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First Commonwealth Reports Fourth Quarter and Full Year 2019 Earnings; Increases Quarterly Dividend 10.0%

First Commonwealth Reports Fourth Quarter and Full Year 2019 Earnings; Increases Quarterly Dividend 10.0%

INDIANA, Pa., Jan. 28, 2020 (GLOBE NEWSWIRE) -- First Commonwealth Financial Corporation (FCF) today announced financial results for the fourth quarter and full year 2019.

Financial Summary

(dollars in thousands, For the Three Months Ended
  For the Years Ended
except per share data) December 31,
  September 30,
  December 31,
  December 31,
  December 31,
   2019    2019    2018    2019    2018
Reported Results                          
Net income $ 26,820     $ 26,644     $ 26,998     $ 105,333     $ 107,498  
Diluted earnings per share $ 0.27     $ 0.27     $ 0.27     $ 1.07     $ 1.08  
Return on average assets   1.30 %     1.31 %     1.39 %     1.31 %     1.42 %
Return on average equity   10.13 %     10.22 %     11.06 %     10.32 %     11.41 %
                           
Operating Results (non-GAAP)(1)                          
Core net income $ 26,634     $ 29,597     $ 27,000     $ 108,126     $ 108,791  
Core diluted earnings per share $ 0.27     $ 0.30     $ 0.27     $ 1.10     $ 1.10  
Core return on average assets   1.29 %     1.46 %     1.39 %     1.35 %     1.44 %
Return on average tangible common equity   14.99 %     14.62 %     16.09 %     14.92 %     16.67 %
Core return on average tangible common equity   14.89 %     16.20 %     16.09 %     15.30 %     16.87 %
Core efficiency ratio   57.23 %     55.73 %     57.45 %     56.97 %     57.15 %
Net interest margin (FTE)   3.73 %     3.76 %     3.70 %     3.75 %     3.71 %

(1) Core operating results are a non-GAAP measure 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. A full reconciliation of non-GAAP financial measures can be found at the end of the financial statements which accompany this release.
   
Full Year 2019 Highlights
 
Franchise Growth
         
  The company successfully completed its acquisition of 14 former Santander branches located in Central Pennsylvania on September 6, 2019, which included $471 million in deposits and $100 million in loans at close.
  Total loans grew $419 million, or 7.2% compared to the prior year including $319 million, or 5.5% in organic loan growth (excluding loans acquired in the branch acquisition).
  Average deposits grew $500 million, or 8.6% compared to the prior year including $351 million, or 6.0% in organic deposit growth (excluding deposits acquired in the branch acquisition).
  Tangible book value per share grew 7.3% year-over-year.
         
Earnings
         
  For the year ended December 31, 2019, net income was $105.3 million (or $1.07 diluted earnings per share).  Core net income (non-GAAP)(1), which excludes acquisition expenses, was $108.1 million, or $1.10 diluted earnings per share.
      Core earnings per share (non-GAAP)(1) in 2018 totaled $1.10, but included net security gains of $0.06 per share.
  Total revenue (excluding net security gains) (non-GAAP)(1) grew $22.3 million, or 6.7% from the prior year.
      Net interest income (on a fully tax-equivalent (FTE) basis) (non-GAAP)(1) increased $17.4 million, or 6.9%, from the prior year.
      Noninterest income (excluding net security gains) (non-GAAP)(1) grew $4.9 million, or 6.1%, from the prior year.
  Total noninterest expense decreased $14.4 million, or 7.4% from the prior year.
      Noninterest expense (excluding acquisition expenses) (non-GAAP)(1) increased $12.5 million, or 6.5%, from the prior year.
         
Profitability
         
  The net interest margin improved four basis points to 3.75% compared to the prior year.
  The efficiency ratio improved 18 basis points to 56.97% compared to the prior year.
  The return on average assets (ROA) for the year ended December 31, 2019 was 1.31%.
      Core ROA (non-GAAP)(1) for the year ended December 31, 2019 was 1.35% as compared to 1.44% in the prior year, which included 0.08% attributable to securities gains.
         
Fourth Quarter 2019 Highlights
 
Franchise Growth
         
  Total gross loans (including loans held for sale) grew $85 million, or 5.6% (annualized), compared to the prior quarter.
  Average noninterest bearing deposits grew $113 million, or 28.9% (annualized) compared to the prior quarter including $49 million, or 12.7% (annualized) in organic noninterest bearing deposit growth (excluding acquired deposits).
         
Earnings
         
  For the quarter ended December 31, 2019, net income was $26.8 million (or $0.27 diluted earnings per share), resulting in an ROA of 1.30% and an ROE of 10.13%.
  Total revenue grew $5.7 million, or 6.6%, from the prior year quarter and $0.7 million, or 3.0% (annualized), from the third quarter of 2019.
      Net interest income (FTE) increased $3.7 million, or 5.6% from the prior year quarter and increased $0.3 million, or 2.0% (annualized), from the third quarter of 2019.
      Noninterest income (excluding security gains) grew $2.0 million, or 9.7% from the prior year quarter and $0.4 million, or 6.3% (annualized), from the third quarter of 2019.
  Total noninterest expense increased $3.1 million, or 6.2%, from the prior year quarter and decreased $1.8 million, or 3.3%, from the third quarter of 2019.
      Noninterest expense (excluding acquisition expenses) increased $2.1 million from the prior quarter.
  Provision for credit losses totaled $4.9 million, an increase of $2.2 million from the previous quarter.
      Nonperforming loans as a percentage of total loans decreased six basis points from the prior quarter and currently total 0.52% of loans outstanding.  This represents a 10-year low in this metric.

“2019 was another busy and productive year for our company,” stated T. Michael Price, President and Chief Executive Officer, “We expanded our footprint into the nearby Central Pennsylvania market with the acquisition of 14 former Santander branches, our fee income businesses continued to grow and expenses remained well controlled despite strategic investments in talent and technology.  Additionally, our migration to a regional leadership model produced mid-single digit organic loan growth which mirrored our deposits gathering.  We expect headwinds from the lower interest rate environment going into 2020 but I have confidence in our team’s ability to continue to produce positive long-term performance for our shareholders.”

Earnings

Net income for the fourth quarter of 2019 was $26.8 million, as compared to $26.6 million and $27.0 million in the prior quarter and fourth quarter of 2018, respectively.

Net income for the year ended December 31, 2019 was $105.3 million, as compared to $107.5 million for the year ended December 31, 2018.  Core net income, which excludes merger-related expenses of $1.6 million (pretax) in 2018 and merger-related expenses of $3.5 million (pre-tax) in 2019, was $108.1 million and $108.8 million for the years ended December 31, 2019 and 2018, respectively.  However, the results for the prior year were impacted by an $8.1 million (pre-tax) gain on the sale of the company’s remaining pooled trust preferred securities.  Excluding securities gains, adjusted core net income (non-GAAP) for the year ended December 31, 2019 was $108.1 million, an increase of $5.7 million, or 5.6%, from the previous year.

Net Interest Margin and Net Interest Income

The net interest margin for the fourth quarter of 2019 was 3.73%, a decrease of three basis points from the previous quarter and an increase of three basis points from the fourth quarter of 2018.  Loan yields decreased 17 basis points from the previous quarter due to the repricing of variable and adjustable rate loans and lower replacement yields on new loans.  Average loans increased $99 million, or 6.5% (annualized) from the previous quarter, including $25 million of average organic loan growth (excluding acquired loans).

The total cost of interest-bearing demand and savings deposits decreased six basis points from the previous quarter.  Average noninterest bearing deposits grew $113 million, or 28.9% (annualized) from the previous quarter, including $49 million of average organic noninterest bearing deposit growth (excluding acquired deposits).

The increase in the net interest margin from the prior year quarter was primarily due to a seven basis point decrease in total funding costs due to an improved funding mix, as the company was able to pay down higher cost short-term borrowings with acquired deposits.

The net interest margin for the year ended December 31, 2019 was 3.75%, an increase of four basis points from the previous year.  The increase from the prior year was due to a $399 million increase in average interest earning assets and a $115 million increase in average noninterest bearing deposits. The yield on interest-earning assets increased 21 basis points, which was partially offset by a 25 basis point increase in the cost of interest-bearing liabilities.  The yield on total loans increased by 26 basis points compared to the prior year, while the cost of deposits increased by 21 basis points.

For the year ended December 31, 2019, total average loans grew $405 million, or 7.3% and includes $373 million of average organic loan growth (excluding acquired loans) from the prior year.  For the year ended December 31, 2019, total average deposits grew $500 million, or 8.6% and includes $351 million of average organic loan growth (excluding acquired deposits) from the prior year.

Credit Quality

At December 31, 2019, nonperforming loans were $32.2 million, a decrease of $3.1 million from the prior quarter and relatively unchanged from the fourth quarter of 2018.  Nonperforming loans as a percentage of total loans were 0.52%, 0.58% and 0.55% for the periods ended December 31, 2019, September 30, 2019 and December 31, 2018, respectively.

The provision for credit losses totaled $4.9 million in the fourth quarter of 2019, an increase of $2.2 million from the previous quarter.  The increase from the prior quarter was partially due to provision expense associated with organic loan growth and the resolution and chargeoff of two commercial credits.

Total provision for credit losses totaled $14.5 million for the year ended December 31, 2019 as compared to $12.5 million in the prior year. For the year ended December 31, 2019, net charge-offs were $10.7 million, or 0.18% of average loans, compared to $13.1 million in the prior year period, a decrease of $2.4 million.

For the originated loan portfolio at December 31, 2019, the general allowance for credit losses to total originated loans was 0.86%, compared to 0.87% at September 30, 2019 and 0.87% at December 31, 2018.

Noninterest Income and Noninterest Expense

Noninterest income (excluding net security gains) totaled $22.5 million for the fourth quarter of 2019 as compared to $22.2 million for the third quarter of 2019 and $20.5 million for the fourth quarter of 2018.  Swap fee income increased $1.3 million from the prior quarter, and was partially offset by a $0.9 million decrease in the gain on sale of mortgage loans.

For the year ended December 31, 2019, noninterest income (excluding security gains) totaled $85.5 million, an increase of $4.9 million from the year ended December 31, 2018.  The increase from the prior year was due to a $2.3 million increase in gain on sale of mortgage loans, a $1.5 million increase in card related interchange income and a $1.5 million increase in swap fee income, partially offset by a $1.1 million decrease in derivative mark-to-market.

There were no material security gains during 2019; however, the company recognized an $8.1 million gain during the prior year following the successful auction call and sale of the company’s remaining pooled trust preferred securities.

Noninterest expense (excluding merger-related expenses) totaled $53.3 million for the fourth quarter of 2019, as compared to $51.2 million for the third quarter of 2019 and $50.0 million for the fourth quarter of 2018.  The $2.1 million increase from the previous quarter was primarily the result of a $0.9 million increase in other professional fees, as well as a $0.5 million increase in occupancy expense and a $0.4 million increase in salaries and benefits due to a full quarterly impact of the aforementioned branch acquisition.  This was partially offset by a $0.5 million decrease in advertising and promotion expense.

The $3.3 million increase compared to the prior year quarter was primarily due to higher operating expenses following the completion of the company’s aforementioned branch acquisition, partially offset by a $0.4 million decrease in FDIC insurance due to a quarterly assessment credit and a $0.2 million decrease in collection and repossession expense.

Full time equivalent staff was 1,484 at December 31, 2019, as compared to 1,511 at September 30, 2019 and 1,426 at December 31, 2018.  The increase from the prior year is the result of the addition of employees from acquisitions and the continued expansion of the mortgage, SBA and commercial banking businesses.

Dividends and Capital

First Commonwealth Financial Corporation declared a quarterly common stock dividend of $0.11 per share, which is payable on February 21, 2020 to shareholders of record as of February 7, 2020.  This dividend represents a 10.0% increase over the previous quarter and a 3.2% projected annual yield utilizing the January 27, 2020 closing market price of $13.82.

First Commonwealth’s capital ratios for Total, Tier I, Leverage and Common Equity Tier I at December 31, 2019 were 14.3%, 12.0%, 10.2% and 10.9%, 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, 2019 on Wednesday, January 29, 2020 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 #10138059.  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 (FCF), headquartered in Indiana, Pennsylvania, is a financial services company with 147 community banking offices in 28 counties throughout western and central Pennsylvania and throughout Ohio, as well as business banking operations in Pittsburgh, Pennsylvania, and Canton, Cleveland, Columbus and Cincinnati, Ohio. The company also operates mortgage offices in Wexford, Pennsylvania, as well as Hudson and Lewis Center, 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; (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:
Jonathan E. Longwill
Vice President / Communications and Media Relations
Phone: 724-463-6806
E-mail: JLongwill@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 Years Ended
  December 31,   September 30,   December 31,   December 31,   December 31,
  2019   2019   2018   2019   2018
SUMMARY RESULTS OF OPERATIONS                  
Net interest income (FTE) (1) $ 69,212     $ 68,875     $ 65,514     $ 271,610     $ 254,196  
Provision for credit losses 4,895     2,708     1,499     14,533     12,531  
Noninterest income 22,528     22,179     20,529     85,485     88,637  
Noninterest expense 53,109     54,897     50,024     209,965     195,556  
Net income 26,820     26,644     26,998     105,333     107,498  
Core net income (5) 26,634     29,597     27,000     108,126     108,791  
                   
Earnings per common share (diluted) $ 0.27     $ 0.27     $ 0.27     $ 1.07     $ 1.08  
Core earnings per common share (diluted) (6) $ 0.27     $ 0.30     $ 0.27     $ 1.10     $ 1.10  
                   
KEY FINANCIAL RATIOS                  
                   
Return on average assets 1.30 %   1.31 %   1.39 %   1.31 %   1.42 %
Core return on average assets (7) 1.29 %   1.46 %   1.39 %   1.35 %   1.44 %
Return on average shareholders' equity 10.13 %   10.22 %   11.06 %   10.32 %   11.41 %
Return on average tangible common equity (8) 14.99 %   14.62 %   16.09 %   14.92 %   16.67 %
Core return on average tangible common equity (9) 14.89 %   16.20 %   16.09 %   15.30 %   16.87 %
Core efficiency ratio (2)(10) 57.23 %   55.73 %   57.45 %   56.97 %   57.15 %
Net interest margin (FTE) (1) 3.73 %   3.76 %   3.70 %   3.75 %   3.71 %
                   
Book value per common share $ 10.74     $ 10.57     $ 9.90          
Tangible book value per common share (11) 7.49     7.31     6.98          
Market value per common share 14.51     13.28     12.08          
Cash dividends declared per common share 0.10     0.10     0.09     $ 0.40     $ 0.35  
                   
ASSET QUALITY RATIOS                  
Nonperforming loans as a percent of end-of-period loans (3) 0.52 %   0.58 %   0.55 %        
Nonperforming assets as a percent of total assets (3) 0.42 %   0.46 %   0.46 %        
Net charge-offs as a percent of average loans (annualized) (4) 0.21 %   0.25 %   0.31 %        
Allowance for credit losses as a percent of nonperforming loans (4) 160.28 %   141.64 %   149.14 %        
Allowance for credit losses as a percent of end-of-period loans (4) 0.83 %   0.82 %   0.83 %        
Allowance for credit losses (originated loans and leases) as a percent of total originated loans and leases 0.90 %   0.91 %   0.90 %        
                   
CAPITAL RATIOS                  
Shareholders' equity as a percent of total assets 12.7 %   12.7 %   12.5 %        
Tangible common equity as a percent of tangible assets (12) 9.2 %   9.2 %   9.1 %        
Leverage Ratio 10.2 %   10.1 %   10.3 %        
Risk Based Capital - Tier I 12.0 %   11.8 %   12.3 %        
Risk Based Capital - Total 14.3 %   14.1 %   14.7 %        
Common Equity - Tier I 10.9 %   10.7 %   11.1 %        
                         


FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA 
Unaudited 
(dollars in thousands, except per share data) 
  For the Three Months Ended   For the Years Ended
  December 31, September 30, December 31,   December 31, December 31,
  2019 2019 2018   2019 2018
INCOME STATEMENT            
Interest income $ 81,038     $ 82,575     $ 77,945       $ 325,264     $ 292,257  
Interest expense 12,233   14,130   12,896     55,402   40,035  
Net Interest Income 68,805   68,445   65,049     269,862   252,222  
Taxable equivalent adjustment (1) 407   430   465     1,748   1,974  
Net Interest Income  (FTE) 69,212   68,875   65,514     271,610   254,196  
Provision for credit losses 4,895   2,708   1,499     14,533   12,531  
Net Interest Income after Provision for Credit Losses (FTE) 64,317   66,167   64,015     257,077   241,665  
             
Net securities gains 7   9       22   8,102  
Trust income 2,100   2,325   1,887     8,321   7,901  
Service charges on deposit accounts 5,134   4,954   4,757     18,926   18,175  
Insurance and retail brokerage commissions 1,696   1,912   1,866     7,583   7,426  
Income from bank owned life insurance 1,594   1,540   1,445     6,002   6,686  
Gain on sale of mortgage loans 1,664   2,599   1,169     7,765   5,436  
Gain on sale of other loans and assets 962   970   1,725     4,793   5,273  
Card-related interchange income 5,877   5,629   5,258     21,677   20,187  
Derivative mark-to-market (181 ) (45 ) (2 )   (269 ) 787  
Swap fee income 1,763   421   759     3,397   1,874  
Other income 1,912   1,865   1,665     7,268   6,790  
Total Noninterest Income 22,528   22,179   20,529     85,485   88,637  
             
Salaries and employee benefits 29,032   28,674   27,535     112,237   105,115  
Net occupancy 5,045   4,521   4,287     18,923   17,219  
Furniture and equipment 3,764   3,904   3,636     15,160   14,247  
Data processing 2,704   2,825   2,706     10,692   10,470  
Pennsylvania shares tax 1,237   1,189   1,477     4,602   4,875  
Advertising and promotion 639   1,140   771     4,250   3,956  
Intangible amortization 980   865   787     3,344   3,217  
Collection and repossession 548   649   702     2,204   2,762  
Other professional fees and services 1,876   969   1,473     4,631   4,473  
FDIC insurance 55   35   417     1,219   2,007  
Litigation and operational losses 423   308   351     1,687   1,162  
Loss on sale or write-down of assets 326   152   205     1,724   1,080  
Merger and acquisition related (236 ) 3,738   3     3,536   1,637  
Other operating expenses 6,716   5,928   5,674     25,756   23,336  
Total Noninterest Expense 53,109   54,897   50,024     209,965   195,556  
             
Income before Income Taxes 33,736   33,449   34,520     132,597   134,746  
Taxable equivalent adjustment (1) 407   430   465     1,748   1,974  
Income tax provision 6,509   6,375   7,057     25,516   25,274  
Net Income $ 26,820     $ 26,644     $ 26,998       $ 105,333     $ 107,498  
                                         
Shares Outstanding at End of Period   98,311,840       98,319,081       98,518,668         98,311,840       98,518,668  
Average Shares Outstanding Assuming Dilution   98,508,219       98,547,898       99,358,759         98,588,164       99,223,513  
             


FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA 
Unaudited 
(dollars in thousands) 
           
  December 31,   September 30,   December 31,
  2019   2019   2018
BALANCE SHEET (Period End)          
Assets          
Cash and due from banks $ 102,346     $ 112,241     $ 95,934  
Interest-bearing bank deposits 19,510     16,408     3,013  
Securities available for sale, at fair value 919,053     823,944     941,373  
Securities held to maturity, at amortized cost 337,123     357,890     393,855  
Loans held for sale 15,989     20,288     11,881  
           
Loans 6,189,148     6,099,561     5,774,139  
Allowance for credit losses (51,637 )   (50,035 )   (47,764 )
Net loans 6,137,511     6,049,526     5,726,375  
           
Goodwill and other intangibles 319,694     320,505     287,240  
Other assets 457,547     451,225     368,584  
Total Assets $ 8,308,773     $ 8,152,027     $ 7,828,255  
           
Liabilities and Shareholders' Equity          
Noninterest-bearing demand deposits $ 1,690,247     $ 1,657,507     $ 1,466,213  
           
Interest-bearing demand deposits 254,981     263,312     180,209  
Savings deposits 3,896,536     3,867,034     3,401,354  
Time deposits 835,851     890,143     850,216  
Total interest-bearing deposits 4,987,368     5,020,489     4,431,779  
           
Total deposits 6,677,615     6,677,996     5,897,992  
           
Short-term borrowings 201,853     83,735     721,823  
Long-term borrowings 234,182     234,404     185,056  
Total borrowings 436,035     318,139     906,879  
           
Other liabilities 139,458     116,862     47,995  
Shareholders' equity 1,055,665     1,039,030     975,389  
Total Liabilities and Shareholders' Equity $ 8,308,773     $ 8,152,027     $ 7,828,255  
                       


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FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands)
       
  For the Three Months Ended   For the Years Ended
  December 31, Yield/ September 30, Yield/ December 31,