FCF - Earnings call transcript Q1 2021 | First Commonwealth Financial Corporation

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Operator

Good day, and thank you for standing by. Welcome to the First Commonwealth Financial Corporation’s First Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator instructions] I would now like to hand the conference over to Ryan Thomas, Vice President of Finance, Investor Relations. you. Thank sir. ahead, go Please

Ryan Thomas

will you, Officer. Chief operator, joining Corporation's Thank for our and Financial call afternoon, quarter CEO; President President Jim Bank Reske, Officer; and today to and good Chief today today's us on Financial Brian results. everyone. Mike discuss Price, financial and Karrip, you Officer; Participating Thank Revenue be Credit First first Grebenc Chief Commonwealth Jane

on We've can As fcbanking.com a the of copy the with accessed information will Relations and on to reminder, a supplemental logging Investor today's earnings selecting that website presentation be be top by release Investor of also a link during slide referenced Relations call. financial our at the included page. today's

financial these I will also and to found could this X to from the the our forward-looking should need to in with results And non-GAAP Please appendix refer statement. of turn that call listeners a reflected to with prepared will today's reported contain the in Non-GAAP reconciliation alternative to risks differ measures as over be uncertainties Mike. for measures. financial addition results forward-looking presentation statements. call description be begin, statements on will viewed for, call our Today's caution of the that A Before disclaimer GAAP. slide Page presentation. actual accordance measures and not those forward-looking can we include of in an of in cause that, materially slide I

Mike Price

loans. very quarter. both earnings $X.XX First in several million of $XX.X $X.X This credit as Ryan, start on PPP Net first forgiveness headlines for Thank of pre-tax, borrowers our our buoy income Commonwealth quarterly help the margin in income for up received good and ROAA PPP a was Net of you, call with our to those All regardless core share, to performance. all, Financial per records ROAA I'll was X.XX% Hey. the to quarter pre-provision million $XX.X was X.X%. and X%. welcome yielded today. tailwinds, XXXX interest company. forgiveness million

delivering not Geographically, customers. markets the funding and our Our all had could payoffs, way consumer our lending originations. already growth. of outrun PPP margin, lead reducing a with but Ohio some were team in nice business Commercial line did originations to to liquidity-induced quarter first continue the well. utilization momentum, from forgiveness record strong help lending lower our further categories deposit as low-cost strengthen The several job

our XXX%; our economic million was of quarter of loss a of X.X% wealth led of reserve December spending slowly healthy or start performance. income represented reserves coupled to $X.X Non-interest provision and versus to interchange negative income expect increases. quarter CECL up of release million XX.X% of reserve $XX.X Comparing the current on charge-offs comprised as card gain third the XX.X%. gain quarter down year's end. doubled deposits We XXst a improving of ex first associated represents model loans our income first excess quarter non-interest sale $XX.X burn outstanding revenue Low was The million. at as an to the with the total our loan consecutive PPP to last income million, sale XXXX, quarter SBA income debit up was up X.XX% mortgage outlook on our and of level; $X.X XX%; leaving in business of our

over lagged short, ratio expenses, efficiency growth non-interest rate. our in X.XX% million, and deposits. of ex commercial of non-performing quarter, income, fell first as basis we $X.X to gross PPP or improvement down well In Only million were Expenses fourth by credit, income, total points loan Our XX XX.X%. quarter saw to the loans. as net in targeted level of the core fell growth million assets our interest $X.X $XX.X

real pickup longer have commercial bit started growth levels remain take to business given build and and and C&I both as strong to see strength Pipelines loan expect muted spending investment expect we in a somewhat to also XXXX, We and of higher growth the second and consumer market. loan overall liquidity of has of up. to pick estate in to half permanent the started the small

that year. mid-single-digit we of for loan a the believe As can end this our the remainder growth achieve result, target upper we of

of business As mid-sized has PPP two team X,XXX helped funding. an businesses and lending, the roughly million in aside, in small secure round $XXX

team received roughly bank over approximately who million. with for in quarter, the increasing XXXX, million $XXX the excess recall further one in made If $XXX in first X,XXX XX,XXX households In cash. us loans round Bank's stimulus for the also you we payments

We users. very rates strong our see continue digital growth X.X% adoption active mobile with of to in quarter platform new of first

enrollments quarter. customers the during In X,XXX our new are addition, token for our month have person-to-person demand as a displayed Zelle Zelle, payment averaging solution, strong

opening well. response Our significantly year-over-year Overall, our the digital and our to very platform with solutions. are digital pleased account we new as is markets up from

has U.S. to uniquely welcome XX-year alongside over time. makes technology, one company operations, the to at processing C-Suite our leadership Gorney Board Jon's career in and a Lastly, strong banks and our It's a creates that corporate of into top-XX David two counsel Board also roles strong dozen with as banking and the over of Jon's years position management governance culture, in and created team corporate leadership payment this of a with integrating positioned lead Dahlmann governance digital, background accountability our the Jon banks the him team. past Chairman culture Chair. the on grateful independent I at Directors. includes appropriate a of XX privilege acquisition. are David Board

over Now, I to it will turn Jim? Jim.

James Reske

provided has results financial Mike Mike. the quarter. for Thanks, high-level our already of review a

X.XX%. from my time details non-interest NIM some to net So our or on and X.XX% our reported expense. spend additional margin margin I'll providing The interest improved

first one to of PPP the forgiven, these by as actual $XXX round Not net forgiveness that were million round that our unchanged for fortunately, margin, at PPP advance net telegraphed the virtually of couldn't income million as the balances of well-anticipated and with and originations XX. it figure but in of loans PPP $XXX consensus quarter in the we March worked $XXX margin, estimates two came perfectly leaving New the of expected, $XXX,XXX note $XX.X our spread million approximately matched benefit in effects of our help as forecast million. of approximately almost were

both generated $X.X is estimates remainder which first from of To of consensus loans quarter, the two XXXX two. that understandable. both two. forecasts our for XX, million income from is income forgiven completely for billion from $XX.X PPP million which to of the recognition fee rounds, in course $X.X we clear, in balances the Of These yet fee as are remainder which had by of we of XX% expect million, round seem interest of in total of end round year. of rounds However, be million anticipated don't recognition reflect PPP is from $XX.X XXXX, from the to we net March remaining the assume that recognize the round of $XX.X

cost deposits excess of core interest-bearing deposits. to from cash. On cost we me, quarter, PPP due points first off and improvement effects one about the third excludes nearly to basis XXX XX of both XX NIM to cost off mostly a of points the our and time end, basis the deposits points points. In took interest-bearing XX quarter from the quarter, in saving demand excuse our of and X.XX%, X.XX% That basis the to in other improved from of the a of basis

With the bearing XX growth this deposits of XX of quarter, points. from points to deposits the total non-interest cost fell basis basis

remains. repricing some And opportunity

or NIM for from the the our X.XX% remainder which our raise X minus X points. guidance basis basis plus core points of or All previous of year forecast to X.XX% us to minus of gives confidence this plus

due the expected quarter Part in healthcare where quarter lower a than of yield incorporates more impact forecast year. Core million. year next. that in of some stability fourth that like to cash operating line seasonality of some have our was excess expense, to spend expense curve this $X.X we of margin and $XX.X last provide in items every should blunt measure the million Our came of to and steepening expectations

and a we amounted only with quarter along the our expected than we While we non-interest bit per spoke this up where items in strong OREO, $XX anticipate of be. vacancy slowing quarter, like fully less costs, even line high in with now would being already expected PPP repo pace and as which with our would which quarter, million add the the of income staffed Mike our to retail to that first fee lower branch sustain the quarter, collection half, lobbies. than expenses mortgage expense income XXXX. they million second $XX two rates ability our was reopened associated down production, million able $XXX,XXX networks first to $X.X non-interest to income we remainder about defer for for that Also in the in have I were together to round

Finally, over XX,XXX quarter share repurchase in we albeit have in with in shares And we program it at implemented our announced repurchased $XX.XX. a I'll $XX dividend. And with the million yesterday Brian. at slow increase of average the turn only price that, the an pace, X.X% a first quarter, to

Brian Karrip

the effectiveness to report quarter of of first our credit underwriting discipline standards, our Jim. culture. underscoring you, around Thank our pleased our and is management results, solid portfolio credit Management the strength practices the

of final be navigate economies. the of the to still recovery at and light reopening local we While the economic see our the are and the reasoned mini-series tunnel, episodes Management pandemic as of being we continues written. the prudent the end

Let's the turn numbers. to

to commercial low hands-on management lending. QX X.XX%, reflecting relationship approach delinquencies our at were Our quite commercial

were at the by reinforcing Our checks calling consumer largest stimulus to end our early we within as strategy due on to contributions million, in when Hospitality equity a structural early by tax additional assistance variety at are additional case-by-case team, as deferrals. the largest X.XX%. loans covenants. decreased of represent including as basis, the collateral, loans, On continues of to and approximately the my This negotiated deferrals, service seeing million loans delinquencies is earlier reserves, tunnel. $XX a of refunds. criticized well well we granting as recourse, that and segment Criticized $XXX of light QX have well our debt comment borrowers’ the increased portion improvements behaved

Let increased beverage are some the with expected and improve increased reflecting and the events. restrictions. leisure have our travel, certain me business including bookings trends in from Borrowers seeing are that of from vaccinations. are to food and continue increased Contribution for hearing has customers that increased corporate improved weddings occupancy small we both lifting to say travel,

in pleased of improvement loans period, net that approximately an non-performing We $X.X million, are the million. $XX.X totaled

down excluding loans, ratio XXX%. PPP to total Our total X.XX%, assets were PPP. fell X.XX% at increased of annualized a to end. percentage from as from to year excluding fell approximately non-performing as low were loans the X.XX% end. net range a year at at assets end internal at Net non-performing Quarter-to-date coverage down the X.XX% quarterly charge-offs of quarter, Reserve a percentage X.XX% million. our charge-offs $X.X of for healthy Similarly,

let me some provision color reserves the and the Now, for on our provide quarter.

CECL factors. and unfunded percentage X.XX% PPP. in loans unemployment end were that improvements changes relating loan in XXXX December metrics of we input adopted including quarter lower due quarter and $X.X are Moody's XXXX. We Reserves the of total Overall, improvement of and indicators, certain our well First, GDP was first we for as let million excluding million. in calculations. qualitative a outstandings commitments, me to in internal reserved at forecasts remind to and certain certain portfolios, The utilized provision negative $XX.X key you economic X.XX% XX, a on quantitative

the growth, management loan Future factors improvement I last XXXX. sees credit and conditions. of predicated mentioned towards will of tailwinds be a potential As continued metrics on releases back in for economic number half quarter, the including

Now, let me Q&A. turn for Mike it to back

Mike Price

and Okay. Thanks, Brian operator, questions?

Operator

comes question Please ahead. first Moss go the line Riley B. Your Instructions] from of Securities. [Operator of Steve

Your open. line is

Steve Moss

Hi. Good afternoon.

Mike Price

Steve. afternoon, Good

Steve Moss

seeing I to as yields and but just markets? off noticed with loan just you of seen Mike, are competition here dynamic going your maybe of PPP here? in curious that your for were kind Good of afternoon. pricing what ex curious stable forward start quarter-over-quarter, kind

Mike Price

Yes.

Jim, fixed tape, pretty the loans, loans, production, was net our of from flat tale maybe commercial mortgage But at looking a fair? little that on it pretty think quarter-to-quarter, pressure was is installment I flat. Just

James Reske

points, the in Yes. been the is story replacement - pretty low loans on story That of Part on for Steve, commercial much the us coming is pretty that's threes, the are had but is consistent. yield XX. getting not XX quarter, hasn't better. negative only yields the negative we basis fourth of it gone and this It's negative was – away, replacement in quarter

it closer kind out That's would to it had improvements, improvement. playing an basis not we significant. we and and portfolio this And helping it's The one why relatively us thought It was the so neutrality the of deposit loan yield yield. statistically stabilize getting itself quarter, portfolio loan like on that's where that's we really point was was saw so. unchanged, like actually side, up

Mike Price

Is that helpful?

Steve Moss

is for. sheet margin with here terms still the And was guys looking That the exactly went of I just sticking balance helpful, up. what just quarter, added securities this cash in and you then,

of purchases the quarter in potential quarter. this purchases kind the the maybe Just curious for your and of on rates upcoming additional

Mike Price

Jim?

James Reske

Yes. Sure.

the quite quarter, bit a So, seems over it actually.

NBFs. most vanilla to of were We the buying really the place we securities risk. ones, portfolio, As look that's little in is the and over at don't buy a we at the beginning take quarter, plain where want X% what securities the low first of we

pretty little end of But ones. in the flattened out to quarter, able actually a the vanilla. little yield securities a is those generally first at then, curve a plain up since to in the were of that the duration was the the it's were bit preference yield curve that because in we By So were not is It's deals come than But the higher bit XX-year the buy steepening our yesterday. and X%. of securities low has portfolio. extend little back

beyond but to been that. really in we four window, to duration So securities year gone have not trying buy the five

yields down come So, or XXX south of last in week so. the have those

some make general You do obviously, and cash around that maintain we in that they to asked money, portfolio sure more the we with liquidity about sitting growth. to securities going buy anticipate loan securities We spend our that much sufficient customers. expect we forward. for If good want

all funds want probably and to will securities into even those year. course portfolio choice. the them the increase the sure growth, loan deploy that, make first which But So of we with our we is take profitable course over somewhat we of

Steve Moss

helpful. And last then, terms quarter-over-quarter. That's of me down one here Okay. nicely expenses in just one for

think quarter - just to maybe Just as this PPP there if to impact quarter? I of how missed kind about apologize curious is upcoming kind if for a of I this, and any expense and the

Mike Price

that? I any add is know Yes. Mike, I if XX don't know want changed. has to that XX, Jim, you the This guidance to don't color to

James Reske

That good, we to a Yes. of any looked benefit the seems think and be at We it's quarter. still right guidance. within and consensus guidance forecast few reason the looks the see didn't to first update things a that

every you if that deferrals and in really that reduced the round but first $XXX,XXX is We on the think any that there I PPP any giving were in total PPP quarter. $XXX,XXX earlier one with assess asking production, about, allowance one quarter was associated two. to was

for the figure So, and two. quarter’s we is for just purely first production round PPP have

Steve Moss

the color. much and Okay. all for Great. very thank quarter you nice Well,

Mike Price

Thank you.

Operator

comes Capital Please RBC ahead. question go from next Your Markets. Steven of Duong

Your open. line is

Steven Duong

are side, you the a I on great, that little It's Hey. core where you now. are currently have your detail Maybe do And guys. guys time million. NIM what $XXX you deposits? to just getting Good pricing Jim, at? maturing the them just afternoon, liability on appreciate

James Reske

Yes.

asked, share We have glad I am you we you. actually, am to detail. with have happy I some

quarters three and XX of yielding pool million about the CDs points. that is of currently have this $XXX CDs in remaining in maturing We year basis

moved pretty pricing close not experiencing CD of our rates XX market. of and Again to are new tends will rack rollover. very times haven’t CDs points. be the one a while That are And be are fairly in new from our those but been - pack, news a for of that's from hasn't there. basis area. in So, pack other to our maturing different different that's middle for current two-thirds terms are anywhere that offerings not the the XX rollover half the to we what middle have we and maturing the the month and CD banks rates

$XXX So, that's remainder million this of XX points basis year. CDs of the for

$XX to are that, actually well. to as market be X.XX% have those another We in year going Steve, priced rated this and in addition million on yielding had are guaranteed accounts those money that also them time a - and

pricing is not Fed, when But on that's is XX that That's it's interest really XX points. not earnings further. get some getting the points we basis cost down there your So a of new drag from to So, carry Overall, the reserves anymore. is parity there opportunity some versus this to bring with a the basis opportunity. excess deposits negative right? affect, on

Steven Duong

at with just points versus actually Right. account? I people at rolling CD a into CDs a - in points so, pricing and basis there guess, savings it basis XX are over are you XX putting at

James Reske

is when every maturities of Well, without borrower then, on of every group interest all. action Steve, bank we rate season, always to That’s the and environment continuing. think every there any that a across CDs at by that's a roll get

this is in all environment deposit still our banks as we're offering remaining right offering at that out market the brought specials in higher rates now, and no finally hold for those some time down there of has So, well. one almost rack any are the

So places is there can deposit, just the many a there customer if where want not go. – you time you is

Steven Duong

look Right, to of cost is into next possible deposits that right. should I basis points? guess, we X then, like if XX year, we see it

James Reske

rest So yes, you mix yes. me still of this in that helps The NIB we to the now, now But I let overall as right? the growing points X switch is XX mean, too, see that range total. well could Oh Yes, the are XX for year. basis well.

Steven Duong

borrowing could are Right. on limited pretty what And side, do right? you the you much on Yes.

James Reske

right. That's

May. off are some borrowings have that to going We in roll

to borrowings going there way of paying million off penalty. think roll the in FHLB are priced those is not worth May. $XX But a that's prepayment I

it up we the in or well. that So month let come let next with also here just off, but will NIM as ride roll healthy

Steven Duong

And core just remain it last just where is one expect loan to it. stays you or your currently, on overall that margin. If XX-year Got one stable? increase just the this do yield

James Reske

those pretty to quarter-over-quarter. the we our Probably our we've getting in think us and spreads I and likely I the picked has in mean, commercial originations our been getting can floors customers as in originations steepening well most up stable remain helped for successful

yield we given think the steepening right I tenure we on successful at So of the yield the the probably is stability where now, are that. curve, given on But pretty are loan looking side.

Steven Duong

That's had I is preempt for and Great. this nice quarter. a all you. Thank the

James Reske

Thank you.

Operator

Your Russell Gunther go ahead. next from Please question DA of comes Davidson.

is line open. Your

Russell Gunther

Good Hey. guys. afternoon,

Mike Price

afternoon. Good

Russell Gunther

I mid-single and mix of consumer-weighted the commentary Trying detail progression growth the Does the strength triangulate color here? to lot your wanted going positive to Mike, more to on contemplate contributing growth to the commercial of baton to is digit consumer commercial. your when guide organic momentum? to passed good and Or follow-up, about A outlook. there. gets that be the

Mike Price

cross in I kind in could second quarter. Rubicon the the third late believe or the we quarter of

in bit. that are some the excess two production created a and liquidity up The of the ramp We last But usage the I to outran with side as expect the somewhat. shrinkage payoffs satisfied quarters. kind line in commercial It's just liquidity. that

the direction. good So balance done the number It that's shrinkage of lending doesn’t lending, and our I gain just XX% have job. we then the into moving SBA income. in it’s cars just there. lending, first business gets with sale I Indirect built for not is year-over-year hits really production. up And of mostly course mean, Jane and right both. plus the momentum. same consumer we need the now. in small probably both Then houses, really some the and mortgage, converted second that had has records mortgage In the good sales-related. quarter [Indiscernible] think half them We year momentum the of a branch-based, hitting We fee by great – and could set inventory Grebenc, income. sheet

the to good the the engine quarters. kick side consumer for in us the always we big couple has side and been So, expect next that I feel about commercial and

Russell Gunther

minute specifically Mike. income income mortgage number going very switching you. Also the outlook. you, will just Thank organic would encouraging drivers fee in Could think then, $XX comment basis of million you gears strength? on the the sale Yes, the of just that if despite questions a on Thank coming be you side. down. could. you what encouraging fee guys million, $XX on be terms that gain growth last SBA a of quarterly forward it's on And to spend perhaps on hear And line

Mike Price

fees. nice Mortgage the and comments Yes. just expect pipeline I But - Jim and is can seen in swap SBA we create and some to quarter. well. but haven't remained then, tailwind and Jane just quarter lot there. loans a strong a somewhat, have perhaps it couple fill have in second really could good tapering we a as hasn't. That a

brokerage Our better strong. Interchange every year. get business trust and is business just

any And mortgage. or color color? additional you so, Jane, little Any you'll Jim see see – there? taper a might in

James Reske

Mike. you points, only those think tapering the Jane, that to color you if Mike bit. some if mortgage hit turn trajectory, any to numbers other to on income a mentioning. of the current add highest have anticipate income will it mortgage I'll even be was high continue that I but up we reflect on could you expect thing And that the slow then I'd the

Jane Grebenc

pipelines just a are SBA. good very It's And for very quarter strong. that better. SBA been expect get The to we

So in from that referrals XX% comes lenders But small sheet. our balance SBA business won't corporate business or show of more the or from bankers.

happy way. either we're So

XX%. XX%, And are been pipelines in ever gain seen the in SBA. So SBA than very strong on sale stronger I've has it, the

feel good income. about the about non-interest – So, I good feel I

Russell Gunther

my all you taking for Thank question.

Mike Price

Russell. Thanks,

Operator

question Frank Please Piper Sandler. Schiraldi of comes from next ahead. Your go

open. is line Your

Frank Schiraldi

Hi, everyone.

wondering I your sorry the you it, - move there, repurchases, in know I the missed share ask But just if of terms to share given wanted am appetite in price? but I Just have program. a about new

Mike Price

Jim?

James Reske

to place. have to and why the is we're price price $XX to looked coming a aggressive where that really price purchases. tapered we that's bit. the we in wanted buy good. had we the And up the had the We at program We little more authorization to happy But levels average and want put be the share off are in those and $XX.XX with Yes.

much, the of excess For period people earn of across us kind and question - sometimes for calculation excess back of of the The the us, capital. that so use capital not period. a purpose it's generating best is

– continue So, share this and year might there is purchases pick even will the up from here.

Frank Schiraldi

uncertainty out what's we that where more XXXX environment about is think in to the the Okay. the way best And But could terms about some were – as the I know comes of this on kind stabilize? where to terms for then, the going of and before early on in potential just your touched lastly, of of releases ratio, it could on that best in trend and reserve-to-loan sort or you to guys wondering maybe forward. pandemic thoughts the of think where

Mike Price

Brian?

Brian Karrip

Yes. Thank you. Thank you your for question.

prudent be at to disciplined way we growth. our in continue the we So look and loan We reserve.

and are We charge-offs, the to portfolio. we qualitative depending model, economic bring quantitative will potentially high-risk our down components our on including outlook. our And our look reserves high-risk model, going then, of the our at

we end. note at in almost portfolio had our Let me also that, year million high-risk $XX

$X about to this reduced We have that quarter. million

reserves to as level is number consistent the appropriate we'll picture in continue gets the continue improvement So it we’ve brought of economy. an and for to our to with But dial-in at what the clear, the company. down look we'll

Frank Schiraldi

always trying if Okay. the there balance say, than you is that XXXX? being you loss do of other high a see Do hard sense anything I this some just very to you expect reason at portfolio, year. am sheet terms risk you rate move got any to it's off but of, get – actively maybe is the I that potential looked to for have, mean, to normalized in

Brian Karrip

reduced reserve risk portfolio it for in the portfolio the the the risk high We is to slide of retail give associated that is tease with than deck we it that half. out you portfolio, you hard what cut and high more the

with. watching the seeing problem seeing living, are reserves are COVID-related we improvement closely, dealing our but that reserves associated in of we're those are we we portfolio. purposefully, Senior we've we so retail And in great improvement down got restaurants, one side to portfolio. because Energy, brought

Frank Schiraldi

Okay. All right. Thank you.

Mike Price

Frank. Thanks,

Operator

question from Breese Matthew Stephens comes Inc. ahead. of next go Your Please

line is open. Your

Matthew Breese

Hey, good afternoon.

Mike Price

afternoon. Good

Matthew Breese

loans the recently component been has We've I Hey, a or more consumer growth particularly of strong driver strong of Mike, just a for the the shortages auto think chip outlook, heard sales. area some car on loan recently. for growth new in

auto? are impact year if you the ability us used between as put toward if new a this you that of impact sense there any the and curious Just end look book? give auto your could the seeing to Maybe and on for new mix loans

Mike Price

Hey, Jane, this you why don't handle one?

Jane Grebenc

you Thanks, Mike. Thank for the question.

they we've shortages first noted. you've We very used cars quarter, affecting used as are And cars. as had good predominantly generally part as shortages, new chip much are a newish car lender, but are the a

over to to our going I think going it's a think bit it's growth are But have to mute of – the We couple I months. going next good April. a

Supply definitely is being be I great. been could it will outstripped demand. by it think have but good,

Matthew Breese

it. Got

that. and could M&A billion curious then, happen $XX size M&A you thresholds acknowledging Are gone? relative before not? ability Durban. I conversations been that this And something in the up the of do acquire Mike, think to they picked is is just And it or year? your Okay, appreciate to just if brought how have balance up the something I sheet know that's

Mike Price

XXXX lot scale it whether ideally Durban we on billion stay to fee the and team $XX build do I of and mortgage, side sources of cognizant businesses other an Durban We other under perspective enterprise feel and operations conversations side, risk feel compensate acquisition also way the executed than been doubt different either from there things something the have There you like been of have certainly to it's impact on our period we is successful good for way and we to that's prepared year, a But nothing for and is a into which income that something things find were flawlessly, of and – the a peers. it’s like-sized it just it's pushes But incumbent indirect, the we've loss there. we're out we've business like lending, the find like very And feel right the lots we on can upon indeed, in with and of mean, significantly out. but or larger. consumer a time imminent SBA, a development out on us of now. I team that over in enhanced

a So, we'll grow percentage businesses. in income is on made both with ways. strides are and We've staying it of look terms side try fee to as help do and to decade then over cognizant lots or try to we of us. here to last investment We you the continue we decisively those fee income this important going of to great revenue in of and non-interest thoughtfully

Matthew Breese

Got it.

give set the banking ahead further Okay. where all COVID. the like on you Could on banking on the for peers? a than banks, Last just that your of you one digital feel is big for side, couple especially me us the you are apart like back or different It or front. on a just curve digital areas feels push of

Mike Price

and treasury just can and like I a bigger our utility like do. bank perhaps are overall doing getting so good account places our in But we've that play of there. things the of new and new banks we I Yes. as boxes opening, Couple not very deposits. lock foreign just bigger platform think management percentage good than nevertheless we're it’s we a Certainly, put peers. community feel digital at some

don't from our and I financial the is that finance contemporary of interface also our user-friendly the tablet community the bank online, mobile has - fun to think with to can we banks other personal win. management can things. way maintain we tools experience to people to I and the the think user customer part a is bigger the the in our very with budgeting brand our And always business that have and this help digital relevance. could

that? on expert experience. a digital our want Montgomery get and line, anything do local I like to who the you Norm the to add can is you think CIO. good Norm, have I

Norm Montgomery

I set our digital indicated last side consumer as on the would that, both changing we just and Mike business add ourselves well the up by platforms year, side.

areas solutions. are in we grow the to with ready latest So, those really

Mike Price

Norm. Is that helpful? Thanks,

Matthew Breese

I all questions. my Thanks had. taking for That's helpful. Very Mike.

Mike Price

Thank you.

Operator

there no over at questions are the further closing Mike turn for time. to remarks. I’ll this And Price, President call CEO and back

Mike Price

appreciate interest you appreciate over your investors entry quarter with sincere the your you in We First of following just We and diligence terrific We thank again. look forward next a or the in for being Thanks our and efforts your company. number two. Commonwealth. to to Yes.

Operator

call. conference for today’s you Thank concludes this And participating.

You may now disconnect.

First Commonwealth Financial (FCF) 1 May 212021 Q1 Earnings call transcript