First Commonwealth Q1 2023 core EPS $0.45; raises dividend to $0.125, boosts buyback by $25M

FIRST COMMONWEALTH FINANCIAL CORP /PA/

2023-Q1 EPS reported $0.30

Net income of $30.2M ($0.30 diluted EPS); core net income of $45.4M ($0.45 core diluted EPS).
Net interest margin (FTE) 4.01% vs 3.19% a year ago; core ROAA 1.75%.
Quarterly cash dividend increased to $0.125 per share, and Board added $25M to share repurchase program.
Provision for credit losses was a net benefit of $2.65M, plus $10.65M acquisition day-1 non-PCD provision.
Core pre-tax pre-provision net revenue of $54.5M vs $36.5M in Q1 2022, a 49% increase.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FIRST COMMONWEALTH FINANCIAL CORP /PA/ reported the first quarter of 2023 results: net income $ 30,224, EPS $ 0.30.

Period: the first quarter of 2023
Net income: $ 30,224
EPS: $ 0.30
Result: reported results

Exact text from the filing

First Commonwealth Announces First Quarter 2023 Earnings; Increases Quarterly Dividend Indiana, PA, April 25, 2023 - First Commonwealth Financial Corporation (NYSE: FCF) today announced financial results for the first quarter of 2023. Financial Summary (dollars in thousands, For the Three Months Ended except per share data) March 31, December 31, March 31, 2023 2022 2022 Reported Results Net income $ 30,224 $ 35,733 $ 27,726 Diluted earnings per share $ 0.30 $ 0.38 $ 0.29

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Source: SEC EDGAR

accession 0000712537-23-000074

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