FIRST COMMONWEALTH FINANCIAL CORPORATION 
By INDIANA, Pa., Jan. 25, 2012 /PRNewswire/ -- First Commonwealth Financial Corporation (NYSE: FCF) today reported a net loss of $5.7 million, or $0.05 per share, for the fourth quarter ended December 31, 2011, as compared to net income of $11.9 million, or $0.11 diluted earnings per share, in the fourth quarter of 2010. The decrease in net income was primarily the result of a higher provision for credit losses and a collateral valuation charge for an Other Real Estate Owned (OREO) property. For the year ended December 31, 2011, net income was $15.3 million, or $0.15 diluted earnings per share, compared to net income of $23.0 million, or $0.25 diluted earnings per share, for the year 2010. The decrease in year over year net income was primarily the result of lower net interest income due to balance sheet restructuring strategies and depressed loan demand in 2011.
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T. Michael Price, President and Chief Executive Officer, stated, "We took aggressive steps in the fourth quarter of 2011 to address troubled loans that are intended to move us beyond the credit issues that have weighed on our recent earnings performance. The decrease we experienced this quarter in nonperforming loans, combined with ongoing declines in our criticized assets, sends a clear message that First Commonwealth is determined to move forward and is focused on creating superior value for our investors."
Net Interest Income and Net Interest Margin
Fourth quarter 2011 net interest income, on a fully taxable equivalent basis, decreased $2.8 million, or 5%, to $48.9 million as compared to the fourth quarter of 2010. The decrease was the result of a $174.4 million decline in average interest-earning assets between the periods, combined with an eight basis point drop in the net interest margin. Net interest margin was 3.78%, 3.81% and 3.86% for the three-month periods ended December 31, 2011, September 30, 2011 and December 31, 2010, respectively. For the year ended December 31, 2011 net interest income, on a fully taxable equivalent basis, decreased $20.6 million, or 10%. The decrease was primarily due to a $427.1 million decline in average interest-earning assets and a decrease of eight basis points in the net interest margin. The net interest margin for the years ended December 31, 2011 and 2010 was 3.80% and 3.88%, respectively.
Significant changes to First Commonwealth's balance sheet from December 31, 2010 to December 31, 2011 included:
-- A decrease of $161.0 million, or 4%, in loans, primarily as the result
of more disciplined underwriting guidelines concerning geography and
size for commercial loans, the managing down of large credit
relationships over $15 million and generally weak borrower demand.
-- Continued improvement in the mix of deposits, as a $169.2 million, or
5%, growth in lower costing transaction and savings deposits partially
offset a $282.4 million decrease in time deposits.
-- A reduction of $47.4 million in exposure to municipal securities. At
year-end this portfolio was valued at $0.5 million.
"As we continue to navigate the volatility of general economic forces, I am particularly encouraged by the $83.3 million in loan growth generated over the fourth quarter," said Mr. Price. "The discipline of our calling efforts and the competitiveness of our lending solutions resulted in palpable growth in commercial, home equity and installment loans. This loan growth strategy has effectively complemented our ongoing efforts to win new transactional and corporate cash management accounts."
Credit Quality
The provision for credit losses was $25.9 million and $55.8 million for the fourth quarter and year ended December 31, 2011, respectively, as compared to $8.0 million and $61.6 million in the prior year periods. The fourth quarter 2011 provision for credit losses included $12.4 million for revised collateral valuations on nine impaired commercial loan relationships, primarily secured by commercial real estate. Three of these loan relationships, totaling $22.9 million incurred $9.5 million in charge-offs and the remaining $13.4 million fair market value was transferred to Held-for-Sale classification.
At December 31, 2011, nonperforming loans were $112.2 million, a decrease of $49.7 million from September 30, 2011. The significant loans that were placed into nonperforming status in the fourth quarter of 2011 included $4.7 million for two Pennsylvania commercial relationships. That increase was offset by $34.0 million in charge-offs on 12 commercial credits, $6.8 million in transfers to OREO and $13.1 million that were sold, paid off or transferred to performing status. Nonperforming loans as a percentage of total loans were 2.76%, 4.07% and 2.79% for the periods ended December 31, 2011, September 30, 2011 and December 31, 2010, respectively.
During the fourth quarter of 2011, net charge-offs were $36.8 million compared to $22.4 million in the fourth quarter of 2010. The most significant loan charge-offs for the fourth quarter of 2011 included $34.0 million on the aforementioned nonperforming loans. For the year ended December 31, 2011, net charge-offs were $65.8 million, or 1.62% of average loans on an annualized basis, compared to $72.0 million, or 1.61% of average loans on an annualized basis for the year 2010. The allowance for credit losses as a percentage of total loans outstanding was 1.51%, 1.81% and 1.69% for December 31, 2011, September 30, 2011 and December 31, 2010, respectively.
OREO acquired through foreclosure was $30.0 million at December 31, 2011 which represented a decrease of $3.2 million from September 30, 2011. During the fourth quarter of 2011, $6.8 million on three commercial loans were transferred to OREO from nonperforming status as we move toward resolving these troubled credits. Offsetting this increase was a $4.2 million write-down associated with one OREO property that currently has a remaining book value of $2.4 million and $5.6 million from the sale of three properties.
Noninterest Income
Noninterest income, excluding net security gains (losses), increased $1.2 million, or 8%, in the fourth quarter of 2011 compared to the same period last year. This increase is primarily the result of $1.6 million in gains from the sale of two OREO properties, $1.0 million in rental revenue from an OREO property and $0.3 million in debit card related interchange income. Offsetting these increases is $2.0 million in charges for adverse mark-to-market credit adjustments on commercial loan interest rate swaps.
There were no recognized net security gains or other-than-temporary impairment charges for the fourth quarter of 2011 and were negligible in the fourth quarter of 2010. First Commonwealth did not incur any other-than-temporary impairment charges for the year 2011. Net security gains for the year 2011 were $2.2 million compared to net security losses of $6.8 million for the year 2010.
For the year ended December 31, 2011, noninterest income, excluding net security gains, decreased $0.5 million, or 1%, when compared to the year 2010. Significant changes to noninterest income for the twelve-month period include increases of $3.3 million in gains on the sale of assets, $2.5 million of rental revenue from an OREO property, $1.5 million in card related interchange income due to growth in demand deposit accounts, increased usage of debit cards and larger dollar transactions, and $0.6 million in wealth management fees. The $3.3 million gain on the sale of assets was primarily the result of the aforementioned $1.6 million in gains from the sale of OREO properties, $1.0 million gain on the exiting of a private equity investment in the second quarter of 2011 and a $0.5 million gain on the sale of a nonaccrual loan in the third quarter of 2011. The $0.6 million increase in wealth management fees was primarily the result of increased trust revenue due to revised fee schedules. Offsetting these increases were a $2.2 million decrease in service charges on deposit accounts, primarily a result of new regulations and shifts in consumer behavior, and $6.8 million in charges for adverse mark-to-market credit adjustments on commercial loan interest rate swaps, primarily related to one troubled loan relationship.
Noninterest Expense
Noninterest expense increased $5.2 million, or 12%, in the fourth quarter of 2011 from the fourth quarter of 2010, primarily from the $4.2 million write-down to current fair value for an OREO property, $0.9 million of operating expenses from the OREO property that we are receiving rental revenue and increases of $0.2 million in collection and repossession expense. Also affecting fourth quarter 2011 noninterest expense comparisons are $0.6 million of executive severance costs, offset by $0.7 million of lower FDIC insurance premiums.
For the year ended December 31, 2011, as compared to last year, noninterest expense increased $5.6 million, or 3%. Increases include $6.7 million in write-downs to current fair values for OREO properties, $2.1 million in operating expenses from the OREO property that we are receiving rental revenue, $1.4 million in loan processing fees for new indirect car loans, $1.2 million in other professional fees and services and $1.1 million of loan collection and repossession expense. These increases were partially offset by decreases of $2.6 million in other operating expenses and $2.5 million in FDIC insurance. The decrease in other operating expenses was primarily due to $1.1 million of reduced reserve for unfunded construction loan commitments as that portfolio balance has declined significantly.
Full time equivalent staff was 1,442 and 1,565 for the periods ended December 31, 2011 and 2010, respectively. Salaries and employee benefits for the year ended December 31, 2011 decreased $1.4 million from the year 2010 due to the reduction of 123 full time equivalent staff, and was partially offset by normal annual merit increases of $1.1 million.
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 70% for the year ended December 31, 2011 as compared to 63% for 2010. The increase in the efficiency ratio was primarily the result of the decline in net interest income and higher credit collection costs.
Dividends and Capital
First Commonwealth Financial Corporation declared a common stock quarterly dividend of $0.03 per share on January 24, 2012 which is payable on February 17, 2012 to shareholders of record as of February 3, 2012. This dividend represents a 2% projected annual yield utilizing the January 24, 2012 closing market price of $5.84.
First Commonwealth's capital ratios for Leverage, Total and Tier I at December 31, 2011 were 11.91%, 14.85% and 13.60%, respectively.
Conference Call
First Commonwealth will host a quarterly conference call to discuss its financial results for the fourth quarter of 2011 on Wednesday, January 25, 2012 at 2:00 PM (ET). The call can be accessed by dialing (toll free) 1-877-317-6789 or through our web page, http://www.fcbanking.com via our "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 $5.8 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 September December December December
31, 30, 31, 31, 31,
2011 2011 2010 2011 2010
---- ---- ---- ---- ----
SUMMARY RESULTS OF OPERATIONS
Net interest income (FTE)(1) $48,906 $48,768 $51,743 $195,367 $215,935
Provision for credit losses 25,912 6,975 8,000 55,816 61,552
Noninterest income 15,478 10,799 14,255 57,669 49,234
Noninterest expense 48,576 41,121 43,378 176,826 171,226
Net (loss) income (5,717) 8,326 11,945 15,274 22,978
(Losses) earnings per common
share (diluted) ($0.05) $0.08 $0.11 $0.15 $0.25
KEY FINANCIAL RATIOS
Return on average assets -0.40% 0.58% 0.80% 0.27% 0.37%
Return on average
shareholders' equity -2.94% 4.29% 6.32% 2.00% 3.33%
Efficiency ratio(2) 75.45% 69.03% 65.69% 70.49% 62.96%
Net interest margin (FTE)(1) 3.78% 3.81% 3.86% 3.80% 3.88%
Book value per common share $7.23 $7.33 $7.15
Tangible book value per
common share(4) 5.67 5.77 5.57
Market value per common share 5.26 3.70 7.08
Cash dividends declared per
common share 0.03 0.03 0.01 $0.12 $0.06
ASSET QUALITY RATIOS
Allowance for credit losses
as a percent of end-of-
period loans(6) 1.51% 1.81% 1.69%
Allowance for credit losses
as a percent of
nonperforming loans(6) 62.01% 44.55% 60.63%
Nonperforming loans as a
percent of end-of-period
loans(5) 2.76% 4.07% 2.79%
Nonperforming assets as a
percent of total assets(5) 2.43% 3.45% 2.72%
Net charge-offs as a percent
of average loans
(annualized) 3.63% 1.00% 2.07%
CAPITAL RATIOS
Shareholders' equity as a
percent of total assets 12.99% 13.59% 12.90%
Tangible common equity as a
percent of tangible
assets(3) 10.48% 11.01% 10.35%
Leverage Ratio 11.91% 12.18% 11.52%
Risk Based Capital - Tier I 13.60% 13.86% 12.97%
Risk Based Capital - Total 14.85% 15.11% 14.23%
(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 September December December December
31, 30, 31, 31, 31,
2011 2011 2010 2011 2010
---- ---- ---- ---- ----
INCOME STATEMENT
Interest income $56,487 $57,600 $63,363 $231,545 $268,360
Interest expense 8,854 10,120 13,392 41,678 61,599
----- ------ ------ ------ ------
Net Interest Income 47,633 47,480 49,971 189,867 206,761
Taxable equivalent
adjustment(1) 1,273 1,288 1,772 5,500 9,174
----- ----- ----- ----- -----
Net Interest Income (FTE) 48,906 48,768 51,743 195,367 215,935
Provision for credit losses 25,912 6,975 8,000 55,816 61,552
------ ----- ----- ------ ------
Net Interest Income after
Provision for Credit Losses
(FTE) 22,994 41,793 43,743 139,551 154,383
Changes in fair value on
impaired securities (207) (2,535) 4,554 (425) (2,560)
Non-credit related losses
(gains) on securities not
expected to
be sold (recognized in other
comprehensive income) 207 2,535 (4,597) 425 (6,633)
--- ----- ------ --- ------
Net Impairment Losses 0 0 (43) 0 (9,193)
Net securities gains 0 0 10 2,185 2,422
Trust income 1,413 1,603 1,519 6,498 5,897
Service charges on deposit
accounts 3,765 3,836 3,911 14,775 16,968
Insurance and retail
brokerage commissions 1,500 1,698 1,041 6,376 6,369
Income from bank owned life
insurance 1,438 1,411 1,396 5,596 5,331
Income from other real estate
owned 1,021 1,024 0 2,460 0
Gain on sale of assets 1,883 790 196 4,155 824
Card related interchange
income 3,073 3,053 2,764 11,968 10,459
Credit risk on interest rate
swaps (1,044) (5,108) 977 (6,687) 141
Other income 2,429 2,492 2,484 10,343 10,016
----- ----- ----- ------ ------
Total Noninterest Income 15,478 10,799 14,255 57,669 49,234
Salaries and employee
benefits 21,577 20,418 20,997 84,669 84,988
Net occupancy expense 3,336 3,506 3,522 14,069 14,271
Furniture and equipment
expense 3,110 3,092 3,218 12,517 12,568
Data processing expense 1,545 1,533 1,389 6,027 5,671
Pennsylvania shares tax
expense 1,434 1,434 1,473 5,480 5,455
Intangible amortization 371 384 390 1,534 2,031
Collection and repossession
expense 2,580 1,961 1,504 7,583 4,430
Other professional fees and
services 1,367 1,706 1,184 5,297 4,131
FDIC insurance 1,230 1,177 1,959 5,490 7,948
Loss on sale or writedown of
assets 4,754 159 226 9,428 2,715
Loan processing fees 1,042 851 291 2,874 1,490
Other operating expenses 6,230 4,900 7,225 21,858 25,528
----- ----- ----- ------ ------
Total Noninterest Expense 48,576 41,121 43,378 176,826 171,226
(Loss) Income before Income
Taxes (10,104) 11,471 14,620 20,394 32,391
Taxable equivalent
adjustment(1) 1,273 1,288 1,772 5,500 9,174
Income tax (benefit)
provision (5,660) 1,857 903 (380) 239
------ ----- --- ---- ---
Net (Loss) Income ($5,717) $8,326 $11,945 $15,274 $22,978
======= ====== ======= ======= =======
Shares Outstanding at End of
Period 104,916,994 104,906,994 104,846,194 104,916,994 104,846,194
Average Shares Outstanding
Assuming Dilution 104,765,492 104,728,915 104,527,683 104,700,393 93,199,773
FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands)
December September December
31, 30, 31,
2011 2011 2010
---- ---- ----
BALANCE SHEET (Period End)
Assets
Cash and due from banks $78,478 $89,846 $69,858
Securities 1,182,572 1,077,091 1,016,574
Loans held for sale 13,412 0 0
Loans 4,043,643 3,973,723 4,218,083
Allowance for credit losses (61,234) (72,117) (71,229)
Net loans 3,982,409 3,901,606 4,146,854
Goodwill and other
intangibles 163,799 164,170 165,332
Other assets 420,452 425,349 414,224
------- ------- -------
Total Assets $5,841,122 $5,658,062 $5,812,842
========== ========== ==========
Liabilities and Shareholders'
Equity
Noninterest-bearing demand
deposits $780,377 $769,178 $706,889
Interest-bearing demand
deposits 95,945 96,122 95,260
Savings deposits 2,430,802 2,383,288 2,335,773
Time deposits 1,197,560 1,236,290 1,479,930
Total interest-bearing
deposits 3,724,307 3,715,700 3,910,963
Total deposits 4,504,684 4,484,878 4,617,852
Short-term borrowings 312,777 173,779 187,861
Long-term borrowings 207,414 178,459 204,498
------- ------- -------
Total borrowings 520,191 352,238 392,359
Other liabilities 57,704 51,954 52,854
Shareholders' equity 758,543 768,992 749,777
------- ------- -------
Total Liabilities and
Shareholders' Equity $5,841,122 $5,658,062 $5,812,842
========== ========== ==========
For the Three Months Ended For the Year Ended
December September December December December
31, Yield/ 30, Yield/ 31, Yield/ 31, Yield/ 31, Yield/
2011 Rate 2011 Rate 2010 Rate 2011 Rate 2010 Rate
---- ---- ---- ---- ---- ---- ---- ---- ---- ----
NET INTEREST MARGIN
(Quarterly and Year-to-
Date Averages)
Assets
Loans (FTE)(1)(5) $4,026,069 4.86% $3,993,225 5.01% $4,295,788 5.15% $4,061,822 4.99% $4,467,338 5.18%
Securities (FTE)(1) 1,113,525 2.99% 1,079,761 3.12% 1,018,254 3.66% 1,075,127 3.18% 1,096,741 4.20%
--------- --------- --------- --------- ---------
Total Interest-Earning
Assets (FTE)(1) 5,139,594 4.46% 5,072,986 4.61% 5,314,042 4.86% 5,136,949 4.61% 5,564,079 4.99%
Noninterest-earning assets 599,025 598,314 586,316 591,505 572,999
Total Assets $5,738,619 $5,671,300 $5,900,358 $5,728,454 $6,137,078
========== ========== ========== ========== ==========
Liabilities and Shareholders'
Equity
Interest-bearing demand and
savings deposits $2,524,019 0.26% $2,479,455 0.31% $2,494,262 0.43% $2,485,077 0.31% $2,422,589 0.53%
Time deposits 1,216,941 1.67% 1,296,831 1.89% 1,505,369 2.19% 1,343,281 1.92% 1,596,088 2.31%
Short-term borrowings 232,629 0.30% 167,969 0.44% 173,227 0.45% 182,864 0.40% 488,078 0.40%
Long-term borrowings 192,862 3.92% 179,033 4.07% 214,362 4.06% 184,185 4.05% 236,939 4.14%
------- ------- ------- ------- -------
Total Interest-Bearing
Liabilities 4,166,451 0.84% 4,123,288 0.97% 4,387,220 1.21% 4,195,407 0.99% 4,743,694 1.30%
Noninterest-bearing deposits 751,072 726,895 712,466 720,005 658,947
Other liabilities 50,312 51,667 51,144 49,163 43,413
Shareholders' equity 770,784 769,450 749,528 763,879 691,024
------- ------- ------- ------- -------
Total Noninterest-Bearing
Funding Sources 1,572,168 1,548,012 1,513,138 1,533,047 1,393,384
Total Liabilities and
Shareholders' Equity $5,738,619 $5,671,300 $5,900,358 $5,728,454 $6,137,078
========== ========== ========== ========== ==========
Net Interest Margin (FTE)
(annualized)(1) 3.78% 3.81% 3.86% 3.80% 3.88%
(5) Includes held for sale
loans.
FIRST COMMONWEALTH FINANCIAL
CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except
per share data)
December September December
31, 30, 31,
2011 2011 2010
---- ---- ----
ASSET QUALITY DETAIL
Nonperforming Loans:
Loans on nonaccrual basis (7) $78,476 $127,384 $116,151
Loans on nonaccrual basis
held for sale 13,412 0 0
------ --- ---
Total nonaccrual loans $91,888 $127,384 $116,151
Troubled debt restructured
loans -accruing 20,276 34,500 1,336
Total Nonperforming Loans $112,164 $161,884 $117,487
Other real estate owned
("OREO") 30,035 33,254 24,700
Nonaccrual securities at fair
value 0 0 15,823
--- --- ------
Total Nonperforming Assets $142,199 $195,138 $158,010
Loans past due in excess of
90 days and still accruing $11,015 $12,566 $13,203
Criticized loans 292,023 400,063 518,890
Nonperforming loans, plus
OREO as a percentage
of total loans, plus OREO (5) 3.48% 4.87% 3.35%
Allowance for credit losses $61,234 $72,117 $71,229
(7) Includes nonaccrual
troubled debt restructured
loans.
For the Three Months Ended For the Year Ended
December September December December December
31, 30, 31, 31, 31,
2011 2011 2010 2011 2010
---- ---- ---- ---- ----
Net Charge-offs:
Commercial, financial,
agricultural and other $3,334 $611 $19,205 $6,641 $19,884
Real estate construction 13,361 6,522 109 27,931 41,483
Commercial real estate 17,833 1,268 598 24,512 2,303
Residential real estate 1,407 964 1,455 3,975 4,974
Loans to individuals 860 659 1,050 2,752 3,318
--- --- ----- ----- -----
Net Charge-offs $36,795 $10,024 $22,417 $65,811 $71,962
Net charge-offs as a
percentage of average loans
outstanding (annualized) 3.63% 1.00% 2.07% 1.62% 1.61%
Provision for credit losses
as a percentage of net
charge-offs 70.42% 69.58% 35.69% 84.81% 85.53%
Provision for credit losses $25,912 $6,975 $8,000 $55,816 $61,552
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 September December
31, 30, 31,
2011 2011 2010
---- ---- ----
Tangible Equity:
Total shareholders' equity $758,543 $768,992 $749,777
Less: intangible assets 163,799 164,170 165,332
------- ------- -------
Tangible Equity 594,744 604,822 584,445
Less: preferred stock 0 0 0
--- --- ---
Tangible Common Equity $594,744 $604,822 $584,445
Tangible Assets:
Total assets $5,841,122 $5,658,062 $5,812,842
Less: intangible assets 163,799 164,170 165,332
------- ------- -------
Tangible Assets $5,677,323 $5,493,892 $5,647,510
(3) Tangible Common Equity as
a percentage of Tangible
Assets 10.48% 11.01% 10.35%
Shares Outstanding at End of
Period 104,916,994 104,906,994 104,846,194
(4) Tangible Book Value Per
Common Share $5.67 $5.77 $5.57
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
