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 Corporation (NYSE: FCF) announced it has received all necessary regulatory approvals to proceed with the merger of Centric Financial Corporation and Centric Bank into First Commonwealth. The Federal Deposit Insurance Corporation and the Pennsylvania Department of Banking and Securities have granted required approvals. The completion of this merger is pending the approval of Centric's shareholders and is anticipated in Q1 2023. The merger is expected to enhance market presence and operational efficiency for First Commonwealth.
First Commonwealth Financial Corporation (NYSE: FCF) reported a net income of $34.0 million for Q3 2022, achieving a diluted earnings per share of $0.36, consistent with Q3 2021. Core net income reached $34.4 million, with a 10.3% increase in core revenue compared to the previous quarter. Total loans increased 13.3% annualized, driven by commercial real estate and consumer loans. However, average deposits fell 4.8% annualized. The company announced the acquisition of Centric Financial Corporation.
First Commonwealth Financial Corporation (NYSE: FCF) will hold a conference call on October 26, 2022, at 2:00 p.m. ET to discuss its financial results for Q3 2022. The call will be led by CEO T. Michael Price, along with key executives. The earnings press release will be available after market close on October 25, 2022. Participants can join via phone or internet. This call is critical for investors looking to assess the company's performance and insights into future guidance.
First Commonwealth Financial Corporation (NYSE: FCF) and Centric Financial Corporation (OTCPink: CFCX) have announced a definitive Agreement and Plan of Merger, valued at approximately $144 million or $16.20 per share, to merge Centric into First Commonwealth. The merger is expected to enhance First Commonwealth's market position, contributing $1.0 billion in assets and expanding into key regions. Upon completion, Centric’s CEO, Patti Husic, will join First Commonwealth's board. The merger is projected to be accretive to earnings by 5% in 2023 and 7% in 2024.
First Commonwealth Financial Corporation (NYSE: FCF) reported a net income of $30.8 million for Q2 2022, achieving $0.33 per diluted share, a rise from $0.29 in Q1 2022. The company witnessed a 10.8% annualized increase in total loans, with core revenue growing 27.5% quarter-over-quarter. The net interest income (FTE) rose to $73.9 million, up $5.5 million from the prior quarter. The core efficiency ratio improved to 55.87%. However, total shareholder's equity dropped by $18.5 million due to higher interest rates impacting the investment portfolio.
First Commonwealth Financial Corporation (NYSE: FCF) will host a conference call on July 27, 2022, at 2:00 p.m. ET to discuss its Second Quarter 2022 financial results, releasing the earnings report on July 26 after market close. The call will feature key executives including CEO T. Michael Price and CFO James R. Reske. Participants can join via live webcast or phone. The details of the earnings conference call can be found on the company's Investor Relations webpage. For further inquiries, questions can be submitted via email starting the same day.
First Commonwealth Financial Corporation (NYSE: FCF) reported Q1 2022 net income of $27.7 million or $0.29 per share, down from $34.8 million or $0.37 per share in Q4 2021. The return on assets decreased to 1.18% from 1.45%. The company experienced a $4.3 million drop in core pre-tax pre-provision net revenue primarily due to declines in Paycheck Protection Program (PPP) income. Total loans grew 8.8% annualized, and deposits increased by 9.6%. A 4.3% dividend increase was declared, payable on May 20, 2022.
First Commonwealth Financial Corporation (NYSE: FCF) will hold a conference call on April 27, 2022, at 2:00 p.m. ET to discuss its financial results for Q1 2022. CEO T. Michael Price and key executives will present. The earnings press release will be available before market opening on April 26, 2022. Investors can access the call via phone or the company's investor relations webpage. First Commonwealth operates 118 community banking offices across Pennsylvania and Ohio, offering a broad range of financial services including banking, mortgages, and wealth management.
First Commonwealth Financial Corporation (FCF) reported a robust financial performance for Q4 and the full year of 2021. Q4 net income reached $34.8 million, an increase from $25.7 million in Q4 2020, with diluted EPS at $0.37 compared to $0.27 a year prior. For 2021, net income totaled $138.3 million, or $1.44 per share, up 88% year-over-year. Total loans increased 7.5% yearly excluding PPP loans, while average deposits rose 6.3%. The bank maintained strong capital ratios and declared a quarterly dividend of $0.115 per share.
First Commonwealth Financial Corporation (NYSE: FCF) will host a conference call on January 26, 2022, at 2:00 p.m. ET to discuss its financial results for Q4 and the full year ended December 31, 2021. The call will feature CEO T. Michael Price and other executives. A press release with the financial results will be issued after market close on January 25, 2022. Investors can access the call live via phone or online. For more information, visit www.fcbanking.com/investorrelations.
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