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Dec 31, 2023
First Commonwealth Q4 2023 Earnings Report
First Commonwealth's financial performance resulted in record net income and diluted earnings per share, driven by growth in key loan portfolios and effective expense management.
Key Takeaways
First Commonwealth Financial Corporation announced record net income of $44.8 million and diluted earnings per share of $0.44 for Q4 2023. Total loans increased by $63.7 million, driven by growth in the Equipment Finance and Commercial Construction portfolios, while average deposits increased by $37.3 million. The company's strong capital position was highlighted by a Bank-level Common Equity Tier 1 Capital ratio of 11.0%.
Record net income of $44.8 million and record diluted earnings per share of $0.44, increased from the previous quarter and the fourth quarter of 2022.
Total loans increased $63.7 million, driven by growth in the Equipment Finance and Commercial Construction portfolios.
Average deposits increased $37.3 million compared to the prior quarter.
Noninterest expense decreased $2.0 million from the previous quarter.
First Commonwealth
First Commonwealth
Forward Guidance
While the economic outlook remains uncertain going into 2024, First Commonwealth will remain focused on building on this positive momentum and continuing to live out their mission to improve the financial lives of their neighbors and their businesses.