First Commonwealth Financial Corporation (NYSE: FCF) today
announced financial results for the first quarter of 2023.
Financial Summary
(dollars in thousands, |
For the Three Months Ended |
except per share data) |
March 31, |
|
December 31, |
|
March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
Reported
Results |
|
|
|
|
|
Net income |
$30,224 |
|
|
$35,733 |
|
|
$27,726 |
|
Diluted earnings per
share |
$0.30 |
|
|
$0.38 |
|
|
$0.29 |
|
Return on average assets |
|
1.17% |
|
|
|
1.47% |
|
|
|
1.18% |
|
Return on average equity |
|
10.56% |
|
|
|
13.61% |
|
|
|
10.15% |
|
|
|
|
|
|
|
Operating Results
(non-GAAP)(1) |
|
|
|
|
|
Core net income |
$45,387 |
|
|
$36,750 |
|
|
$27,814 |
|
Core diluted earnings
per share |
$0.45 |
|
|
$0.39 |
|
|
$0.29 |
|
Core pre-tax pre-provision net
revenue |
$54,481 |
|
|
$55,289 |
|
|
$36,537 |
|
Provision for credit
losses |
($2,650) |
|
|
$9,120 |
|
|
$1,964 |
|
Provision for credit losses -
acquisition day 1 non-PCD |
$10,653 |
|
|
$— |
|
|
$— |
|
Net charge-offs |
$1,173 |
|
|
$2,014 |
|
|
$1,134 |
|
Reserve
build/(release)(2) |
$30,979 |
|
|
$6,813 |
|
|
($1,334) |
|
Core return on average assets
(ROAA) |
|
1.75% |
|
|
|
1.51% |
|
|
|
1.18% |
|
Core pre-tax pre-provision
ROAA |
|
2.11% |
|
|
|
2.28% |
|
|
|
1.56% |
|
Return on average tangible
common equity |
|
15.75% |
|
|
|
19.77% |
|
|
|
14.52% |
|
Core return on average
tangible common equity |
|
23.42% |
|
|
|
20.32% |
|
|
|
14.57% |
|
Core efficiency ratio |
|
52.41% |
|
|
|
50.00% |
|
|
|
59.47% |
|
Net interest margin (FTE) |
|
4.01% |
|
|
|
3.99% |
|
|
|
3.19% |
|
(1) Core operating results are a non-GAAP
measure used by management to measure performance in operating the
business that management believes enhances investors' ability to
better understand the underlying business performance and trends
related to core business activities. A full reconciliation of
non-GAAP financial measures can be found at the end of the
financial statements which accompany this
release.(2) Reserve build/(release) represents the
net change in the Company's allowance for credit losses (ACL) from
the prior period.
First Quarter 2023
Highlights
Financial results
- Net income of $30.2 million and diluted
earnings per share totaled $0.30, a decrease of $5.5 million, or
$0.08 per share from the previous quarter. The results during the
first quarter of 2023 included $19.2 million, or $0.15 per share,
of merger-related expenses from the Company’s acquisition of
Centric Financial Corporation (Centric).
- Reported results included notable items
related to the acquisition of Centric, including merger-related
expenses of $8.5 million and impacts to provision for credit losses
of $10.7 million
- Acquired Centric loans and deposits
totaled $949.2 million and $757.0 million, respectively, as of
January 31, 2023, the date of acquisition
- Average acquired Centric loans and
deposits contributed $631.8 million and $441.9 million,
respectively, for the first quarter of 2023
- Core pre-tax pre-provision net revenue
(PPNR)(1) totaled $54.5 million, a decrease of $0.8 million from
the previous quarter and an increase of $18.0 million from the
first quarter of 2022, primarily as a result of an 82 basis point
increase in the net interest margin (FTE) and a $878.2 million
increase in average interest-earning assets
- PPNR ROAA was 1.78% in the first
quarter of 2023 as compared to 2.22% in the previous quarter
- Core PPNR ROAA was 2.11% in the first
quarter of 2023 as compared to 2.28% in the previous quarter
- Average deposits increased $713.4
million from the previous quarter, including $441.9 million in
average deposits acquired from Centric. Average organic deposits
grew $271.5 million, or 13.8% annualized from the previous quarter,
including the transfer of $109.1 million of average off-balance
sheet Trust deposits onto the Company’s balance sheet
- End of period deposits (excluding
acquired deposits) increased $472.5 million, or 23.9% annualized
from the previous quarter
- 83% of deposits were insured or secured
as of March 31, 2023
- Total loans (excluding acquired loans)
increased $64.8 million, or 3.4% annualized from the previous
quarter
- Loan-to-deposit ratio decreased 175
basis points to 93.9% in the first quarter of 2023
- Loans and available for sale (AFS) and
held to maturity (HTM) securities as a percentage of total deposits
decreased 396 basis points to 107.3%
- Record net interest income (FTE) of
$94.7 million increased $6.3 million from the previous quarter and
$26.2 million from the first quarter of 2022
- Noninterest income of $23.0 million
decreased $1.3 million from the previous quarter primarily due to a
$1.6 million gain on a limited partnership investment in the
previous quarter
- Noninterest expense (excluding
merger-related expense) of $62.8 million increased $5.8 million
from the previous quarter due primarily to higher operating costs
resulting from the Centric acquisition
- Total shareholder’s equity increased
$172.9 million from the previous quarter due to $141.4 million in
common equity issuance resulting from the Centric acquisition and a
$13.1 million, or 9.5% increase in accumulated other comprehensive
income (AOCI) resulting from the impact of lower interest rates on
the fair value of the company’s available for sale investment
portfolio and interest rate swap agreements.
- Tangible book value per share increased
$0.21, or 10.8% annualized from the previous quarter
- AOCI as a percentage of tangible common
equity decreased 377 basis points to 14.8% in the first quarter of
2023
Profitability
- The net interest margin of 4.01%
increased 2 basis points compared to the prior quarter
- The core net interest margin (adjusted
for net purchase accounting marks) decreased 4 basis points to
3.94%
- The core efficiency ratio(1) increased
by 241 basis points to 52.41% compared to the prior quarter
- The core ROAA increased 24 basis points
to 1.75% compared to the prior quarter
- Core pre-tax pre-provision ROAA(1) for
the quarter ended March 31, 2023 was 2.11% as compared to 2.28% in
the prior quarter and 1.55% in the prior year quarter
Strong capital and liquidity positions
- Total available liquidity of $4.1
billion
- Cash and AFS securities as a percentage
of total assets increased 102 basis points to 10.6%
- On April 24, 2023, the Board of
Directors authorized a 4.2% increase in the quarterly cash dividend
to shareholders
- Bank-level Tier 1 Capital ratio of
10.9%, which represents $266.0 million in excess capital above the
regulatory “well capitalized” requirement of 8.0%
- There were 21,342 shares repurchased at
a weighted average price of $13.58. The remaining capacity under
the current program was $5.6 million as of March 31, 2023. On April
24, 2023, the Board of Directors authorized a $25 million increase
in the share repurchase program.
Asset quality
- The total provision for credit losses
was $8.0 million, a decrease of $1.1 million from the previous
quarter
- Provision expense included $10.7
million related to day-1 non-Purchase Credit Deteriorated (PCD)
loans resulting from the Centric acquisition
- Reserve build/(release)(2) was $31.0
million primarily resulting from acquired loans, bringing reserves
to total loans to 1.55% from 1.35% in the previous quarter
- Nonperforming loans of $44.2 million
increased $8.7 million from the previous quarter and included $14.8
million of acquired loans on a nonaccrual status
- Net charge-offs on loans totaled $1.2
million, a decrease of $0.8 million from the previous quarter
- Net charge-offs/(recoveries) as a
percentage of average loans outstanding (annualized) was 0.06% in
the first quarter of 2023, a decrease from 0.11% in the previous
quarter
“I am pleased with our first quarter results, with organic
deposit growth outstripping loan originations and a resilient net
interest margin that overcame the most funding pressure we’ve seen
since the Federal Reserve began raising rates in March of 2022,”
stated T. Michael Price, President and Chief Executive Officer.
“While our loan growth moderated in the first quarter, we believe
our geographic expansion and the scaling of our de novo equipment
finance business will help offset any slowdown in borrower demand,”
Price continued, “We all received a healthy reminder this
quarter of how important balance sheet management and appropriate
risk oversight are to the banking industry. Our capital, liquidity
and financial positions remain strong and we believe our granular,
diversified core depository highlights the value of our
franchise.”
Earnings
Net income for the first quarter of 2023 was $30.2 million, or
$0.30 per share, compared to $35.7 million, or $0.38 per share in
the fourth quarter of 2022 and $27.7 million, or $0.29 per share
for the first quarter of 2022.
Net Interest Income and Net Interest Margin
Net interest income (FTE) of $94.7 million increased $6.3
million from the previous quarter and $26.2 million from the prior
year quarter. The increase from the prior quarter was primarily due
to an $803.0 million increase in average interest earning assets,
which includes $637.6 million in average earning assets from the
Centric acquisition.
The net interest margin for the first quarter of 2023 was 4.01%,
an increase of two basis points from the previous quarter and an
increase of 82 basis points from the first quarter of 2022. The
increase from the fourth quarter of 2022 was due primarily to a six
basis point increase in purchase accounting accretion and a 52
basis point increase in the yield on loans, offset by a 52 basis
point increase in the cost of deposits.
Total average deposits (excluding acquired deposits) grew $271.5
million in the first quarter of 2023 as compared to the previous
quarter. Average interest-bearing demand and savings deposits
(excluding acquired deposits) grew $176.8 million and average time
deposits (excluding acquired deposits) grew $282.4 million, which
was partially offset by a $187.7 million decrease in average
noninterest-bearing deposits (excluding acquired deposits).
Asset Quality
Provision expense in the first quarter of 2023 totaled $8.0
million and included $10.7 million of day-1 non-PCD provision
expense resulting from the Centric acquisition. The decrease in the
provision expense for the non-acquired portfolio was primarily the
result of a decrease in unfunded commitment reserves related to
decreases in construction commitments and lower loan originations
as compared to the previous quarter.
The allowance for credit losses (ACL) as a percentage of
end-of-period loans was 1.55% in the first quarter of 2023 as
compared to 1.35% in the previous quarter.
At March 31, 2023, nonperforming loans totaled $44.2 million, an
increase of $8.7 million from the previous quarter and an increase
of $6.8 million from the previous year quarter. The increase from
the prior quarters was primarily due to $14.8 million of
nonperforming loans acquired from the Centric acquisition in the
first quarter of 2023 and the adoption of ASU 2022-02 which removed
$6.4 million of accruing troubled debt restructured (TDRs) in the
prior quarter.
Nonperforming loans represented 0.51% of total loans as of March
31, 2023 as compared to 0.46% and 0.54% for the periods ended
December 31, 2022 and March 31, 2022, respectively.
At March 31, 2023, criticized loans totaled $189.9 million, an
increase of $57.0 million from the previous quarter. The increase
from the previous quarter was primarily due to $70.2 million of
criticized loans purchased in the Centric acquisition.
During the first quarter of 2023, net charge-offs/(recoveries)
were $1.2 million, compared to $2.0 million in the prior quarter
and $1.1 million in the first quarter of 2022. Net charge-offs were
0.06%, 0.11% and 0.07% of average loans (annualized) for the
periods ended March 31, 2023, December 31, 2022 and March 31, 2022,
respectively.
Noninterest Income and Noninterest Expense
Noninterest income totaled $23.0 million for the first quarter
of 2023, as compared to $24.3 million for the fourth quarter of
2022 and $24.0 million for the first quarter of 2022. There were no
material securities gains during the current or comparable
quarters.
The $1.3 million decrease from the previous quarter was
primarily driven by a $1.6 million gain on a limited partnership
investment included in other revenue in the previous quarter and a
$0.5 million decrease in swap fee income, partially offset by a
$0.9 million increase in the gain on sale of Small Business
Administration (SBA) loans.
Noninterest expense (excluding merger-related) totaled $62.8
million for the first quarter of 2023, as compared to $57.1 million
for the fourth quarter of 2022 and $55.7 million for the first
quarter of 2022. The $5.8 million increase from the previous
quarter was primarily the result of a $2.6 million increase in
salaries and benefits, a $0.7 million increase in FDIC insurance, a
$0.6 million increase in occupancy expense, and a $0.6 million
increase in advertising and promotion expenses. The increase in
operating expenses was primarily driven by the Centric acquisition
and an increase of 112 full time equivalent staff.
The core efficiency ratio was 52.41% during the first quarter of
2023 as compared to 50.00% in the previous quarter and 59.47% in
the first quarter of 2022.
Full time equivalent staff was 1,536 at March 31, 2023, 1,424 at
December 31, 2022, and 1,432 at March 31, 2022.
Dividends and Capital
First Commonwealth Financial Corporation declared a common stock
quarterly dividend of $0.125 per share, which represents a 4.2%
increase from the previous quarter. The cash dividend is payable on
May 19, 2023 to shareholders of record as of May 5, 2023. This
dividend represents a 4.2% projected annual yield utilizing the
April 24, 2023 closing market price of $11.86.
First Commonwealth’s capital ratios for Total, Tier I, Leverage
and Common Equity Tier I at March 31, 2023 were 13.8%, 11.5%, 10.2%
and 10.8%, respectively. First Commonwealth’s current capital
levels exceed the fully phased-in Basel III capital requirements
issued by U.S. bank regulators.
Conference Call
First Commonwealth will host a quarterly conference call to
discuss its financial results for the first quarter of 2023 on
Wednesday, April 26, 2023 at 2:00 PM (ET). The call can be accessed
by dialing (toll free) 1-888-330-3181 conference ID # 4651379 or
through the company’s web page,
http://www.fcbanking.com/InvestorRelations. A replay of the call
will be available approximately one hour following the conclusion
of the conference by dialing 1-800-770-2030 and entering the
conference ID # 4651379. A link to the webcast replay will also be
accessible on the company’s website for 30 days.
About First Commonwealth Financial
Corporation
First Commonwealth Financial Corporation (NYSE: FCF),
headquartered in Indiana, Pennsylvania, is a financial services
company with 126 community banking offices in 30 counties
throughout western and central Pennsylvania and throughout Ohio, as
well as commercial lending operations in Pittsburgh, Pennsylvania,
and Canton, Cleveland, Columbus and Cincinnati, Ohio. The company
also operates mortgage offices in Wexford, Pennsylvania, as well as
Hudson and Lewis Center, Ohio. First Commonwealth provides a full
range of commercial banking, consumer banking, mortgage, equipment
finance, wealth management and insurance products and services
through its subsidiaries First Commonwealth Bank and First
Commonwealth Insurance Agency.
For more information about First Commonwealth or to open an
account today, please visit www.fcbanking.com.
Forward-Looking Statements
Certain statements contained in this release that are not
historical facts may constitute “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), and are intended to be covered by the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995, notwithstanding that such statements are not
specifically identified as such. In addition, certain statements
may be contained in our future filings with the Securities and
Exchange Commission, in press releases, and in oral and written
statements made by us or with our approval that are not statements
of historical fact and constitute “forward-looking statements” as
well. These statements, which are based on certain assumptions and
describe our future plans, strategies and expectations, can
generally be identified by the use of words such as “may,” “will,”
“should,” “could,” “would,” “plan,” “believe,” “expect,”
“anticipate,” “intend,” “estimate” or words of similar meaning.
These forward-looking statements are subject to significant risks,
assumptions and uncertainties, including uncertainties regarding
the impact of the COVID-19 pandemic, and could be affected by many
factors, including, but not limited to: (1)economic, market,
liquidity, credit, interest rate, operational and technological
risks associated with the Company’s business; (2) future credit
quality and performance, including our expectations regarding
future loan losses and our allowance for credit losses; (3) the
effect of and changes in policies and laws or regulatory agencies,
including the Dodd-Frank Wall Street Reform and Consumer Protection
Act and other legislation and regulation relating to the banking
industry; (4) management’s ability to effectively execute its
business plans; (5) mergers and acquisitions, including costs or
difficulties related to the integration of acquired companies; (6)
the possibility that any of the anticipated benefits of
acquisitions will not be realized or will not be realized within
the expected time period; (7) the effect of changes in accounting
policies and practices; (8) changes in consumer spending, borrowing
and saving and changes in unemployment; (9) changes in customers’
performance and creditworthiness; (10) the costs and effects of
litigation and of unexpected or adverse outcomes in such
litigation; (11) current and future economic and market conditions,
including the effects of changes in housing prices, fluctuations in
unemployment rates, U.S. fiscal debt, budget and tax matters,
geopolitical matters, and any slowdown in global economic growth;
(12) the adverse impact on the U.S. economy, including the markets
in which we operate, of the novel coronavirus, which causes the
Coronavirus disease 2019 (“COVID-19”), global pandemic, and the
impact on the performance of our loan and lease portfolio, the
market value of our investment securities, the availability of
sources of funding and the demand for our products; (13) our
capital and liquidity requirements (including under regulatory
capital standards, such as the Basel III capital standards) and our
ability to generate capital internally or raise capital on
favorable terms; (14) financial services reform and other current,
pending or future legislation or regulation that could have a
negative effect on our revenue and businesses, including the
Dodd-Frank Act and other legislation and regulation relating to
bank products and services; (15) the effect of the current interest
rate environment or changes in interest rates or in the level or
composition of our assets or liabilities on our net interest
income, net interest margin and our mortgage originations, mortgage
servicing rights and mortgage loans held for sale; (16) the effect
of a fall in stock market prices on our brokerage, asset and wealth
management businesses; (17) a failure in or breach of our
operational or security systems or infrastructure, or those of our
third-party vendors or other service providers, including as a
result of cyber-attacks; (18) the effect of changes in the level of
checking or savings account deposits on our funding costs and net
interest margin; (19) our ability to develop and execute effective
business plans and strategies; and (20) other risks and
uncertainties described in the reports that First Commonwealth
files with the Securities and Exchange Commission, including its
most recent Annual Report on Form 10-K.
In light of these risks, uncertainties and assumptions, you
should not place undue reliance on any forward-looking statements
in this release. We undertake no obligation to publicly update or
otherwise revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
Media Relations:Jonathan E. LongwillVice
President / Communications and Media RelationsPhone:
724-463-6806E-mail: JLongwill@fcbanking.com
Investor Relations:Ryan M. ThomasVice President
/ Finance and Investor RelationsPhone: 724-463-1690E-mail:
RThomas1@fcbanking.com
FIRST
COMMONWEALTH FINANCIAL CORPORATION |
|
|
CONSOLIDATED FINANCIAL
DATA |
|
|
|
|
|
Unaudited |
|
|
|
|
|
(dollars in thousands, except
per share data) |
|
|
|
|
|
|
For the Three Months Ended |
|
March 31, |
|
December 31, |
|
March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
SUMMARY RESULTS OF
OPERATIONS |
|
|
|
|
|
Net interest income |
$ |
94,358 |
|
|
$ |
88,027 |
|
|
$ |
68,172 |
|
Provision for credit
losses |
|
(2,650 |
) |
|
|
9,120 |
|
|
|
1,964 |
|
Provision for credit losses —
acquisition day 1 non-PCD |
|
10,653 |
|
|
|
— |
|
|
|
— |
|
Noninterest income1 |
|
22,963 |
|
|
|
24,309 |
|
|
|
23,976 |
|
Noninterest expense |
|
71,381 |
|
|
|
58,334 |
|
|
|
55,724 |
|
Net income |
|
30,224 |
|
|
|
35,733 |
|
|
|
27,726 |
|
Core net income (5) |
|
45,387 |
|
|
|
36,750 |
|
|
|
27,814 |
|
Earnings per common
share (diluted) |
$ |
0.30 |
|
|
$ |
0.38 |
|
|
$ |
0.29 |
|
Core earnings per
common share (diluted) (6) |
$ |
0.45 |
|
|
$ |
0.39 |
|
|
$ |
0.29 |
|
KEY FINANCIAL
RATIOS |
|
|
|
|
|
Return on average assets |
|
1.17 |
% |
|
|
1.47 |
% |
|
|
1.18 |
% |
Core return on average assets
(7) |
|
1.75 |
% |
|
|
1.51 |
% |
|
|
1.18 |
% |
Return on average assets,
pre-provision, pre-tax |
|
1.78 |
% |
|
|
2.22 |
% |
|
|
1.55 |
% |
Core return on average assets,
pre-provision, pre-tax |
|
2.11 |
% |
|
|
2.28 |
% |
|
|
1.56 |
% |
Return on average
shareholders' equity |
|
10.56 |
% |
|
|
13.61 |
% |
|
|
10.15 |
% |
Return on average tangible
common equity (8) |
|
15.75 |
% |
|
|
19.77 |
% |
|
|
14.52 |
% |
Core return on average
tangible common equity (9) |
|
23.42 |
% |
|
|
20.32 |
% |
|
|
14.57 |
% |
Core efficiency ratio
(2)(10) |
|
52.41 |
% |
|
|
50.00 |
% |
|
|
59.47 |
% |
Net interest margin (FTE)
(1) |
|
4.01 |
% |
|
|
3.99 |
% |
|
|
3.19 |
% |
|
|
|
|
|
|
Book value per common
share |
$ |
11.87 |
|
|
$ |
11.27 |
|
|
$ |
11.32 |
|
Tangible book value per common
share (11) |
|
8.13 |
|
|
|
7.92 |
|
|
|
7.99 |
|
Market value per common
share |
|
12.43 |
|
|
|
13.97 |
|
|
|
15.16 |
|
Cash dividends declared per
common share |
|
0.120 |
|
|
|
0.120 |
|
|
|
0.115 |
|
ASSET QUALITY
RATIOS |
|
|
|
|
|
Nonperforming loans and leases
as a percent of end-of-period loans and leases(3) |
|
0.51 |
% |
|
|
0.46 |
% |
|
|
0.54 |
% |
Nonperforming assets as a
percent of total assets (3) |
|
0.41 |
% |
|
|
0.37 |
% |
|
|
0.40 |
% |
Net charge-offs as a percent
of average loans and leases (annualized) (4) |
|
0.06 |
% |
|
|
0.11 |
% |
|
|
0.07 |
% |
Allowance for credit losses as
a percent of nonperforming loans and leases (4) |
|
302.67 |
% |
|
|
289.98 |
% |
|
|
243.38 |
% |
Allowance for credit losses as
a percent of end-of-period loans and leases (4) |
|
1.55 |
% |
|
|
1.35 |
% |
|
|
1.31 |
% |
CAPITAL
RATIOS |
|
|
|
|
|
Shareholders' equity as a
percent of total assets |
|
11.0 |
% |
|
|
10.7 |
% |
|
|
11.1 |
% |
Tangible common equity as a
percent of tangible assets (12) |
|
7.8 |
% |
|
|
7.8 |
% |
|
|
8.1 |
% |
Leverage Ratio |
|
10.2 |
% |
|
|
10.2 |
% |
|
|
9.8 |
% |
Risk Based Capital - Tier
I |
|
11.5 |
% |
|
|
12.0 |
% |
|
|
12.2 |
% |
Risk Based Capital -
Total |
|
13.8 |
% |
|
|
14.4 |
% |
|
|
14.7 |
% |
Common Equity - Tier I |
|
10.8 |
% |
|
|
11.1 |
% |
|
|
11.3 |
% |
FIRST
COMMONWEALTH FINANCIAL CORPORATION |
|
CONSOLIDATED FINANCIAL
DATA |
|
|
|
Unaudited |
|
|
|
(dollars in thousands, except
per share data) |
|
|
|
|
For the Three Months Ended |
|
March 31, |
December 31, |
March 31, |
|
|
2023 |
|
|
2022 |
|
|
2022 |
INCOME
STATEMENT |
|
|
|
Interest income |
$ |
114,589 |
|
$ |
96,281 |
|
$ |
71,244 |
Interest expense |
|
20,231 |
|
|
8,254 |
|
|
3,072 |
Net Interest
Income |
|
94,358 |
|
|
88,027 |
|
|
68,172 |
Provision for credit losses |
|
(2,650 |
) |
|
9,120 |
|
|
1,964 |
Provision for credit losses - acquisition day 1 non-PCD |
|
10,653 |
|
|
— |
|
|
— |
Net Interest Income
after Provision for Credit Losses |
|
86,355 |
|
|
78,907 |
|
|
66,208 |
Net securities gains |
|
— |
|
|
— |
|
|
2 |
Trust income |
|
2,486 |
|
|
2,455 |
|
|
2,713 |
Service charges on deposit accounts |
|
4,918 |
|
|
4,946 |
|
|
4,615 |
Insurance and retail brokerage commissions |
|
2,552 |
|
|
2,051 |
|
|
2,272 |
Income from bank owned life insurance |
|
1,227 |
|
|
1,149 |
|
|
1,508 |
Gain on sale of mortgage loans |
|
652 |
|
|
948 |
|
|
1,282 |
Gain on sale of other loans and assets |
|
2,086 |
|
|
1,525 |
|
|
2,319 |
Card-related interchange income |
|
6,829 |
|
|
6,996 |
|
|
6,490 |
Derivative mark-to-market |
|
(89 |
) |
|
(27 |
) |
|
347 |
Swap fee income |
|
245 |
|
|
752 |
|
|
453 |
Other income |
|
2,057 |
|
|
3,514 |
|
|
1,975 |
Total Noninterest
Income |
|
22,963 |
|
|
24,309 |
|
|
23,976 |
Salaries and employee benefits |
|
34,264 |
|
|
31,664 |
|
|
30,932 |
Net occupancy |
|
5,018 |
|
|
4,451 |
|
|
4,787 |
Furniture and equipment |
|
4,238 |
|
|
3,990 |
|
|
3,730 |
Data processing |
|
3,404 |
|
|
3,543 |
|
|
3,188 |
Pennsylvania shares tax |
|
1,252 |
|
|
960 |
|
|
1,005 |
Advertising and promotion |
|
1,663 |
|
|
1,093 |
|
|
1,226 |
Intangible amortization |
|
1,147 |
|
|
726 |
|
|
862 |
Other professional fees and services |
|
1,591 |
|
|
1,272 |
|
|
1,221 |
FDIC insurance |
|
1,417 |
|
|
675 |
|
|
698 |
Litigation and operational losses |
|
743 |
|
|
847 |
|
|
600 |
Loss on sale or write-down of assets |
|
41 |
|
|
128 |
|
|
75 |
Merger and acquisition |
|
8,541 |
|
|
1,254 |
|
|
— |
Other operating expenses |
|
8,062 |
|
|
7,731 |
|
|
7,400 |
Total Noninterest
Expense |
|
71,381 |
|
|
58,334 |
|
|
55,724 |
Income before Income
Taxes |
|
37,937 |
|
|
44,882 |
|
|
34,460 |
Income tax provision |
|
7,713 |
|
|
9,149 |
|
|
6,734 |
Net
Income |
$ |
30,224 |
|
$ |
35,733 |
|
$ |
27,726 |
|
|
|
|
Shares Outstanding at End of
Period |
|
103,193,127 |
|
|
93,376,314 |
|
|
94,299,039 |
Average Shares Outstanding
Assuming Dilution |
|
99,779,816 |
|
|
93,489,398 |
|
|
94,311,324 |
FIRST
COMMONWEALTH FINANCIAL CORPORATION |
|
|
|
CONSOLIDATED FINANCIAL
DATA |
|
|
|
|
|
Unaudited |
|
|
|
|
|
(dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
BALANCE SHEET (Period
End) |
|
|
|
|
|
Assets |
|
|
|
|
|
Cash and due from banks |
$ |
113,692 |
|
|
$ |
124,254 |
|
|
$ |
120,289 |
|
Interest-bearing bank deposits |
|
282,110 |
|
|
|
29,990 |
|
|
|
404,516 |
|
Securities available for sale, at fair value |
|
786,813 |
|
|
|
789,075 |
|
|
|
946,346 |
|
Securities held to maturity, at amortized cost |
|
451,278 |
|
|
|
461,162 |
|
|
|
512,911 |
|
Loans held for sale |
|
11,050 |
|
|
|
11,869 |
|
|
|
10,506 |
|
|
|
|
|
|
|
Loans and leases |
|
8,656,945 |
|
|
|
7,642,143 |
|
|
|
6,952,112 |
|
Allowance for credit losses |
|
(133,885 |
) |
|
|
(102,906 |
) |
|
|
(91,188 |
) |
Net loans and leases |
|
8,523,060 |
|
|
|
7,539,237 |
|
|
|
6,860,924 |
|
|
|
|
|
|
|
Goodwill and other intangibles |
|
385,998 |
|
|
|
312,533 |
|
|
|
314,066 |
|
Other assets |
|
559,751 |
|
|
|
537,546 |
|
|
|
472,566 |
|
Total
Assets |
$ |
11,113,752 |
|
|
$ |
9,805,666 |
|
|
$ |
9,642,124 |
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity |
|
|
|
|
|
Noninterest-bearing demand deposits |
$ |
2,698,225 |
|
|
$ |
2,670,508 |
|
|
$ |
2,719,645 |
|
|
|
|
|
|
|
Interest-bearing demand deposits |
|
547,015 |
|
|
|
357,769 |
|
|
|
305,623 |
|
Savings deposits |
|
5,127,037 |
|
|
|
4,572,183 |
|
|
|
4,782,445 |
|
Time deposits |
|
862,671 |
|
|
|
405,009 |
|
|
|
364,134 |
|
Total interest-bearing deposits |
|
6,536,723 |
|
|
|
5,334,961 |
|
|
|
5,452,202 |
|
|
|
|
|
|
|
Total deposits |
|
9,234,948 |
|
|
|
8,005,469 |
|
|
|
8,171,847 |
|
|
|
|
|
|
|
Short-term borrowings |
|
278,978 |
|
|
|
372,694 |
|
|
|
95,748 |
|
Long-term borrowings |
|
187,531 |
|
|
|
181,224 |
|
|
|
182,012 |
|
Total borrowings |
|
466,509 |
|
|
|
553,918 |
|
|
|
277,760 |
|
|
|
|
|
|
|
Other liabilities |
|
187,281 |
|
|
|
194,205 |
|
|
|
124,898 |
|
Shareholders' equity |
|
1,225,014 |
|
|
|
1,052,074 |
|
|
|
1,067,619 |
|
Total Liabilities and
Shareholders' Equity |
$ |
11,113,752 |
|
|
$ |
9,805,666 |
|
|
$ |
9,642,124 |
|
FIRST COMMONWEALTH
FINANCIAL CORPORATION |
CONSOLIDATED FINANCIAL
DATA |
Unaudited |
(dollars in
thousands) |
|
For the Three Months Ended |
|
March 31, |
Yield/ |
December 31, |
Yield/ |
March 31, |
Yield/ |
|
2023 |
Rate |
2022 |
Rate |
2022 |
Rate |
NET
INTEREST MARGIN |
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
Loans and leases (FTE)(1)(3) |
$ |
8,301,449 |
5.27 |
% |
$ |
7,491,352 |
4.76 |
% |
$ |
6,893,628 |
3.80 |
% |
Securities and interest-bearing bank deposits (FTE) (1) |
|
1,279,477 |
2.20 |
% |
|
1,286,561 |
2.08 |
% |
|
1,809,131 |
1.54 |
% |
Total Interest-Earning Assets (FTE)
(1) |
|
9,580,926 |
4.86 |
% |
|
8,777,913 |
4.36 |
% |
|
8,702,759 |
3.33 |
% |
Noninterest-earning assets |
|
907,982 |
|
|
863,049 |
|
|
821,819 |
|
Total
Assets |
$ |
10,488,908 |
|
$ |
9,640,962 |
|
$ |
9,524,578 |
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity |
|
|
|
|
|
|
Interest-bearing demand and savings deposits |
$ |
5,312,086 |
0.88 |
% |
$ |
4,884,236 |
0.29 |
% |
$ |
4,980,390 |
0.04 |
% |
Time deposits |
|
682,144 |
2.34 |
% |
|
345,749 |
0.57 |
% |
|
374,484 |
0.29 |
% |
Short-term borrowings |
|
266,932 |
3.65 |
% |
|
264,987 |
2.86 |
% |
|
115,544 |
0.07 |
% |
Long-term borrowings |
|
185,367 |
5.06 |
% |
|
181,333 |
4.96 |
% |
|
182,119 |
4.98 |
% |
Total Interest-Bearing Liabilities |
|
6,446,529 |
1.27 |
% |
|
5,676,305 |
0.58 |
% |
|
5,652,537 |
0.22 |
% |
Noninterest-bearing deposits |
|
2,678,849 |
|
|
2,729,716 |
|
|
2,645,551 |
|
Other liabilities |
|
202,476 |
|
|
193,685 |
|
|
119,075 |
|
Shareholders' equity |
|
1,161,054 |
|
|
1,041,256 |
|
|
1,107,415 |
|
Total Noninterest-Bearing Funding Sources |
|
4,042,379 |
|
|
3,964,657 |
|
|
3,872,041 |
|
Total Liabilities and
Shareholders' Equity |
$ |
10,488,908 |
|
$ |
9,640,962 |
|
$ |
9,524,578 |
|
|
|
|
|
|
|
|
Net Interest Margin
(FTE) (annualized)(1) |
|
4.01 |
% |
|
3.99 |
% |
|
3.19 |
% |
FIRST
COMMONWEALTH FINANCIAL CORPORATION |
|
CONSOLIDATED FINANCIAL
DATA |
|
|
|
Unaudited |
|
|
|
(dollars in thousands) |
|
|
|
|
March 31, |
December 31, |
March 31, |
|
|
2023 |
|
|
2022 |
|
|
2022 |
|
Loan and Lease
Portfolio Detail |
|
|
|
Commercial Loan and Lease Portfolio: |
|
|
|
Commercial, financial, agricultural and other |
$ |
1,361,858 |
|
$ |
1,132,032 |
|
$ |
1,121,185 |
|
Commercial real estate |
|
2,991,930 |
|
|
2,425,012 |
|
|
2,344,281 |
|
Equipment Finance loans and leases |
|
109,221 |
|
|
79,674 |
|
|
2,505 |
|
Real estate construction |
|
422,831 |
|
|
395,439 |
|
|
307,411 |
|
Total Commercial |
|
4,885,840 |
|
|
4,032,157 |
|
|
3,775,382 |
|
|
|
|
|
Consumer Loan Portfolio: |
|
|
|
Closed-end mortgages |
|
1,807,941 |
|
|
1,682,092 |
|
|
1,467,133 |
|
Home equity lines of credit |
|
515,926 |
|
|
512,577 |
|
|
539,088 |
|
Real estate construction |
|
119,071 |
|
|
117,662 |
|
|
91,577 |
|
Total Real Estate - Consumer |
|
2,442,938 |
|
|
2,312,331 |
|
|
2,097,798 |
|
|
|
|
|
Auto & RV loans |
|
1,244,874 |
|
|
1,210,451 |
|
|
984,001 |
|
Direct installment |
|
30,381 |
|
|
31,938 |
|
|
37,751 |
|
Personal lines of credit |
|
49,399 |
|
|
51,514 |
|
|
52,614 |
|
Student loans |
|
3,513 |
|
|
3,752 |
|
|
4,566 |
|
Total Other Consumer |
|
1,328,167 |
|
|
1,297,655 |
|
|
1,078,932 |
|
Total Consumer Portfolio |
|
3,771,105 |
|
|
3,609,986 |
|
|
3,176,730 |
|
Total Portfolio Loans and Leases |
|
8,656,945 |
|
|
7,642,143 |
|
|
6,952,112 |
|
Loans held for sale |
|
11,050 |
|
|
11,869 |
|
|
10,506 |
|
Total Loans and Leases |
$ |
8,667,995 |
|
$ |
7,654,012 |
|
$ |
6,962,618 |
|
|
|
|
|
|
|
|
|
|
March 31, |
December 31, |
March 31, |
|
|
2023 |
|
|
2022 |
|
|
2022 |
|
ASSET QUALITY
DETAIL |
|
|
|
Nonperforming Loans
and Leases: |
|
|
|
Loans and leases on nonaccrual
basis * |
$ |
29,413 |
|
$ |
29,045 |
|
$ |
30,580 |
|
Loans on nonaccrual
basis – Centric acquisition |
|
14,821 |
|
|
— |
|
|
— |
|
Troubled debt restructured
loans on accrual basis * |
|
— |
|
|
6,442 |
|
|
6,887 |
|
Total Nonperforming Loans and Leases |
$ |
44,234 |
|
$ |
35,487 |
|
$ |
37,467 |
|
Other real estate owned
("OREO") |
|
424 |
|
|
534 |
|
|
667 |
|
Repossessions ("Repos") |
|
553 |
|
|
454 |
|
|
397 |
|
Total Nonperforming Assets |
$ |
45,211 |
|
$ |
36,475 |
|
$ |
38,531 |
|
Loans past due in excess of 90
days and still accruing |
|
1,440 |
|
|
1,991 |
|
|
1,921 |
|
Classified loans and
leases |
|
76,962 |
|
|
44,447 |
|
|
75,270 |
|
Criticized loans and
leases |
|
189,873 |
|
|
132,863 |
|
|
174,060 |
|
|
|
|
|
Nonperforming assets as a
percentage of total loans and leases, plus OREO and Repos (4) |
|
0.52 |
% |
|
0.48 |
% |
|
0.55 |
% |
Allowance for credit
losses |
$ |
133,885 |
|
$ |
102,906 |
|
$ |
91,188 |
|
*TDR's were
eliminated as of January 1, 2023 as part of implementing ASU
2022-02, Financial Instruments Credit Losses (Topic 326): Troubled
Debt Restructurings and Vintage Disclosures. |
FIRST COMMONWEALTH
FINANCIAL CORPORATION |
CONSOLIDATED FINANCIAL
DATA |
Unaudited |
(dollars in thousands) |
|
For the Three Months Ended |
|
March 31, |
December 31, |
March 31, |
|
2023 |
2022 |
2022 |
Net Charge-offs
(Recoveries): |
|
|
|
Commercial, financial, agricultural and other |
$ |
504 |
|
$ |
444 |
|
$ |
395 |
|
Real estate construction |
|
— |
|
|
— |
|
|
— |
|
Commercial real estate |
|
(42 |
) |
|
182 |
|
|
(14 |
) |
Residential real estate |
|
41 |
|
|
32 |
|
|
110 |
|
Loans to individuals |
|
670 |
|
|
1,356 |
|
|
643 |
|
Net
Charge-offs |
$ |
1,173 |
|
$ |
2,014 |
|
$ |
1,134 |
|
|
|
|
|
Net charge-offs as a
percentage of average loans and leases outstanding (annualized)
(4) |
|
0.06 |
% |
|
0.11 |
% |
|
0.07 |
% |
Provision for credit losses as
a percentage of net charge-offs |
(225.92 |
)% |
|
452.83 |
% |
|
173.19 |
% |
Provision for credit
losses |
$ |
(2,650 |
) |
$ |
9,120 |
|
$ |
1,964 |
|
DEFINITIONS AND RECONCILIATION OF NON-GAAP
MEASURES |
Note: Management believes that it is standard practice in the
banking industry to present these non-GAAP measures. These measures
provide useful information to management and investors by allowing
them to make peer comparisons. |
|
|
|
|
(1) Net interest
income has been computed on a fully taxable equivalent basis
("FTE") using the federal income tax statutory rate of 21%. |
(2) Core
efficiency ratio excludes from total revenue the impact of
derivative mark-to-market and excludes from "total noninterest
expense" the amortization of intangibles and any other unusual
items deemed by management to not be related to normal operations,
such as merger, acquisition and severance costs. |
(3) Includes held
for sale loans. |
(4) Excludes held
for sale loans. |
|
For the Three Months Ended |
|
March 31, |
December 31, |
March 31, |
|
2023 |
2022 |
2022 |
|
|
|
|
Interest income |
$ |
114,589 |
$ |
96,281 |
$ |
71,244 |
Adjustment to fully taxable
equivalent basis (1) |
|
305 |
|
290 |
|
253 |
Interest income adjusted to
fully taxable equivalent basis (non-GAAP) |
|
114,894 |
|
96,571 |
|
71,497 |
Interest expense |
|
20,231 |
|
8,254 |
|
3,072 |
Net interest income, (FTE)
(1) |
$ |
94,663 |
$ |
88,317 |
$ |
68,425 |
FIRST COMMONWEALTH
FINANCIAL CORPORATION |
CONSOLIDATED FINANCIAL
DATA |
Unaudited |
(dollars in thousands, except
per share data) |
DEFINITIONS AND RECONCILIATION OF NON-GAAP
MEASURES |
|
|
|
|
|
For the Three Months Ended |
|
March 31, |
December 31, |
March 31, |
|
|
2023 |
|
|
2022 |
|
|
2022 |
|
|
|
|
|
Net
Income |
$ |
30,224 |
|
$ |
35,733 |
|
$ |
27,726 |
|
Intangible amortization |
|
1,147 |
|
|
726 |
|
|
862 |
|
Tax benefit of amortization of intangibles |
|
(241 |
) |
|
(152 |
) |
|
(181 |
) |
Net Income, adjusted for tax affected amortization of
intangibles |
$ |
31,130 |
|
$ |
36,307 |
|
$ |
28,407 |
|
|
|
|
|
Average Tangible
Equity: |
|
|
|
Total shareholders' equity |
$ |
1,161,054 |
|
$ |
1,041,256 |
|
$ |
1,107,415 |
|
Less: intangible assets |
|
359,431 |
|
|
312,634 |
|
|
314,235 |
|
Tangible Equity |
|
801,623 |
|
|
728,622 |
|
|
793,180 |
|
Less: preferred stock |
|
— |
|
|
— |
|
|
— |
|
Tangible Common Equity |
$ |
801,623 |
|
$ |
728,622 |
|
$ |
793,180 |
|
|
|
|
|
(8)Return on Average Tangible Common
Equity |
|
15.75 |
% |
|
19.77 |
% |
|
14.52 |
% |
|
|
|
|
|
For the Three Months Ended |
|
March 31, |
December 31, |
March 31, |
|
|
2023 |
|
|
2022 |
|
|
2022 |
|
|
|
|
|
Core Net
Income: |
|
|
|
Total Net Income |
$ |
30,224 |
|
$ |
35,733 |
|
$ |
27,726 |
|
Net securities gains |
|
— |
|
|
— |
|
|
(2 |
) |
Merger and acquisition related expenses |
|
8,541 |
|
|
1,254 |
|
|
— |
|
Tax benefit of merger and acquisition related expenses |
|
(1,794 |
) |
|
(263 |
) |
|
— |
|
COVID-19 related |
|
— |
|
|
33 |
|
|
17 |
|
Tax benefit of COVID-19 related |
|
— |
|
|
(7 |
) |
|
(4 |
) |
Provision for credit losses - acquisition day 1 non-PCD |
|
10,653 |
|
|
— |
|
|
— |
|
Tax benefit of provision for credit losses - acquisition day 1
non-PCD |
|
(2,237 |
) |
|
— |
|
|
— |
|
Branch consolidation related |
|
— |
|
|
— |
|
|
98 |
|
Tax benefit of bank consolidation related expenses |
|
— |
|
|
— |
|
|
(21 |
) |
(5) Core net income |
$ |
45,387 |
|
$ |
36,750 |
|
$ |
27,814 |
|
Average Shares Outstanding Assuming Dilution |
|
99,779,816 |
|
|
93,489,398 |
|
|
94,311,324 |
|
(6) Core Earnings per common share
(diluted) |
$ |
0.45 |
|
$ |
0.39 |
|
$ |
0.29 |
|
|
|
|
|
Intangible amortization |
|
1,147 |
|
|
726 |
|
|
862 |
|
Tax benefit of amortization of intangibles |
|
(241 |
) |
|
(152 |
) |
|
(181 |
) |
Core Net Income, adjusted for tax affected amortization of
intangibles |
$ |
46,293 |
|
$ |
37,324 |
|
$ |
28,495 |
|
|
|
|
|
(9) Core Return on Average Tangible Common
Equity |
|
23.42 |
% |
|
20.32 |
% |
|
14.57 |
% |
FIRST COMMONWEALTH
FINANCIAL CORPORATION |
CONSOLIDATED FINANCIAL
DATA |
Unaudited |
(dollars in thousands,
except per share data) |
DEFINITIONS AND RECONCILIATION OF NON-GAAP
MEASURES |
|
|
|
|
|
|
|
For the Three Months Ended |
|
March 31, |
December 31, |
March 31, |
|
|
2023 |
|
|
2022 |
|
|
2022 |
|
Core Return on Average
Assets: |
|
|
|
Total Net Income |
$ |
30,224 |
|
$ |
35,733 |
|
$ |
27,726 |
|
Total Average Assets |
|
10,488,908 |
|
|
9,640,962 |
|
|
9,524,578 |
|
Return on Average Assets |
|
1.17 |
% |
|
1.47 |
% |
|
1.18 |
% |
|
|
|
|
Core Net Income (5) |
$ |
45,387 |
|
$ |
36,750 |
|
$ |
27,814 |
|
Total Average Assets |
|
10,488,908 |
|
|
9,640,962 |
|
|
9,524,578 |
|
(7) Core Return on Average
Assets |
|
1.75 |
% |
|
1.51 |
% |
|
1.18 |
% |
|
For the Three Months Ended |
|
March 31, |
December 31, |
March 31, |
|
|
2023 |
|
|
2022 |
|
|
2022 |
|
Core Efficiency
Ratio: |
|
|
|
Total Noninterest Expense |
$ |
71,381 |
|
$ |
58,334 |
|
$ |
55,724 |
|
Adjustments to Noninterest Expense: |
|
|
|
Intangible amortization |
|
1,147 |
|
|
726 |
|
|
862 |
|
Merger and acquisition related |
|
8,541 |
|
|
1,254 |
|
|
— |
|
COVID-19 related |
|
— |
|
|
33 |
|
|
17 |
|
Branch consolidation related |
|
— |
|
|
— |
|
|
98 |
|
Noninterest Expense - Core |
$ |
61,693 |
|
$ |
56,321 |
|
$ |
54,747 |
|
|
|
|
|
Net interest income, (FTE) |
$ |
94,663 |
|
$ |
88,317 |
|
$ |
68,425 |
|
Total noninterest income |
|
22,963 |
|
|
24,309 |
|
|
23,976 |
|
Net securities gains |
|
— |
|
|
— |
|
|
(2 |
) |
Total Revenue |
|
117,626 |
|
|
112,626 |
|
|
92,399 |
|
|
|
|
|
Adjustments to Revenue: |
|
|
|
Derivative mark-to-market |
|
(89 |
) |
|
(27 |
) |
|
347 |
|
Total Revenue - Core |
$ |
117,715 |
|
$ |
112,653 |
|
$ |
92,052 |
|
|
|
|
|
(10)Core Efficiency Ratio |
|
52.41 |
% |
|
50.00 |
% |
|
59.47 |
% |
FIRST COMMONWEALTH
FINANCIAL CORPORATION |
CONSOLIDATED FINANCIAL
DATA |
Unaudited |
(dollars in thousands) |
DEFINITIONS AND RECONCILIATION OF NON-GAAP
MEASURES |
|
|
|
|
|
|
|
March 31, |
December 31, |
March 31, |
|
|
2023 |
|
|
2022 |
|
|
2022 |
|
Tangible
Equity: |
|
|
|
Total shareholders' equity |
$ |
1,225,014 |
|
$ |
1,052,074 |
|
$ |
1,067,619 |
|
Less: intangible assets |
|
385,998 |
|
|
312,533 |
|
|
314,066 |
|
Tangible Equity |
|
839,016 |
|
|
739,541 |
|
|
753,553 |
|
Less: preferred stock |
|
— |
|
|
— |
|
|
— |
|
Tangible Common Equity |
$ |
839,016 |
|
$ |
739,541 |
|
$ |
753,553 |
|
|
|
|
|
Tangible
Assets: |
|
|
|
Total assets |
$ |
11,113,752 |
|
$ |
9,805,666 |
|
$ |
9,642,124 |
|
Less: intangible assets |
|
385,998 |
|
|
312,533 |
|
|
314,066 |
|
Tangible Assets |
$ |
10,727,754 |
|
$ |
9,493,133 |
|
$ |
9,328,058 |
|
|
|
|
|
(12)Tangible Common Equity as a percentage
of Tangible Assets |
|
7.82 |
% |
|
7.79 |
% |
|
8.08 |
% |
|
|
|
|
Shares Outstanding at End of Period |
|
103,193,127 |
|
|
93,376,314 |
|
|
94,299,039 |
|
(11)Tangible Book Value Per Common
Share |
$ |
8.13 |
|
$ |
7.92 |
|
$ |
7.99 |
|
|
For the Three Months Ended |
|
March 31, |
December 31, |
March 31, |
|
2023 |
2022 |
2022 |
Pre-tax pre-provision
income: |
|
|
|
Net interest income |
$ |
94,358 |
$ |
88,027 |
$ |
68,172 |
|
Noninterest income |
|
22,963 |
|
24,309 |
|
23,976 |
|
Noninterest expense |
|
71,381 |
|
58,334 |
|
55,724 |
|
Pre-tax pre-provision income |
$ |
45,940 |
$ |
54,002 |
$ |
36,424 |
|
|
|
|
|
Net securities gains |
$ |
— |
$ |
— |
$ |
(2 |
) |
Merger and acquisition related expenses |
|
8,541 |
|
1,254 |
|
— |
|
COVID-19 related |
|
— |
|
33 |
|
17 |
|
Branch consolidation |
|
— |
|
— |
|
98 |
|
Core pre-tax
pre-provision income |
$ |
54,481 |
$ |
55,289 |
$ |
36,537 |
|
|
|
|
|
Net charge-offs |
$ |
1,173 |
$ |
2,014 |
$ |
1,134 |
|
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