INDIANA, Pa., Jan.25, 2022(GLOBE NEWSWIRE) -- First Commonwealth Financial Corporation (NYSE: FCF) today announced financial results for the fourth quarter and full year of 2021.
Financial Summary
| (dollars in thousands, | For the Three Months Ended | For the Year Ended | |||||||||||||||||
| except per share data) | December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||||
| 2021 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||
| Reported Results | |||||||||||||||||||
| Net income | $34,776 | $34,092 | $25,683 | $138,257 | $73,447 | ||||||||||||||
| Diluted earnings per share | $0.37 | $0.36 | $0.27 | $1.44 | $0.75 | ||||||||||||||
| Return on average assets | 1.45 | % | 1.42 | % | 1.12 | % | 1.47 | % | 0.82 | % | |||||||||
| Return on average equity | 12.36 | % | 12.14 | % | 9.48 | % | 12.55 | % | 6.82 | % | |||||||||
| Operating Results (non-GAAP)(1) | |||||||||||||||||||
| Core net income | $34,753 | $34,131 | $26,102 | $138,518 | $78,896 | ||||||||||||||
| Core diluted earnings per share | $0.37 | $0.36 | $0.27 | $1.45 | $0.81 | ||||||||||||||
| Core pre-tax pre-provision net revenue | $40,868 | $42,913 | $40,092 | $171,771 | $153,819 | ||||||||||||||
| Provision expense | ($2,729 | ) | $330 | $7,680 | ($1,376 | ) | $56,718 | ||||||||||||
| Net charge-offs | ($1,064 | ) | $2,277 | $4,825 | $8,410 | $17,193 | |||||||||||||
| Reserve build/(release)(2) | ($1,663 | ) | ($2,853 | ) | $13,002 | ($8,787 | ) | $49,672 | |||||||||||
| Core return on average assets (ROAA) | 1.45 | % | 1.43 | % | 1.14 | % | 1.47 | % | 0.88 | % | |||||||||
| Core pre-tax pre-provision ROAA | 1.71 | % | 1.79 | % | 1.75 | % | 1.83 | % | 1.71 | % | |||||||||
| Return on average tangible common equity | 17.56 | % | 17.28 | % | 13.80 | % | 17.95 | % | 10.06 | % | |||||||||
| Core return on average tangible common equity | 17.55 | % | 17.30 | % | 14.02 | % | 17.98 | % | 10.78 | % | |||||||||
| Core efficiency ratio | 57.06 | % | 55.27 | % | 56.00 | % | 54.69 | % | 56.28 | % | |||||||||
| Net interest margin (FTE) | 3.23 | % | 3.23 | % | 3.26 | % | 3.26 | % | 3.32 | % |
(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.(2)Reserve build/(release) represents the net change in the Company's allowance for credit losses (ACL) from the prior period.
Fourth Quarter 2021 Highlights
Profitability
Strong capital and liquidity positions
Asset quality
Full Year 2021 Highlights
Franchise Growth
Earnings
Profitability
“Our results for the quarter and full year were strong, reflecting solid operating performance,” stated T. Michael Price, President and Chief Executive Officer. “Excluding PPP forgiveness, loans grew by 11.2% annualized since September with strong production in nearly all of our commercial and consumer portfolios.” Price continued, “As we look to the year ahead, we are genuinely excited about the core organic growth prospects of our company. The buildout of our Equipment Finance business is on pace and in line with our expectations. Our ongoing investments in talent, technology and our regional business model continue to position us well – all to the benefit of our clients, employees, communities and stockholders."
Earnings
Net income for the fourth quarter of 2021 was $34.8 million, or $0.37 per share, compared to $34.1 million, or $0.36 per share in the third quarter of 2021 and $25.7 million, or $0.27 per share for the fourth quarter of 2020.
Net income for the year ended December 31, 2021 was $138.3 million, or $1.44 per share, compared to $73.4 million, or $0.75 per share, for the same period in 2020.
Net Interest Income and Net Interest Margin
Net interest income (FTE) of $70.5 million decreased $0.4 million from the previous quarter and increased $2.7 million from the prior year quarter. The decrease from the previous quarter was primarily due to a $1.7 million decrease in fees recognized on PPP loans, partially offset by a $141.9 million increase in average loans (excluding PPP loans). Interest and fee income recognized on PPP loans totaled $4.0 million in the fourth quarter of 2021 as compared to $5.7 million in the prior quarter.
The net interest margin for the fourth quarter of 2021 was 3.23%, unchanged from the previous quarter and a decrease of three basis points from the fourth quarter of 2020. Loan yields (excluding PPP) decreased two basis points from the previous quarter due to the runoff of higher yielding loans offset by an $83.2 million increase in average interest earning assets (excluding PPP) and a three basis point increase in the yield on securities.
Total average deposits decreased $33.1 million in the fourth quarter of 2021 as compared to the previous quarter. Average noninterest bearing deposits grew $5.7 million and partially offset a $21.8 million decrease in average time deposits and a $17.0 million decrease in interest-bearing demand and savings deposits.
Total end-of-period deposits grew $46.0 million, or 2.3% annualized from the previous quarter.
Asset Quality
The Company adopted CECL on December 31, 2020, effective January 1, 2020.
Provision expense in the fourth quarter of 2021 totaled ($2.7) million as compared to $0.3 million in the previous quarter. The provision expense during the quarter reflected a $1.2 million decrease in qualitative reserves due to improved charge off history and a $0.6 million decrease in individually analyzed reserves, partially offset by a $0.3 million increase in quantitative reserves primarily due to strong quarterly loan growth.
Nonperforming loans totaled $55.2 million, an increase of $17.1 million from the previous quarter and an increase of $1.1 million the fourth quarter of 2020. The increase from the previous quarter was primarily due to a single commercial real estate relationship with two loans totaling $28.4 million which were downgraded to nonaccrual status during the quarter. At December 31, 2021, the relationship had sufficient collateral and did not require an associated individually assessed reserve.
Nonperforming loans represented 0.81% of total loans (excluding PPP loans) as compared to 0.58% and 0.86% for the periods ended September 30, 2021 and December 31, 2020, respectively.
At December 31, 2021, criticized loans totaled $198.1 million, an increase of $2.3 million from the previous quarter.
During the fourth quarter of 2021, net charge-offs were ($1.1) million due to recoveries on a previously charged off commercial loan relationship, as compared to net charge-offs of $2.2 million in the previous quarter and $4.8 million in the fourth quarter of 2020.
Net charge-offs as a percentage of average loans (excluding PPP, annualized) were (0.06%), 0.14% and 0.30% for the periods ended December 31, 2021, September 30, 2021 and December 31, 2020, respectively.
Noninterest Income and Noninterest Expense
Noninterest income (excluding net security gains) totaled $26.1 million for the fourth quarter of 2021, as compared to $27.2 million for the third quarter of 2021 and $26.6 million for the fourth quarter of 2020. The $1.1 million decrease from the previous quarter was primarily due to a $1.7 million decrease in gain on sale of Mortgage loans and a $0.7 million decrease in gain on sale of SBA loans, partially offset by an $0.8 million increase in swap derivative mark-to-market and a $0.5 million increase in swap fee income.
For the year ended December 31, 2021, noninterest income (excluding security gains) totaled $106.7 million, an increase of $12.3 million from the prior year. The increase from the prior year was due to an $4.9 million increase in swap derivative mark-to-market, a $4.0 million increase in card related interchange income, a $3.1 million increase in gain on sale of SBA loans, a $2.0 million increase in Trust income and a $1.6 million increase in service charges on deposit accounts, partially offset by a $5.3 million decrease in gain on sale of Mortgage loans.
There were no material security gains during 2021 or 2020.
Noninterest expense (excluding branch consolidation, early retirement and COVID-19 related expenses) totaled $55.5 million for the fourth quarter of 2021, as compared to $55.0 million for the third quarter of 2021 and $54.3 million for the fourth quarter of 2020. The $0.5 million increase from the previous quarter was primarily the result of a $0.4 million increase in salaries and employee benefits and a $0.3 million increase in contributions, partially offset by a $0.3 million decrease in FDIC insurance expense.
The core efficiency ratio was 57.06% during the fourth quarter of 2021 as compared to 55.27% in the previous quarter and 56.00% in the fourth quarter of 2020.
For the year ended December 31, 2021, noninterest expense (excluding branch consolidation, early retirement and COVID-19 related expenses) totaled $213.5 million, as compared to $208.9 million in the prior year. The $4.6 million increase from the prior year was primarily driven by a $1.8 million increase in incentives, a $1.8 million increase in data processing and a $1.2 million unfunded commitment reserve credit in the prior year, partially offset by a $1.1 million decrease in occupancy expense.
The core efficiency ratio was 54.69% for the year ended December 31, 2021 as compared to 56.28% in the previous year.
Full time equivalent staff was 1,426 at December 31, 2021, 1,409 at September 30, 2021, and 1,398 at December 31, 2020. The increase from the previous quarter was partially the result of new hires related to the company’s previously announced entry into the equipment finance business.
Dividends and Capital
First Commonwealth Financial Corporation declared a common stock quarterly dividend of $0.115 per share, which represents a 4.5% increase from the fourth quarter of 2020. The cash dividend is payable on February 18, 2022 to shareholders of record as of February 4, 2022. This dividend represents a 2.8% projected annual yield utilizing the January 24, 2021 closing market price of $16.60.
First Commonwealth’s capital ratios for Total, Tier I, Leverage and Common Equity Tier I at December 31, 2021 were 14.6%, 12.2%, 9.7% and 11.3%, 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 fourth quarter and full year 2021 on Wednesday, January 26, 2022 at 2:00 PM (ET). The call can be accessed by dialing (toll free) 1-888-330-3181 conference ID # 4651379 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 1-800-770-2030 and entering the conference ID # 4651379. A link to the webcast replay will also be accessible on the company’s webpage for 30 days.
About First Commonwealth Financial Corporation
First Commonwealth Financial Corporation (NYSE: FCF), headquartered in Indiana, Pennsylvania, is a financial services Company with 118 community banking offices in 26 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, equipment finance, 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
Certain statements contained in this release that are not historical facts may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the Securities and Exchange Commission, in press releases, and in oral and written statements made by us or with our approval that are not statements of historical fact and constitute “forward-looking statements” as well. These statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of words such as “may,” “will,” “should,” “could,” “would,” “plan,” “believe,” “expect,” “anticipate,” “intend,” “estimate” or words of similar meaning. These forward-looking statements are subject to significant risks, assumptions and uncertainties, including uncertainties regarding the impact of the COVID-19 pandemic, and could be affected by many factors, including, but not limited to: (1) the effects of the COVID-19 pandemic 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) with which First Commonwealth or its customers must comply; (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 this report and in the other reports that we file with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K. Further, statements about the potential effects of the COVID-19 pandemic on our business, financial condition, liquidity and results of operations may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on our customers, clients, third parties and us.
In light of these risks, uncertainties and assumptions, you should not place undue reliance on any forward-looking statements in this release. We undertake no obligation to publicly update or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Media Relations:Jonathan E. LongwillVice President / Communications and Media RelationsPhone: 724-463-6806E-mail: JLongwill@fcbanking.com
Investor Relations:Ryan M. ThomasVice President / Finance and Investor RelationsPhone: 724-463-1690E-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 Year Ended | ||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||
| 2021 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||
| SUMMARY RESULTS OF OPERATIONS | |||||||||||||||||||
| Net interest income | $ | 70,254 | $ | 70,645 | $ | 67,492 | $ | 278,541 | $ | 268,271 | |||||||||
| Provision for credit losses | (2,729 | ) | 330 | 7,680 | (1,376 | ) | 56,718 | ||||||||||||
| Noninterest income | 26,071 | 27,245 | 26,622 | 106,757 | 94,476 | ||||||||||||||
| Noninterest expense | 55,428 | 55,027 | 54,552 | 213,857 | 215,826 | ||||||||||||||
| Net income | 34,776 | 34,092 | 25,683 | 138,257 | 73,447 | ||||||||||||||
| Core net income (5) | 34,753 | 34,131 | 26,102 | 138,518 | 78,896 | ||||||||||||||
| Earnings per common share (diluted) | $ | 0.37 | $ | 0.36 | $ | 0.27 | $ | 1.44 | $ | 0.75 | |||||||||
| Core earnings per common share (diluted) (6) | $ | 0.37 | $ | 0.36 | $ | 0.27 | $ | 1.45 | $ | 0.81 | |||||||||
| KEY FINANCIAL RATIOS | |||||||||||||||||||
| Return on average assets | 1.45 | % | 1.42 | % | 1.12 | % | 1.47 | % | 0.82 | % | |||||||||
| Core return on average assets (7) | 1.45 | % | 1.43 | % | 1.14 | % | 1.47 | % | 0.88 | % | |||||||||
| Return on average assets, pre-provision, pre-tax | 1.71 | % | 1.79 | % | 1.73 | % | 1.82 | % | 1.64 | % | |||||||||
| Core return on average assets, pre-provision, pre-tax | 1.71 | % | 1.79 | % | 1.75 | % | 1.83 | % | 1.71 | % | |||||||||
| Return on average shareholders' equity | 12.36 | % | 12.14 | % | 9.48 | % | 12.55 | % | 6.82 | % | |||||||||
| Return on average tangible common equity (8) | 17.56 | % | 17.28 | % | 13.80 | % | 17.95 | % | 10.06 | % | |||||||||
| Core return on average tangible common equity (9) | 17.55 | % | 17.30 | % | 14.02 | % | 17.98 | % | 10.78 | % | |||||||||
| Core efficiency ratio (2)(10) | 57.06 | % | 55.27 | % | 56.00 | % | 54.69 | % | 56.28 | % | |||||||||
| Net interest margin (FTE) (1) | 3.23 | % | 3.23 | % | 3.26 | % | 3.26 | % | 3.32 | % | |||||||||
| Book value per common share | $ | 11.77 | $ | 11.69 | $ | 11.12 | |||||||||||||
| Tangible book value per common share (11) | 8.43 | 8.38 | 7.82 | ||||||||||||||||
| Market value per common share | 16.09 | 13.63 | 10.94 | ||||||||||||||||
| Cash dividends declared per common share | 0.115 | 0.115 | 0.110 | 0.455 | 0.440 | ||||||||||||||
| ASSET QUALITY RATIOS | |||||||||||||||||||
| Nonperforming loans as a percent of end-of-period loans (3) | 0.80 | % | 0.56 | % | 0.80 | % | |||||||||||||
| Nonperforming loans as a percent of end-of-period loans, excluding PPP loans (3) | 0.81 | % | 0.58 | % | 0.86 | % | |||||||||||||
| Nonperforming assets as a percent of total assets (3) | 0.59 | % | 0.41 | % | 0.62 | % | |||||||||||||
| Nonperforming assets as a percent of total assets, excluding PPP loans (3) | 0.59 | % | 0.42 | % | 0.65 | % | |||||||||||||
| Net charge-offs as a percent of average loans (annualized) (4) | (0.06 | )% | 0.13 | % | 0.28 | % | |||||||||||||
| Net charge-offs as a percent of average loans, excluding PPP loans (annualized) (4) | (0.06 | )% | 0.14 | % | 0.30 | % | |||||||||||||
| Allowance for credit losses as a percent of nonperforming loans (4) | 167.67 | % | 247.30 | % | 187.43 | % | |||||||||||||
| Allowance for credit losses as a percent of end-of-period loans (4) | 1.35 | % | 1.40 | % | 1.50 | % | |||||||||||||
| Allowance for credit losses as a percent of end-of-period loans, excluding PPP loans (4) | 1.37 | % | 1.43 | % | 1.61 | % | |||||||||||||
| CAPITAL RATIOS | |||||||||||||||||||
| Shareholders' equity as a percent of total assets | 11.6 | % | 11.7 | % | 11.8 | % | |||||||||||||
| Tangible common equity as a percent of tangible assets (12) | 8.6 | % | 8.7 | % | 8.6 | % | |||||||||||||
| Tangible common equity as a percent of tangible assets, excluding PPP loans (12) | 8.7 | % | 8.9 | % | 9.1 | % | |||||||||||||
| Leverage Ratio | 9.7 | % | 9.6 | % | 9.4 | % | |||||||||||||
| Risk Based Capital - Tier I | 12.2 | % | 12.4 | % | 12.2 | % | |||||||||||||
| Risk Based Capital - Total | 14.6 | % | 15.0 | % | 14.9 | % | |||||||||||||
| Common Equity - Tier I | 11.3 | % | 11.5 | % | 11.2 | % |
| 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 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||
| 2021 | 2021 | 2020 | 2021 | 2020 | |||||||||||
| INCOME STATEMENT | |||||||||||||||
| Interest income | $ | 73,530 | $ | 74,196 | $ | 73,306 | $ | 293,838 | $ | 301,209 | |||||
| Interest expense | 3,276 | 3,551 | 5,814 | 15,297 | 32,938 | ||||||||||
| Net Interest Income | 70,254 | 70,645 | 67,492 | 278,541 | 268,271 | ||||||||||
| Provision for credit losses | (2,729 | ) | 330 | 7,680 | (1,376 | ) | 56,718 | ||||||||
| Net Interest Income after Provision for Credit Losses | 72,983 | 70,315 | 59,812 | 279,917 | 211,553 | ||||||||||
| Net securities gains | — | — | 23 | 16 | 70 | ||||||||||
| Trust income | 2,771 | 3,118 | 2,327 | 11,111 | 9,101 | ||||||||||
| Service charges on deposit accounts | 4,857 | 4,770 | 4,321 | 17,984 | 16,387 | ||||||||||
| Insurance and retail brokerage commissions | 2,134 | 2,218 | 1,868 | 8,502 | 7,850 | ||||||||||
| Income from bank owned life insurance | 1,487 | 1,486 | 1,589 | 6,433 | 6,552 | ||||||||||
| Gain on sale of mortgage loans | 1,940 | 3,485 | 5,538 | 13,555 | 18,764 | ||||||||||
| Gain on sale of other loans and assets | 1,849 | 2,480 | 1,676 | 8,130 | 4,827 | ||||||||||
| Card-related interchange income | 7,069 | 7,052 | 6,377 | 27,954 | 23,966 | ||||||||||
| Derivative mark-to-market | 973 | 218 | (399 | ) | 2,344 | (2,521 | ) | ||||||||
| Swap fee income | 828 | 317 | 724 | 2,543 | 1,588 | ||||||||||
| Other income | 2,163 | 2,101 | 2,578 | 8,185 | 7,892 | ||||||||||
| Total Noninterest Income | 26,071 | 27,245 | 26,622 | 106,757 | 94,476 | ||||||||||
| Salaries and employee benefits | 31,422 | 31,066 | 31,388 | 119,506 | 118,961 | ||||||||||
| Net occupancy | 3,972 | 3,960 | 3,668 | 16,586 | 17,647 | ||||||||||
| Furniture and equipment | 3,776 | 4,052 | 3,925 | 15,642 | 15,393 | ||||||||||
| Data processing | 2,933 | 3,196 | 2,739 | 12,373 | 10,543 | ||||||||||
| Pennsylvania shares tax | 1,257 | 1,257 | 1,254 | 4,604 | 4,500 | ||||||||||
| Advertising and promotion | 1,154 | 1,150 | 879 | 4,983 | 4,679 | ||||||||||
| Intangible amortization | 900 | 868 | 897 | 3,497 | 3,689 | ||||||||||
| Other professional fees and services | 1,351 | 1,308 | 1,131 | 4,501 | 3,886 | ||||||||||
| FDIC insurance | 565 | 830 | 1,062 | 2,529 | 2,699 | ||||||||||
| Litigation and operational losses | 700 | 589 | 373 | 2,324 | 1,411 | ||||||||||
| Loss on sale or write-down of assets | 80 | 171 | 264 | 303 | 680 | ||||||||||
| COVID-19 related | 92 | 50 | 307 | 449 | 874 | ||||||||||
| Voluntary early retirement | — | — | 118 | — | 3,422 | ||||||||||
| Branch consolidation | (121 | ) | — | 128 | (103 | ) | 2,672 | ||||||||
| Other operating expenses | 7,347 | 6,530 | 6,419 | 26,663 | 24,770 | ||||||||||
| Total Noninterest Expense | 55,428 | 55,027 | 54,552 | 213,857 | 215,826 | ||||||||||
| Income before Income Taxes | 43,626 | 42,533 | 31,882 | 172,817 | 90,203 | ||||||||||
| Income tax provision | 8,850 | 8,441 | 6,199 | 34,560 | 16,756 | ||||||||||
| Net Income | $ | 34,776 | $ | 34,092 | $ | 25,683 | $ | 138,257 | $ | 73,447 | |||||
| Shares Outstanding at End of Period | 94,233,152 | 95,209,685 | 96,130,751 | 94,233,152 | 96,130,751 | ||||||||||
| Average Shares Outstanding Assuming Dilution | 95,020,353 | 95,892,304 | 96,344,398 | 95,840,285 | 97,758,965 | ||||||||||
| FIRST COMMONWEALTH FINANCIAL CORPORATION | |||||||||||
| CONSOLIDATED FINANCIAL DATA | |||||||||||
| Unaudited | |||||||||||
| (dollars in thousands) | |||||||||||
| December 31, | September 30, | December 31, | |||||||||
| 2021 | 2021 | 2020 | |||||||||
| BALANCE SHEET (Period End) | |||||||||||
| Assets | |||||||||||
| Cash and due from banks | $ | 84,738 | $ | 94,579 | $ | 100,009 | |||||
| Interest-bearing bank deposits | 310,634 | 240,095 | 256,572 | ||||||||
| Securities available for sale, at fair value | 1,054,218 | 1,137,675 | 843,450 | ||||||||
| Securities held to maturity, at amortized cost | 541,311 | 548,057 | 361,844 | ||||||||
| Loans held for sale | 18,583 | 19,925 | 33,436 | ||||||||
| Loans | 6,839,230 | 6,732,580 | 6,761,183 | ||||||||
| Allowance for credit losses | (92,522 | ) | (94,185 | ) | (101,309 | ) | |||||
| Net loans | 6,746,708 | 6,638,395 | 6,659,874 | ||||||||
| Goodwill and other intangibles | 314,516 | 315,092 | 316,820 | ||||||||
| Other assets | 474,385 | 484,036 | 496,099 | ||||||||
| Total Assets | $ | 9,545,093 | $ | 9,477,854 | $ | 9,068,104 | |||||
| Liabilities and Shareholders' Equity | |||||||||||
| Noninterest-bearing demand deposits | $ | 2,658,782 | $ | 2,656,229 | $ | 2,319,958 | |||||
| Interest-bearing demand deposits | 291,476 | 265,782 | 250,353 | ||||||||
| Savings deposits | 4,647,197 | 4,609,393 | 4,305,391 | ||||||||
| Time deposits | 385,043 | 405,081 | 562,964 | ||||||||
| Total interest-bearing deposits | 5,323,716 | 5,280,256 | 5,118,708 | ||||||||
| Total deposits | 7,982,498 | 7,936,485 | 7,438,666 | ||||||||
| Short-term borrowings | 138,315 | 117,754 | 117,373 | ||||||||
| Long-term borrowings | 182,269 | 182,519 | 233,255 | ||||||||
| Total borrowings | 320,584 | 300,273 | 350,628 | ||||||||
| Other liabilities | 132,639 | 128,241 | 210,193 | ||||||||
| Shareholders' equity | 1,109,372 | 1,112,855 | 1,068,617 | ||||||||
| Total Liabilities and Shareholders' Equity | $ | 9,545,093 | $ | 9,477,854 | $ | 9,068,104 |
| FIRST COMMONWEALTH FINANCIAL CORPORATION |
| CONSOLIDATED FINANCIAL DATA |
| Unaudited |
| (dollars in thousands) |
| For the Three Months Ended | For the Year Ended | ||||||||||||||||||||
| December 31, | Yield/ | September 30, | Yield/ | December 31, | Yield/ | December 31, | Yield/ | December 31, | Yield/ | ||||||||||||
| 2021 | Rate | 2021 | Rate | 2020 | Rate | 2021 | Rate | 2020 | Rate | ||||||||||||
| NET INTEREST MARGIN | |||||||||||||||||||||
| Assets | |||||||||||||||||||||
| Loans, excluding PPP loans (FTE)(1)(3) | $ | 6,680,346 | 3.73 | % | $ | 6,538,477 | 3.75 | % | $ | 6,387,174 | 3.90 | % | $ | 6,464,446 | 3.80 | % | $ | 6,354,749 | 4.16 | % | |
| PPP Loans | 111,544 | 14.44 | % | 225,262 | 10.05 | % | 548,279 | 4.00 | % | 312,746 | 7.41 | % | 382,590 | 3.16 | % | ||||||
| Securities and interest-bearing bank deposits (FTE) (1) | 1,878,755 | 1.46 | % | 1,937,385 | 1.43 | % | 1,340,756 | 1.62 | % | 1,809,417 | 1.46 | % | 1,390,804 | 1.89 | % | ||||||
| Total Interest-Earning Assets (FTE) (1) | 8,670,645 | 3.38 | % | 8,701,124 | 3.39 | % | 8,276,209 | 3.54 | % | 8,586,609 | 3.43 | % | 8,128,143 | 3.72 | % | ||||||
| Noninterest-earning assets | 815,872 | 801,377 | 845,094 | 807,455 | 846,437 | ||||||||||||||||
| Total Assets | $ | 9,486,517 | $ | 9,502,501 | $ | 9,121,303 | $ | 9,394,064 | $ | 8,974,580 | |||||||||||
| Liabilities and Shareholders' Equity | |||||||||||||||||||||
| Interest-bearing demand and savings deposits | $ | 4,882,318 | 0.06 | % | $ | 4,899,328 | 0.07 | % | $ | 4,603,255 | 0.14 | % | $ | 4,812,004 | 0.07 | % | $ | 4,552,211 | 0.26 | % | |
| Time deposits | 395,444 | 0.31 | % | 417,274 | 0.36 | % | 609,350 | 1.05 | % | 449,452 | 0.49 | % | 726,702 | 1.40 | % | ||||||
| Short-term borrowings | 126,695 | 0.07 | % | 118,112 | 0.06 | % | 131,806 | 0.10 | % | 119,801 | 0.08 | % | 142,634 | 0.49 | % | ||||||
| Long-term borrowings | 182,371 | 4.91 | % | 182,623 | 4.92 | % | 233,352 | 4.37 | % | 200,961 | 4.70 | % | 233,701 | 4.39 | % | ||||||
| Total Interest-Bearing Liabilities | 5,586,828 | 0.23 | % | 5,617,337 | 0.25 | % | 5,577,763 | 0.41 | % | 5,582,218 | 0.27 | % | 5,655,248 | 0.58 | % | ||||||
| Noninterest-bearing deposits | 2,652,812 | 2,647,089 | 2,313,009 | 2,580,460 | 2,101,412 | ||||||||||||||||
| Other liabilities | 130,373 | 124,286 | 152,396 | 130,007 | 140,612 | ||||||||||||||||
| Shareholders' equity | 1,116,504 | 1,113,789 | 1,078,135 | 1,101,379 | 1,077,308 | ||||||||||||||||
| Total Noninterest-Bearing Funding Sources | 3,899,689 | 3,885,164 | 3,543,540 | 3,811,846 | 3,319,332 | ||||||||||||||||
| Total Liabilities and Shareholders' Equity | $ | 9,486,517 | $ | 9,502,501 | $ | 9,121,303 | $ | 9,394,064 | $ | 8,974,580 | |||||||||||
| Net Interest Margin (FTE) (annualized)(1) | 3.23 | % | 3.23 | % | 3.26 | % | 3.26 | % | 3.32 | % |
| FIRST COMMONWEALTH FINANCIAL CORPORATION | |||||||||
| CONSOLIDATED FINANCIAL DATA | |||||||||
| Unaudited | |||||||||
| (dollars in thousands) | |||||||||
| December 31, | September 30, | December 31, | |||||||
| 2021 | 2021 | 2020 | |||||||
| Loan Portfolio Detail | |||||||||
| Commercial Loan Portfolio: | |||||||||
| Commercial, financial, agricultural and other | $ | 1,102,154 | $ | 1,072,489 | $ | 1,077,132 | |||
| Paycheck Protection Program | 71,298 | 152,102 | 478,854 | ||||||
| Commercial real estate | 2,251,097 | 2,231,890 | 2,211,569 | ||||||
| Real estate construction | 382,764 | 318,120 | 340,850 | ||||||
| Total Commercial | 3,807,313 | 3,774,601 | 4,108,405 | ||||||
| Consumer Loan Portfolio: | |||||||||
| Closed-end mortgages | 1,368,816 | 1,311,052 | 1,165,951 | ||||||
| Home equity lines of credit | 551,434 | 564,323 | 584,641 | ||||||
| Real estate construction | 111,692 | 105,896 | 86,371 | ||||||
| Total Real Estate - Consumer | 2,031,942 | 1,981,271 | 1,836,963 | ||||||
| Auto loans | 901,280 | 886,367 | 712,800 | ||||||
| Direct installment | 40,937 | 32,509 | 36,165 | ||||||
| Personal lines of credit | 52,809 | 52,667 | 61,072 | ||||||
| Student loans | 4,949 | 5,165 | 5,778 | ||||||
| Total Other Consumer | 999,975 | 976,708 | 815,815 | ||||||
| Total Consumer Portfolio | 3,031,917 | 2,957,979 | 2,652,778 | ||||||
| Total Portfolio Loans | 6,839,230 | 6,732,580 | 6,761,183 | ||||||
| Loans held for sale | 18,583 | 19,925 | 33,436 | ||||||
| Total Loans | $ | 6,857,813 | $ | 6,752,505 | $ | 6,794,619 | |||
| December 31, | September 30, | December 31, | |||||||
| 2021 | 2021 | 2020 | |||||||
| ASSET QUALITY DETAIL | |||||||||
| Nonperforming Loans: | |||||||||
| Loans on nonaccrual basis | $ | 34,926 | $ | 14,466 | $ | 30,801 | |||
| Loans held for sale on a nonaccrual basis | — | — | 13 | ||||||
| Troubled debt restructured loans on nonaccrual basis | 13,134 | 16,210 | 14,740 | ||||||
| Troubled debt restructured loans on accrual basis | 7,120 | 7,410 | 8,512 | ||||||
| Total Nonperforming Loans | $ | 55,180 | $ | 38,086 | $ | 54,066 | |||
| Other real estate owned ("OREO") | 642 | 502 | 1,215 | ||||||
| Repossessions ("Repos") | 397 | 453 | 613 | ||||||
| Total Nonperforming Assets | $ | 56,219 | $ | 39,041 | $ | 55,894 | |||
| Loans past due in excess of 90 days and still accruing | 1,606 | 1,135 | 1,523 | ||||||
| Classified loans | 77,563 | 58,780 | 76,179 | ||||||
| Criticized loans | 198,126 | 195,791 | 302,813 | ||||||
| Nonperforming assets as a percentage of total loans, plus OREO and Repos (4) | 0.82 | % | 0.58 | % | 0.83 | % | |||
| Allowance for credit losses | $ | 92,522 | $ | 94,185 | $ | 101,309 | |||
| FIRST COMMONWEALTH FINANCIAL CORPORATION |
| CONSOLIDATED FINANCIAL DATA |
| Unaudited |
| (dollars in thousands) |
| For the Three Months Ended | For the Year Ended | |||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||
| 2021 | 2021 | 2020 | 2021 | 2020 | ||||||||||||
| Net Charge-offs (Recoveries): | ||||||||||||||||
| Commercial, financial, agricultural and other | $ | (1,633 | ) | $ | 1,960 | $ | 1,027 | $ | 4,590 | $ | 6,004 | |||||
| Real estate construction | (11 | ) | — | — | (146 | ) | (26 | ) | ||||||||
| Commercial real estate | (5 | ) | 12 | 2,364 | 1,524 | 4,627 | ||||||||||
| Residential real estate | 20 | (87 | ) | 5 | (159 | ) | 626 | |||||||||
| Loans to individuals | 565 | 392 | 1,429 | 2,601 | 5,962 | |||||||||||
| Net Charge-offs | $ | (1,064 | ) | $ | 2,277 | $ | 4,825 | $ | 8,410 | $ | 17,193 | |||||
| Net charge-offs as a percentage of average loans outstanding (annualized) (4) | (0.06 | )% | 0.13 | % | 0.28 | % | 0.12 | % | 0.26 | % | ||||||
| Net charge-offs as a percentage of average loans outstanding, excluding PPP loans (annualized) (4) | (0.06 | )% | 0.14 | % | 0.30 | % | 0.13 | % | 0.27 | % | ||||||
| Provision for credit losses as a percentage of net charge-offs | 256.48 | % | 14.49 | % | 159.17 | % | (16.36 | )% | 329.89 | % | ||||||
| Provision for credit losses | $ | (2,729 | ) | $ | 330 | $ | 7,680 | $ | (1,376 | ) | $ | 56,718 |
| DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES | |||||||||||
| (1) Net interest income has been computed on a fully taxable equivalent basis ("FTE") using the federal income tax statutory rate of 21%. | |||||||||||
| (2) Core efficiency ratio excludes from total revenue the impact of derivative mark-to-market and excludes from "total noninterest expense" the amortization of intangibles, unfunded commitment expense and any other unusual items deemed by management to not be related to normal operations, such as merger, acquisition and severance costs. | |||||||||||
| (3) Includes held for sale loans. | |||||||||||
| (4) Excludes held for sale loans. | |||||||||||
| For the Three Months Ended | For the Year Ended | ||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||
| 2021 | 2021 | 2020 | 2021 | 2020 | |||||||
| Interest income | $ | 73,530 | $ | 74,196 | $ | 73,306 | $ | 293,838 | $ | 301,209 | |
| Adjustment to fully taxable equivalent basis (1) | 266 | 235 | 333 | 1,100 | 1,462 | ||||||
| Interest income adjusted to fully taxable equivalent basis (non-GAAP) | 73,796 | 74,431 | 73,639 | 294,938 | 302,671 | ||||||
| Interest expense | 3,276 | 3,551 | 5,814 | 15,297 | 32,938 | ||||||
| Net interest income, (FTE) (1) | $ | 70,520 | $ | 70,880 | $ | 67,825 | $ | 279,641 | $ | 269,733 |
| FIRST COMMONWEALTH FINANCIAL CORPORATION |
| CONSOLIDATED FINANCIAL DATA |
| Unaudited |
| (dollars in thousands, except per share data) |
| DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES | ||||||||||||||||
| For the Three Months Ended | For the Year Ended | |||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||
| 2021 | 2021 | 2020 | 2021 | 2020 | ||||||||||||
| Net Income | $ | 34,776 | $ | 34,092 | $ | 25,683 | $ | 138,257 | $ | 73,447 | ||||||
| Intangible amortization | 900 | 868 | 897 | 3,497 | 3,689 | |||||||||||
| Tax benefit of amortization of intangibles | (189 | ) | (182 | ) | (188 | ) | (734 | ) | (775 | ) | ||||||
| Net Income, adjusted for tax affected amortization of intangibles | $ | 35,487 | $ | 34,778 | $ | 26,392 | $ | 141,020 | $ | 76,361 | ||||||
| Average Tangible Equity: | ||||||||||||||||
| Total shareholders' equity | $ | 1,116,504 | $ | 1,113,789 | $ | 1,078,135 | $ | 1,101,379 | $ | 1,077,308 | ||||||
| Less: intangible assets | 314,860 | 315,303 | 317,178 | 315,589 | 318,155 | |||||||||||
| Tangible Equity | 801,644 | 798,486 | 760,957 | 785,790 | 759,153 | |||||||||||
| Less: preferred stock | — | — | — | — | — | |||||||||||
| Tangible Common Equity | $ | 801,644 | $ | 798,486 | $ | 760,957 | $ | 785,790 | $ | 759,153 | ||||||
| (8)Return on Average Tangible Common Equity | 17.56 | % | 17.28 | % | 13.80 | % | 17.95 | % | 10.06 | % | ||||||
| For the Three Months Ended | For the Year Ended | |||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||
| 2021 | 2021 | 2020 | 2021 | 2020 | ||||||||||||
| Core Net Income: | ||||||||||||||||
| Total Net Income | $ | 34,776 | $ | 34,092 | $ | 25,683 | $ | 138,257 | $ | 73,447 | ||||||
| Net securities gains | — | — | (23 | ) | (16 | ) | (70 | ) | ||||||||
| Tax benefit of net securities gains | — | — | 5 | 3 | 15 | |||||||||||
| COVID-19 related | 92 | 50 | 307 | 449 | 874 | |||||||||||
| Tax benefit of COVID 19 related | (19 | ) | (11 | ) | (64 | ) | (94 | ) | (184 | ) | ||||||
| Early retirement related | — | — | 118 | — | 3,422 | |||||||||||
| Tax benefit of early retirement related expenses | — | — | (25 | ) | — | (719 | ) | |||||||||
| Branch consolidation related | (121 | ) | — | 128 | (103 | ) | 2,672 | |||||||||
| Tax benefit of bank consolidation related expenses | 25 | — | (27 | ) | 22 | (561 | ) | |||||||||
| (5) Core net income | $ | 34,753 | $ | 34,131 | $ | 26,102 | $ | 138,518 | $ | 78,896 | ||||||
| Average Shares Outstanding Assuming Dilution | 95,020,353 | 95,892,304 | 96,344,398 | 95,840,285 | 97,758,965 | |||||||||||
| (6) Core Earnings per common share (diluted) | $ | 0.37 | $ | 0.36 | $ | 0.27 | $ | 1.45 | $ | 0.81 | ||||||
| Intangible amortization | 900 | 868 | 897 | 3,497 | 3,689 | |||||||||||
| Tax benefit of amortization of intangibles | (189 | ) | (182 | ) | (188 | ) | (734 | ) | (775 | ) | ||||||
| Core Net Income, adjusted for tax affected amortization of intangibles | $ | 35,464 | $ | 34,817 | $ | 26,811 | $ | 141,281 | $ | 81,810 | ||||||
| (9) Core Return on Average Tangible Common Equity | 17.55 | % | 17.30 | % | 14.02 | % | 17.98 | % | 10.78 | % |
| FIRST COMMONWEALTH FINANCIAL CORPORATION |
| CONSOLIDATED FINANCIAL DATA |
| Unaudited |
| (dollars in thousands, except per share data) |
| DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES | ||||||||||||||||
| For the Three Months Ended | For the Year Ended | |||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||
| 2021 | 2021 | 2020 | 2021 | 2020 | ||||||||||||
| Core Return on Average Assets: | ||||||||||||||||
| Total Net Income | $ | 34,776 | $ | 34,092 | $ | 25,683 | $ | 138,257 | $ | 73,447 | ||||||
| Total Average Assets | 9,486,517 | 9,502,501 | 9,121,303 | 9,394,064 | 8,974,580 | |||||||||||
| Return on Average Assets | 1.45 | % | 1.42 | % | 1.12 | % | 1.47 | % | 0.82 | % | ||||||
| Core Net Income (5) | $ | 34,753 | $ | 34,131 | $ | 26,102 | $ | 138,518 | $ | 78,896 | ||||||
| Total Average Assets | 9,486,517 | 9,502,501 | 9,121,303 | 9,394,064 | 8,974,580 | |||||||||||
| (7) Core Return on Average Assets | 1.45 | % | 1.43 | % | 1.14 | % | 1.47 | % | 0.88 | % |
| For the Three Months Ended | For the Year Ended | |||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||
| 2021 | 2021 | 2020 | 2021 | 2020 | ||||||||||||
| Core Efficiency Ratio: | ||||||||||||||||
| Total Noninterest Expense | $ | 55,428 | $ | 55,027 | $ | 54,552 | $ | 213,857 | $ | 215,826 | ||||||
| Adjustments to Noninterest Expense: | ||||||||||||||||
| Unfunded commitment reserve | — | — | — | — | (1,181 | ) | ||||||||||
| Intangible amortization | 900 | 868 | 897 | 3,497 | 3,689 | |||||||||||
| COVID-19 related | 92 | 50 | 307 | 449 | 874 | |||||||||||
| Early retirement related | — | — | 118 | — | 3,422 | |||||||||||
| Branch consolidation related | (121 | ) | — | 128 | (103 | ) | 2,672 | |||||||||
| Noninterest Expense - Core | $ | 54,557 | $ | 54,109 | $ | 53,102 | $ | 210,014 | $ | 206,350 | ||||||
| Net interest income, (FTE) | $ | 70,520 | $ | 70,880 | $ | 67,825 | $ | 279,641 | $ | 269,733 | ||||||
| Total noninterest income | 26,071 | 27,245 | 26,622 | 106,757 | 94,476 | |||||||||||
| Net securities gains | — | — | (23 | ) | (16 | ) | (70 | ) | ||||||||
| Total Revenue | 96,591 | 98,125 | 94,424 | 386,382 | 364,139 | |||||||||||
| Adjustments to Revenue: | ||||||||||||||||
| Derivative mark-to-market | 973 | 218 | (399 | ) | 2,344 | (2,521 | ) | |||||||||
| Total Revenue - Core | $ | 95,618 | $ | 97,907 | $ | 94,823 | $ | 384,038 | $ | 366,660 | ||||||
| (10)Core Efficiency Ratio | 57.06 | % | 55.27 | % | 56.00 | % | 54.69 | % | 56.28 | % |
| FIRST COMMONWEALTH FINANCIAL CORPORATION |
| CONSOLIDATED FINANCIAL DATA |
| Unaudited |
| (dollars in thousands) |
| DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES | |||||||||
| December 31, | September 30, | December 31, | |||||||
| 2021 | 2021 | 2020 | |||||||
| Tangible Equity: | |||||||||
| Total shareholders' equity | $ | 1,109,372 | $ | 1,112,855 | $ | 1,068,617 | |||
| Less: intangible assets | 314,516 | 315,092 | 316,820 | ||||||
| Tangible Equity | 794,856 | 797,763 | 751,797 | ||||||
| Less: preferred stock | — | — | — | ||||||
| Tangible Common Equity | $ | 794,856 | $ | 797,763 | $ | 751,797 | |||
| Tangible Assets: | |||||||||
| Total assets | $ | 9,545,093 | $ | 9,477,854 | $ | 9,068,104 | |||
| Less: intangible assets | 314,516 | 315,092 | 316,820 | ||||||
| Tangible Assets | $ | 9,230,577 | $ | 9,162,762 | $ | 8,751,284 | |||
| Less: PPP loans | 71,298 | 152,102 | 478,854 | ||||||
| Tangible Assets, excluding PPP loans | $ | 9,159,279 | $ | 9,010,660 | $ | 8,272,430 | |||
| (12)Tangible Common Equity as a percentage of Tangible Assets | 8.61 | % | 8.71 | % | 8.59 | % | |||
| (12)Tangible Common Equity as a percentage of Tangible Assets, excluding PPP loans | 8.68 | % | 8.85 | % | 9.09 | % | |||
| Shares Outstanding at End of Period | 94,233,152 | 95,209,685 | 96,130,751 | ||||||
| (11)Tangible Book Value Per Common Share | $ | 8.43 | $ | 8.38 | $ | 7.82 | |||
| Note: Management believes that it is 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. |
| For the Three Months Ended | For the Year Ended | ||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||
| 2021 | 2021 | 2020 | 2021 | 2020 | |||||||||||
| Pre-tax pre-provision income: | |||||||||||||||
| Net interest income | $70,254 | $70,645 | $67,492 | $278,541 | $268,271 | ||||||||||
| Noninterest income | 26,071 | 27,245 | 26,622 | 106,757 | 94,476 | ||||||||||
| Noninterest expense | 55,428 | 55,027 | 54,552 | 213,857 | 215,826 | ||||||||||
| Pre-tax pre-provision income | $40,897 | $42,863 | $39,562 | $171,441 | $146,921 | ||||||||||
| Net securities gains | $— | $— | ($23 | ) | ($16 | ) | ($70 | ) | |||||||
| COVID-19 related | 92 | 50 | 307 | 449 | 874 | ||||||||||
| Voluntary early retirement | — | — | 118 | — | 3,422 | ||||||||||
| Branch consolidation | (121 | ) | — | 128 | (103 | ) | 2,672 | ||||||||
| Core pre-tax pre-provision income | $40,868 | $42,913 | $40,092 | $171,771 | $153,819 | ||||||||||
| Net charge-offs | ($1,064 | ) | $2,277 | $4,825 | $8,410 | $17,193 |
