From GlobeNewswire:

First Commonwealth Financial Corporation reported a net income of $44.8 million and diluted earnings per share of $0.44 for the fourth quarter of 2023. Total loans increased $63.7 million, and average deposits increased $37.3 million compared to the previous quarter. Net interest income decreased $2.0 million from the previous quarter. The provision for credit losses was ($1.9) million, a decrease of $7.8 million compared to the previous quarter. The allowance for credit losses as a percentage of end-of-period loans was 1.31%, compared to 1.51% in the previous quarter.

For the full year of 2023, First Commonwealth Financial Corporation reported a record net income of $157.1 million and diluted earnings per share of $1.54. Franchise growth and earnings were strong, with total loans growing $421.0 million, and average deposits increasing $308.8 million. Core net income was $172.7 million, or $1.70 diluted earnings per share, compared to $129.6 million in the prior year. The core efficiency ratio improved 167 basis points to 52.91% compared to the prior year. Profitability measures also improved.

The Company’s president and CEO, T. Michael Price, expressed pride in the Company’s progress in 2023, noting that they overcame a challenging deposit-gathering environment, expanded their retail franchise, and achieved record core earnings. Going into 2024, the Company will focus on continuing positive momentum and living out its mission to improve the financial lives of its customers. The Company repurchased 73,184 shares during the fourth quarter of 2023. Their bank-level Common Equity Tier 1 Capital (CET1) ratio was 11.0%, representing $420.2 million in excess capital above regulatory requirements. The Company remains optimistic yet cautious about the economic outlook.



Read more: First Commonwealth Announces Fourth Quarter and Full Year