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First — First Commonwealth Financial — Fox-Pitt Kelton Cochran Caronia Waller Mid-West Institutional Investor Client Meetings 200 (November 2009)
26 slides from First's conference presentation, Nov 9, 2009
Slide 1: First Commonwealth Mid-West Institutional Investor Client Meetings
Exhibit 99.1 First Commonwealth Mid-West November FOX-PITT COCHRAN Institutional Investor 9, KELTON Clients CARONIA 2009 Meetings WALLER
Slide 2: Forward-looking Statements
Forward-looking This strictly “will,” cause include, Continued Further Increases Fluctuations Reduced interest Competitive Our results Changes The services Other on In otherwise First 2 light Form inability consequences presentation Commonwealth our risks of “would,” to of margin. declines among to
Slide 3: Company Information
Company NYSE: Headquartered 6th Assets: Current Price: Market Avg. 41% Major ~ SNL Source(s): First 3 Russell S&P KBW largest Institutional Commonwealth Financial Volume $5.25 Index Small Cap: FCF $6.5 Market Regional 2000 Information bank (10/30/09) billion Listings $444 (3 Cap and inData mo): head
Slide 4: Summary Third Quarter 2009 Results
Summary Third FDIC Other Total Tax Net EPS Dividends Reported Nonperforming Provision Recorded *Collection $ F 4 irst millions, Interest Impairment Income Benefit (diluted) Commonwealth Noninterest Quarter Income Noninterest costs aimpairment for of Declared except net (2.0) and (Expense) Income (5.
Slide 5: Summary September 2009 Year-to-Date Results
Summary September 2009 Credit-related* Other Total Tax EPS Dividends Reported Provision Net FDIC *Collection $ F 5 Unaudited irst millions, Impairment Income impairment Interest Benefit (diluted) Commonwealth 2008 Noninterest Income Noninterest costs afor of Declared change 30, except net (8.4) incr
Slide 6: Balance Sheet Summary
Balance September 2009 Cash Commercial Allowance Noninterest Interest Short-term Long-term Other Equity Total Strong Consumer $115 $ 6 millions million Assets 2008 & Loans Deposits Liabilities 549 42 643 loan Bearing Securities Sheet 43 512 Unaudited Loans growth change Debt 30, for Borrowings 532 g
Slide 7: Strategic Vision and Outlook
Strategic Become Vision Align Continue Planned Balance Focus Credit Reduce Scale Market Seize Increase Conservative Capital Maintain First 7 Commonwealth down opportunity individual onOpportunities out-of-market Sheet growth runoff the households Outlook abuilding toreasonable core large improve hig
Slide 8: Loan Portfolio
Loan Portfolio Retail Weaknesses ~ Total $4.65 CRE 1-4 Construction 1,227 Other C&I Small * $ As F 8 Unaudited irst Includes millions 90% of Family 1,077 Commonwealth 989 Loan Portfolio September billion Consumer Business* portfolio of balanced loan $270 Portfolio primarily 331 portfolio has million
Slide 9: Commercial Loan Portfolio
Commercial Commercial, Real Loans Pennsylvania Nonaccrual Ohio Maryland West Virginia New Florida Nevada Arizona Texas Illinois Other Total 2009 19% $ As F 9 Unaudited irst thousands ofEstate ($543 Commonwealth York Virginia 59,277 commercial $1,265,546 September 27,547 13,458 Past 020,390 0027,274
Slide 10: Construction Portfolio
Pennsylvania Performing Office Retail/Malls Residential/Multifamily Student Hotels Industrial/Warehouse/Storage Land/Comm Other Total Construction 65% Significant Outstanding Expecting $ As 10 Unaudited thousands ofof $168,564 September 31,644 $48,489 17,081 all Housing ~$130 nonaccrual weakness Non
Slide 11: Commercial Real Estate Portfolio
Commercial Pennsylvania Performing Office Retail/Malls Residential/Multifamily Student Hotels Industrial/Warehouse/Storage Waste Other Total CRE 90% $ As 11 Unaudited thousands ofof portfolio $1,098,879 September 315,731 Management $251,768 56,948 properties Housing Nonaccrual Real 237,703 Outside 0
Slide 12: Investment Portfolio
Investment No Significant Net Total U.S. Tax-Free Pooled Single Agency $1.3 As First 12 of exposure security Agency billion Commonwealth Investment September Issue Trust MBS, / Tax stress Portfolio Trust losses to Preferred CMO’s Municipals GSE 30, Portfolio on Preferred are pooled 2009 preferred Eq
Slide 13: Pooled Trust Preferred Book
Pooled Book Number Pre Mezzanine (3,616) (1,510) (9,624) 34 (1) (2) $ As First 13 Unaudited thousands 37% of as TSL Commonwealth Fair September a Trust Ca/CC percentage 0% I Senior Unrealized 340 Total Preferred 20 58 64 16630, $$15% 57% 37% 3,681 of 75,282 (174) 2009 current Moody’s/Fitch Securitie
Slide 14: Asset Quality Ratios
Asset NPAs Reserves As *Annualized Source: First 14 ofCommonwealth September Quality / Loans SNL / Loans Financial Ratios + OREO 30, Reserves 2009 and NCOs/Management NPLs / Average Loans Reports
Slide 15: Growing Net Interest Income
Other Growing Strong Improved YTD Net As First 15 Unaudited of Interest Commonwealth Net September Operating performance balance Interest cross-selling Margin Performances 30, sheet Income on in 2009 retail aand fully increased households cash and taxable management small $17 equivalent business inm
Slide 16: Strong Regulatory Capital Position
Tangible Regulatory Actual Total Tier Capital Amount $649,072 $578,203 $ Source: As First 16thousands ofICommonwealth Capital September Capital Regulatory Position Capital SNL Ratio Common 11.5% 10.2% 9.2% Ratios Financial to toAmount $252,676 Risk Average Risk $453,426 $226,713 30, Minimum Equity 2
Slide 17: Investment Thesis
Investment Strong Credit Execution Attractive Trading Dividend (1) Price First 17 Unaudited Mid-Atlantic Commonwealth / problems info Tangible Book capital Multiples Yield as trading on Thesis Value of opportunities position October 2.3% Book Common stem Banks multiples FCF (x)3.0% from Value 0.7 Mi
Slide 18: Supplemental Information
Supplemental First Commonwealth Information
Slide 19: Deposit Growth
Deposit Core* Average Market Realizing Includes Notes Excludes *Total EOP Source: First 19 Commonwealth Balance Deposit Transaction, conditions FR Growth Median all growth/declines Foreign progress Y-9C data growth Growth available First and and from MMDA Commonwealth Brokered improved Y/Y retail gr
Slide 20: Deposit Mix Third Quarter
Deposit Third 2009 Non-Interest Interest 604 Savings 1,602 Retail 1,351 Jumbo 357 Total Simultaneously *Total Average $ First 20 Unaudited 599526 2,805 1,708 4,513 millions 624 Commonwealth 2008 CDs Deposits Core* Quarter $CDs 1,165 1,413 Transaction, CDs Bearing $558 Growth &-3.2% -32.1% balances 2
Slide 21: Net Charge-offs and Nonaccruals
Net For Real Loans Total C&I Necessary Hiring Reduced $ As First 21 Unaudited thousands of the Charge-offs $16,429 charge-offs estate Commonwealth Commercial Consumer September to Chief Nine individuals House/Hold improvements - residential construction commercial Months Credit $2,153 5,768 and are
Slide 22: Nonaccrual Loans by State
Nonaccrual Commercial, Agricultural Pennsylvania 5,000 $ As First 22 Unaudited thousands ofCommonwealth September 0 0 5,000 Loans Real Financial $5,526 Other 30, Estate by2009 $8,108 State 0 0Real 0 0$27,453 Estate 0 Totaland $12,373 $7,424 Other $48,511 $85,950 Construction Ohio $27,453 0 Commercia
Slide 23: Purchased Syndication Portfolio
Purchased Commercial, Financial Agricultural and Pennsylvania Ohio Maryland West Virginia New Florida Arizona Nevada Texas Illinois Other Total Syndication * $ As 23 Unaudited Includes thousands of Other York Virginia 59,276 $598,509 September 25,923 13,458 018,365 0027,274 5,000 Due 8,200 47,075 Co
Slide 24: Shared National Credits
Shared Financial Commercial, Agricultural and Pennsylvania Ohio Maryland West Virginia New Florida Nevada Arizona Texas Illinois Other Total SNCs All 14% Did $ As 24 Unaudited thousands of nonperforming Other not of York Virginia 33,633 $417,603 September 22,138 13,458 represent National 018,365 SNC
Slide 25: Noninterest Expense Goal
Noninterest Expense Goal (1) $ As First 25 Unaudited millions of Collection Commonwealth isSeptember toinitiative keep Expense Expenses and NIE 30, deployed Repossession flat 2009 Control year-over-year in April Expense 2009 (excluding FDIC costs)
Slide 26: Contact Information
Contact Member Old 22 Indiana, For Donald Vice (724) First 26 North More Courthouse President Commonwealth 465-4660 A. Information Pennsylvania NYSE: Sixth Information Lawry /Street Investor Square FCF Financial 15701 Contact: Relations Corporation