First Commonwealth Financial Corp. Files 10-Q for Q1 2024

TL;DR

<b>First Commonwealth Financial Corp. filed its Q1 2024 10-Q report</b>.

AI Summary

FIRST COMMONWEALTH FINANCIAL CORP /PA/ (FCF) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. Company name is FIRST COMMONWEALTH FINANCIAL CORP /PA/. Incorporated in Pennsylvania (PA). Fiscal year ends on December 31.

Why It Matters

For investors and stakeholders tracking FIRST COMMONWEALTH FINANCIAL CORP /PA/, this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational details for the first quarter of 2024. It allows stakeholders to assess the company's financial health, strategic direction, and potential risks in the current economic environment.

Risk Assessment

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

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand First Commonwealth Financial Corp.'s performance and outlook.

Key Numbers

• 2024-03-31 — Period End Date (Conformed Period of Report)
• 2024-05-07 — Filing Date (Filed as of Date)
• 2023-03-31 — Prior Period End Date (Comparison period for financial data)

Key Players & Entities

• FIRST COMMONWEALTH FINANCIAL CORP /PA/ (company) — Filer
• PA (location) — State of Incorporation
• 2024-03-31 (date) — Conformed Period of Report
• 2024-05-07 (date) — Filed as of Date

FAQ

Industry Context

First Commonwealth Financial Corp. operates within the National Commercial Banks industry (SIC 6021).

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024.
2. Review management's discussion and analysis (MD&A) for insights into performance drivers.
3. Compare Q1 2024 results to Q1 2023 and year-end 2023 figures.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the 2023 annual report.

Key Financial Figures

• $1.00 — ange on which registered Common Stock, $1.00 par value FCF New York Stock Exchange

Filing Documents

• fcf-20240331.htm (10-Q) — 5179KB
• fcf-ex101_2024annualincent.htm (EX-10.1) — 30KB
• fcf_ex102x2024-2026longter.htm (EX-10.2) — 24KB
• fcf-ex311_20240331x10q.htm (EX-31.1) — 10KB
• fcf-ex312_20240331x10q.htm (EX-31.2) — 10KB
• fcf-ex321_20240331x10q.htm (EX-32.1) — 4KB
• fcf-ex322_20240331x10q.htm (EX-32.2) — 4KB
• 0000712537-24-000087.txt (&nbsp;) — 24329KB
• fcf-20240331.xsd (EX-101.SCH) — 86KB
• fcf-20240331_cal.xml (EX-101.CAL) — 96KB
• fcf-20240331_def.xml (EX-101.DEF) — 663KB
• fcf-20240331_lab.xml (EX-101.LAB) — 866KB
• fcf-20240331_pre.xml (EX-101.PRE) — 793KB
• fcf-20240331_htm.xml (XML) — 6625KB

Financial Information

PART I. Financial Information

Financial Statements and Supplementary Data

ITEM 1. Financial Statements and Supplementary Data Included in Part I of this report: First Commonwealth Financial Corporation and Subsidiaries Consolidated Statements of Financial Condition (Unaudited) 3 Consolidated Statements of Income (Unaudited) 4 Consolidated Statements of Comprehensive Income (Unaudited) 6 Consolidated Statements of Changes in Shareholders' Equity (Unaudited) 7 Consolidated Statements of Cash Flows (Unaudited) 8 Notes to the Unaudited Consolidated Financial Statements 9

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

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 54

Quantitative and Qualitative Disclosures About Market Risk

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 73

Controls and Procedures

ITEM 4. Controls and Procedures 73

Other Information

PART II. Other Information

Legal Proceedings

ITEM 1. Legal Proceedings 74

Risk Factors

ITEM 1A. Risk Factors 74

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 74

Defaults Upon Senior Securities

ITEM 3. Defaults Upon Senior Securities 74

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures 74

Other Information

ITEM 5. Other Information 74

Exhibits

ITEM 6. Exhibits 75

Signatures

Signatures 76 2 Table of Contents

Financial Statements and Supplementary Data

ITEM 1. Financial Statements and Supplementary Data FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) March 31, 2024 December 31, 2023 (dollars in thousands, except share data) Assets Cash and due from banks $ 77,179 $ 125,436 Interest-bearing bank deposits 233,188 21,557 Securities available for sale, at fair value 1,023,711 1,020,986 Securities held to maturity, at amortized cost (Fair value of $ 393,749 and $ 350,595 at March 31, 2024 and December 31, 2023, respectively) 464,708 419,009 Other investments 25,397 50,871 Loans held for sale 31,895 29,820 Loans and leases: Portfolio loans and leases 8,999,870 8,968,761 Allowance for credit losses ( 119,098 ) ( 117,718 ) Net loans and leases 8,880,772 8,851,043 Premises and equipment, net 118,710 121,015 Other real estate owned 368 422 Goodwill 363,715 363,715 Amortizing intangibles, net 22,030 22,820 Bank owned life insurance 229,455 228,479 Other assets 223,280 204,315 Total assets $ 11,694,408 $ 11,459,488 Liabilities Deposits (all domestic): Noninterest-bearing $ 2,334,495 $ 2,388,533 Interest-bearing 7,111,908 6,803,776 Total deposits 9,446,403 9,192,309 Short-term borrowings 546,541 597,835 Subordinated debentures 177,803 177,741 Other long-term debt 3,932 4,122 Capital lease obligation 4,755 4,894 Total long-term debt 186,490 186,757 Other liabilities 182,254 168,313 Total liabilities 10,361,688 10,145,214 Shareholders' Equity Preferred stock, $ 1 par value per share, 3,000,000 shares authorized, none issued — — Common stock, $ 1 par value per share, 200,000,000 shares authorized; 123,603,380 shares issued at both March 31, 2024 and December 31, 2023, respectively, and 102,303,974 and 102,114,664 shares outstanding at March 31, 2024 and December 31, 2023, respectively 123,603 123,603 Additional paid-in capital 630,837 630,154 Retained earnings 905,897 881,112 Accumulated other comprehensive loss, net

Financial Statements and Supplementary Data (Continued)

ITEM 1. Financial Statements and Supplementary Data (Continued) FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Unaudited) For the Three Months Ended March 31, 2024 2023 (dollars in thousands, except share data) Interest Income Interest and fees on loans and leases $ 132,760 $ 107,668 Interest and dividends on investments: Taxable interest 10,417 5,789 Interest exempt from federal income taxes 108 117 Dividends 604 505 Interest on bank deposits 1,573 510 Total interest income 145,462 114,589 Interest Expense Interest on deposits 43,720 15,518 Interest on short-term borrowings 6,765 2,401 Interest on subordinated debentures 2,587 2,214 Interest on other long-term debt 38 45 Interest on lease obligations 48 53 Total interest expense 53,158 20,231 Net Interest Income 92,304 94,358 Provision for credit losses 4,238 ( 2,650 ) Provision for credit losses - acquisition day 1 non-PCD — 10,653 Net Interest Income after Provision for Credit Losses 88,066 86,355 Noninterest Income Trust income 2,727 2,486 Service charges on deposit accounts 5,383 4,918 Insurance and retail brokerage commissions 2,246 2,552 Income from bank owned life insurance 1,294 1,227 Gain on sale of mortgage loans 1,328 652 Gain on sale of other loans and assets 2,051 2,086 Card-related interchange income 6,690 6,829 Derivatives mark to market 12 ( 89 ) Swap fee income — 245 Other income 2,257 2,057 Total noninterest income 23,988 22,963 Noninterest Expense Salaries and employee benefits 35,324 34,264 Net occupancy 5,334 5,018 Furniture and equipment 4,480 4,238 Data processing 3,824 3,404 Advertising and promotion 1,319 1,663 Pennsylvania shares tax 1,202 1,252 Intangible amortization 1,264 1,147 Other professional fees and services 1,242 1,591 FDIC insurance 1,613 1,417 Loss on sale or write-down of assets 143 41 Litigation and operational losses 997 743 Merger and acquisition related 114 8,541 Other

Financial Statements and Supplementary Data (Continued)

ITEM 1. Financial Statements and Supplementary Data (Continued) FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) For the Three Months Ended March 31, 2024 2023 (dollars in thousands) Net Income $ 37,549 $ 30,224 Other comprehensive (loss) income, before tax benefit (expense): Unrealized holding (losses) gains on securities arising during the period ( 9,875 ) 10,355 Less: reclassification adjustment for gains on securities included in net income — — Unrealized holding gains on derivatives arising during the period 583 5,806 Total other comprehensive (loss) income, before tax benefit (expense) ( 9,292 ) 16,161 Income tax benefit (expense) related to items of other comprehensive (loss) income 1,951 ( 3,039 ) Total other comprehensive (loss) income ( 7,341 ) 13,122 Comprehensive Income $ 30,208 $ 43,346 The accompanying notes are an integral part of these unaudited consolidated financial statements. 6 Table of Contents

Financial Statements and Supplementary Data (Continued)

ITEM 1. Financial Statements and Supplementary Data (Continued) FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) Shares Outstanding Common Stock Additional Paid-in- Capital Retained Earnings Accumulated Other Comprehensive Income (Loss), net Treasury Stock Total Shareholders' Equity (dollars in thousands, except share and per share data) Balance at December 31, 2023 102,114,664 $ 123,603 $ 630,154 $ 881,112 $ ( 111,756 ) $ ( 208,839 ) $ 1,314,274 Net income 37,549 37,549 Other comprehensive loss ( 7,341 ) ( 7,341 ) Cash dividends declared ($ 0.125 per share) ( 12,764 ) ( 12,764 ) Treasury stock acquired ( 130,862 ) ( 1,757 ) ( 1,757 ) Treasury stock reissued 215,100 254 — 2,071 2,325 Restricted stock 105,072 — 429 — 5 434 Balance at March 31, 2024 102,303,974 $ 123,603 $ 630,837 $ 905,897 $ ( 119,097 ) $ ( 208,520 ) $ 1,332,720 Shares Outstanding Common Stock Additional Paid-in- Capital Retained Earnings Accumulated Other Comprehensive Income (Loss), net Treasury Stock Total Shareholders' Equity (dollars in thousands, except share and per share data) Balance at December 31, 2022 93,376,314 $ 113,915 $ 497,431 $ 774,863 $ ( 137,692 ) $ ( 196,443 ) $ 1,052,074 Net income 30,224 30,224 Other comprehensive income 13,122 13,122 Cash dividends declared ($ 0.120 per share) ( 12,367 ) ( 12,367 ) Treasury stock acquired ( 109,112 ) ( 1,732 ) ( 1,732 ) Treasury stock reissued 143,412 610 — 1,356 1,966 Restricted stock 94,035 — 488 — ( 116 ) 372 Common stock issuance 9,688,478 9,688 131,667 141,355 Balance at March 31, 2023 103,193,127 $ 123,603 $ 630,196 $ 792,720 $ ( 124,570 ) $ ( 196,935 ) $ 1,225,014 The accompanying notes are an integral part of these unaudited consolidated financial statements. 7 Table of Contents

Financial Statements and Supplementary Data (Continued)

ITEM 1. Financial Statements and Supplementary Data (Continued) FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) For the Three Months Ended March 31, 2024 2023 Operating Activities (dollars in thousands) Net income $ 37,549 $ 30,224 Adjustment to reconcile net income to net cash provided by operating activities: Provision for credit losses 4,238 8,003 Deferred tax expense 2,797 2,218 Depreciation and amortization 1,501 1,847 Net gains on securities and other assets ( 3,199 ) ( 2,330 ) Net amortization of premiums and discounts on securities 242 378 Income from increase in cash surrender value of bank owned life insurance ( 1,294 ) ( 1,190 ) (Increase) decrease in interest receivable ( 746 ) 645 Mortgage loans originated for sale ( 43,587 ) ( 31,165 ) Proceeds from sale of mortgage loans 36,926 32,462 Increase in interest payable 5,126 2,146 Increase in income taxes payable 5,925 5,512 Other-net ( 5,833 ) ( 10,150 ) Net cash provided by operating activities 39,645 38,600 Investing Activities Transactions with securities held to maturity: Proceeds from maturities and redemptions 9,250 9,733 Purchases ( 55,076 ) — Transactions with securities available for sale: Proceeds from sales — 30,686 Proceeds from maturities and redemptions 35,970 25,791 Purchases ( 48,684 ) — Purchases of FHLB stock ( 13,627 ) ( 18,262 ) Proceeds from the redemption of FHLB stock 39,101 21,134 Proceeds from bank owned life insurance — 1,216 Proceeds from sale of loans 28,514 30,425 Proceeds from sale of other assets 1,259 846 Net cash received from business acquisition — 14,492 Net increase in loans and leases ( 55,902 ) ( 95,513 ) Purchases of premises and equipment and other assets ( 5,048 ) ( 9,433 ) Net cash (used in) provided by investing activities ( 64,243 ) 11,115 Financing Activities Net decrease in other short-term borrowings ( 51,294 ) ( 266,450 ) Net increase in deposits 254,116

Financial Statements and Supplementary Data

ITEM 1. Financial Statements and Supplementary Data FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Note 1 Basis of Presentation The accounting and reporting policies of First Commonwealth Financial Corporation and subsidiaries ("First Commonwealth" or the "Company") conform with generally accepted accounting principles in the United States of America ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates, assumptions and judgments that affect the amounts reported in the financial statements and accompanying notes. Actual realized amounts could differ from those estimates. In the opinion of management, the unaudited interim consolidated financial statements include all adjustments (consisting of only normal recurring adjustments) necessary for a fair presentation of First Commonwealth's financial position, results of operations, comprehensive income, cash flows and changes in shareholders' equity as of and for the periods presented. Certain information and Note disclosures normally included in Consolidated Financial Statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, federal funds sold and interest-bearing bank deposits. Generally, federal funds are sold for one-day periods. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the full year of 2024. These interim financial statements should be read in conjunction with First Commonwealth's 2023 Annual Report on Form 10-K. Note 2 Acquisition On January 31, 2023, the Company completed its acquisition of Centric Financial Corporation ("Centric") and its banking subsidiary, Centric Bank, for consideration of 9,688,478 shares

Financial Statements and Supplementary Data

ITEM 1. Financial Statements and Supplementary Data FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued) The Company determined that this acquisition constitutes a business combination and therefore was accounted for using the acquisition method of accounting. Accordingly, as of the date of the acquisition, the Company recorded the assets acquired, liabilities assumed and consideration paid at fair value. The $ 60.4 million excess of the consideration paid over the fair value of assets acquired was recorded as goodwill and is not amortizable or deductible for tax purposes. The amount of goodwill arising from the acquisition consists largely of the synergies and economies of scale expected from combining the operations of the Company with Centric. The fair value of the 9,688,478 common shares issued was determined based on the $ 14.59 closing market price of the Company's common shares on the acquisition date, January 31, 2023. The valuation of the acquired assets and liabilities was completed in the second quarter of 2023. The following is a description of the valuation methodologies used to estimate the fair values of major categories of assets acquired and liabilities assumed. The Company used an independent valuation specialist to assist with the determination of fair values for certain acquired assets and assumed liabilities. Cash and due from banks - The estimated fair value was determined to approximate the carrying amount of these assets. Investment securities - The estimated fair value of the investment portfolio was based on quoted market prices, dealer quotes, and pricing obtained from independent pricing services. Loans - The estimated fair value of loans was based on a discounted cash flow methodology applied on a pooled basis for non- purchased credit-deteriorated ("non-PCD") loans and on an individual basis for purchased credit-deteriorated ("PCD") loans. The valuation c

Financial Statements and Supplementary Data

ITEM 1. Financial Statements and Supplementary Data FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued) The following table provides details related to the fair value of acquired PCD loans as of January 31, 2023. Unpaid Principal Balance PCD Allowance for Credit Loss at Acquisition (Discount) Premium on Acquired Loans Fair Value of PCD Loans at Acquisition (dollars in thousands) Commercial, financial, agricultural and other $ 84,095 $ ( 19,417 ) $ 117 $ 64,795 Time and demand 84,095 ( 19,417 ) 117 64,795 Real estate construction 29,947 ( 287 ) ( 479 ) 29,181 Construction other 16,978 ( 227 ) ( 179 ) 16,572 Construction residential 12,969 ( 60 ) ( 300 ) 12,609 Residential real estate 16,564 ( 527 ) ( 496 ) 15,541 Residential first lien 13,740 ( 197 ) ( 264 ) 13,279 Residential junior lien/home equity 2,824 ( 330 ) ( 232 ) 2,262 Commercial real estate 174,002 ( 6,971 ) ( 6,073 ) 160,958 Multifamily 13,169 ( 234 ) ( 1,413 ) 11,522 Non-owner occupied 97,324 ( 2,739 ) ( 1,902 ) 92,683 Loans to individuals 62 ( 3 ) ( 3 ) 56 Automobile and recreational vehicles 62 ( 3 ) ( 3 ) 56 Total loans and leases $ 304,670 $ ( 27,205 ) $ ( 6,934 ) $ 270,531 11

Financial Statements and Supplementary Data

ITEM 1. Financial Statements and Supplementary Data FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued) The following table provides details related to the fair value and Day 1 provision related to the acquired non-PCD loans as of January 31, 2023. Unpaid Principal Balance (Discount) premium on acquired loans Fair Value of Non-PCD Loans at Acquisition Day 1 Provision for Credit Losses - Non-PCD Loans (dollars in thousands) Commercial, financial, agricultural and other $ 167,606 $ ( 5,451 ) $ 162,155 $ 3,482 Time and demand 165,878 ( 5,342 ) 160,536 3,436 Equipment finance 4 — 4 — Time and demand other 1,724 ( 109 ) 1,615 46 Real estate construction 52,773 ( 1,126 ) 51,647 1,638 Construction other 34,801 ( 971 ) 33,830 1,146 Construction residential 17,972 ( 155 ) 17,817 492 Residential real estate 75,041 ( 2,593 ) 72,448 614 Residential first lien 53,612 ( 1,981 ) 51,631 437 Residential junior lien/home equity 21,429 ( 612 ) 20,817 177 Commercial real estate 378,777 ( 12,607 ) 366,170 4,911 Multifamily 45,475 ( 1,203 ) 44,272 514 Non-owner occupied 182,793 ( 5,660 ) 177,133 2,111 Loans to individuals 640 ( 36 ) 604 8 Automobile and recreational vehicles 449 ( 25 ) 424 4 Consumer other 191 ( 11 ) 180 4 Total loans and leases $ 674,837 $ ( 21,813 ) $ 653,024 $ 10,653 Costs related to the acquisition totaled $ 9.1 million. These amounts were expensed as incurred and are recorded as a merger and acquisition related expense in the Consolidated Statements of Income. As a result of the full integration of the operations of Centric, it is not practicable to determine revenue or net income included in the Company's operating results relating to Centric since the date of acquisition as Centric results cannot be separately identified. 12

Financial Statements and Supplementary Data

ITEM 1. Financial Statements and Supplementary Data FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued) Note 3 Supplemental Comprehensive Income Disclosures The following table identifies the related tax effects allocated to each component of other comprehensive income ("OCI") in the unaudited Consolidated Statements of Comprehensive Income. Reclassification adjustments related to securities available for sale are included in the "Net securities gains" line in the unaudited Consolidated Statements of Income. For the Three Months Ended March 31, 2024 2023 Pretax Amount Tax (Expense) Benefit Net of Tax Amount Pretax Amount Tax (Expense) Benefit Net of Tax Amount (dollars in thousands) Unrealized (losses) gains on securities: Unrealized holding (losses) gains on securities arising during the period $ ( 9,875 ) $ 2,074 $ ( 7,801 ) $ 10,355 $ ( 1,820 ) $ 8,535 Reclassification adjustment for losses on securities included in net income — — — — — — Total unrealized (losses) gains on securities ( 9,875 ) 2,074 ( 7,801 ) 10,355 ( 1,820 ) 8,535 Unrealized gains on derivatives: Unrealized holding gains on derivatives arising during the period 583 ( 123 ) 460 5,806 ( 1,219 ) 4,587 Total unrealized gains on derivatives 583 ( 123 ) 460 5,806 ( 1,219 ) 4,587 Total other comprehensive (loss) income $ ( 9,292 ) $ 1,951 $ ( 7,341 ) $ 16,161 $ ( 3,039 ) $ 13,122 The following table details the change in components of OCI for the three months ended March 31: 2024 2023 Securities Available for Sale Post-Retirement Obligation Derivatives Accumulated Other Comprehensive Income (Loss) Securities Available for Sale Post-Retirement Obligation Derivatives Accumulated Other Comprehensive Income (Loss) (dollars in thousands) Balance at December 31 $ ( 92,340 ) $ 344 $ ( 19,760 ) $ ( 111,756 ) $ ( 107,471 ) $ 268 $ ( 30,489 ) $ ( 137,692 ) Other comprehensive (loss) income before reclassifica

Financial Statements and Supplementary Data

ITEM 1. Financial Statements and Supplementary Data FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued) Note 4 Supplemental Cash Flow Disclosures The following table presents information related to cash paid during the period for interest and income taxes, as well as detail on non-cash investing and financing activities for the three months ended March 31: 2024 2023 (dollars in thousands) Cash paid during the period for: Interest $ 47,984 $ 18,252 Income taxes 51 19 Non-cash investing and financing activities: Loans transferred to other real estate owned and repossessed assets 1,252 536 Loans transferred from held to maturity to held for sale 22,476 28,714 Loans transferred from held for sale to held to maturity ( 442 ) ( 519 ) Gross (decrease) increase in market value adjustment to securities available for sale ( 9,875 ) 10,356 Gross increase in market value adjustment to derivatives 583 5,806 (Decrease) increase in limited partnership investment unfunded commitment ( 422 ) 4,464 Noncash treasury stock reissuance 2,325 1,966 Net assets acquired through acquisition — 69,778 Proceeds from death benefit on bank owned life insurance not received 318 103 Note 5 Earnings per Share The following table summarizes the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computations: For the Three Months Ended March 31, 2024 2023 Weighted average common shares issued 123,603,380 120,266,238 Average treasury stock shares ( 21,425,781 ) ( 20,498,898 ) Average deferred compensation shares ( 56,966 ) ( 55,821 ) Average unearned non-vested shares ( 139,385 ) ( 150,688 ) Weighted average common shares and common stock equivalents used to calculate basic earnings per share 101,981,248 99,560,831 Additional common stock equivalents (non-vested stock) used to calculate diluted earnings per share 160,353 163,133 Ad

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