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Dec 31, 2022
First Commonwealth Q4 2022 Earnings Report
Reported record fourth quarter and full year revenue.
Key Takeaways
First Commonwealth Financial Corporation announced strong financial results for Q4 2022, with net income of $35.7 million and diluted earnings per share of $0.38. Record core pre-tax pre-provision net revenue totaled $55.3 million, and total loans increased by $291.3 million. The net interest margin increased to 3.99%.
Net income of $35.7 million and diluted earnings per share totaled $0.38, an increase of $1.8 million, or $0.02 per share from the previous quarter and an increase of $1.0 million, or $0.01 per share from the fourth quarter of 2021
Record core pre-tax pre-provision net revenue (PPNR) totaled $55.3 million, an increase of $6.4 million from the previous quarter and an increase of $14.4 million from the fourth quarter of 2021
Total loans increased $291.3 million, or 15.7% annualized, from the previous quarter, driven by broad-based growth in nearly all commercial and consumer categories
Record net interest income (FTE) of $88.3 million increased $5.7 million from the previous quarter and $17.8 million from the fourth quarter of 2021
Forward Guidance
First Commonwealth is excited about the integration of Centric Bank and opportunities with the de novo Equipment Finance business. Ongoing investments in talent, technology, and the regional business model position the company well for the future.
Positive Outlook
- Integration of Centric Bank into the franchise
- Opportunities with an enhanced presence in Centric Bank's markets
- De novo Equipment Finance business contributing meaningfully to growth
- Augmentation of the commercial lending business
- Ongoing investments in talent, technology, and regional business model
Historical Earnings Impact
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Avg. Return Before/After Earnings
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