2011, respectively. Salaries and employee benefits for the year ended December 31, 2012 increased $1.4 million from the year 2011, primarily due to increased incentive expense and the effects of normal merit increases.
The efficiency ratio, calculated as total noninterest expense as a percentage of total revenue (total revenue consists of net interest income, on a fully taxable equivalent basis, plus total noninterest income, excluding net impairment losses and net securities gains), was 69% for the year ended December 31, 2012 as compared to 70% for 2011.
Dividends and Capital
First Commonwealth Financial Corporation declared a common stock quarterly dividend of $0.05 per share, which is payable on February 22, 2013 to shareholders of record as of February 11, 2013. This dividend represents a 3% projected annual yield utilizing the January 29, 2013 closing market price of $7.47.
On June 19, 2012 First Commonwealth announced a $50.0 million common stock repurchase program. As of December 31, 2012, First Commonwealth has purchased 5,662,083 shares at an average price of $6.62 per share.
On January 29, 2013, First Commonwealth's Board of Directors authorized an additional share repurchase program for up to $25.0 million in shares of First Commonwealth's common stock. Under this program, management is authorized to repurchase shares through Rule 10b5-1 plans, open market purchases, privately negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934. Depending on market conditions and other factors, repurchases may be made at any time or from time to time, without prior notice. First Commonwealth may suspend or discontinue the program at any time.
First Commonwealth's Board of Directors also authorized the redemption of approximately $32.5 million in issued and outstanding 9.50% mandatorily redeemable capital securities issued by First Commonwealth Capital Trust I. First Commonwealth expects to complete the redemption of these securities during the first quarter of 2013.
First Commonwealth's capital ratios for Total, Tier I and Leverage at December 31, 2012 were 14.5%, 13.3% and 11.2%, respectively.
Conference Call
First Commonwealth will host a quarterly conference call to discuss its financial results for the fourth quarter and full-year 2012 on Wednesday, January 30, 2013 at 2:00 PM (ET). The call can be accessed by dialing (toll free) 1-888-317-6016 or through the company's web page, http://www.fcbanking.com via the "Investor Relations" link. A replay of the call will be available approximately one hour following the conclusion of the conference. A link to the call replay will be accessible at this web page for 30 days.
About First Commonwealth Financial Corporation
First Commonwealth Financial Corporation is a $6.0 billion financial holding company headquartered in Indiana, Pennsylvania. It operates 112 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 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 our control and may cause actual results, performance or achievements to differ materially from the results, performance or achievements contemplated by the forward-looking statements. Global and domestic economies could fail to recover from the recent economic downturn or could experience another severe contraction, which could adversely affect our revenues, increase credit-related costs and reduce the values of our assets and liabilities. Global financial markets could experience a recurrence of significant turbulence, which could reduce the availability of funding to certain financial institutions and lead to a tightening of credit, a reduction of business activity, and increased market volatility. Continued stress in the commercial real estate markets, as well as a delay or failure of recovery in the residential real estate markets, could cause additional credit losses and deterioration in asset values. In addition, our business and financial performance is likely to be negatively impacted by effects of recently enacted and future legislation and regulation. Our results could also be adversely affected by continued deterioration in general business and economic conditions; changes in interest rates; deterioration in the credit quality of our loan portfolios or in the value of the collateral securing those loans; deterioration in the value of securities held in our investment securities portfolio; legal and regulatory developments; increased competition from both banks and non-banks; changes in customer behavior and preferences; effects of mergers and acquisitions and related integration; effects of critical accounting policies and judgments; and management's ability to effectively manage credit risk, market risk, operational risk, compliance and legal risk, interest rate risk, and liquidity risk. 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 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,
2012 2012 2011 2012 2011
---- ---- ---- ---- ----
SUMMARY RESULTS OF OPERATIONS
Net interest income (FTE)(1) $48,223 $47,704 $48,906 $193,321 $195,367
Provision for credit losses 5,706 6,754 25,912 20,544 55,816
Noninterest income 14,103 17,855 15,478 65,434 57,669
Noninterest expense 43,842 44,765 48,576 177,207 176,826
Net income (loss) 8,735 9,847 (5,717) 41,954 15,274
Earnings per common share (diluted) $0.09 $0.09 ($0.05) $0.40 $0.15
KEY FINANCIAL RATIOS
Return on average assets 0.58% 0.66% -0.40% 0.71% 0.27%
Return on average shareholders' equity 4.55% 5.07% -2.94% 5.46% 2.00%
Efficiency ratio(2) 70.38% 68.45% 75.45% 68.54% 70.49%
Net interest margin (FTE)(1) 3.57% 3.54% 3.78% 3.61% 3.80%
Book value per common share $7.49 $7.45 $7.23
Tangible book value per common share(4) 5.86 5.88 5.67
Market value per common share 6.82 7.05 5.26
Cash dividends declared per common share 0.05 0.05 0.03 $0.18 $0.12
ASSET QUALITY RATIOS
Allowance for credit losses as a percent of end-of-period loans(6) 1.60% 1.52% 1.51%
Allowance for credit losses as a percent of nonperforming loans(6) 62.47% 68.27% 62.01%
Nonperforming loans as a percent of end-of-period loans(5) 2.56% 2.23% 2.76%
Nonperforming assets as a percent of total assets(5) 1.99% 1.85% 2.44%
Net charge-offs as a percent of average loans (annualized) 0.25% 0.41% 3.63%
CAPITAL RATIOS
Shareholders' equity as a percent of total assets 12.44% 12.98% 12.99%
Tangible common equity as a percent of tangible assets(3) 10.01% 10.54% 10.48%
Leverage Ratio 11.24% 11.69% 11.91%
Risk Based Capital - Tier I 13.28% 13.68% 13.46%
Risk Based Capital - Total 14.53% 14.93% 14.71%
(5)- Includes held for sale loans.
(6)- Excludes held for sale loans.
FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except share data)
For the Three Months Ended For the Year Ended
December 31, September 30, December 31, December 31, December 31,
2012 2012 2011 2012 2011
---- ---- ---- ---- ----
INCOME STATEMENT
Interest income $53,867 $53,880 $56,487 $219,075 $231,545
Interest expense 6,676 7,230 8,854 30,146 41,678
----- ----- ----- ------ ------
Net Interest Income 47,191 46,650 47,633 188,929 189,867
Taxable equivalent adjustment(1) 1,032 1,054 1,273 4,392 5,500
----- ----- ----- ----- -----
Net Interest Income (FTE) 48,223 47,704 48,906 193,321 195,367
Provision for credit losses 5,706 6,754 25,912 20,544 55,816
----- ----- ------ ------ ------
Net Interest Income after Provision for Credit Losses (FTE) 42,517 40,950 22,994 172,777 139,551
Changes in fair value on impaired securities 644 1,374 (207) 2,193 (425)
Non-credit related (gains) losses on securities not expected to
be sold (recognized in other comprehensive income) (644) (1,374) 207 (2,193) 425
---- ------ --- ------ ---
Net Impairment Losses 0 0 0 0 0
Net securities gains 29 163 0 192 2,185
Trust income 1,426 1,631 1,413 6,206 6,498
Service charges on deposit accounts 3,768 3,736 3,765 14,743 14,775
Insurance and retail brokerage commissions 1,334 1,844 1,500 6,272 6,376
Income from bank owned life insurance 1,481 1,465 1,438 5,850 5,596
Gain on sale of assets 291 757 1,883 4,607 4,155
Card related interchange income 3,540 3,260 3,073 13,199 11,968
Credit risk on interest rate swaps (371) 375 (1,044) 755 (6,687)
Other income 2,605 4,624 3,450 13,610 12,803
----- ----- ----- ------ ------
Total Noninterest Income 14,103 17,855 15,478 65,434 57,669
Salaries and employee benefits 20,668 21,280 21,577 86,069 84,669
Net occupancy expense 3,313 3,235 3,336 13,255 14,069
Furniture and equipment expense 3,134 3,118 3,110 12,460 12,517
Data processing expense 1,708 1,987 1,545 7,054 6,027
Pennsylvania shares tax expense 1,503 1,510 1,434 5,706 5,480
Intangible amortization 358 367 371 1,467 1,534
Collection and repossession expense 1,106 1,281 2,580 5,756 7,583
Other professional fees and services 1,162 1,028 1,367 4,329 5,297
FDIC insurance 1,275 1,258 1,230 5,032 5,490
Loss on sale or write-down of assets 3,179 426 4,754 7,394 9,428
Operational losses 334 3,657 371 4,367 779
Other operating expenses 6,102 5,618 6,901 24,318 23,953
----- ----- ----- ------ ------
Total Noninterest Expense 43,842 44,765 48,576 177,207 176,826
Income (loss) before Income Taxes 12,778 14,040 (10,104) 61,004 20,394
Taxable equivalent adjustment(1) 1,032 1,054 1,273 4,392 5,500
Income tax provision (benefit) 3,011 3,139 (5,660) 14,658 (380)
----- ----- ------ ------ ----
Net Income (loss) $8,735 $9,847 ($5,717) $41,954 $15,274
====== ====== ======= ======= =======
Shares Outstanding at End of Period 99,629,494 103,890,029 104,916,994 99,629,494 104,916,994
Average Shares Outstanding Assuming Dilution 101,787,103 104,098,383 104,765,492 103,885,663 104,700,393
FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands)
December 31, September 30, December 31,
2012 2012 2011
---- ---- ----
BALANCE SHEET (Period End)
Assets
Cash and due from banks $98,724 $85,183 $74,967
Interest-bearing bank deposits 4,258 3,881 3,511
Securities 1,199,531 1,163,301 1,182,572
Loans held for sale 0 0 13,412
Loans 4,204,704 4,214,299 4,043,643
Allowance for credit losses (67,187) (64,114) (61,234)
Net loans 4,137,517 4,150,185 3,982,409
Goodwill and other intangibles 162,331 162,690 163,799
Other assets 393,029 398,398 420,452
------- ------- -------
Total Assets $5,995,390 $5,963,638 $5,841,122
========== ========== ==========
Liabilities and Shareholders' Equity
Noninterest-bearing demand deposits $883,269 $858,003 $780,377
Interest-bearing demand deposits 97,963 97,834 95,945
Savings deposits 2,543,990 2,433,065 2,430,802
Time deposits 1,032,659 1,105,532 1,197,560
Total interest-bearing deposits 3,674,612 3,636,431 3,724,307
Total deposits 4,557,881 4,494,434 4,504,684
Short-term borrowings 356,227 461,770 312,777
Long-term borrowings 280,221 180,471 207,414
------- ------- -------
Total borrowings 636,448 642,241 520,191
Other liabilities 55,054 53,072 57,704
Shareholders' equity 746,007 773,891 758,543
------- ------- -------
Total Liabilities and Shareholders' Equity $5,995,390 $5,963,638 $5,841,122
========== ========== ==========
For the Three Months Ended For the Year Ended
December 31, Yield/ September 30, Yield/ December 31, Yield/ December 31, Yield/ December 31, Yield/
2012 Rate 2012 Rate 2011 Rate 2012 Rate 2011 Rate
---- ---- ---- ---- ---- ---- ---- ---- ---- ----
NET INTEREST MARGIN (Quarterly and Year-to-Date Averages)
Assets
Loans (FTE)(1)(5) $4,214,000 4.48% $4,186,446 4.50% $4,026,069 4.86% $4,165,292 4.60% $4,061,822 4.99%
Securities and interest bearing bank deposits (FTE)(1) 1,165,991 2.52% 1,175,476 2.55% 1,113,525 2.99% 1,183,769 2.69% 1,075,127 3.18%
--------- --------- --------- --------- ---------
Total Interest-Earning Assets (FTE)(1) 5,379,991 4.06% 5,361,922 4.08% 5,139,594 4.46% 5,349,061 4.18% 5,136,949 4.61%
Noninterest-earning assets 582,755 588,954 599,025 591,086 591,505
Total Assets $5,962,746 $5,950,876 $5,738,619 $5,940,147 $5,728,454
========== ========== ========== ========== ==========
Liabilities and Shareholders' Equity
Interest-bearing demand and savings deposits $2,609,722 0.16% $2,530,100 0.16% $2,524,019 0.26% $2,567,387 0.18% $2,485,077 0.31%
Time deposits 1,082,785 1.28% 1,101,991 1.45% 1,216,941 1.67% 1,138,112 1.49% 1,343,281 1.92%
Short-term borrowings 365,697 0.28% 485,754 0.25% 232,629 0.30% 402,196 0.27% 182,864 0.40%
Long-term borrowings 237,975 3.20% 181,038 4.10% 192,862 3.92% 202,598 3.76% 184,185 4.05%
------- ------- ------- ------- -------
Total Interest-Bearing Liabilities 4,296,179 0.62% 4,298,883 0.67% 4,166,451 0.84% 4,310,293 0.70% 4,195,407 0.99%
Noninterest-bearing deposits 853,520 824,784 751,072 810,041 720,005
Other liabilities 48,565 53,823 50,312 50,859 49,163
Shareholders' equity 764,482 773,386 770,784 768,954 763,879
------- ------- ------- ------- -------
Total Noninterest-Bearing Funding Sources 1,666,567 1,651,993 1,572,168 1,629,854 1,533,047
Total Liabilities and Shareholders' Equity $5,962,746 $5,950,876 $5,738,619 $5,940,147 $5,728,454
========== ========== ========== ========== ==========
Net Interest Margin (FTE) (annualized)(1) 3.57% 3.54% 3.78% 3.61% 3.80%
FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)
December 31, September 30, December 31,
2012 2012 2011
---- ---- ----
ASSET QUALITY DETAIL
Nonperforming Loans:
Loans on nonaccrual basis $45,057 $40,704 $33,635
Loans on nonaccrual basis held for sale 0 0 13,412
Troubled debt restructured loans on nonaccrual basis 49,461 46,026 44,841
Troubled debt restructured loans on accrual basis 13,037 7,176 20,276
Total Nonperforming Loans $107,555 $93,906 $112,164
Other real estate owned ("OREO") 11,262 16,016 30,035
Repossessions ("Repo") 575 617 476
Total Nonperforming Assets $119,392 $110,539 $142,675
Loans past due in excess of 90 days and still accruing $2,447 $2,998 $11,015
Criticized loans 288,502 269,041 292,023
Nonperforming assets as a percentage
of total loans, plus OREO and Repos 2.83% 2.61% 3.50%
Allowance for credit losses $67,187 $64,114 $61,234
For the Three Months Ended For the Year Ended
December 31, September 30, December 31, December 31, December 31,
2012 2012 2011 2012 2011
---- ---- ---- ---- ----
Net Charge-offs:
Commercial, financial, agricultural and other $174 $1,197 $3,334 $4,764 $6,641
Real estate construction 784 1,987 13,361 3,019 27,931
Commercial real estate 59 27 17,833 441 24,512
Residential real estate 753 481 1,407 3,406 3,975
Loans to individuals 863 624 860 2,961 2,752
--- --- --- ----- -----
Net Charge-offs $2,633 $4,316 $36,795 $14,591 $65,811
Net charge-offs as a percentage of average loans
outstanding (annualized) 0.25% 0.41% 3.63% 0.35% 1.62%
Provision for credit losses as a percentage of net charge-offs 216.71% 156.49% 70.42% 140.80% 84.81%
Provision for credit losses $5,706 $6,754 $25,912 $20,544 $55,816
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) Efficiency ratio is "total noninterest expense" as a percentage of total revenue. Total revenue consists of "net interest income, on a fully taxable equivalent basis,
" plus "total noninterest income," excluding "net impairment losses" and "net securities gains."
December 31, September 30, December 31,
2012 2012 2011
---- ---- ----
Tangible Equity:
Total shareholders' equity $746,007 $773,891 $758,543
Less: intangible assets 162,331 162,690 163,799
------- ------- -------
Tangible Equity 583,676 611,201 594,744
Less: preferred stock 0 0 0
--- --- ---
Tangible Common Equity $583,676 $611,201 $594,744
Tangible Assets:
Total assets $5,995,390 $5,963,638 $5,841,122
Less: intangible assets 162,331 162,690 163,799
------- ------- -------
Tangible Assets $5,833,059 $5,800,948 $5,677,323
(3)Tangible Common Equity as a percentage of Tangible Assets 10.01% 10.54% 10.48%
Shares Outstanding at End of Period 99,629,494 103,890,029 104,916,994
(4)Tangible Book Value Per Common Share $5.86 $5.88 $5.67
Note: Management believes that it is a 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.
SOURCE First Commonwealth Financial Corporation
