First Commonwealth Financial Corp Q3 2024 10-Q Filed

TL;DR

**FCF Q3 10-Q OUT: Balance sheet details for Sep 30, 2024, Dec 31, 2023, Sep 30, 2023.**

AI Summary

First Commonwealth Financial Corp /PA/ filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position, including balance sheet items like common stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income for the periods ending September 30, 2024, December 31, 2023, and September 30, 2023.

Why It Matters

This 10-Q filing provides investors and analysts with a detailed look at First Commonwealth Financial Corp's financial health and operational performance during the third quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: low — This filing is a routine quarterly report and does not contain immediate, significant negative news.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2023-12-31 — Prior Year End Date (Provides a comparison point for year-end financial status.)
• 2023-09-30 — Prior Year Q3 End Date (Allows for year-over-year quarterly comparison.)

Key Players & Entities

• FIRST COMMONWEALTH FINANCIAL CORP /PA/ (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 2023-12-31 (date) — Prior year-end balance sheet date
• 2023-09-30 (date) — Prior year comparable period balance sheet date

FAQ

Key Financial Figures

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

Filing Documents

• fcf-20240930.htm (10-Q) — 6388KB
• fcf-ex101_separationagreem.htm (EX-10.1) — 58KB
• fcf-ex102_changeofcontrola.htm (EX-10.2) — 79KB
• fcf-ex103_employmentagreem.htm (EX-10.3) — 59KB
• fcf-ex104_restrictedstocka.htm (EX-10.4) — 36KB
• fcf-ex311_20240930x10q.htm (EX-31.1) — 10KB
• fcf-ex312_20240930x10q.htm (EX-31.2) — 10KB
• fcf-ex321_20240930x10q.htm (EX-32.1) — 4KB
• fcf-ex322_20240930x10q.htm (EX-32.2) — 4KB
• 0000712537-24-000121.txt ( ) — 28237KB
• fcf-20240930.xsd (EX-101.SCH) — 84KB
• fcf-20240930_cal.xml (EX-101.CAL) — 101KB
• fcf-20240930_def.xml (EX-101.DEF) — 708KB
• fcf-20240930_lab.xml (EX-101.LAB) — 893KB
• fcf-20240930_pre.xml (EX-101.PRE) — 833KB
• fcf-20240930_htm.xml (XML) — 7641KB

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) 9 Notes to the Unaudited Consolidated Financial Statements 10

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 62

Quantitative and Qualitative Disclosures About Market Risk

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 89

Controls and Procedures

ITEM 4. Controls and Procedures 89

Other Information

PART II. Other Information

Legal Proceedings

ITEM 1. Legal Proceedings 90

Risk Factors

ITEM 1A. Risk Factors 90

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 90

Defaults Upon Senior Securities

ITEM 3. Defaults Upon Senior Securities 90

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures 90

Other Information

ITEM 5. Other Information 90

Exhibits

ITEM 6. Exhibits 91

Signatures

Signatures 92 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) September 30, 2024 December 31, 2023 (dollars in thousands, except share data) Assets Cash and due from banks $ 126,598 $ 125,436 Interest-bearing bank deposits 455,711 21,557 Securities available for sale, at fair value 1,140,800 1,020,986 Securities held to maturity, at amortized cost (Fair value of $ 373,160 and $ 350,595 at September 30, 2024 and December 31, 2023, respectively) 430,425 419,009 Other investments 24,592 50,871 Loans held for sale 46,785 29,820 Loans and leases: Portfolio loans and leases 8,965,500 8,968,761 Allowance for credit losses ( 126,112 ) ( 117,718 ) Net loans and leases 8,839,388 8,851,043 Premises and equipment, net 116,752 121,015 Other real estate owned 669 422 Goodwill 363,715 363,715 Amortizing intangibles, net 20,457 22,820 Bank owned life insurance 228,601 228,479 Other assets 188,706 204,315 Total assets $ 11,983,199 $ 11,459,488 Liabilities Deposits (all domestic): Noninterest-bearing $ 2,463,971 $ 2,388,533 Interest-bearing 7,281,581 6,803,776 Total deposits 9,745,552 9,192,309 Short-term borrowings 538,828 597,835 Subordinated debentures 128,266 177,741 Other long-term debt 3,548 4,122 Capital lease obligation 4,471 4,894 Total long-term debt 136,285 186,757 Other liabilities 152,918 168,313 Total liabilities 10,573,583 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 September 30, 2024 and December 31, 2023, respectively, and 102,237,941 and 102,114,664 shares outstanding at September 30, 2024 and December 31, 2023, respectively 123,603 123,603 Additional paid-in capital 631,408 630,154 Retained earnings 948,464 881,112 Accumulated other compr

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 For the Nine Months Ended September 30, September 30, 2024 2023 2024 2023 (dollars in thousands, except share data) Interest Income Interest and fees on loans and leases $ 137,555 $ 129,373 $ 405,989 $ 357,735 Interest and dividends on investments: Taxable interest 12,381 6,229 34,356 17,652 Interest exempt from federal income taxes 105 114 320 345 Dividends 444 823 1,498 2,110 Interest on bank deposits 3,838 3,346 8,304 7,899 Total interest income 154,323 139,885 450,467 385,741 Interest Expense Interest on deposits 49,663 32,685 140,387 74,104 Interest on short-term borrowings 6,279 6,643 19,383 14,237 Interest on subordinated debentures 1,786 2,707 6,637 7,175 Interest on other long-term debt 35 41 109 130 Interest on lease obligations 45 52 140 156 Total interest expense 57,808 42,128 166,656 95,802 Net Interest Income 96,515 97,757 283,811 289,939 Provision for credit losses 10,615 5,885 22,680 6,025 Provision for credit losses - acquisition day 1 non-PCD — — — 10,653 Net Interest Income after Provision for Credit Losses 85,900 91,872 261,131 273,261 Noninterest Income Net securities gains (losses) 88 ( 103 ) ( 5,447 ) ( 103 ) Gain on VISA exchange and sale 106 — 5,664 — Trust income 3,242 2,949 8,790 7,967 Service charges on deposit accounts 5,840 5,600 16,769 15,842 Insurance and retail brokerage commissions 2,663 2,305 7,618 7,171 Income from bank owned life insurance 2,278 1,242 4,943 3,664 Gain on sale of mortgage loans 1,151 1,270 4,150 3,175 Gain on sale of other loans and assets 2,576 1,027 6,035 5,004 Card-related interchange income 4,137 7,221 17,964 21,422 Derivatives mark to market ( 153 ) 35 ( 141 ) 27 Swap fee income 88 452 88 1,029 Other income 2,682 2,828 7,463 7,114 Total noninterest income 24,698 24,826 73,896

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 For the Nine Months Ended September 30, September 30, 2024 2023 2024 2023 (dollars in thousands) Net Income $ 32,086 $ 39,231 $ 106,723 $ 112,236 Other comprehensive income (loss), before tax (expense) benefit: Unrealized holding gains (losses) on securities arising during the period 30,372 ( 21,389 ) 18,578 ( 25,150 ) Reclassification adjustment for (gains) losses included in net income ( 88 ) 103 5,447 103 Unrealized holding gains on derivatives arising during the period 8,108 2,111 12,266 4,336 Total other comprehensive income (loss), before tax (expense) benefit 38,392 ( 19,175 ) 36,291 ( 20,711 ) Income tax (expense) benefit related to items of other comprehensive income (loss) ( 8,062 ) 3,672 ( 7,621 ) 4,349 Total other comprehensive income (loss) 30,330 ( 15,503 ) 28,670 ( 16,362 ) Comprehensive Income $ 62,416 $ 23,728 $ 135,393 $ 95,874 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 106,723 106,723 Other comprehensive income 28,670 28,670 Cash dividends declared ($ 0.385 per share) ( 39,371 ) ( 39,371 ) Treasury stock acquired ( 303,471 ) ( 4,554 ) ( 4,554 ) Treasury stock reissued 230,051 313 — 2,216 2,529 Restricted stock 196,697 — 941 — 404 1,345 Balance at September 30, 2024 102,237,941 $ 123,603 $ 631,408 $ 948,464 $ ( 83,086 ) $ ( 210,773 ) $ 1,409,616 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 112,236 112,236 Other comprehensive loss ( 16,362 ) ( 16,362 ) Cash dividends declared ($ 0.370 per share) ( 38,050 ) ( 38,050 ) Treasury stock acquired ( 1,137,475 ) ( 14,105 ) ( 14,105 ) Treasury stock reissued 163,950 660 — 1,551 2,211 Restricted stock 93,385 — 488 — 684 1,172 Common stock issuance 9,688,478 9,688 131,667 141,355 Balance at September 30, 2023 102,184,652 $ 123,603 $ 630,246 $ 849,049 $ ( 154,054 ) $ ( 208,313 ) $ 1,240,531 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 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 June 30, 2024 102,297,847 $ 123,603 $ 630,910 $ 929,686 $ ( 113,416 ) $ ( 208,278 ) $ 1,362,505 Net income 32,086 32,086 Other comprehensive income 30,330 30,330 Cash dividends declared ($ 0.130 per share) ( 13,308 ) ( 13,308 ) Treasury stock acquired ( 147,531 ) ( 2,482 ) ( 2,482 ) Treasury stock reissued — — — — — Restricted stock 87,625 — 498 — ( 13 ) 485 Balance at September 30, 2024 102,237,941 $ 123,603 $ 631,408 $ 948,464 $ ( 83,086 ) $ ( 210,773 ) $ 1,409,616 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 June 30, 2023 102,444,915 $ 123,603 $ 630,246 $ 822,619 $ ( 138,551 ) $ ( 205,498 ) $ 1,232,419 Net income 39,231 39,231 Other comprehensive loss ( 15,503 ) ( 15,503 ) Cash dividends declared ($ 0.125 per share) ( 12,801 ) ( 12,801 ) Treasury stock acquired ( 260,263 ) ( 3,216 ) ( 3,216 ) Treasury stock reissued — — — — — Restricted stock — — — — 401 401 Balance at September 30, 2023 102,184,652 $ 123,603 $ 630,246 $ 849,049 $ ( 154,054 ) $ ( 208,313 ) $ 1,240,531 The accompanying notes are an integral part of these unaudited consolidated financial statements. 8 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 Nine Months Ended September 30, 2024 2023 Operating Activities (dollars in thousands) Net income $ 106,723 $ 112,236 Adjustment to reconcile net income to net cash provided by operating activities: Provision for credit losses 22,680 16,678 Deferred tax expense 1,888 3,179 Depreciation and amortization 3,629 2,831 Net gains on securities and other assets ( 9,714 ) ( 7,701 ) Net amortization of premiums and discounts on securities 635 1,052 Loss on early redemption of subordinated debentures 369 — Income from increase in cash surrender value of bank owned life insurance ( 3,935 ) ( 3,627 ) Decrease (increase) in interest receivable 2,771 ( 5,156 ) Mortgage loans originated for sale ( 185,514 ) ( 137,721 ) Proceeds from sale of mortgage loans 162,210 128,270 Increase in interest payable 17,601 3,937 Increase (decrease) in income taxes payable 1,461 ( 1,905 ) Other, net ( 4,858 ) ( 5,336 ) Net cash provided by operating activities 115,946 106,737 Investing Activities Transactions with securities held to maturity: Proceeds from maturities and redemptions 43,400 31,394 Purchases ( 55,276 ) ( 200 ) Transactions with securities available for sale: Proceeds from sales 69,598 33,756 Proceeds from maturities and redemptions 140,079 75,593 Purchases ( 311,088 ) ( 155,782 ) Proceeds from sale of equity securities 5,664 — Purchases of FHLB stock ( 26,117 ) ( 83,218 ) Proceeds from the redemption of FHLB stock 51,946 73,311 Proceeds from the redemption of other investments 450 — Proceeds from bank owned life insurance 3,813 2,246 Proceeds from sale of loans 73,756 110,695 Proceeds from sale of other assets 4,986 2,836 Net cash received from business acquisition — 14,492 Net increase in loans and leases ( 69,614 ) ( 435,093 ) Purchases of premises and equipment a

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 nine months ended September 30, 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 shar

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 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) 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. 13

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 Nine Months Ended September 30, 2024 2023 Pretax Amount Tax (Expense) Benefit Net of Tax Amount Pretax Amount Tax (Expense) Benefit Net of Tax Amount (dollars in thousands) Unrealized gains (losses) on securities: Unrealized holding gains (losses) on securities arising during the period $ 18,578 $ ( 3,901 ) $ 14,677 $ ( 25,150 ) $ 5,282 $ ( 19,868 ) Reclassification adjustment for losses on securities included in net income 5,447 ( 1,144 ) 4,303 103 ( 22 ) 81 Total unrealized gains (losses) on securities 24,025 ( 5,045 ) 18,980 ( 25,047 ) 5,260 ( 19,787 ) Unrealized gains on derivatives: Unrealized holding gains on derivatives arising during the period 12,266 ( 2,576 ) 9,690 4,336 ( 911 ) 3,425 Total unrealized gains on derivatives 12,266 ( 2,576 ) 9,690 4,336 ( 911 ) 3,425 Total other comprehensive income

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