GlobeNewswire·Oct 27, 2026, 5:00 PM ET

First Commonwealth Announces Third Quarter 2026 Earnings; Declares Quarterly Dividend and Announces Additional Share Repurchase Authorization

FCF

First Commonwealth Financial Corporation reported third-quarter 2026 net income of $44.9 million, or $0.45 per diluted share, an increase from $0.44 per share in the prior quarter.
Core net income for the quarter totaled $45.4 million, or $0.45 per core diluted share, representing a year-over-year increase of $0.06 per share from the third quarter of 2025.
Core pre-tax pre-provision net revenue increased to $65.5 million, up $0.5 million from the previous quarter.
Net interest income (FTE) rose to $116.7 million, driven by a 10 basis point expansion in the net interest margin to 4.11%.
Noninterest expense (excluding merger-related costs) increased to $78.1 million, primarily due to higher salaries, benefits, FDIC insurance, and a loss on the termination of a sale-leaseback agreement.
The core efficiency ratio increased to 53.15% from 52.24% in the prior quarter.
Provision for credit losses increased to $14.2 million, attributed to reserve builds for unfunded commitments and specific commercial credits.
Net charge-offs decreased to $4.6 million from $11.4 million in the prior quarter, resulting in an annualized net charge-off rate of 0.19%.
Total loans grew by $63.4 million to reach $9.54 billion, while end-of-period deposits increased by $13.8 million.
The loan-to-deposit ratio rose to 93.2% at the end of the quarter.
Nonperforming loans increased by $13.6 million to $95.2 million, primarily due to two commercial credits migrating to nonaccrual status.
The Common Equity Tier I capital ratio remained strong at 11.9%, exceeding regulatory requirements by $539.4 million.
The company repurchased approximately 4.16 million shares for $54.7 million during the quarter.
On October 27, 2026, the Board of Directors authorized an additional $25 million share repurchase program.
The company purchased $54.7 million in renewable energy tax credits, which reduced the income tax provision by $4.7 million.
A quarterly common stock dividend of $0.14 per share was declared, representing a 3.7% increase from the third quarter of 2025.