FIRST COMMONWEALTH FINANCIAL CORP /PA/ FCF Income Statement

First commonwealth financial corp /pa/ (FCF)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Sep'10	Jun'10	Sep'09	Jun'09
Interest Income
Interest and fees on loans
71,740	73,365	74,714	73,389	70,421	68,787	66,105	63,941	58,483	57,982	57,335	54,913	48,300	47,955	46,657	45,698	45,034	44,485	43,083	42,650	42,601	42,706	43,200	42,192	43,098	43,951	43,935	43,629	44,614	46,471	46,339	46,408	48,040	48,085	49,109	49,379	50,883	56,051	57,367	57,085	57,793
Interest and dividends on investments:
Taxable interest
6,973	6,902	6,995	7,712	8,164	8,233	7,899	8,076	7,056	7,031	7,219	7,364	6,994	6,982	6,763	7,028	7,146	6,785	6,470	6,735	6,817	7,135	7,118	7,334	7,180	7,208	8,280	7,319	7,109	7,347	7,520	8,279	8,549	8,387	8,444	8,558	8,374	9,193	9,664	12,406	13,177
Interest exempt from federal income taxes
315	360	398	415	418	415	410	411	410	410	410	405	397	386	380	371	361	351	261	210	175	139	104	64	4	1	1	1	1	1	1	5	5	5	9	13	186	721	1,839	2,540	2,660
Dividends
264	189	387	495	537	447	420	473	519	393	417	383	476	601	671	748	806	707	685	553	1,489	436	663	574	222	146	90	30	36	46	18	19	21	9	11	12	17	13	19	31	89
Interest on bank deposits
37	222	81	46	54	63	39	39	31	24	30	55	12	8	8	5	6	7	2	2	3	4	4	2	2	2	2	2	1	2	2	1	1	1	27	27	9	4	48	1	1
Total interest income
79,329	81,038	82,575	82,057	79,594	77,945	74,873	72,940	66,499	65,840	65,411	63,120	56,179	55,932	54,479	53,850	53,353	52,335	50,501	50,150	51,085	50,420	51,089	50,166	50,506	51,308	52,308	50,981	51,761	53,867	53,880	54,712	56,616	56,487	57,600	57,989	59,469	65,982	68,937	72,063	73,720
Interest Expense
Interest on deposits
8,449	9,427	9,846	9,277	8,175	7,074	6,006	5,092	3,541	2,904	2,491	2,208	1,812	1,881	2,125	1,928	1,589	1,687	1,757	1,880	2,150	2,556	2,974	3,416	3,507	3,648	3,750	4,007	4,191	4,510	5,054	5,643	6,247	6,770	8,097	9,093	9,536	12,194	13,067	17,014	17,874
Interest on short-term borrowings
588	223	1,620	3,017	3,438	3,354	2,603	2,489	2,295	2,426	2,427	2,197	1,749	1,754	1,987	2,100	2,235	1,665	1,279	1,116	958	841	662	477	469	393	362	287	220	253	311	279	227	177	188	178	185	284	616	947	1,133
Interest on subordinated debentures
2,146	2,155	2,232	2,343	2,354	2,323	2,302	1,535	827	785	772	738	705	694	663	644	634	593	588	579	569	577	578	571	566	580	584	580	1,384	1,405	1,424	1,422	1,433	1,412	1,387	1,386	1,383	1,429	1,390	1,447	1,559
Interest on other long-term debt
355	359	362	224	71	72	76	75	77	78	81	81	83	84	86	87	88	141	192	205	236	293	322	319	373	381	383	409	548	508	441	450	539	495	448	447	496	979	1,268	1,672	1,666
Interest on lease obligations
67	69	70	70	70	73	73	74	74	77	77	79	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total interest on long-term debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,865	1,872	1,972	-	1,835	1,833	1,879	2,408	2,658	3,119	3,225
Total interest expense
11,605	12,233	14,130	14,931	14,108	12,896	11,060	9,265	6,814	6,270	5,848	5,303	4,349	4,413	4,861	4,759	4,546	4,086	3,816	3,780	3,913	4,267	4,536	4,783	4,915	5,002	5,079	5,283	6,343	6,676	7,230	7,794	8,446	8,854	10,120	11,104	11,600	14,886	16,341	21,080	22,232
Net Interest Income
67,724	68,805	68,445	67,126	65,486	65,049	63,813	63,675	59,685	59,570	59,563	57,817	51,830	51,519	49,618	49,091	48,807	48,249	46,685	46,370	47,172	46,153	46,553	45,383	45,591	46,306	47,229	45,698	45,418	47,191	46,650	46,918	48,170	47,633	47,480	46,885	47,869	51,096	52,596	50,983	51,488
Provision for credit losses
30,967	4,895	2,708	2,835	4,095	1,499	2,961	1,168	6,903	2,253	1,214	-1,609	3,229	-1,826	3,408	10,372	6,526	6,130	4,621	3,038	1,159	2,575	2,073	3,317	3,231	1,216	2,714	10,800	4,497	5,706	6,754	4,297	3,787	25,912	6,975	9,112	13,817	4,522	4,010	23,020	48,248
Net Interest Income after Provision for Credit Losses
36,757	63,910	65,737	64,291	61,391	63,550	60,852	62,507	52,782	57,317	58,349	59,426	48,601	53,345	46,210	38,719	42,281	42,119	42,064	43,332	46,013	43,578	44,480	42,066	42,360	45,090	44,515	34,898	40,921	41,485	39,896	42,621	44,383	21,721	40,505	37,773	34,052	46,574	48,586	27,963	3,240
Noninterest Income
Net securities gains
19	7	9	6	0	0	0	5,262	2,840	4,345	92	-49	652	589	0	28	0	-278	0	20	105	500	48	2	0	-1,395	229	4	4	29	163	0	0	0	0	1,608	577	1,430	562	44	56
Trust income
2,111	2,100	2,325	1,970	1,926	1,887	2,206	1,880	1,928	1,823	2,147	1,711	1,417	1,268	1,523	1,320	1,255	1,323	1,614	1,476	1,421	1,413	1,678	1,474	1,435	1,489	1,406	1,608	1,663	1,426	1,631	1,607	1,542	1,413	1,603	1,764	1,718	1,486	1,398	1,366	1,151
Service charges on deposit accounts
4,745	5,134	4,954	4,593	4,245	4,757	4,589	4,423	4,406	4,721	4,803	4,736	4,319	4,341	3,975	3,845	3,708	4,048	4,081	3,872	3,318	3,629	4,099	4,141	3,792	4,209	4,227	3,815	3,401	3,768	3,736	3,737	3,502	3,765	3,836	3,748	3,426	4,302	4,603	4,555	4,406
Changes in fair value on impaired securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,374	-1,323	1,498	643	-2,535	448	1,869	5,787	-190	25,473	14,421
Noncredit related (gains) losses on securities not expected to be sold (recognized in other comprehensive income)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,374	1,323	1,498	-4,381	2,535	-448	1,869	-1,497	2,300	-13,570	-5,660
Net impairment losses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	0	4,290	2,110	11,903	8,761
Insurance and retail brokerage commissions
1,995	1,696	1,912	2,014	1,961	1,866	1,872	1,820	1,868	2,155	2,128	2,442	2,082	1,916	2,104	1,985	1,959	1,986	2,163	2,178	2,195	1,779	1,709	1,600	1,395	1,382	1,822	1,384	1,417	1,334	1,844	1,670	1,424	1,500	1,698	1,616	1,562	1,600	1,866	2,068	1,756
Income from bank owned life insurance
1,616	1,594	1,540	1,442	1,426	1,445	1,579	2,168	1,494	1,486	1,472	1,449	1,292	1,424	1,350	1,311	1,296	1,323	1,357	1,378	1,354	1,371	1,330	1,432	1,369	1,320	1,359	1,432	1,428	1,481	1,465	1,459	1,445	1,438	1,411	1,390	1,357	1,377	1,301	1,078	1,034
Gain on sale of mortgage loans
2,546	1,664	2,599	2,074	1,428	1,169	1,542	1,241	1,484	1,656	1,418	1,315	977	1,236	1,235	932	683	565	832	585	439	-	67	76	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income from other real estate owned
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-49	-83
Letter of credit fees
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	748	-	-
Gain on sale of other loans and assets
699	962	970	1,777	1,084	1,725	643	2,331	574	486	503	457	307	363	387	466	195	-	808	396	224	-	675	2,089	1,581	-527	1,356	425	275	291	757	1,444	2,115	1,883	790	1,251	231	215	116	-	-
Card-related interchange income
5,262	5,877	5,629	5,441	4,730	5,258	5,044	5,143	4,742	4,907	4,780	4,842	4,251	3,916	3,698	3,784	3,557	3,717	3,637	3,729	3,418	3,602	3,599	3,655	3,366	3,532	3,536	3,490	3,188	3,540	3,260	3,285	3,114	3,073	3,053	3,042	2,800	2,689	2,686	2,224	2,138
Derivatives mark to market
-1,741	-181	-45	-17	-26	-2	0	0	789	-424	-14	-37	2	1,294	470	-531	-1,014	146	-783	593	-230	-	-108	-	-	-	-	-	989	-	-	-	606	-	-	-	-	-542	-	-	-
Swap fee income
214	1,763	421	820	393	759	528	297	290	1,547	217	314	-73	374	725	800	460	-	84	283	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Joint venture termination fee
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,909	-	-	-	0	-	-	-	-	-	-
Other income
1,807	1,912	1,865	1,786	1,705	1,665	1,754	1,743	1,628	2,003	2,244	1,724	1,706	1,611	1,527	1,618	1,616	1,545	1,712	1,837	1,947	811	1,953	2,533	1,982	3,619	3,148	2,773	2,520	4,749	3,090	2,894	3,632	9,093	-1,592	2,645	2,657	2,612	1,479	1,569	4,935
Total noninterest income
19,273	22,528	22,179	21,906	18,872	20,529	19,757	26,308	22,043	24,705	19,790	18,904	16,932	18,332	16,994	15,558	13,715	15,282	15,505	16,347	14,191	13,887	15,050	17,002	14,920	13,264	17,083	14,931	14,885	14,103	17,855	16,096	17,380	15,478	10,799	17,064	14,328	10,879	12,649	1,001	6,715
Noninterest Expense
Salaries and employee benefits
29,977	29,032	28,674	27,311	27,220	27,535	26,553	26,154	24,873	28,781	26,169	25,298	23,466	24,913	20,647	19,888	21,677	22,822	22,446	22,001	21,892	22,038	22,244	21,897	21,044	21,724	20,998	21,497	21,793	20,668	21,280	22,363	21,758	21,577	20,418	21,546	21,128	20,617	21,047	21,405	21,081
Net occupancy expense
4,973	5,045	4,521	4,441	4,916	4,287	4,341	4,222	4,369	4,051	3,715	4,121	3,761	3,307	3,176	3,186	3,481	3,194	3,291	3,316	3,911	3,150	3,180	3,283	3,506	3,477	3,274	3,221	3,635	3,313	3,235	3,303	3,404	3,336	3,506	3,495	3,732	3,317	3,539	3,263	3,528
Furniture and equipment expense
3,778	3,764	3,904	3,824	3,668	3,636	3,424	3,647	3,540	3,755	3,342	3,323	3,088	3,028	2,847	2,882	2,867	2,757	2,670	2,630	2,680	2,762	4,471	5,249	5,330	5,255	3,294	3,297	3,272	3,134	3,118	3,024	3,184	3,110	3,092	3,135	3,180	3,084	3,101	3,121	2,977
Data processing expense
2,467	2,704	2,825	2,619	2,544	2,706	2,853	2,478	2,433	2,431	2,229	2,345	2,085	2,050	1,832	1,788	1,759	1,618	1,558	1,509	1,438	1,531	1,583	1,542	1,468	1,498	1,492	1,503	1,516	1,708	1,987	1,796	1,563	1,545	1,533	1,525	1,424	1,367	1,478	1,136	1,165
Advertising and promotion
1,150	639	1,140	1,231	1,240	771	1,200	1,176	809	1,051	941	988	806	661	750	664	526	-	789	-	-	-	861	-	-	760	815	775	779	-	-	-	-	-	-	-	-	-	-	-	-
Pennsylvania shares tax
738	1,237	1,189	1,260	916	1,477	1,248	1,247	903	1,139	1,093	1,161	816	1,061	914	1,092	758	1,076	1,713	1,110	794	994	1,033	1,038	711	1,415	1,516	1,517	1,190	1,503	1,510	1,510	1,183	1,434	1,434	1,434	1,178	1,468	1,457	1,310	1,312
Intangible amortization
934	980	865	745	754	787	817	829	784	819	844	846	572	229	67	114	137	136	157	156	156	101	174	178	178	216	193	297	358	358	367	371	371	371	384	389	390	408	576	684	743
Collection and repossession expense
564	548	649	460	547	702	630	607	823	563	402	443	497	447	760	474	569	597	801	917	511	813	783	449	709	974	860	851	1,151	1,106	1,281	670	2,699	2,580	1,961	1,726	1,316	1,209	794	1,444	1,750
Other professional fees and services
910	1,876	969	1,032	754	1,473	962	1,031	1,007	1,406	1,300	1,096	959	1,049	1,202	873	791	1,157	1,002	945	930	1,221	1,050	691	1,024	966	848	948	969	1,162	1,028	940	1,199	1,367	1,706	1,099	1,125	719	1,062	723	847
FDIC insurance
28	55	35	555	574	417	217	597	776	744	696	977	793	698	1,105	1,062	1,038	967	963	1,025	1,059	1,028	926	1,051	1,049	1,054	1,178	1,084	1,050	1,275	1,258	1,262	1,237	1,230	1,177	1,248	1,835	2,014	2,012	2,046	4,863
Loss on sale or write-down of assets
-213	3,122	-152	-1,181	-65	1,955	-181	-497	-197	3,320	-167	-1,220	-99	1,784	-188	-345	-96	-1,075	-140	-1,635	-262	-354	-61	-745	-435	-	-	-343	-	-	-426	-	-	-4,754	-159	-4,214	-301	-92	-2,314	-	-
Litigation and operational losses
390	423	308	555	401	351	435	197	179	943	598	277	232	246	295	635	244	482	314	323	1,000	7,059	187	229	-689	-	-	-	-	-	3,657	-	-	-	186	-	-	-	-	-	-
Merger and acquisition related
-	-	3,738	34	-	-	24	1,273	337	-	-69	9,870	611	-	118	240	0	-	28	-	-	112	783	539	354	2,523	65	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Loss on early redemption of subordinated debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-1,629	-	-	0	0	-	-	-	-	-	-	-	-	-
Operational losses (recoveries)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	214	338	-	-	-	-	-	-	-	-	-	-	-	-
Unfunded commitments reserve
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-357	-	-	-	-
Loan processing fees
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	441	-	-	-
Other Noninterest Expense
6,688	6,335	5,928	6,981	6,512	5,674	6,645	5,174	5,843	-	-	-	-	4,645	4,795	4,167	4,201	4,505	4,385	5,067	5,221	4,104	4,232	5,505	4,768	4,191	5,512	4,822	5,403	-3,415	5,618	6,609	10,154	6,322	5,565	5,889	6,177	6,195	6,298	6,764	6,986
Total noninterest expense
50,271	53,109	54,897	52,229	49,730	50,024	49,530	49,129	46,873	51,909	47,361	58,263	42,765	45,675	38,696	37,410	38,144	43,129	40,257	40,634	39,854	47,359	41,568	42,396	39,887	45,327	40,045	41,998	41,454	43,842	44,765	41,848	46,752	48,576	41,121	45,700	41,429	40,931	43,678	41,945	45,335
Income Before Income Taxes
5,759	33,329	33,019	33,968	30,533	34,055	31,079	39,686	27,952	30,113	30,778	20,067	22,768	26,002	24,508	16,867	17,852	14,272	17,312	19,045	20,350	10,106	17,962	16,672	17,393	13,027	21,553	7,831	14,352	11,746	12,986	16,869	15,011	-11,377	10,183	9,137	6,951	16,522	17,557	-12,981	-35,380
Income tax provision
1,032	6,509	6,375	6,688	5,944	7,057	5,930	7,605	4,682	26,132	9,495	6,054	6,880	8,088	7,312	4,860	5,379	4,211	4,898	5,598	6,129	2,377	5,466	4,744	5,093	3,768	5,699	2,015	3,799	3,011	3,139	4,548	3,960	-5,660	1,857	1,718	1,705	5,863	4,015	-7,120	-16,761
Net Income
4,727	26,820	26,644	27,280	24,589	26,998	25,149	32,081	23,270	3,981	21,283	14,013	15,888	17,914	17,196	12,007	12,473	10,061	12,414	13,447	14,221	7,729	12,496	11,928	12,300	9,259	15,854	5,816	10,553	8,735	9,847	12,321	11,051	-5,717	8,326	7,419	5,246	10,659	13,542	-5,861	-18,619
Average Shares Outstanding (in shares)
98,123	98,178	98,267	98,346	98,479	99,179	100,226	99,305	97,433	97,363	97,402	97,183	88,929	88,879	88,854	88,831	88,840	88,821	88,807	88,922	90,875	91,553	92,567	93,794	94,543	95,064	96,194	97,564	99,288	101,756	104,080	104,894	104,810	104,767	104,728	104,686	104,618	97,199	85,777	84,594	84,559
Average Shares Outstanding Assuming Dilution (in shares)
98,361	98,497	98,547	98,600	98,706	99,297	100,490	99,504	97,601	97,646	97,457	97,232	88,987	88,864	88,858	88,838	88,845	88,785	88,813	88,939	90,889	91,500	92,578	93,811	94,568	95,028	96,208	97,577	99,305	101,726	104,098	104,901	104,816	104,763	104,728	104,686	104,623	97,203	85,788	84,594	84,559
Per Share Data:
Basic Earnings per Share (in dollars per share)
0.05	0.27	0.27	0.28	0.25	0.28	0.25	0.32	0.24	0.04	0.22	0.14	0.18	0.20	0.19	0.14	0.14	0.11	0.14	0.15	0.16	0.09	0.13	0.13	0.13	0.10	0.16	0.06	0.11	0.08	0.09	0.12	0.11	-0.05	0.08	0.07	0.05	0.11	0.15	-0.07	-0.22
Diluted Earnings per Share (in dollars per share)
0.05	0.27	0.27	0.28	0.25	0.27	0.25	0.32	0.24	0.04	0.22	0.14	0.18	0.20	0.19	0.14	0.14	0.11	0.14	0.15	0.16	0.09	0.13	0.13	0.13	0.10	0.16	0.06	0.11	0.08	0.09	0.12	0.11	-0.05	0.08	0.07	0.05	0.11	0.15	-0.07	-0.22
Cash Dividends Declared per Common Share (in dollars per share)
0.11	0.10	0.10	0.10	0.10	0.09	0.09	0.09	0.08	0.08	0.08	0.08	0.08	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.06	0.06	0.06	0.05	0.05	0.05	0.05	0.03	0.03	0.03	0.03	0.03	0.01	0.01	0.03	0.00
Off-Balance Sheet, Credit Loss, Liability, Change in Method, Credit Loss Expense (Reversal)
-2,539	-	-	-	-381	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-