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FIRST COMMONWEALTH FINANCIAL COR


 SEC Form 10-Q filed 2010-07-30 for the period ending 2010-06-30




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Selected tables from the SEC filing


Table 0


Financial table in standard format


 
















 
  
 
  
PAGE




  
PART I. Financial Information
  










 
ITEM 1.

  
Financial Statements and Supplementary Data 
  











  
Included in Part I of this report:
  











  
First Commonwealth Financial Corporation and Subsidiaries
  











  
 
Condensed Consolidated Statements of Financial Condition

  
3




  
 
Condensed Consolidated Statements of Operations

  
4




  
 
Condensed Consolidated Statements of Changes in Shareholders Equity

  
5




  
 
Condensed Consolidated Statements of Cash Flows

  
7




  
 
Notes to Condensed Consolidated Financial Statements

  
8









 
ITEM 2.

  
 
Managements Discussion and Analysis of Financial Condition and Results of
Operations

  
33









 
ITEM 3.

  
Quantitative and Qualitative Disclosures About Market Risk
  
58









 
ITEM 4.

  
Controls and Procedures
  
58










  
PART II. Other Information
  










 
ITEM 1.

  
Legal Proceedings
  
59









 
ITEM 1A.

  
Risk Factors
  
59









 
ITEM 2.

  
Unregistered Sales of Equity Securities and Use of Proceeds
  
60









 
ITEM 3.

  
Defaults Upon Senior Securities
  
60









 
ITEM 4.

  
Removed and Reserved
  
60









 
ITEM 5.

  
Other Information
  
60









 
ITEM 6.

  
Exhibits
  
61










  
Signatures
  
62







FIRST COMMONWEALTH FINANCIAL COR
CIK:712537





Condensed Consolidated Statements of Financial Condition3


Condensed Consolidated Statements of Operations4


Condensed Consolidated Statements of Changes in Shareholders Equity5


Condensed Consolidated Statements of Cash Flows7


Notes to Condensed Consolidated Financial Statements8


ITEM 2.33


ITEM 3.58


ITEM 4.58


PART II. Other Information


ITEM 1.59


ITEM 1A.59


ITEM 2.60


ITEM 3.60


ITEM 4.60


ITEM 5.60


ITEM 6.61


Signatures62





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Table 1


Financial table in standard format


 


















 
  
Six Months Ended
June 30,



 
  
2010
  
2009



 
  
(dollars in thousands)



 
Interest income per Condensed Consolidated Statement of Operations

  
$
139,015
  
$
148,661



 
Adjustment to fully tax-equivalent basis

  
 
5,437
  
 
6,276




  
 
 
  
 
 



 
Interest income adjusted to fully tax-equivalent basis (non-GAAP)

  
 
144,452
  
 
154,937



 
Interest expense

  
 
33,321
  
 
46,574




  
 
 
  
 
 



 
Net interest income adjusted to fully tax-equivalent basis
(non-GAAP)

  
$
111,131
  
$
108,363




  
 
 
  
 
 







FIRST COMMONWEALTH FINANCIAL COR
CIK:712537





(dollars in thousands)


Interest income per Condensed Consolidated Statement of Operations$139,015$148,661


Adjustment to fully tax-equivalent basis5,4376,276


Interest income adjusted to fully tax-equivalent basis (non-GAAP)144,452154,937


Interest expense33,32146,574


Net interest income adjusted to fully tax-equivalent basis(non-GAAP)$111,131$108,363





Data column 1: Unable to interpret date in column header

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Row "(dollars in thousands)": Multi-column field in a numeric row


Table 2


Financial table in standard format


 
































 
 
Average Balance Sheets and Net Interest Income Analysis
 



 
 
2010
 
 
2009
 



 
 
Average
Balance		
 
 
Income/
Expense (a)		
 
Yield
or
Rate		
 
 
Average
Balance		
 
 
Income/
Expense (a)		
 
Yield
or
Rate		
 



 
 
(dollars in thousands)
 



 
Assets

 



 


 


 



 


 





 
Interest-earning assets:

 



 


 


 



 


 





 
Interest-bearing deposits with banks

 
$
57,005
 
 
$
73
 
0.26
% 
 
$
790
  
 
$
2
 
0.47
% 



 
Tax-free investment securities

 
 
184,296
 
 
 
6,139
 
6.72
 
 
 
248,540
  
 
 
8,544
 
6.93
 



 
Taxable investment securities

 
 
942,203
 
 
 
20,177
 
4.32
 
 
 
1,131,230
  
 
 
27,037
 
4.82
 



 
Loans, net of unearned income (b)(c)

 
 
4,593,781
 
 
 
118,063
 
5.18
 
 
 
4,486,216
  
 
 
119,354
 
5.37
 




 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 





 
Total interest-earning assets

 
 
5,777,285
 
 
 
144,452
 
5.04
 
 
 
5,866,776
  
 
 
154,937
 
5.33
 




 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 





 
Non-interest-earning assets:

 



 


 


 



 


 





 
Cash

 
 
76,322
 
 


 


 
 
74,721
  
 


 





 
Allowance for credit losses

 
 
(103,920
) 
 


 


 
 
(48,187
) 
 


 





 
Other assets

 
 
591,143
 
 


 


 
 
541,810
  
 


 






 
 
 
 
 


 


 
 
 
 
 


 





 
Total non-interest-earning assets

 
 
563,545
 
 


 


 
 
568,344
  
 


 






 
 
 
 
 


 


 
 
 
 
 


 





 
Total Assets

 
$
6,340,830
 
 


 


 
$
6,435,120
  
 


 






 
 
 
 
 


 


 
 
 
 
 


 





 
Liabilities and Shareholders Equity

 



 


 


 



 


 





 
Interest-bearing liabilities:

 



 


 


 



 


 





 
Interest-bearing demand deposits (d)

 
$
615,618
 
 
$
416
 
0.14
 
 
$
598,399
 
 
$
980
 
0.33
 



 
Savings deposits (d)

 
 
1,758,365
 
 
 
6,870
 
0.79
 
 
 
1,373,299
 
 
 
8,294
 
1.22
 



 
Time deposits

 
 
1,639,283
 
 
 
19,361
 
2.38
 
 
 
1,796,155
 
 
 
28,176
 
3.16
 



 
Short-term borrowings

 
 
761,066
 
 
 
1,468
 
0.39
 
 
 
1,100,660
 
 
 
2,480
 
0.45
 



 
Long-term debt

 
 
249,778
  
 
 
5,206
 
4.20
 
 
 
289,133
 
 
 
6,644
 
4.63
 




 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 





 
Total interest-bearing liabilities

 
 
5,024,110
 
 
 
33,321
 
1.34
 
 
 
5,157,646
 
 
 
46,574
 
1.82
 




 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 





 
Non-interest-bearing liabilities and shareholders equity:

 



 


 


 



 


 





 
Non-interest-bearing demand deposits (d)

 
 
629,202
 
 


 


 
 
574,488
 
 


 





 
Other liabilities

 
 
37,799
 
 


 


 
 
42,587
 
 


 





 
Shareholders equity

 
 
649,719
 
 


 


 
 
660,399
 
 


 






 
 
 
 
 


 


 
 
 
 
 


 





 
Total non-interest-bearing funding sources

 
 
1,316,720
 
 


 


 
 
1,277,474
 
 


 






 
 
 
 
 


 


 
 
 
 
 


 





 
Total Liabilities and Shareholders Equity

 
$
6,340,830
 
 


 


 
$
6,435,120
 
 


 






 
 
 
 
 


 


 
 
 
 
 


 





 
Net Interest Income and Net Yield on Interest-Earning Assets

 



 
$
111,131
 
3.88
% 
 



 
$
108,363
 
3.72
% 




 



 
 
 
 


 



 
 
 
 









FIRST COMMONWEALTH FINANCIAL COR
CIK:712537









AverageBalance


(dollars in thousands)


Assets


Interest-earning assets:


Interest-bearing deposits with banks$57,005$730.26$790$20.47


Tax-free investment securities184,2966,1396.72248,5408,5446.93


Taxable investment securities942,20320,1774.321,131,23027,0374.82


Loans, net of unearned income (b)(c)4,593,781118,0635.184,486,216119,3545.37


Total interest-earning assets5,777,285144,4525.045,866,776154,9375.33


Non-interest-earning assets:


Cash76,32274,721


Allowance for credit losses(103,920)(48,187)


Other assets591,143541,810


Total non-interest-earning assets563,545568,344


Total Assets$6,340,830$6,435,120


Liabilities and Shareholders Equity


Interest-bearing liabilities:


Interest-bearing demand deposits (d)$615,618$4160.14$598,399$9800.33


Savings deposits (d)1,758,3656,8700.791,373,2998,2941.22


Time deposits1,639,28319,3612.381,796,15528,1763.16


Short-term borrowings761,0661,4680.391,100,6602,4800.45


Long-term debt249,7785,2064.20289,1336,6444.63


Total interest-bearing liabilities5,024,11033,3211.345,157,64646,5741.82


Non-interest-bearing liabilities and shareholders equity:


Non-interest-bearing demand deposits (d)629,202574,488


Other liabilities37,79942,587


Shareholders equity649,719660,399


Total non-interest-bearing funding sources1,316,7201,277,474


Total Liabilities and Shareholders Equity$6,340,830$6,435,120


Net Interest Income and Net Yield on Interest-Earning Assets$111,1313.88$108,3633.72





Data column 1: Unable to interpret date in column header

Data column 2: Unable to interpret date in column header

Data column 3: Unable to interpret date in column header

Data column 4: Unable to interpret date in column header

Data column 5: Unable to interpret date in column header

Data column 6: Unable to interpret date in column header

Row "(dollars in thousands)": Multi-column field in a numeric row

Row "Interest-bearing deposits with banks": Multi-column field in a numeric row

Row "Net Interest Income and Net Yield on Interest-Earning Assets": Multi-column field in a numeric row


Table 3


Financial table in standard format


 


















 
  
Three Months Ended
June 30,



 
  
2010
  
2009



 
  
(dollars in thousands)



 
Interest income per Condensed Consolidated Statement of Operations

  
$
68,937
  
$
73,720



 
Adjustment to fully tax-equivalent basis

  
 
2,639
  
 
3,091




  
 
 
  
 
 



 
Interest income adjusted to fully tax-equivalent basis (non-GAAP)

  
 
71,576
  
 
76,811



 
Interest expense

  
 
16,341
  
 
22,232




  
 
 
  
 
 



 
Net interest income adjusted to fully tax-equivalent basis (non-GAAP)

  
$
55,235
  
$
54,579




  
 
 
  
 
 







FIRST COMMONWEALTH FINANCIAL COR
CIK:712537





(dollars in thousands)


Interest income per Condensed Consolidated Statement of Operations$68,937$73,720


Adjustment to fully tax-equivalent basis2,6393,091


Interest income adjusted to fully tax-equivalent basis (non-GAAP)71,57676,811


Interest expense16,34122,232


Net interest income adjusted to fully tax-equivalent basis (non-GAAP)$55,235$54,579





Data column 1: Unable to interpret date in column header

Data column 2: Unable to interpret date in column header

Row "(dollars in thousands)": Multi-column field in a numeric row


Table 4


Financial table in standard format


 
































 
 
Average Balance Sheets and Net Interest Income Analysis
 



 
 
2010
 
 
2009
 



 
 
Average
Balance		
 
 
Income/
Expense (a)		
 
Yield
or
Rate		
 
 
Average
Balance		
 
 
Income/
Expense (a)		
 
Yield
or
Rate		
 



 
 
(dollars in thousands)
 



 
Assets

 



 


 


 



 


 





 
Interest-earning assets:

 



 


 


 



 


 





 
Interest-bearing deposits with banks

 
$
74,996
 
 
$
48
 
0.26
% 
 
$
767
 
 
$
1
 
0.43
% 



 
Tax-free investment securities

 
 
170,002
 
 
 
2,830
 
6.68
 
 
 
238,958
 
 
 
4,092
 
6.87
 



 
Taxable investment securities

 
 
907,504
 
 
 
9,683
 
4.28
 
 
 
1,112,350
 
 
 
13,266
 
4.78
 



 
Loans, net of unearned income (b)(c)

 
 
4,552,312
 
 
 
59,015
 
5.20
 
 
 
4,511,811
 
 
 
59,452
 
5.29
 




 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 





 
Total interest-earning assets

 
 
5,704,814
 
 
 
71,576
 
5.03
 
 
 
5,863,886
 
 
 
76,811
 
5.25
 




 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 





 
Non-interest-earning assets:

 



 


 


 



 


 





 
Cash

 
 
77,141
 
 


 


 
 
75,318
 
 


 





 
Allowance for credit losses (d)

 
 
(123,418
) 
 


 


 
 
(43,039
) 
 


 





 
Other assets

 
 
595,621
 
 


 


 
 
555,202
 
 


 






 
 
 
 
 


 


 
 
 
 
 


 





 
Total non-interest-earning assets

 
 
549,344
 
 


 


 
 
587,481
 
 


 






 
 
 
 
 


 


 
 
 
 
 


 





 
Total Assets

 
$
6,254,158
 
 


 


 
$
6,451,367
 
 


 






 
 
 
 
 


 


 
 
 
 
 


 





 
Liabilities and Shareholders Equity

 



 


 


 



 


 





 
Interest-bearing liabilities:

 



 


 


 



 


 





 
Interest-bearing demand deposits (e)

 
$
631,324
 
 
$
211
 
0.13
% 
 
$
611,384
 
 
$
431
 
0.28
% 



 
Savings deposits (e)

 
 
1,790,488
 
 
 
3,316
 
0.74
 
 
 
1,430,613
 
 
 
3,883
 
1.09
 



 
Time deposits

 
 
1,639,045
 
 
 
9,540
 
2.33
 
 
 
1,766,035
 
 
 
13,560
 
3.08
 



 
Short-term borrowings

 
 
661,068
 
 
 
616
 
0.37
 
 
 
1,068,183
 
 
 
1,133
 
0.43
 



 
Long-term debt

 
 
206,634
 
 
 
2,658
 
5.16
 
 
 
288,263
 
 
 
3,225
 
4.49
 




 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 





 
Total interest-bearing liabilities

 
 
4,928,559
 
 
 
16,341
 
1.33
 
 
 
5,164,478
 
 
 
22,232
 
1.73
 




 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 





 
Non-interest-bearing liabilities and shareholders equity:

 



 


 


 



 


 





 
Non-interest-bearing demand deposits (e)

 
 
640,105
 
 


 


 
 
588,246
 
 


 





 
Other liabilities

 
 
39,797
 
 


 


 
 
39,823
 
 


 





 
Shareholders equity

 
 
645,697
 
 


 


 
 
658,820
 
 


 






 
 
 
 
 


 


 
 
 
 
 


 





 
Total non-interest-bearing funding sources

 
 
1,325,599
 
 


 


 
 
1,286,889
 
 


 






 
 
 
 
 


 


 
 
 
 
 


 





 
Total Liabilities and Shareholders Equity

 
$
6,254,158
 
 


 


 
$
6,451,367
 
 


 






 
 
 
 
 


 


 
 
 
 
 


 





 
Net Interest Income and Net Yield on Interest-Earning Assets

 



 
$
55,235
 
3.88
% 
 



 
$
54,579
 
3.73
% 




 



 
 
 
 


 



 
 
 
 









FIRST COMMONWEALTH FINANCIAL COR
CIK:712537





AverageBalance


(dollars in thousands)


Assets


Interest-earning assets:


Interest-bearing deposits with banks$74,996$767


Tax-free investment securities170,002238,958


Taxable investment securities907,5041,112,350


Loans, net of unearned income (b)(c)4,552,3124,511,811


Total interest-earning assets5,704,8145,863,886


Non-interest-earning assets:


Cash77,14175,318


Allowance for credit losses (d)(123,418)(43,039)


Other assets595,621555,202


Total non-interest-earning assets549,344587,481


Total Assets$6,254,158$6,451,367


Liabilities and Shareholders Equity


Interest-bearing liabilities:


Interest-bearing demand deposits (e)$631,324$611,384


Savings deposits (e)1,790,4881,430,613


Time deposits1,639,0451,766,035


Short-term borrowings661,0681,068,183


Long-term debt206,634288,263


Total interest-bearing liabilities4,928,5595,164,478


Non-interest-bearing liabilities and shareholders equity:


Non-interest-bearing demand deposits (e)640,105588,246


Other liabilities39,79739,823


Shareholders equity645,697658,820


Total non-interest-bearing funding sources1,325,5991,286,889


Total Liabilities and Shareholders Equity$6,254,158$6,451,367


Net Interest Income and Net Yield on Interest-Earning Assets





Data column 1: Unable to interpret date in column header

Data column 2: Unable to interpret date in column header

Row "AverageBalance": Multi-column field in a numeric row

Row "AverageBalance": Multi-column field in a numeric row

Row "(dollars in thousands)": Multi-column field in a numeric row

Row "Interest-bearing deposits with banks": Multi-column field in a numeric row

Row "Interest-bearing deposits with banks": Multi-column field in a numeric row

Row "Interest-bearing deposits with banks": Multi-column field in a numeric row

Row "Tax-free investment securities": Multi-column field in a numeric row

Row "Tax-free investment securities": Multi-column field in a numeric row

Row "Taxable investment securities": Multi-column field in a numeric row

Row "Taxable investment securities": Multi-column field in a numeric row

Row "Loans, net of unearned income (b)(c)": Multi-column field in a numeric row

Row "Loans, net of unearned income (b)(c)": Multi-column field in a numeric row

Row "Total interest-earning assets": Multi-column field in a numeric row

Row "Total interest-earning assets": Multi-column field in a numeric row

Row "Interest-bearing demand deposits (e)": Multi-column field in a numeric row

Row "Interest-bearing demand deposits (e)": Multi-column field in a numeric row

Row "Interest-bearing demand deposits (e)": Multi-column field in a numeric row

Row "Savings deposits (e)": Multi-column field in a numeric row

Row "Savings deposits (e)": Multi-column field in a numeric row

Row "Time deposits": Multi-column field in a numeric row

Row "Time deposits": Multi-column field in a numeric row

Row "Short-term borrowings": Multi-column field in a numeric row

Row "Short-term borrowings": Multi-column field in a numeric row

Row "Long-term debt": Multi-column field in a numeric row

Row "Long-term debt": Multi-column field in a numeric row

Row "Total interest-bearing liabilities": Multi-column field in a numeric row

Row "Total interest-bearing liabilities": Multi-column field in a numeric row

Row "Net Interest Income and Net Yield on Interest-Earning Assets": Multi-column field in a numeric row

Row "Net Interest Income and Net Yield on Interest-Earning Assets": Multi-column field in a numeric row

Row "Net Interest Income and Net Yield on Interest-Earning Assets": Multi-column field in a numeric row


Original filing from SEC EDGAR system.