{"id":725555,"date":"2023-01-24T17:06:19","date_gmt":"2023-01-24T22:06:19","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/first-commonwealth-announces-record-fourth-quarter-and-full-year-2022-revenue-declares-quarterly-dividend\/"},"modified":"2023-01-24T17:06:19","modified_gmt":"2023-01-24T22:06:19","slug":"first-commonwealth-announces-record-fourth-quarter-and-full-year-2022-revenue-declares-quarterly-dividend","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/first-commonwealth-announces-record-fourth-quarter-and-full-year-2022-revenue-declares-quarterly-dividend\/","title":{"rendered":"First Commonwealth Announces Record Fourth Quarter and Full Year 2022 Revenue; Declares Quarterly Dividend"},"content":{"rendered":"
\n

INDIANA, Pa., Jan. 24, 2023 (GLOBE NEWSWIRE) — First Commonwealth Financial Corporation (NYSE: FCF) today announced financial results for the fourth quarter and full year of 2022.<\/p>\n

\n Financial Summary<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n (dollars in thousands,<\/em>\n <\/td>\n\n For the Three Months Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n\n For the Years Ended<\/strong>\n <\/td>\n<\/tr>\n
\n except per share data)<\/em>\n <\/td>\n\n December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n September 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n December 31,<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 2022<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2022<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2022<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Reported Results<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income<\/td>\n$<\/td>\n35,733<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n33,968<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n34,776<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n128,181<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n138,257<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Diluted earnings per share<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 0.38<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 0.36<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 0.37<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 1.37<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 1.44<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Return on average assets<\/td>\n\u00a0<\/td>\n1.47<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.41<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.45<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.34<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.47<\/td>\n%<\/td>\n<\/tr>\n
Return on average equity<\/td>\n\u00a0<\/td>\n13.61<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12.67<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12.36<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11.99<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12.55<\/td>\n%<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Operating Results (non-GAAP)<\/strong>
\n
\n (1)<\/strong>
\n <\/sup>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Core net income<\/td>\n$<\/td>\n36,750<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n34,353<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n34,753<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n129,561<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n138,518<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Core diluted earnings per share<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 0.39<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 0.37<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 0.37<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 1.38<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 1.45<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Core pre-tax pre-provision net revenue<\/td>\n$<\/td>\n55,289<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n48,860<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n40,868<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n183,038<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n171,771<\/td>\n\u00a0<\/td>\n<\/tr>\n
Provision expense<\/td>\n$<\/td>\n9,120<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n5,923<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(2,729<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n21,106<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(1,376<\/td>\n)\u00a0<\/td>\n<\/tr>\n
Net charge-offs<\/td>\n$<\/td>\n2,014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n2,461<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(1,064<\/td>\n)\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n7,137<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n8,410<\/td>\n\u00a0<\/td>\n<\/tr>\n
Reserve build\/(release)(2)<\/sup><\/td>\n$<\/td>\n6,813<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n2,490<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(1,663<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n10,384<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(8,787<\/td>\n)<\/td>\n<\/tr>\n
Core return on average assets (ROAA)<\/td>\n\u00a0<\/td>\n1.51<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.43<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.45<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.35<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.47<\/td>\n%<\/td>\n<\/tr>\n
Core pre-tax pre-provision ROAA<\/td>\n\u00a0<\/td>\n2.28<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2.03<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.71<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.91<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.83<\/td>\n%<\/td>\n<\/tr>\n
Return on average tangible common equity<\/td>\n\u00a0<\/td>\n19.77<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n18.28<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n17.56<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n17.30<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n17.95<\/td>\n%<\/td>\n<\/tr>\n
Core return on average tangible common equity<\/td>\n\u00a0<\/td>\n20.32<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n18.48<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n17.55<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n17.49<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n17.98<\/td>\n%<\/td>\n<\/tr>\n
Core efficiency ratio<\/td>\n\u00a0<\/td>\n50.00<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n54.06<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n57.06<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n54.59<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n54.69<\/td>\n%<\/td>\n<\/tr>\n
Net interest margin (FTE)<\/td>\n\u00a0<\/td>\n3.99<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3.76<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3.23<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3.58<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3.26<\/td>\n%<\/td>\n<\/tr>\n<\/table>\n

\n (1)\u00a0<\/sup>
\n 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.<\/em>
\n
\n (2)\u00a0<\/sup>
\n Reserve build\/(release) represents the net change in the Company’s allowance for credit losses (ACL) from the prior period.<\/em>
\n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n

\n Fourth Quarter 2022 Highlights<\/strong>\n <\/p>\n