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First Commonwealth Announces First Quarter 2025 Earnings; Increases Quarterly Dividend

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First Commonwealth Financial reported Q1 2025 financial results with net income of $32.7 million and diluted earnings per share of $0.32. This represents a decrease from both the previous quarter ($35.8 million) and Q1 2024 ($37.5 million).

Key highlights include:

  • Loan growth of 4.4% annualized, driven by $121.4 million increase in commercial loans
  • Deposit growth of 7.7% annualized, with $214.8 million increase in savings deposits
  • Net interest margin improved to 3.62%, up 8 basis points from previous quarter
  • Board approved 3.9% increase in quarterly dividend to $0.135 per share

The company received all approvals for its acquisition of CenterGroup Financial, expected to complete on April 30, 2025. Asset quality remained stable with nonperforming loans at $59.4 million (0.65% of total loans) and net charge-offs decreasing to $3.1 million. The efficiency ratio increased to 59.08%, while maintaining strong capital positions with a Bank-level Total Capital Ratio of 13.6%.

First Commonwealth Financial ha riportato i risultati finanziari del primo trimestre 2025 con un utile netto di 32,7 milioni di dollari e un utile diluito per azione di 0,32 dollari. Si tratta di una diminuzione rispetto sia al trimestre precedente (35,8 milioni di dollari) sia al primo trimestre del 2024 (37,5 milioni di dollari).

I punti salienti includono:

  • Crescita dei prestiti del 4,4% su base annua, trainata da un aumento di 121,4 milioni di dollari nei prestiti commerciali
  • Crescita dei depositi del 7,7% su base annua, con un incremento di 214,8 milioni di dollari nei depositi di risparmio
  • Margine di interesse netto migliorato al 3,62%, in aumento di 8 punti base rispetto al trimestre precedente
  • Il consiglio di amministrazione ha approvato un aumento del dividendo trimestrale del 3,9%, portandolo a 0,135 dollari per azione

L'azienda ha ricevuto tutte le approvazioni per l'acquisizione di CenterGroup Financial, prevista per il completamento il 30 aprile 2025. La qualità degli attivi è rimasta stabile con prestiti non performanti pari a 59,4 milioni di dollari (0,65% del totale prestiti) e le svalutazioni nette in calo a 3,1 milioni di dollari. Il rapporto di efficienza è aumentato al 59,08%, mantenendo solide posizioni di capitale con un rapporto di capitale totale a livello bancario del 13,6%.

First Commonwealth Financial reportó los resultados financieros del primer trimestre de 2025 con un ingreso neto de 32,7 millones de dólares y ganancias diluidas por acción de 0,32 dólares. Esto representa una disminución tanto respecto al trimestre anterior (35,8 millones) como al primer trimestre de 2024 (37,5 millones).

Los aspectos más destacados incluyen:

  • Crecimiento de préstamos anualizado del 4,4%, impulsado por un aumento de 121,4 millones de dólares en préstamos comerciales
  • Crecimiento anualizado de depósitos del 7,7%, con un incremento de 214,8 millones de dólares en depósitos de ahorro
  • El margen neto de interés mejoró a 3,62%, subiendo 8 puntos básicos respecto al trimestre anterior
  • La junta aprobó un aumento del dividendo trimestral del 3,9% a 0,135 dólares por acción

La compañía recibió todas las aprobaciones para su adquisición de CenterGroup Financial, que se espera completar el 30 de abril de 2025. La calidad de los activos se mantuvo estable con préstamos morosos de 59,4 millones de dólares (0,65% del total de préstamos) y las cancelaciones netas disminuyeron a 3,1 millones. La ratio de eficiencia aumentó a 59,08%, manteniendo posiciones de capital sólidas con un ratio total de capital a nivel bancario del 13,6%.

퍼스트 커먼웰스 파이낸셜은 2025년 1분기 재무 실적을 발표하며 순이익 3,270만 달러와 희석 주당순이익 0.32달러를 기록했습니다. 이는 전 분기(3,580만 달러) 및 2024년 1분기(3,750만 달러) 대비 감소한 수치입니다.

주요 내용은 다음과 같습니다:

  • 연율 기준 4.4% 대출 성장, 상업용 대출이 1억 2,140만 달러 증가
  • 연율 기준 7.7% 예금 성장, 저축 예금이 2억 1,480만 달러 증가
  • 순이자마진이 3.62%로 개선되어 전 분기 대비 8bp 상승
  • 이사회에서 분기 배당금을 주당 0.135달러로 3.9% 인상 승인

회사는 CenterGroup Financial 인수에 필요한 모든 승인을 받았으며, 2025년 4월 30일 완료될 예정입니다. 자산 품질은 안정적으로 유지되었으며, 부실 대출은 5,940만 달러(전체 대출의 0.65%)이고 순 대손상각은 310만 달러로 감소했습니다. 효율성 비율은 59.08%로 상승했으며, 은행 수준 총자본비율은 13.6%로 견고한 자본 상태를 유지하고 있습니다.

First Commonwealth Financial a annoncé ses résultats financiers du premier trimestre 2025 avec un bénéfice net de 32,7 millions de dollars et un bénéfice dilué par action de 0,32 dollar. Cela représente une baisse par rapport au trimestre précédent (35,8 millions de dollars) et au premier trimestre 2024 (37,5 millions de dollars).

Les points clés incluent :

  • Une croissance des prêts annualisée de 4,4 %, portée par une augmentation de 121,4 millions de dollars des prêts commerciaux
  • Une croissance annualisée des dépôts de 7,7 %, avec une hausse de 214,8 millions de dollars des dépôts d'épargne
  • La marge nette d'intérêt s'est améliorée à 3,62 %, en hausse de 8 points de base par rapport au trimestre précédent
  • Le conseil d'administration a approuvé une augmentation de 3,9 % du dividende trimestriel à 0,135 dollar par action

L'entreprise a obtenu toutes les approbations nécessaires pour son acquisition de CenterGroup Financial, dont la finalisation est prévue pour le 30 avril 2025. La qualité des actifs est restée stable avec des prêts non performants à 59,4 millions de dollars (0,65 % du total des prêts) et des radiations nettes en baisse à 3,1 millions. Le ratio d'efficacité a augmenté à 59,08 %, tout en maintenant des positions de capital solides avec un ratio de capital total au niveau bancaire de 13,6 %.

First Commonwealth Financial meldete die Finanzergebnisse für das erste Quartal 2025 mit einem Nettogewinn von 32,7 Millionen US-Dollar und einem verwässerten Gewinn je Aktie von 0,32 US-Dollar. Dies stellt einen Rückgang gegenüber dem Vorquartal (35,8 Millionen US-Dollar) und dem ersten Quartal 2024 (37,5 Millionen US-Dollar) dar.

Wichtige Highlights sind:

  • Jährliches Kreditwachstum von 4,4 %, getragen von einer Steigerung der gewerblichen Kredite um 121,4 Millionen US-Dollar
  • Jährliches Einlagenwachstum von 7,7 % mit einem Anstieg der Spareinlagen um 214,8 Millionen US-Dollar
  • Die Nettomarge verbesserte sich auf 3,62 %, ein Anstieg um 8 Basispunkte gegenüber dem Vorquartal
  • Der Vorstand genehmigte eine Erhöhung der vierteljährlichen Dividende um 3,9 % auf 0,135 US-Dollar je Aktie

Das Unternehmen erhielt alle Genehmigungen für die Übernahme von CenterGroup Financial, die voraussichtlich am 30. April 2025 abgeschlossen wird. Die Vermögensqualität blieb stabil, mit notleidenden Krediten in Höhe von 59,4 Millionen US-Dollar (0,65 % der Gesamtkredite) und einem Rückgang der Nettoabschreibungen auf 3,1 Millionen US-Dollar. Die Effizienzquote stieg auf 59,08 %, während die Kapitalstärke mit einer Gesamtkapitalquote auf Bankebene von 13,6 % stark blieb.

Positive
  • Net interest margin increased to 3.62% (up 8 basis points from prior quarter)
  • Loan growth of 4.4% annualized in Q1 2025
  • Strong deposit growth of 7.7% annualized from previous quarter
  • Board approved 3.9% increase in quarterly dividend
  • Strong capital position with Bank-level Total Capital Ratio at 13.6%
  • Net charge-offs decreased significantly to $3.1M from $13.7M in previous quarter
  • Strategic expansion through CenterGroup Financial acquisition closing April 30
Negative
  • Net income declined to $32.7M from $37.5M year-over-year (12.8% decrease)
  • Core efficiency ratio deteriorated to 59.08% (up 301 basis points)
  • Core ROAA decreased 9 basis points to 1.14%
  • Nonperforming loans increased to $59.4M from $42.4M year-over-year
  • Noninterest income decreased $2.8M from previous quarter
  • Noninterest expense increased $2.1M from previous quarter
  • Average noninterest-bearing deposits decreased by $40.5M

Insights

FCF shows mixed Q1 results with solid loan growth and improved NIM, but declining earnings and higher expenses warrant monitoring.

First Commonwealth's Q1 2025 results reveal contrasting performance trends. The decline in net income to $32.7 million ($0.32 per share) represents an 8.8% drop from the previous quarter and 12.9% year-over-year, pushing the return on average assets down to 1.14% from 1.23% sequentially.

The bank's efficiency ratio deteriorated to 59.08% from 56.07% in Q4 2024, reflecting challenges in expense management. Noninterest expenses increased by $2.1 million quarter-over-quarter, primarily driven by higher salaries and benefits ($2.4 million increase), with $1.5 million attributed to finalizing prior year performance payments.

On the positive side, the bank demonstrated healthy balance sheet growth with loans increasing at 4.4% annualized and deposits growing at an impressive 7.7% annualized pace. The reduction in the loan-to-deposit ratio by 73 basis points to 92.6% indicates improved liquidity positioning.

The standout metric is the net interest margin expansion to 3.62%, up 8 basis points from the previous quarter and 10 basis points year-over-year. This improvement was primarily driven by a 10 basis point decrease in funding costs, partially offset by a 5 basis point decrease in loan yields.

Asset quality shows signs of stabilization with net charge-offs decreasing to $3.1 million (0.14% of average loans) from $13.7 million (0.61%) in Q4 2024. Though nonperforming loans remain elevated at $59.4 million compared to $42.4 million a year ago, criticized loans decreased by $33.7 million, signaling improving credit trends.

FCF's acquisition of CenterGroup Financial strengthens its regional footprint while maintaining solid capital levels despite earnings pressure.

First Commonwealth's pending completion of the CenterGroup Financial acquisition marks a strategic milestone that will enhance the company's market position in Cincinnati. With all regulatory and shareholder approvals secured and closing set for April 30, 2025, the timing appears favorable amid the bank's solid capital foundation.

The bank maintains strong capital levels with a Bank-level Total Capital Ratio of 13.6%, representing $342.0 million in excess capital above regulatory "well capitalized" requirements. This capital cushion provides flexibility for both the acquisition integration and organic growth.

The 3.9% dividend increase to $0.135 per share reflects management's confidence in the bank's financial position despite the earnings decline. This marks a positive signal for shareholders while maintaining a reasonable projected annual yield of 3.5%.

The composition of deposit growth is favorable, with increases in savings deposits ($214.8 million) and noninterest-bearing deposits ($24.2 million), which helps support the improved funding profile. The reduction in time deposits suggests the bank is successfully shifting its funding mix toward more stable sources.

While core pre-tax pre-provision net revenue declined to $46.9 million from $51.4 million in the previous quarter, this appears partially attributable to temporary factors, including $1.5 million in incentive payments related to prior year performance and $0.7 million in seasonal snow removal expenses. The decrease in noninterest income by $2.8 million, including a $1.0 million reduction in SBA loan sale gains, also contributed to the earnings pressure.

INDIANA, Pa., April 29, 2025 (GLOBE NEWSWIRE) -- First Commonwealth Financial Corporation (NYSE: FCF) today announced financial results for the first quarter of 2025.

Financial Summary

(dollars in thousands,For the Three Months Ended
except per share data)March 31, December 31, March 31,
  2025   2024   2024 
Reported Results     
Net income$32,696  $35,849  $37,549 
Diluted earnings per share$0.32  $0.35  $0.37 
Return on average assets 1.14%  1.23%  1.31%
Return on average equity 9.28%  10.16%  11.40%
      
Operating Results (non-GAAP)(1)     
Core net income$32,779  $36,067  $37,639 
Core diluted earnings per share$0.32  $0.35  $0.37 
Core pre-tax pre-provision net revenue$46,879  $51,388  $50,833 
Provision expense$5,736  $6,490  $4,238 
Net charge-offs$3,098  $13,691  $4,302 
Reserve build/(release)(2)$1,025  $(7,206) $1,380 
Core return on average assets (ROAA) 1.14%  1.23%  1.31%
Core pre-tax pre-provision ROAA 1.63%  1.76%  1.77%
Return on average tangible common equity 13.02%  14.40%  16.51%
Core return on average tangible common equity 13.05%  14.48%  16.54%
Core efficiency ratio 59.08%  56.07%  55.05%
Net interest margin (FTE) 3.62%  3.54%  3.52%
 
(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 may 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 2025 Highlights

Financial results

  • GAAP Net income of $32.7 million and diluted earnings per share totaled $0.32, a decrease of $3.2 million, or $0.03 per share from the prior quarter and a decrease of $4.9 million, or $0.05 per share from first quarter of 2024.
    • Core pre-tax pre-provision net revenue (PPNR)(1) totaled $46.9 million, a decrease of $4.5 million from the prior quarter and a decrease of $4.0 million from the first quarter of 2025. The decrease from the prior quarter was primarily as a result of a $2.8 million decrease in noninterest income
  • End of period loans increased $99.0 million, or 4.4% annualized from the previous quarter, driven by a $121.4 million increase in commercial loans offset by a $22.4 million decrease in consumer loans
    • Average loans increased $34.8 million, or 1.6% annualized from the previous quarter
  • End of period deposits increased $183.6 million, or 7.7% annualized from the previous quarter, including a $214.8 million increase in savings deposits and a $24.2 million increase in noninterest bearing deposits, which together offset a $27.9 million decrease in time deposits and a $27.5 million decrease in interest-bearing demand deposits
    • Average deposits increased $58.8 million, or 2.5% annualized from the previous quarter
  • The loan-to-deposit ratio decreased 73 basis points to 92.6% in the first quarter of 2025
  • Net interest income (FTE) of $95.9 million increased $0.4 million from the previous quarter and increased $3.2 million from the first quarter of 2024
  • Noninterest income of $22.5 million decreased $2.8 million from the previous quarter due, in part, to a $1.0 million decrease in gain on sale of Small Business Administration (“SBA”) loans
  • Noninterest expense (excluding merger-related expense) of $71.1 million increased $2.1 million from the previous quarter, due primarily to a $2.4 million increase in salaries and benefits
  • Tangible book value per share increased $0.40, or 16.3% annualized from the previous quarter
    • Total shareholders’ equity increased $41.9 million from the previous quarter, due in part to a $21.3 million decrease in unrealized losses in accumulated other comprehensive income (AOCI) from the previous quarter
    • AOCI as a percentage of tangible common equity decreased 240 basis points to 7.63% in the first quarter of 2025

Profitability

  • The net interest margin of 3.62% increased 8 basis points compared to the prior quarter and increased 10 basis points from the first quarter of 2024
  • The core efficiency ratio(1) increased by 301 basis points to 59.08% compared to the prior quarter
  • The core ROAA decreased 9 basis points to 1.14% compared to the prior quarter
  • Core pre-tax pre-provision ROAA(1) of 1.63% for the quarter ended March 31, 2025

Strong capital positions

  • On April 29, 2025, the Board of Directors authorized a 3.9% increase in the quarterly cash dividend to shareholders
  • The Bank-level Total Capital Ratio is 13.6%, which represents $342.0 million in excess capital above the regulatory “well capitalized” requirement of 6.5%
  • There were no shares repurchased in the first quarter of 2025. The remaining capacity under the current program was $6.7 million as of March 31, 2025

Asset quality

  • The total provision for credit losses was $5.7 million, a decrease of $0.8 million from the previous quarter.
  • Reserve build/(release)(2) was $1.0 million, which resulted in reserves to total loans of 1.32%, which is unchanged from the previous quarter
  • Nonperforming loans of $59.4 million decreased $2.1 million from the previous quarter
  • Net charge-offs on loans totaled $3.1 million, a decrease of $10.6 million from the prior quarter; the prior quarter included approximately $8.0 million of net charge-offs for loans specifically reserved for in previous quarters
    • Net charge-offs as a percentage of average loans outstanding (annualized) was 0.14% in the first quarter of 2025, a decrease of 46 basis points from the previous quarter

Franchise Growth

  • The company has received all required shareholder and regulatory approvals for its previously announced acquisition of CenterGroup Financial. This acquisition is expected to be completed on April 30, 2025.

"We are pleased to report a strong start to 2025, with robust growth in the first quarter. Our annualized loan growth of 4.4% reflects good momentum in our commercial lending and indirect auto businesses, while end of period deposits increased by an impressive 7.7% annualized from the prior quarter,” stated T. Michael Price, President and Chief Executive Officer. “As we look ahead, I am thrilled to welcome CenterBank’s employees and customers to the First Commonwealth family, with the acquisition set to close in the coming weeks. This strategic expansion strengthens our presence in Cincinnati and enhances our ability to deliver exceptional financial solutions across these markets."

Earnings

Net income for the first quarter of 2025 was $32.7 million, or $0.32 per share, compared to $35.8 million, or $0.35 per share in the fourth quarter of 2024 and $37.5 million, or $0.37 per share for the first quarter of 2024.

Net Interest Income and Net Interest Margin

Net interest income (FTE) of $95.9 million increased $0.4 million from the previous quarter and increased $3.2 million from the prior year quarter. The increase from the prior quarter was primarily due to a $34.8 million increase in average loans combined with expansion of the net interest margin (NIM).

The NIM for the first quarter of 2025 was 3.62% as compared to 3.54% in the prior quarter and 3.52% in the year ago quarter. The increase from the prior quarter was primarily due to a 10 basis point decrease in the cost of funds that was only partially offset by a 5 basis point decrease in the yield on loans.

Total average deposits grew $58.8 million in the first quarter of 2025 as compared to the previous quarter. Average interest-bearing demand and savings deposits grew $66.1 million and total time deposits increased $33.2 million from the prior quarter. The increase in interest bearing deposits was partially offset by a $40.5 million decrease in average noninterest-bearing deposits.

End of period deposits increased $183.6 million, or 7.7% annualized from the previous quarter, including a $214.8 million increase in savings deposits and a $24.2 million increase in noninterest bearing deposits, which together offset a $27.9 million decrease in time deposits and a $27.5 million decrease in interest-bearing demand deposits.

Asset Quality

Provision for credit losses totaled $5.7 million in the first quarter of 2025 as compared to $6.5 million in the previous quarter. The decrease from the previous quarter was primarily driven by a $10.6 million decrease in net charge-offs. Net charge-offs in the previous quarter included $8.0 million of loans specifically provided for in prior quarters.

The allowance for credit losses (ACL) as a percentage of end-of-period loans was 1.32% in the first quarter which was unchanged from the previous quarter.

At March 31, 2025, nonperforming loans totaled $59.4 million as compared to $61.5 million in the prior quarter and $42.4 million in the first quarter of 2024.

Nonperforming loans represented 0.65% of total loans as of March 31, 2025 as compared to 0.68% and 0.47% for the periods ended December 31, 2024 and March 31, 2024, respectively.

At March 31, 2025, criticized loans totaled $190.5 million, a decrease of $33.7 million from the previous quarter.

During the first quarter of 2025, net charge-offs were $3.1 million, compared to $13.7 million in the prior quarter and $4.3 million in the first quarter of 2024. Net charge-offs in the previous quarter were primarily driven by acquired loans, of which $8.0 million were specifically reserved for in prior periods.

Net charge-offs were 0.14%, 0.61% and 0.19% of average loans (annualized) for the periods ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

Noninterest Income and Noninterest Expense

Noninterest income totaled $22.5 million for the first quarter of 2025, as compared to $25.3 million for the fourth quarter of 2024 and $24.0 million for the first quarter of 2024. There were no material securities gains during the current or comparable quarters.

The $2.8 million decrease from the previous quarter was primarily driven by a $1.4 million gain on a limited partnership and donation of a branch facility in the previous quarter, a $1.0 million decrease in gain on sale of SBA loans and seasonally lower fees due to the number of days in the quarter.

Noninterest expense (excluding merger-related) totaled $71.1 million for the first quarter of 2025, as compared to $69.0 million for the fourth quarter of 2024 and $65.5 million for the first quarter of 2024. The $2.1 million increase from the previous quarter was primarily the result of a $2.4 million increase in salaries and benefits and a $1.0 million increase in occupancy expense due to a $0.7 million increase in snow removal expense. Contributing to the higher salary expense in 2025 was a $1.8 million increase in incentive expense, of which $1.5 million was attributed to finalizing payments related to prior year volumes and performance.

The core efficiency ratio was 59.08% during the first quarter of 2025 as compared to 56.07% in the previous quarter and 55.05% in the first quarter of 2024.

Full time equivalent staff was 1,538, 1,512 and 1,465 at March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

Dividends and Capital

First Commonwealth Financial Corporation declared a common stock quarterly dividend of $0.135 per share, which represents a 3.9% increase from the previous quarter. The cash dividend is payable on May 23, 2025 to shareholders of record as of May 9, 2025. This dividend represents a 3.5% projected annual yield utilizing the April 28, 2025 closing market price of $15.31.

First Commonwealth’s capital ratios for Total, Tier I, Leverage and Common Equity Tier I at March 31, 2025 were 14.7%, 12.9%, 10.7% and 12.2% 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 2025 on Wednesday, April 30, 2025 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 web.

About First Commonwealth Financial Corporation

First Commonwealth Financial Corporation (NYSE: FCF), headquartered in Indiana, Pennsylvania, is a financial services company with 125 community banking offices in 30 counties throughout western and central Pennsylvania and throughout Ohio, as well as commercial lending operations in Pittsburgh and Harrisburg, 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, and could be affected by many factors, including, but not limited to: (1) volatility and disruption in national and international financial markets; (2) the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board; (3) inflation, interest rate, commodity price, securities market and monetary fluctuations; (4) the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which First Commonwealth or its customers must comply; (5) the soundness of other financial institutions; (6) political instability; (7) impairment of First Commonwealth’s goodwill or other intangible assets; (8) acts of God or of war or terrorism; (9) the timely development and acceptance of new products and services and perceived overall value of these products and services by users; (10) changes in consumer spending, borrowings and savings habits; (11) changes in the financial performance and/or condition of First Commonwealth’s borrowers; (12) technological changes; (13) acquisitions and integration of acquired businesses; (14) First Commonwealth’s ability to attract and retain qualified employees; (15) changes in the competitive environment in First Commonwealth’s markets and among banking organizations and other financial service providers; (16) the ability to increase market share and control expenses; (17) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters; (18) the reliability of First Commonwealth’s vendors, internal control systems or information systems; (19) the costs and effects of legal and regulatory developments, the resolution of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals; and (20) other risks and uncertainties described in this report and in the other reports that we file with the Securities and Exchange Commission, including our 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:
Ron Wahl
Communications and Media Relations
Phone: 724-463-6806
E-mail: RWahl@fcbanking.com

Investor Relations:
Ryan M. Thomas
Vice President / Finance and Investor Relations
Phone: 724-463-1690
E-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,
  2025   2024   2024 
SUMMARY RESULTS OF OPERATIONS     
Net interest income$95,522  $95,081  $92,304 
Provision for credit losses 5,736   6,490   4,238 
Noninterest income 22,502   25,335   23,988 
Noninterest expense 71,250   69,304   65,573 
Net income 32,696   35,849   37,549 
Core net income (5) 32,779   36,067   37,639 
Earnings per common share (diluted)$0.32  $0.35  $0.37 
Core earnings per common share (diluted) (6)$0.32  $0.35  $0.37 
KEY FINANCIAL RATIOS     
Return on average assets 1.14%  1.23%  1.31%
Core return on average assets (7) 1.14%  1.23%  1.31%
Return on average assets, pre-provision, pre-tax 1.62%  1.75%  1.77%
Core return on average assets, pre-provision, pre-tax 1.63%  1.76%  1.77%
Return on average shareholders' equity 9.28%  10.16%  11.40%
Return on average tangible common equity (8) 13.02%  14.40%  16.51%
Core return on average tangible common equity (9) 13.05%  14.48%  16.54%
Core efficiency ratio (2)(10) 59.08%  56.07%  55.05%
Net interest margin (FTE) (1) 3.62%  3.54%  3.52%
      
Book value per common share$14.20  $13.81  $13.03 
Tangible book value per common share (11) 10.44   10.04   9.26 
Market value per common share 15.54   16.92   13.92 
Cash dividends declared per common share 0.130   0.130   0.125 
ASSET QUALITY RATIOS     
Nonperforming loans and leases as a percent of end-of-period loans and leases(3) 0.65%  0.68%  0.47%
Nonperforming assets as a percent of total assets (3) 0.52%  0.55%  0.38%
Net charge-offs as a percent of average loans and leases (annualized) (4) 0.14%  0.61%  0.19%
Allowance for credit losses as a percent of nonperforming loans and leases (4) 201.89%  193.48%  280.59%
Allowance for credit losses as a percent of end-of-period loans and leases (4) 1.32%  1.32%  1.32%
CAPITAL RATIOS     
Shareholders' equity as a percent of total assets 12.3%  12.1%  11.4%
Tangible common equity as a percent of tangible assets (12) 9.3%  9.1%  8.4%
Leverage Ratio 10.7%  10.6%  10.2%
Risk Based Capital - Tier I 12.9%  12.9%  12.2%
Risk Based Capital - Total 14.7%  14.6%  14.3%
Common Equity - Tier I 12.2%  12.1%  11.4%
            


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,
  2025  2024 2024 
INCOME STATEMENT   
Interest income$147,128 $149,996$145,462 
Interest expense 51,606  54,915 53,158 
Net Interest Income 95,522  95,081 92,304 
Provision for credit losses 5,736  6,490 4,238 
Net Interest Income after Provision for Credit Losses 89,786  88,591 88,066 
Net securities (losses) gains (5,142) 1 — 
Gain on VISA exchange 5,146  — — 
Trust income 3,022  3,031 2,727 
Service charges on deposit accounts 5,438  5,749 5,383 
Insurance and retail brokerage commissions 3,170  2,654 2,651 
Income from bank owned life insurance 1,502  1,418 1,294 
Gain on sale of mortgage loans 1,387  1,645 1,328 
Gain on sale of other loans and assets 1,388  3,076 2,051 
Card-related interchange income 3,654  3,923 6,690 
Derivative mark-to-market (153) 95 12 
Swap fee income 835  797 — 
Other income 2,255  2,946 1,852 
Total Noninterest Income 22,502  25,335 23,988 
Salaries and employee benefits 40,415  38,025 35,324 
Net occupancy 5,729  4,769 5,334 
Furniture and equipment 4,193  4,360 4,480 
Data processing 3,817  4,039 3,824 
Pennsylvania shares tax 1,337  1,968 1,202 
Advertising and promotion 1,372  1,358 1,319 
Intangible amortization 1,131  1,368 1,264 
Other professional fees and services 1,620  1,557 1,242 
FDIC insurance 1,379  1,436 1,613 
Litigation and operational losses 793  920 997 
Loss on sale or write-down of assets 215  99 143 
Merger and acquisition 109  277 114 
Other operating expenses 9,140  9,128 8,717 
Total Noninterest Expense 71,250  69,304 65,573 
Income before Income Taxes 41,038  44,622 46,481 
Income tax provision 8,342  8,773 8,932 
Net Income$32,696 $35,849$37,549 
    
Shares Outstanding at End of Period 101,927,219  101,758,450 102,303,974 
Average Shares Outstanding Assuming Dilution 101,859,825  101,963,018 102,198,899 
    


FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited     
(dollars in thousands)
      
 March 31, December 31, March 31,
  2025   2024   2024 
BALANCE SHEET (Period End)     
Assets     
Cash and due from banks$118,792  $105,051  $77,179 
Interest-bearing bank deposits 22,566   28,358   233,188 
Securities available for sale, at fair value 1,186,438   1,178,577   1,049,108 
Securities held to maturity, at amortized cost 519,029   405,639   464,708 
Loans held for sale 41,587   51,991   31,895 
      
Loans and leases 9,093,140   8,983,754   8,999,870 
Allowance for credit losses (119,931)  (118,906)  (119,098)
Net loans and leases 8,973,209   8,864,848   8,880,772 
      
Goodwill and other intangibles 382,514   383,352   385,745 
Other assets 542,263   567,120   571,813 
Total Assets$11,786,398  $11,584,936  $11,694,408 
      
Liabilities and Shareholders' Equity     
Noninterest-bearing demand deposits$2,273,858  $2,249,615  $2,334,495 
      
Interest-bearing demand deposits 661,094   688,596   637,908 
Savings deposits 5,204,179   4,989,342   4,999,822 
Time deposits 1,722,526   1,750,466   1,474,178 
Total interest-bearing deposits 7,587,799   7,428,404   7,111,908 
      
Total deposits 9,861,657   9,678,019   9,446,403 
      
Short-term borrowings 77,515   80,139   546,541 
Long-term borrowings 262,679   262,985   186,490 
Total borrowings 340,194   343,124   733,031 
      
Other liabilities 137,496   158,628   182,254 
Shareholders' equity 1,447,051   1,405,165   1,332,720 
Total Liabilities and Shareholders' Equity$11,786,398  $11,584,936  $11,694,408 
 


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/
  2025Rate 2024Rate 2024Rate
NET INTEREST MARGIN     
       
Assets      
Loans and leases (FTE)(1)(3)$9,068,8725.92%$9,034,0965.97%$8,998,6495.95%
Interest bearing bank deposits 76,8364.72% 58,4695.22% 112,4365.63%
Securities (FTE)(1) 1,600,0473.58% 1,620,8233.43% 1,472,2373.05%
Total Interest-Earning Assets (FTE) (1) 10,745,7555.57% 10,713,3885.58% 10,583,3225.54%
Noninterest-earning assets 934,933  912,328  938,121 
Total Assets$11,680,688 $11,625,716 $11,521,443 
       
Liabilities and Shareholders' Equity      
Interest-bearing demand and savings deposits$5,769,8982.13%$5,703,7632.22%$5,554,6562.11%
Time deposits 1,763,4924.07% 1,730,2514.32% 1,386,9594.21%
Short-term borrowings 50,7252.88% 98,1134.28% 595,8844.57%
Long-term borrowings 262,8095.00% 252,0645.07% 186,5975.76%
Total Interest-Bearing Liabilities 7,846,9242.67% 7,784,1912.81% 7,724,0962.77%
Noninterest-bearing deposits 2,252,794  2,293,343  2,302,338 
Other liabilities 151,957  144,153  169,683 
Shareholders' equity 1,429,013  1,404,029  1,325,326 
Total Noninterest-Bearing Funding Sources 3,833,764  3,841,525  3,797,347 
Total Liabilities and Shareholders' Equity$11,680,688 $11,625,716 $11,521,443 
       
Net Interest Margin (FTE) (annualized)(1) 3.62% 3.54% 3.52%
          


FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands)   
 March 31,December 31,March 31,
  2025  2024  2024 
Loan and Lease Portfolio Detail   
Commercial Loan and Lease Portfolio:   
Commercial, financial, agricultural and other$1,276,420 $1,250,669 $1,313,898 
Commercial real estate 3,158,440  3,124,704  3,090,950 
Equipment finance loans and leases 485,782  427,320  279,938 
Real estate construction 478,833  475,367  520,320 
Total Commercial 5,399,475  5,278,060  5,205,106 
    
Consumer Loan Portfolio:   
Closed-end mortgages 1,826,760  1,849,223  1,913,479 
Home equity lines of credit 488,411  492,480  488,793 
Real estate construction 9,869  8,017  39,047 
Total Real Estate - Consumer 2,325,040  2,349,720  2,441,319 
    
Auto & RV loans 1,296,567  1,280,645  1,277,212 
Direct installment 24,962  25,935  26,731 
Personal lines of credit 45,079  47,313  46,733 
Student loans 2,017  2,081  2,769 
Total Other Consumer 1,368,625  1,355,974  1,353,445 
Total Consumer Portfolio 3,693,665  3,705,694  3,794,764 
Total Portfolio Loans and Leases 9,093,140  8,983,754  8,999,870 
Loans held for sale 41,587  51,991  31,895 
Total Loans and Leases$9,134,727 $9,035,745 $9,031,765 
    
    
 March 31,December 31,March 31,
  2025  2024  2024 
ASSET QUALITY DETAIL   
Nonperforming Loans and Leases:   
Loans and leases on nonaccrual basis$50,536 $45,827 $27,649 
Loans on nonaccrual basis - Centric acquisition 8,869  15,629  14,797 
Total Nonperforming Loans and Leases$59,405 $61,456 $42,446 
Other real estate owned ("OREO") 1,270  895  368 
Repossessions ("Repos") 621  792  1,442 
Total Nonperforming Assets$61,296 $63,143 $44,256 
Loans past due in excess of 90 days and still accruing 1,156  2,064  1,699 
Classified loans and leases 88,929  96,296  89,284 
Criticized loans and leases 190,510  224,175  211,857 
    
Nonperforming assets as a percentage of total loans and leases, plus OREO and Repos (4) 0.67% 0.70% 0.49%
Allowance for credit losses$119,931 $118,906 $119,098 
 


FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands)
 For the Three Months Ended
 March 31,December 31,March 31,
  2025  2024  2024 
Net Charge-offs (Recoveries):   
Commercial, financial, agricultural and other$329 $4,102 $2,242 
Real estate construction —  1,057  (6)
Commercial real estate 1,308  6,620  169 
Residential real estate (29) (27) 21 
Loans to individuals 1,490  1,939  1,876 
Net Charge-offs$3,098 $13,691 $4,302 
    
Net charge-offs as a percentage of average loans and leases outstanding (annualized) (4) 0.14% 0.61% 0.19%
Provision for credit losses as a percentage of net charge-offs 185.15% 47.40% 98.51%
Provision for credit losses$5,736 $6,490 $4,238 
          
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,
  2025 2024 2024 
    
Interest income$        147,128        $        149,996        $        145,462         
Adjustment to fully taxable equivalent basis (1)         335                 354                 323         
Interest income adjusted to fully taxable equivalent basis (non-GAAP)         147,463                 150,350                 145,785         
Interest expense         51,606                 54,915                 53,158         
Net interest income, (FTE) (1)$        95,857        $        95,435        $        92,627         
        


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,
  2025  2024  2024 
    
Net Income$32,696 $35,849 $37,549 
Intangible amortization 1,131  1,368  1,264 
Tax benefit of amortization of intangibles (238) (287) (265)
Net Income, adjusted for tax affected amortization of intangibles$33,589 $36,930 $38,548 
    
Average Tangible Equity:   
Total shareholders' equity$1,429,013 $1,404,029 $1,325,326 
Less: intangible assets 382,919  383,620  386,040 
Tangible Equity 1,046,094  1,020,409  939,286 
Less: preferred stock —  —  — 
Tangible Common Equity$1,046,094 $1,020,409 $939,286 
    
(8)Return on Average Tangible Common Equity 13.02% 14.40% 16.51%
          


 For the Three Months Ended
 March 31,December 31,March 31,
  2025  2024  2024 
    
Core Net Income:   
Total Net Income$32,696 $35,849 $37,549 
Net securites gains (4) (1) — 
Tax benefit of net securities gains 1  —  — 
Merger and acquisition related expenses 109  277  114 
Tax benefit of merger and acquisition related expenses (23) (58) (24)
(5) Core net income$32,779 $36,067 $37,639 
Average Shares Outstanding Assuming Dilution 101,859,825  101,963,018  102,198,899 
(6) Core Earnings per common share (diluted)$0.32 $0.35 $0.37 
    
Intangible amortization 1,131  1,368  1,264 
Tax benefit of amortization of intangibles (238) (287) (265)
Core Net Income, adjusted for tax affected amortization of intangibles$33,672 $37,148 $38,638 
    
(9) Core Return on Average Tangible Common Equity 13.05% 14.48% 16.54%
          


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,
  2025  2024  2024 
Core Return on Average Assets:   
Total Net Income$32,696 $35,849 $37,549 
Total Average Assets 11,680,688  11,625,716  11,521,443 
Return on Average Assets 1.14% 1.23% 1.31%
    
Core Net Income (5)$32,779 $36,067 $37,639 
Total Average Assets 11,680,688  11,625,716  11,521,443 
(7) Core Return on Average Assets 1.14% 1.23% 1.31%
          


 For the Three Months Ended
 March 31,December 31,March 31,
  2025  2024  2024 
Core Efficiency Ratio:   
Total Noninterest Expense$71,250 $69,304 $65,573 
Adjustments to Noninterest Expense:   
Intangible amortization 1,131  1,368  1,264 
Merger and acquisition related 109  277  114 
Noninterest Expense - Core$70,010 $67,659 $64,195 
    
Net interest income, (FTE)$95,857 $95,435 $92,627 
Total noninterest income 22,502  25,335  23,988 
Net securites gains (4) (1) — 
Total Revenue 118,355  120,769  116,615 
    
Adjustments to Revenue:   
Derivative mark-to-market (153) 95  12 
Total Revenue - Core$118,508 $120,674 $116,603 
    
(10)Core Efficiency Ratio 59.08% 56.07% 55.05%
          


 
 
 
 


FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands)
 
DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES
    
 March 31,December 31,March 31,
  2025  2024  2024 
Tangible Equity:   
Total shareholders' equity$1,447,051 $1,405,165 $1,332,720 
Less: intangible assets 382,514  383,352  385,745 
Tangible Equity 1,064,537  1,021,813  946,975 
Less: preferred stock —  —  — 
Tangible Common Equity$1,064,537 $1,021,813 $946,975 
    
Tangible Assets:   
Total assets$11,786,398 $11,584,936 $11,694,408 
Less: intangible assets 382,514  383,352  385,745 
Tangible Assets$11,403,884 $11,201,584 $11,308,663 
    
(12)Tangible Common Equity as a percentage of Tangible Assets 9.33% 9.12% 8.37%
    
Shares Outstanding at End of Period 101,927,219  101,758,450  102,303,974 
(11)Tangible Book Value Per Common Share$10.44 $10.04 $9.26 


 For the Three Months Ended
 March 31,December 31,March 31,
  2025  2024  2024 
Pre-tax pre-provision net revenue:   
Net interest income$95,522 $95,081 $92,304 
Noninterest income 22,502  25,335  23,988 
Noninterest expense 71,250  69,304  65,573 
Pre-tax pre-provision net revenue$46,774 $51,112 $50,719 
    
Net securites gains$(4)$(1)$— 
Merger and acquisition related expenses 109  277  114 
Core pre-tax pre-provision net revenue$46,879 $51,388 $50,833 
    
Net charge-offs$3,098 $13,691 $4,302 

FAQ

What was First Commonwealth's (FCF) earnings per share in Q1 2025?

First Commonwealth reported diluted earnings per share of $0.32 in Q1 2025, down from $0.35 in Q4 2024 and $0.37 in Q1 2024.

How much did First Commonwealth (FCF) increase its dividend in Q1 2025?

First Commonwealth increased its quarterly cash dividend by 3.9% to $0.135 per share, payable on May 23, 2025, representing a 3.5% projected annual yield based on April 28, 2025 closing price of $15.31.

What was First Commonwealth's (FCF) loan growth rate in Q1 2025?

First Commonwealth achieved 4.4% annualized loan growth in Q1 2025, driven by a $121.4 million increase in commercial loans, partially offset by a $22.4 million decrease in consumer loans.

How did First Commonwealth's (FCF) deposit base change in Q1 2025?

Deposits grew by 7.7% annualized in Q1 2025, with savings deposits increasing by $214.8 million and noninterest bearing deposits growing by $24.2 million, while time deposits decreased by $27.9 million.

What is First Commonwealth's (FCF) net interest margin in Q1 2025?

First Commonwealth's net interest margin was 3.62% in Q1 2025, an increase of 8 basis points from the previous quarter and 10 basis points from Q1 2024.

When will First Commonwealth (FCF) complete the CenterGroup Financial acquisition?

First Commonwealth has received all required approvals and expects to complete the acquisition of CenterGroup Financial on April 30, 2025.
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First Commonwealth Financial

NYSE:FCF

FCF Rankings

#1433 Ranked by Market Cap
#991 Ranked by Dividends

FCF Latest News

May 1, 2025
First Commonwealth Completes Acquisition of CenterGroup Financial, Inc.
Apr 10, 2025
First Commonwealth to Host First Quarter 2025 Earnings Conference Call on Wednesday, April 30, 2025
Mar 18, 2025
First Commonwealth Financial Corporation Receives Regulatory Approval for CenterGroup Financial, Inc. Merger
Jan 28, 2025
First Commonwealth Announces Fourth Quarter and Full Year 2024 Earnings; Declares Quarterly Dividend
Jan 14, 2025
First Commonwealth to Host Fourth Quarter and Full-Year 2024 Earnings Conference Call on Wednesday, January 29, 2025

FCF Stock Data

1.53B
99.72M
1.98%
76.6%
1.39%
Banks - Regional
National Commercial Banks
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United States
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