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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 Corporation (NYSE: FCF) reported first-quarter 2023 financial results, revealing a net income of $30.2 million and diluted earnings per share of $0.30. This reflects a decrease of $5.5 million from the previous quarter. The quarter included $19.2 million of merger-related expenses from the acquisition of Centric Financial Corporation, contributing to notable items impacting credit loss provisions. Core net income rose to $45.4 million, bolstered by an increase in net interest margin to 4.01% and average interest-earning assets totaling $8.1 billion. Total loans grew by $64.8 million, while average deposits increased by $713.4 million. The company declared a 4.2% increase in quarterly dividends to shareholders, reflecting ongoing capital strength.
First Commonwealth Financial Corporation (NYSE: FCF) will host an earnings conference call on April 26, 2023, at 2:00 p.m. ET to discuss Q1 2023 financial results. The call will feature key executives, including President T. Michael Price and CFO James R. Reske. A press release detailing the financial results will be available before market open on April 25, 2023. Investors can access the call via phone or live webcast on the company's investor relations page. Afterwards, the presentation will be archived online for 30 days, enabling a playback option for those unable to attend the live event.
First Commonwealth, headquartered in Indiana, PA, operates community banking offices across Pennsylvania and Ohio, providing a variety of financial services.
First Commonwealth Financial Corporation (NYSE: FCF) has successfully completed its acquisition of Centric Financial Corporation (OTCPink: CFCX) as of February 1, 2023. This strategic merger aims to enhance First Commonwealth's presence in key Pennsylvania markets, including Harrisburg and Lancaster. Customers of Centric Bank will gain access to First Commonwealth's extensive network of 55,000 surcharge-free ATMs and 126 retail branches. Additionally, they will enjoy enhanced financial services, from personal loans to mobile banking. Former Centric CEO Patricia A. Husic has joined First Commonwealth's board, signaling leadership continuity.
First Commonwealth Financial Corporation (NYSE: FCF) reported strong financial results for Q4 and full year 2022, with net income reaching $35.7 million and a diluted EPS of $0.38, marking increases from the previous quarter and year. Total loans surged by $291.3 million (15.7% annualized) and net interest income rose to $88.3 million. The company declared a $0.12 per share dividend, payable on February 17, 2023. However, noninterest income decreased by $1.6 million and average deposits dropped by $75.2 million. The firm maintained a robust capital position, with Tier 1 Capital ratio at 11.3%. Core ROAA improved to 1.51% compared to the previous quarter.
First Commonwealth Financial Corporation (NYSE: FCF) will host a Fourth Quarter 2022 earnings conference call on January 25, 2023, at 2:00 p.m. ET. The call will feature executives including CEO T. Michael Price and CFO James R. Reske. A press release with financial results will be published after market close on January 24, 2023. Investors can listen live via phone or webcast. The Fourth Quarter earnings report will be accessible from the company's Investor Relations webpage.