First Commonwealth Announces First Quarter Earnings

Apr 18, 2001, 01:00 ET from First Commonwealth Financial Corporation

    INDIANA, Pa., April 18 /PRNewswire/ -- First Commonwealth Financial
 Corporation (NYSE:   FCF) reported earnings of $12.0 million for the first
 quarter of 2001 compared to $11.5 million for the comparable period of 2000
 for an increase of 5.0%.  Diluted earnings per share were $0.21 for the first
 three months of 2001 a 10.5% increase over the $0.19 reported for the linked
 quarter (fourth quarter of 2000), and a 5.0% increase over the $0.20 per share
 reported in the first quarter 2000.
     Return on average assets of 1.11% and return on average equity of 14.14%
 for the first quarter both improved from the previous quarter results of 1.02%
 and 13.87% respectively.  Return on average assets and return on average
 equity were 1.07% and 15.96% respectively for the first quarter of 2000.
     First Commonwealth Financial Corporation is a $4.4 billion financial
 services holding company headquartered in Indiana, PA.  It operates through
 two chartered banks, Southwest Bank in Westmoreland and Allegheny counties and
 First Commonwealth Bank, in 17 counties in western and central PA with its
 nine division banks including: NBOC Bank, Indiana; Deposit Bank, DuBois;
 Cenwest Bank, Johnstown; First Bank of Leechburg; Peoples Bank, Jennerstown;
 Central Bank, Hollidaysburg; Peoples Bank of Western Pennsylvania, New Castle;
 Unitas Bank, Chambersburg; and Reliable Bank, Bridgeville.  Financial services
 and insurance products are also provided through First Commonwealth Trust
 Company and First Commonwealth Insurance Agency.  Both are headquartered in
 Indiana.  The Corporation also owns Commonwealth Systems Corporation, a data
 processing subsidiary, First Commonwealth Professional Resources, Inc., a
 support services subsidiary, and both headquartered in Indiana, Pennsylvania,
 and jointly owns Commonwealth Trust Credit Life Insurance Company, a credit
 life reinsurance company.
 
     Statements contained in this press release that are not historical facts
 are forward-looking statements as that item is defined in the Private
 Securities Litigation Reform Act of 1995.  Such forward-looking statements are
 subject to risks and uncertainties that could cause actual results to differ
 materially from estimated results.  Such risks and uncertainties are detailed
 in the Corporation's filings with the Securities and Exchange Commission.
 
 
                    FIRST COMMONWEALTH FINANCIAL CORPORATION
                      CONSOLIDATED SELECTED FINANCIAL DATA
              (Dollar Amounts in Thousands, except per share data)
 
                                     For the Quarter        For the 3 Months
                                     Ended March 31,         Ended March 31,
                                     2001        2000        2001        2000
     Interest income               $79,080     $76,943     $79,080     $76,943
     Interest expense               44,848      41,504      44,848      41,504
          Net interest income       34,232      35,439      34,232      35,439
     Provision for credit
      losses                         2,407       2,505       2,407       2,505
          Net interest income
           after provision for
           credit losses            31,825      32,934      31,825      32,934
 
     Securities gains                  205           0         205           0
     Trust income                    1,294       1,362       1,294       1,362
     Service charges on
      deposits                       2,581       2,514       2,581       2,514
     Other income                    5,187       3,482       5,187       3,482
          Total other income         9,267       7,358       9,267       7,358
 
     Salaries and employee
      benefits                      13,669      13,911      13,669      13,911
     Net occupancy expense           1,777       1,714       1,777       1,714
     Furniture and equipment
      expense                        2,126       1,860       2,126       1,860
     Data processing expense           767         767         767         767
     Pennsylvania shares tax
      expense                          941         894         941         894
     Other operating expense         6,176       6,004       6,176       6,004
          Total other expenses      25,456      25,150      25,456      25,150
     Income before income taxes     15,636      15,142      15,636      15,142
     Applicable income taxes         3,613       3,691       3,613       3,691
          Net income               $12,023     $11,451     $12,023     $11,451
 
     Average shares
      outstanding               57,721,959  57,505,462  57,721,959  57,505,462
     Average shares outstanding
      assuming dilution         57,802,012  57,606,948  57,802,012  57,606,948
 
     Per Share Data:
     Basic earnings per share        $0.21       $0.20       $0.21       $0.20
     Diluted earnings per share      $0.21       $0.20       $0.21       $0.20
     Cash dividends per share       $0.145      $0.140      $0.145      $0.140
 
 
                    FIRST COMMONWEALTH FINANCIAL CORPORATION
                      CONSOLIDATED SELECTED FINANCIAL DATA
              (Dollar Amounts in Thousands, except per share data)
 
     Asset Quality Data At March 31,
                                                      2001              2000
     Loans on nonaccrual basis                       $9,447           $11,643
     Past due loans                                  21,751            14,468
     Renegotiated loans                               2,250             1,482
          Total nonperforming loans                 $33,448           $27,593
     Loans outstanding at end of period          $2,502,629        $2,515,717
     Average loans outstanding
     (year-to-date)                              $2,503,187        $2,507,679
     Allowance for credit losses                    $34,339           $33,803
     Nonperforming loans as percent of
      total loans                                     1.34%             1.10%
     Net charge-offs (year-to-date)                  $1,669            $2,241
     Net charge-offs as percent of average
      loans                                           0.07%             0.09%
     Allowance for credit losses as
      percent of average loans
      outstanding                                     1.37%             1.35%
     Allowance for credit losses as
      percent of nonperforming loans                102.66%           122.51%
     Other real estate owned                         $1,475            $1,840
 
     End of Period Data At March 31,
                                                     2001              2000
     Assets                                      $4,479,387        $4,321,165
     Earning assets                              $4,243,953        $4,088,340
     Securities                                  $1,721,565        $1,570,099
     Loans, net of unearned income               $2,502,629        $2,515,717
     Total deposits                              $3,151,099        $2,906,778
          Non-interest bearing deposits            $243,634          $243,507
          NOW, Moneymarket & Savings             $1,130,234        $1,133,281
          Time deposits                          $1,777,231        $1,529,990
     Short-term borrowings                         $286,914          $444,799
     Long-term debt                                $658,369          $641,095
     Other liabilities                              $33,739           $44,163
     Shareholders' equity                          $349,266          $284,330
     Shares outstanding                          58,222,096        58,095,060
     Book value per share                             $6.00             $4.89
     Market value per share                          $11.45             $8.63
 
 
                    FIRST COMMONWEALTH FINANCIAL CORPORATION
                      CONSOLIDATED SELECTED FINANCIAL DATA
              (Dollar Amounts in Thousands, except per share data)
 
     Quarter To Date Average Balances
      At March 31,                      2001         2000
     Assets                          $4,408,989   $4,318,560
     Earning assets                  $4,185,177   $4,086,223
     Securities                      $1,661,393   $1,574,022
     Loans, net of unearned income   $2,503,187   $2,507,679
     Deposits                        $3,104,283   $2,912,324
     Shareholders' Equity              $344,862     $288,548
 
     Year To Date Average Balances
      At March 31,
                                        2001         2000
     Assets                          $4,408,989   $4,318,560
     Earning assets                  $4,185,177   $4,086,223
     Securities                      $1,661,393   $1,574,022
     Loans, net of unearned income   $2,503,187   $2,507,679
     Deposits                        $3,104,283   $2,912,324
     Shareholders' Equity              $344,862     $288,548
 
 
     Profitability Ratios
                                          For the Quarter     For the 3 Months
                                          Ended March 31,      Ended March 31,
                                          2001       2000       2001     2000
     Return on average assets             1.11%      1.07%      1.11%    1.07%
     Return on average equity            14.14%     15.96%     14.14%   15.96%
     Yield on earning assets (FTE)        7.84%      7.78%      7.84%    7.78%
     Total cost of funds                  4.94%      4.56%      4.94%    4.56%
     Net interest margin (FTE)            3.55%      3.71%      3.55%    3.71%
     Efficiency ratio (FTE)              55.48%     55.77%     55.48%   55.77%
     Fully tax equivalent adjustment     $2,382     $2,296     $2,382   $2,296
 
 

SOURCE First Commonwealth Financial Corporation
    INDIANA, Pa., April 18 /PRNewswire/ -- First Commonwealth Financial
 Corporation (NYSE:   FCF) reported earnings of $12.0 million for the first
 quarter of 2001 compared to $11.5 million for the comparable period of 2000
 for an increase of 5.0%.  Diluted earnings per share were $0.21 for the first
 three months of 2001 a 10.5% increase over the $0.19 reported for the linked
 quarter (fourth quarter of 2000), and a 5.0% increase over the $0.20 per share
 reported in the first quarter 2000.
     Return on average assets of 1.11% and return on average equity of 14.14%
 for the first quarter both improved from the previous quarter results of 1.02%
 and 13.87% respectively.  Return on average assets and return on average
 equity were 1.07% and 15.96% respectively for the first quarter of 2000.
     First Commonwealth Financial Corporation is a $4.4 billion financial
 services holding company headquartered in Indiana, PA.  It operates through
 two chartered banks, Southwest Bank in Westmoreland and Allegheny counties and
 First Commonwealth Bank, in 17 counties in western and central PA with its
 nine division banks including: NBOC Bank, Indiana; Deposit Bank, DuBois;
 Cenwest Bank, Johnstown; First Bank of Leechburg; Peoples Bank, Jennerstown;
 Central Bank, Hollidaysburg; Peoples Bank of Western Pennsylvania, New Castle;
 Unitas Bank, Chambersburg; and Reliable Bank, Bridgeville.  Financial services
 and insurance products are also provided through First Commonwealth Trust
 Company and First Commonwealth Insurance Agency.  Both are headquartered in
 Indiana.  The Corporation also owns Commonwealth Systems Corporation, a data
 processing subsidiary, First Commonwealth Professional Resources, Inc., a
 support services subsidiary, and both headquartered in Indiana, Pennsylvania,
 and jointly owns Commonwealth Trust Credit Life Insurance Company, a credit
 life reinsurance company.
 
     Statements contained in this press release that are not historical facts
 are forward-looking statements as that item is defined in the Private
 Securities Litigation Reform Act of 1995.  Such forward-looking statements are
 subject to risks and uncertainties that could cause actual results to differ
 materially from estimated results.  Such risks and uncertainties are detailed
 in the Corporation's filings with the Securities and Exchange Commission.
 
 
                    FIRST COMMONWEALTH FINANCIAL CORPORATION
                      CONSOLIDATED SELECTED FINANCIAL DATA
              (Dollar Amounts in Thousands, except per share data)
 
                                     For the Quarter        For the 3 Months
                                     Ended March 31,         Ended March 31,
                                     2001        2000        2001        2000
     Interest income               $79,080     $76,943     $79,080     $76,943
     Interest expense               44,848      41,504      44,848      41,504
          Net interest income       34,232      35,439      34,232      35,439
     Provision for credit
      losses                         2,407       2,505       2,407       2,505
          Net interest income
           after provision for
           credit losses            31,825      32,934      31,825      32,934
 
     Securities gains                  205           0         205           0
     Trust income                    1,294       1,362       1,294       1,362
     Service charges on
      deposits                       2,581       2,514       2,581       2,514
     Other income                    5,187       3,482       5,187       3,482
          Total other income         9,267       7,358       9,267       7,358
 
     Salaries and employee
      benefits                      13,669      13,911      13,669      13,911
     Net occupancy expense           1,777       1,714       1,777       1,714
     Furniture and equipment
      expense                        2,126       1,860       2,126       1,860
     Data processing expense           767         767         767         767
     Pennsylvania shares tax
      expense                          941         894         941         894
     Other operating expense         6,176       6,004       6,176       6,004
          Total other expenses      25,456      25,150      25,456      25,150
     Income before income taxes     15,636      15,142      15,636      15,142
     Applicable income taxes         3,613       3,691       3,613       3,691
          Net income               $12,023     $11,451     $12,023     $11,451
 
     Average shares
      outstanding               57,721,959  57,505,462  57,721,959  57,505,462
     Average shares outstanding
      assuming dilution         57,802,012  57,606,948  57,802,012  57,606,948
 
     Per Share Data:
     Basic earnings per share        $0.21       $0.20       $0.21       $0.20
     Diluted earnings per share      $0.21       $0.20       $0.21       $0.20
     Cash dividends per share       $0.145      $0.140      $0.145      $0.140
 
 
                    FIRST COMMONWEALTH FINANCIAL CORPORATION
                      CONSOLIDATED SELECTED FINANCIAL DATA
              (Dollar Amounts in Thousands, except per share data)
 
     Asset Quality Data At March 31,
                                                      2001              2000
     Loans on nonaccrual basis                       $9,447           $11,643
     Past due loans                                  21,751            14,468
     Renegotiated loans                               2,250             1,482
          Total nonperforming loans                 $33,448           $27,593
     Loans outstanding at end of period          $2,502,629        $2,515,717
     Average loans outstanding
     (year-to-date)                              $2,503,187        $2,507,679
     Allowance for credit losses                    $34,339           $33,803
     Nonperforming loans as percent of
      total loans                                     1.34%             1.10%
     Net charge-offs (year-to-date)                  $1,669            $2,241
     Net charge-offs as percent of average
      loans                                           0.07%             0.09%
     Allowance for credit losses as
      percent of average loans
      outstanding                                     1.37%             1.35%
     Allowance for credit losses as
      percent of nonperforming loans                102.66%           122.51%
     Other real estate owned                         $1,475            $1,840
 
     End of Period Data At March 31,
                                                     2001              2000
     Assets                                      $4,479,387        $4,321,165
     Earning assets                              $4,243,953        $4,088,340
     Securities                                  $1,721,565        $1,570,099
     Loans, net of unearned income               $2,502,629        $2,515,717
     Total deposits                              $3,151,099        $2,906,778
          Non-interest bearing deposits            $243,634          $243,507
          NOW, Moneymarket & Savings             $1,130,234        $1,133,281
          Time deposits                          $1,777,231        $1,529,990
     Short-term borrowings                         $286,914          $444,799
     Long-term debt                                $658,369          $641,095
     Other liabilities                              $33,739           $44,163
     Shareholders' equity                          $349,266          $284,330
     Shares outstanding                          58,222,096        58,095,060
     Book value per share                             $6.00             $4.89
     Market value per share                          $11.45             $8.63
 
 
                    FIRST COMMONWEALTH FINANCIAL CORPORATION
                      CONSOLIDATED SELECTED FINANCIAL DATA
              (Dollar Amounts in Thousands, except per share data)
 
     Quarter To Date Average Balances
      At March 31,                      2001         2000
     Assets                          $4,408,989   $4,318,560
     Earning assets                  $4,185,177   $4,086,223
     Securities                      $1,661,393   $1,574,022
     Loans, net of unearned income   $2,503,187   $2,507,679
     Deposits                        $3,104,283   $2,912,324
     Shareholders' Equity              $344,862     $288,548
 
     Year To Date Average Balances
      At March 31,
                                        2001         2000
     Assets                          $4,408,989   $4,318,560
     Earning assets                  $4,185,177   $4,086,223
     Securities                      $1,661,393   $1,574,022
     Loans, net of unearned income   $2,503,187   $2,507,679
     Deposits                        $3,104,283   $2,912,324
     Shareholders' Equity              $344,862     $288,548
 
 
     Profitability Ratios
                                          For the Quarter     For the 3 Months
                                          Ended March 31,      Ended March 31,
                                          2001       2000       2001     2000
     Return on average assets             1.11%      1.07%      1.11%    1.07%
     Return on average equity            14.14%     15.96%     14.14%   15.96%
     Yield on earning assets (FTE)        7.84%      7.78%      7.84%    7.78%
     Total cost of funds                  4.94%      4.56%      4.94%    4.56%
     Net interest margin (FTE)            3.55%      3.71%      3.55%    3.71%
     Efficiency ratio (FTE)              55.48%     55.77%     55.48%   55.77%
     Fully tax equivalent adjustment     $2,382     $2,296     $2,382   $2,296
 
 SOURCE  First Commonwealth Financial Corporation