Welcome to our dedicated page for First Commonwealth Financial Corporation news (Ticker: FCF), a resource for investors and traders seeking the latest updates and insights on First Commonwealth Financial Corporation stock.
First Commonwealth Financial Corporation (NYSE: FCF), headquartered in Indiana, Pennsylvania, operates as a financial services company in the United States, primarily serving Pennsylvania and Ohio. Through its subsidiary, First Commonwealth Bank, it offers a broad range of consumer and commercial banking services. These include personal and business checking accounts, savings accounts, money market accounts, certificates of deposit, and various types of loans. Additionally, the company provides trust and wealth management services, and insurance products through First Commonwealth Insurance Agency.
First Commonwealth focuses on creating long-term relationships with its customers and employees by delivering an authentic community banking experience. The company leverages a diverse and talented workforce to make stronger business decisions and provide exceptional service.
Recent achievements include the strategic acquisition of Centric Financial Corporation, which has significantly boosted First Commonwealth's asset base and market presence. The acquisition contributed to a notable increase in average interest-earning assets, which grew by $1.6 billion. However, the integration of Centric also brought challenges, such as an increase in net charge-offs mainly due to the resolution of acquired loans.
In the financial quarter ending June 30, 2023, the company's net income was $42.8 million, or $0.42 per share, compared to $30.2 million in the previous quarter. Total average deposits grew by $433.5 million, and net interest income increased to $98.1 million. The net interest margin stood at 3.85%, reflecting strategic growth despite a higher cost of deposits.
First Commonwealth's asset quality remains solid, with nonperforming loans representing 0.54% of total loans. The allowance for credit losses was $133.5 million, demonstrating a robust provision strategy. The company’s strong capital position is highlighted by capital ratios exceeding Basel III requirements, such as Total Capital at 13.7% and Tier I Capital at 11.5%.
First Commonwealth continues to improve its services, focusing on digital banking innovations and expanding its commercial banking operations. The company remains committed to enhancing its core efficiency, which stood at 52.8% during the second quarter of 2023.
For more information about First Commonwealth Financial Corporation or to open an account, please visit www.fcbanking.com.
First Commonwealth Financial (NYSE: FCF) has announced an all-stock acquisition of CenterGroup Financial for approximately $54.6 million. The merger will significantly expand First Commonwealth's presence in Cincinnati, adding $348.4 million in total assets, 3 branch locations, a loan production office, and a mortgage office.
Under the agreement, CenterGroup shareholders will receive 6.10 shares of First Commonwealth common stock for each CenterGroup share. The merger, expected to complete in first half of 2025, will enhance First Commonwealth's commercial focus in Cincinnati, incorporating CenterGroup's 65% business-oriented customer base.
The transaction is projected to be 2% accretive to First Commonwealth's earnings in 2025 and 3% accretive in 2026 once cost savings are fully implemented. Tangible book value dilution is expected to be less than 2%.
First Commonwealth Bank has announced the promotion of Linda Metzmaier to Executive Vice President/Chief Risk Officer, effective January 1, 2025. This move is part of a strategic realignment separating the bank's legal and risk functions. Metzmaier, who joined the bank as Chief Compliance Officer in 2011, will oversee fair lending, bank secrecy, model risk management, compliance, information security, fraud and security, and third party and business continuity.
Matthew Tomb, who has served as both Chief Risk Officer and General Counsel since 2010, will focus solely on his role as Chief Legal Officer/General Counsel. The reorganization aims to allow for dedicated prioritization of each function and position the organization for future strategic changes.
First Commonwealth Financial (NYSE: FCF) reported Q3 2024 financial results with net income of $32.1 million ($0.31 per share), down from $37.1 million ($0.36 per share) in Q2 2024 and $39.2 million ($0.38 per share) in Q3 2023. The quarter saw net interest income of $96.9 million, a $1.5 million increase from previous quarter. Average deposits grew by $76.4 million (3.2% annualized), while total loans decreased by $33.4 million. The company declared a quarterly dividend of $0.13 per share, representing a 4.0% increase from Q3 2023.
First Commonwealth Financial (NYSE: FCF) has announced its upcoming Third Quarter 2024 Earnings Conference Call, scheduled for Wednesday, October 30, 2024, at 2:00 p.m. Eastern Time. The call will be hosted by T. Michael Price, President and CEO, alongside other executive officers. The company will release its Q3 2024 financial results after market close on Tuesday, October 29, 2024.
Interested parties can access the conference call via live webcast or phone. The webcast will be available on First Commonwealth's Investor Relations webpage, while phone access is available through toll-free and international numbers. A replay of the call will be accessible approximately one hour after its conclusion. Participants can submit questions via email starting at 9:00 a.m. Eastern Time on the day of the call until its conclusion.
First Commonwealth Financial (NYSE: FCF) reported second quarter 2024 earnings with net income of $37.1 million and diluted earnings per share of $0.36. This represents a slight decrease from the previous quarter and a more significant decline from Q2 2023. Key highlights include:
- Net interest margin improved to 3.57%, up 5 basis points from Q1 2024
- Average deposits increased by $199.9 million, or 8.7% annualized
- Total loans grew by $13.9 million, driven by equipment finance loans
- Core efficiency ratio improved to 53.6%
- Provision for credit losses increased to $7.8 million
- Nonperforming loans rose to $57.1 million, partly due to acquired loans
The bank maintained strong capital ratios and declared a quarterly dividend of $0.13 per share, representing a 4.0% increase from the previous year.
First Commonwealth Financial (NYSE: FCF) will host a conference call on July 24, 2024, at 2:00 p.m. Eastern Time to discuss its financial results for the second quarter ended June 30, 2024. The call, led by CEO T. Michael Price, will be joined by CFO James R. Reske, CRO Jane Grebenc, and Chief Credit Officer Brian G. Karrip. The press release detailing the earnings will be issued after market close on July 23, 2024.
The conference call will be available via webcast on the company's Investor Relations webpage or by phone. A replay will be accessible using the provided phone numbers and access codes. For questions, participants can email investorrelations@fcbanking.com starting at 9:00 a.m. on July 24, 2024.
The Federal Home Loan Bank of Pittsburgh (FHLBank) has announced the recipients of its 2024 Annual Member Awards. The Diversity, Equity, and Inclusion Membership Award was given to CNB Bank for their comprehensive DEI initiatives, including programs supporting veterans, women business owners, and underbanked populations. CNB Bank also has robust internal DEI programming.
The Pillars of the Community Awards were granted to First Commonwealth Bank and Wayne Bank. First Commonwealth Bank has supported 40 affordable housing projects since 2017 and assisted 100 first-time homebuyers in 2023. Wayne Bank has funded 21 projects through the Home4Good program and supports commercial rental developments and small businesses.
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