FIRST COMMONWEALTH FINANCIAL CORP /PA/ Files 2023 Annual Report on Form 10-K

TL;DR

<b>FIRST COMMONWEALTH FINANCIAL CORP /PA/ has filed its annual report on Form 10-K for the fiscal year ending December 31, 2023.</b>

AI Summary

FIRST COMMONWEALTH FINANCIAL CORP /PA/ (FCF) filed a Annual Report (10-K) with the SEC on February 29, 2024. Filed Form 10-K for the fiscal year ending December 31, 2023. Company name: FIRST COMMONWEALTH FINANCIAL CORP /PA/. SEC CIK: 0000712537. Standard Industrial Classification: NATIONAL COMMERCIAL BANKS [6021]. Incorporated in Pennsylvania (PA).

Why It Matters

For investors and stakeholders tracking FIRST COMMONWEALTH FINANCIAL CORP /PA/, this filing contains several important signals. This filing provides a comprehensive overview of the company's financial performance and condition for the fiscal year 2023. Investors and analysts can use this report to assess the company's financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: low — FIRST COMMONWEALTH FINANCIAL CORP /PA/ shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or significant negative developments.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand FIRST COMMONWEALTH FINANCIAL CORP /PA/'s performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (The reporting period for the 10-K filing.)
• 2024-02-29 — Filing Date (The date the 10-K was filed with the SEC.)
• 6021 — SIC Code (Standard Industrial Classification for NATIONAL COMMERCIAL BANKS.)
• 102,244,622 — Shares Outstanding (Number of shares outstanding as of the fiscal year end.)

Key Players & Entities

• FIRST COMMONWEALTH FINANCIAL CORP /PA/ (company) — Filer of the 10-K report.
• 0000712537 (company) — Central Index Key (CIK) for FIRST COMMONWEALTH FINANCIAL CORP /PA/.
• PA (company) — State of incorporation for FIRST COMMONWEALTH FINANCIAL CORP /PA/.
• NYSE (company) — Stock exchange where FIRST COMMONWEALTH FINANCIAL CORP /PA/ is listed.

FAQ

Industry Context

FIRST COMMONWEALTH FINANCIAL CORP /PA/ operates within the National Commercial Banks industry.

Regulatory Implications

The filing adheres to the regulations set forth by the Securities and Exchange Commission (SEC) for annual reporting.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and balance sheet changes.
2. Review the Management's Discussion and Analysis (MD&A) for insights into performance drivers.
3. Examine the Risk Factors section for potential challenges and mitigation strategies.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-29: Filing Date — The official date the 10-K was submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the fiscal year 2023.

Key Financial Figures

• $1 — ange on which registered COMMON STOCK, $1 PAR VALUE FCF NEW YORK STOCK EXCHANGE
• $1.00 — nding of the registrant's common stock, $1.00 Par Value as of February 27, 2024, was
• $11.5 b — cember 31, 2023, we had total assets of $11.5 billion, total loans of $9.0 billion, tot
• $9.0 b — assets of $11.5 billion, total loans of $9.0 billion, total deposits of $9.2 billion a
• $9.2 billion — oans of $9.0 billion, total deposits of $9.2 billion and shareholders' equity of $1.3 billio
• $1.3 billion — 9.2 billion and shareholders' equity of $1.3 billion. Our principal executive office is loca
• $35 thousand — umer credit cards usually do not exceed $35 thousand. Unsecured consumer loans usually have
• $2.4 b — n of total deposits, which consisted of $2.4 billion, or 26%, in non-interest bearing
• $5.5 b — non-interest bearing checking accounts, $5.5 billion, or 60%, in interest-bearing chec
• $1.3 b — ents market and savings accounts, and $1.3 billion, or 14%, in CDs and IRAs. At Dece

Filing Documents

• fcf-20231231.htm (10-K) — 6914KB
• fcf-ex191_20231231x10k.htm (EX-19.1) — 48KB
• fcf-ex211_20231231x10xk.htm (EX-21.1) — 8KB
• fcf-ex231_20231231x10xk.htm (EX-23.1) — 4KB
• fcf-ex311_20231231x10k.htm (EX-31.1) — 11KB
• fcf-ex312_20231231x10k.htm (EX-31.2) — 10KB
• fcf-ex321_20231231x10k.htm (EX-32.1) — 3KB
• fcf-ex322_20231231x10k.htm (EX-32.2) — 3KB
• fcf-ex971_20231231x10xk.htm (EX-97.1) — 24KB
• fcf-20231231_g1.jpg (GRAPHIC) — 69KB
• 0000712537-24-000054.txt (&nbsp;) — 33723KB
• fcf-20231231.xsd (EX-101.SCH) — 139KB
• fcf-20231231_cal.xml (EX-101.CAL) — 183KB
• fcf-20231231_def.xml (EX-101.DEF) — 881KB
• fcf-20231231_lab.xml (EX-101.LAB) — 1544KB
• fcf-20231231_pre.xml (EX-101.PRE) — 1241KB
• fcf-20231231_htm.xml (XML) — 8693KB

Risk Factors

ITEM 1A. Risk Factors 17

Unresolved Staff Comments

ITEM 1B. Unresolved Staff Comments 25

Cybersecurity

ITEM 1C. Cybersecurity 25

Properties

ITEM 2. Properties 26

Legal Proceedings

ITEM 3. Legal Proceedings 26

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures 26 Executive Officers of First Commonwealth Financial Corporation 27 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchase of Equity Securities

ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchase of Equity Securities 28

[Reserved]

ITEM 6. [Reserved] 30

Management's Discussion and Analysis of Financial Condition and Results of Operations 31

ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 31

Quantitative and Qualitative Disclosures About Market Risk

ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk 54

Financial Statements and Supplementary Data

ITEM 8. Financial Statements and Supplementary Data 55

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 128

Controls and Procedures

ITEM 9A. Controls and Procedures 128

Other Information

ITEM 9B. Other Information 130

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 130 PART III

Directors, Executive Officers and Corporate Governance

ITEM 10. Directors, Executive Officers and Corporate Governance 131

Executive Compensation

ITEM 11. Executive Compensation 131

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 131

Certain Relationships and Related Transactions, and Director Independence

ITEM 13. Certain Relationships and Related Transactions, and Director Independence 132

Principal Accountant Fees and Services

ITEM 14. Principal Accountant Fees and Services 132 PART IV

Exhibits, Financial Statements and Schedules

ITEM 15. Exhibits, Financial Statements and Schedules 133

Form 10- K Summary

ITEM 16. Form 10- K Summary 135

Signatures

Signatures 136 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Certain statements contained in this Annual Report on Form 10-K that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Reform Act"), 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 within the meaning of the Reform Act. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statements of plans, objectives and expectations of First Commonwealth or its management or Board of Directors, including those relating to products, services or operations; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Words such as "believe," "anticipate," "expect," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could" or "may," are intended to identify forward-looking statements. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those in such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to: Local, regional, national and international economic conditions and the impact they may have on us and our customers and our assessment of that impact. Volatility and disruption in national and international financial markets. Government intervention in the U.S. financia

Business

ITEM 1. Business Overview First Commonwealth Financial Corporation ("First Commonwealth," the "Company" or "we") is a financial holding company headquartered in Indiana, Pennsylvania. First Commonwealth's operating subsidiaries include First Commonwealth Bank ("FCB" or the "Bank"), First Commonwealth Insurance Agency, Inc. ("FCIA") and FRAMAL. We provide a diversified array of consumer and commercial banking services through our bank subsidiary, FCB. We also provide trust and wealth management services through FCB and offer insurance products through FCIA. At December 31, 2023, we had total assets of $11.5 billion, total loans of $9.0 billion, total deposits of $9.2 billion and shareholders' equity of $1.3 billion. Our principal executive office is located at 601 Philadelphia Street, Indiana, Pennsylvania 15701, and our telephone number is (724) 349-7220. FCB is a Pennsylvania bank and trust company. At December 31, 2023, the Bank operated 126 community banking offices in 30 counties throughout western and central Pennsylvania and throughout Ohio, as well as commercial lending operations in Harrisburg, Pennsylvania, and Canton, Cleveland, Columbus, Canfield and Hudson, Ohio. The Bank also operates a network of 138 automated teller machines, or ATMs, at various branch offices and offsite locations. All of our ATMs are part of the NYCE and MasterCard/Cirrus networks, both of which operate nationwide. The Bank is a member of the Allpoint ATM network, which allows surcharge-free access to over 55,000 ATMs. The Bank is also a member of the "Freedom ATM Alliance," which affords cardholders surcharge-free access to a network of over 350 ATMs in over 50 counties in Pennsylvania, Maryland, New York, and Ohio. Historical and Recent Developments FCB began in 1934 as First National Bank of Indiana. First National Bank of Indiana changed its name to National Bank of the Commonwealth in 1971 and became a subsidiary of First Commonwealth in 1983. Since the formation of the h

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