INDIANA, Pa., July 29, 2025 (GLOBE NEWSWIRE) -- First Commonwealth Financial Corporation (NYSE: FCF) today announced financial results for the second quarter of 2025.
Financial Summary
(dollars in thousands, | For the Three Months Ended | For the Six Months Ended | |||||||||||||||||
except per share data) | June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||
2025 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||
Reported Results | |||||||||||||||||||
Net income | $ | 33,402 | $ | 32,696 | $ | 37,088 | $ | 66,098 | $ | 74,637 | |||||||||
Diluted earnings per share | $ | 0.32 | $ | 0.32 | $ | 0.36 | $ | 0.64 | $ | 0.73 | |||||||||
Return on average assets | 1.11 | % | 1.14 | % | 1.28 | % | 1.12 | % | 1.29 | % | |||||||||
Return on average equity | 8.97 | % | 9.28 | % | 11.10 | % | 9.12 | % | 11.24 | % | |||||||||
Operating Results (non-GAAP)(1) | |||||||||||||||||||
Core net income | $ | 39,496 | $ | 32,779 | $ | 37,070 | $ | 72,276 | $ | 74,709 | |||||||||
Core diluted earnings per share | $ | 0.38 | $ | 0.32 | $ | 0.36 | $ | 0.70 | $ | 0.73 | |||||||||
Core pre-tax pre-provision net revenue | $ | 58,677 | $ | 46,879 | $ | 54,381 | $ | 105,556 | $ | 105,214 | |||||||||
Provision expense | $ | 8,898 | $ | 5,736 | $ | 7,827 | $ | 14,634 | $ | 12,065 | |||||||||
Provision for credit losses - acquisition day 1 non-PCD | $ | 3,759 | $ | — | $ | — | $ | 3,759 | $ | — | |||||||||
Net charge-offs | $ | 2,758 | $ | 3,098 | $ | 4,402 | $ | 5,856 | $ | 8,704 | |||||||||
Reserve build/(release)(2) | $ | 13,035 | $ | 1,025 | $ | 4,556 | $ | 14,060 | $ | 5,936 | |||||||||
Core return on average assets (ROAA) | 1.31 | % | 1.14 | % | 1.27 | % | 1.23 | % | 1.29 | % | |||||||||
Core pre-tax pre-provision ROAA | 1.95 | % | 1.63 | % | 1.87 | % | 1.79 | % | 1.82 | % | |||||||||
Return on average tangible common equity | 12.59 | % | 13.02 | % | 15.94 | % | 12.80 | % | 16.22 | % | |||||||||
Core return on average tangible common equity | 14.82 | % | 13.05 | % | 15.93 | % | 13.96 | % | 16.24 | % | |||||||||
Core efficiency ratio | 54.06 | % | 59.08 | % | 53.63 | % | 56.44 | % | 54.33 | % | |||||||||
Net interest margin (FTE) | 3.83 | % | 3.62 | % | 3.57 | % | 3.73 | % | 3.55 | % | |||||||||
(1) Core operating results are a non-GAAP measure used by management to measure performance in operating the business that management believes enhances investors' ability to better understand the underlying business performance and trends related to core business activities. A full reconciliation of non-GAAP financial measures may be found at the end of the financial statements which accompany this release.
(2) Reserve build/(release) represents the net change in the Company's allowance for credit losses (ACL) from the prior period.
Second Quarter 2025 Highlights
Financial results
GAAP Net income of $33.4 million and diluted earnings per share of $0.32 represented an increase of $0.7 million from the prior quarter and a decrease of $3.7 million, or $0.04 per share, from the second quarter of 2024
Core net income(1) of $39.5 million and core earnings per share of $0.38 represented an increase of $6.7 million, or $0.06 per share from the prior quarter and an increase of $2.4 million or $0.02 per share, from the second quarter of 2024
Core pre-tax pre-provision net revenue (PPNR)(1) totaled $58.7 million, an increase of $11.8 million from the previous quarter and an increase of $4.3 million from the second quarter of 2024
Net interest income (FTE) of $106.6 million increased $10.7 million from the previous quarter and increased $11.3 million from the second quarter of 2024
Noninterest income (excluding securities gains and losses) of $24.7 million increased $2.3 million from the previous quarter and decreased $0.4 from the second quarter of 2024. The decrease from the prior year was due to lower card-related interchange income as a result of the full implementation of the Durbin amendment
Noninterest expense (excluding merger-related expense) of $72.3 million increased $1.2 million from the previous quarter
Average deposits (excluding acquired balances) increased $91.6 million, or 3.8% annualized, compared to the prior quarter
End of period deposits (excluding acquired balances) decreased $35.1 million, or 1.4% annualized, compared to the prior quarter
Total loans (excluding acquired balances) increased $183.7 million, or 8.1% annualized, from the previous quarter
The loan-to-deposit ratio increased to 95.1% at the end of the second quarter of 2025 as compared to 92.6% at the end of the previous quarter
Total shareholder’s equity increased $70.7 million from the previous quarter due to $45.9 million in equity issued for the CenterGroup acquisition, a $19.5 million increase in retained earnings and $5.0 million improvement in accumulated other comprehensive income (AOCI).
Tangible book value per share increased $0.19, or 7.3% annualized, from the previous quarter
AOCI as a percentage of tangible common equity was 6.8% in the second quarter of 2025 as compared to 7.6% in the previous quarter
First Commonwealth Bank (the Bank) has been recognized for the fourth consecutive year by Forbes as one of the World’s Best Banks for 2025
Profitability
The core efficiency ratio(1) of 54.1% improved 501 basis points from the previous quarter
The return on average assets (ROA) decreased three basis points to 1.11% compared to previous quarter
The core return on average assets(1) increased 17 basis points to 1.31% compared to the previous quarter
Core pre-tax pre-provision ROA(1) for the quarter ended June 30, 2025 increased 32 basis points to 1.95% as compared to 1.63% in the prior quarter and 1.87% in the second quarter of 2024
The net interest margin of 3.83% increased 21 basis points compared to the prior quarter and increased 26 basis points as compared to the second quarter of 2024
The acquisition of CenterBank contributed four basis points of the increase from the prior quarter due to the accretion of purchase accounting marks
The expiration of $150 million in macro swaps on May 1st contributed three basis points to the increase from prior quarter
Higher yields on new loan volume contributed nine basis points of the increase from prior quarter
A five basis point improvement in the cost of funds contributed five basis points of the increase from prior quarter
There were no material security gains during the quarter
Asset quality
The provision for credit losses (excluding acquisition Day-1 non-PCD provision for CenterGroup) was $8.9 million, an increase of $3.2 million compared to the previous quarter
The allowance for credit losses as a percentage of period-end loans was 1.39%, an increase of seven basis points from the previous quarter
Total criticized loans increased $64.4 million from the previous quarter
Total nonperforming loans of $99.5 million increased $40.1 million from the previous quarter driven by an individual commercial floorplan relationship that was transferred to nonaccrual status during the second quarter of 2025
Net charge-offs on loans totaled $2.8 million, a decrease of $0.3 million from the previous quarter
Net charge-offs as a percentage of average loans (annualized) was 0.12% in the second quarter of 2025 as compared to 0.14% in the previous quarter
Strong capital and liquidity positions
The Bank-level Total Capital ratio was 13.4% at June 30, 2025, which represents $338.5 million in excess capital above the regulatory “well capitalized” requirement of 10.0%
On April 28, 2025, the Board of Directors authorized a 3.7% increase in the quarterly cash dividend to shareholders
There were 32,844 shares repurchased during the second quarter of 2025. The remaining capacity under the current program was $6.2 million as of June 30, 2025. On July 29, 2025, the Board of Directors authorized an additional $25 million share repurchase program.
“We are pleased to report a strong second quarter, marked by significant net interest margin expansion, robust loan growth, and the successful completion of the CenterBank acquisition,” stated T. Michael Price, President and Chief Executive Officer. “Our focus on organic growth and strategic acquisitions continues to position First Commonwealth for sustained success, delivering value to our shareholders and communities.”
Earnings
GAAP net income for the second quarter of 2025 was $33.4 million, or $0.32 per share, compared to $32.7 million, or $0.32 per share in the first quarter of 2025, and $37.1 million, or $0.36 per share for the second quarter of 2024.
Core net income for the second quarter of 2025 was $39.5 million, or $0.38 per share, compared to $32.8 million, or $0.32 per share in the first quarter of 2025, and $37.1 million, or $0.36 per share for the second quarter of 2024.
Net Interest Income and Net Interest Margin
Net interest income (FTE) of $106.6 million increased $10.7 million from the previous quarter and increased $11.3 million from the prior year quarter. The increase from the previous quarter was primarily due to a 21 basis point expansion in the net interest margin and a $411.1 million increase in interest earning assets.
The net interest margin for the second quarter of 2025 was 3.83%, an increase of 21 basis points from the previous quarter and an increase of 26 basis points from the second quarter of 2024. The increase from the previous quarter was due primarily to a 17 basis point increase in the yield on loans and a nine basis point increase in the yield on securities. The net interest margin benefitted further by an eight basis point decrease in the cost of deposits. The total cost of funds was 2.02% in the second quarter of 2025, which represents a decrease of five basis points from the previous quarter.
Total average deposits (excluding acquired deposits) grew $91.6 million, or 3.8% annualized, in the second quarter of 2025 as compared to the previous quarter. Average interest-bearing demand and savings deposits (excluding acquired deposits) grew $130.9 million, average noninterest-bearing deposits (excluding acquired deposits) grew $36.8 million and average time deposits (excluding acquired deposits) decreased $76.1 million from the previous quarter.
Total average loans (excluding acquired loans) grew $164.5 million, or 7.3% annualized, in the second quarter of 2025 as compared to the previous quarter.
Asset Quality
Provision (excluding acquisition Day-1 non-PCD provision for CenterGroup) expense in the second quarter of 2025 totaled $8.9 million as compared to $5.7 million in the previous quarter. The increase in the provision expense from the previous quarter was primarily the result of a $2.6 million increase in specific reserves. The increase in specific reserves was driven by a commercial floorplan relationship that was moved to nonaccrual status during the quarter. The commercial dealer floorplan portfolio totaled $152.7 million as of June 30, 2025.
The allowance for credit losses as a percentage of end-of-period loans in the second quarter of 2025 was 1.39% as compared to 1.32% in the previous quarter.
At June 30, 2025, nonperforming loans totaled $99.5 million, an increase of $40.1 million from the previous quarter. The increase in nonperforming loans was primarily due to the aforementioned dealer floorplan relationship, which was moved into nonaccrual status and $8.4 million of acquired nonperforming loans.
Nonperforming loans represented 1.04% of total loans for the period ended June 30, 2025 as compared to 0.65% and 0.64% for the periods ended March 31, 2025 and June 30, 2024, respectively.
During the second quarter of 2025, net charge-offs were $2.8 million as compared to $3.1 million in the previous quarter and $4.4 million in the second quarter of 2024.
Net charge-offs as a percentage of average loans (annualized) were 0.12%, 0.14% and 0.20% for the periods ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively.
Noninterest Income and Noninterest Expense
Noninterest income (excluding securities gains and losses) totaled $24.7 million for the second quarter of 2025, as compared to $22.5 million for the first quarter of 2025 and $25.2 million for the second quarter of 2024.
The $2.3 million increase from the previous quarter was primarily due to a $0.4 million increase in other income which includes a $0.4 million increase in gain on sale of Small Business Administration (SBA) loans and a $0.4 million gain on the sale of property held as Other Real Estate Owned (OREO), a $0.4 million increase in gain on sale of mortgage loans, a $0.4 million increase in Bank Owned Life Insurance (BOLI) income, and a $0.2 million increase in other revenue due to limited partnership gains, partially offset by a $0.4 million decrease in swap fee income.
There were no material security gains during the quarter.
Noninterest expense (excluding merger-related expense) of $72.3 million increased $1.2 million from the previous quarter. The increase from the previous quarter was driven by a $1.0 million increase in other operating expenses primarily driven by higher loan expenses related to higher loan volume, a $0.4 million increase in furniture and equipment and a $0.3 million increase in other professional fees. Partially offsetting these increases was a $0.8 million decrease in occupancy expense.
The core efficiency ratio was 54.1% during the second quarter of 2025 as compared to 59.1% in the previous quarter and 53.6% in the second quarter of 2024.
Full time equivalent staff was 1,562 at June 30, 2025, 1,538 at March 31, 2025, and 1,472 at June 30, 2024.
Dividends and Capital
First Commonwealth Financial Corporation declared a common stock quarterly dividend of $0.135 per share, which represents a 3.9% increase from the second quarter of 2024. The cash dividend is payable on August 22, 2025 to shareholders of record as of August 8, 2025. This dividend represents a 3.3% projected annual yield utilizing the July 28, 2025 closing market price of $16.31.
On July 29, 2025, the Board of Directors authorized an additional $25 million share repurchase program.
First Commonwealth’s capital ratios for Total, Tier I, Leverage and Common Equity Tier I at June 30, 2025 were 14.4%, 12.7%, 10.7% and 12.0%, respectively. First Commonwealth’s current capital levels exceed the fully phased-in Basel III capital requirements issued by U.S. bank regulators.
Conference Call
First Commonwealth will host a quarterly conference call to discuss its financial results for the second quarter of 2025 on Wednesday, July 30, 2025 at 2:00 PM (ET). The call can be accessed by dialing (toll free) 1-888-330-3181 conference ID # 4651379 or through the Company’s web page, http://www.fcbanking.com/InvestorRelations. A replay of the call will be available approximately one hour following the conclusion of the conference by dialing 1-800-770-2030 and entering the conference ID # 4651379. A link to the webcast replay will also be accessible on the Company’s webpage for 30 days.
About First Commonwealth Financial Corporation
First Commonwealth Financial Corporation (NYSE: FCF), headquartered in Indiana, Pennsylvania, is a financial services Company with 127 community banking offices in 30 counties throughout western and central Pennsylvania and throughout Ohio, as well as commercial lending operations in Pittsburgh and Harrisburg, Pennsylvania, and Canton, Cleveland, Columbus and Cincinnati, Ohio. The Company also operates mortgage offices in Wexford, Pennsylvania, as well as Hudson and Lewis Center, Ohio. First Commonwealth provides a full range of commercial banking, consumer banking, mortgage, equipment finance, wealth management and insurance products and services through its subsidiaries First Commonwealth Bank and First Commonwealth Insurance Agency. For more information about First Commonwealth or to open an account today, please visit www.fcbanking.com.
Forward-Looking Statements
Certain statements contained in this release that are not historical facts may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the Securities and Exchange Commission, in press releases, and in oral and written statements made by us or with our approval that are not statements of historical fact and constitute “forward-looking statements” as well. These statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of words such as “may,” “will,” “should,” “could,” “would,” “plan,” “believe,” “expect,” “anticipate,” “intend,” “estimate” or words of similar meaning. These forward-looking statements are subject to significant risks, assumptions and uncertainties, and could be affected by many factors, including, but not limited to: (1) volatility and disruption in national and international financial markets; (2) the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board; (3) inflation, interest rate, commodity price, securities market and monetary fluctuations; (4) the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which First Commonwealth or its customers must comply; (5) the soundness of other financial institutions; (6) political instability; (7) impairment of First Commonwealth’s goodwill or other intangible assets; (8) acts of God or of war or terrorism; (9) the timely development and acceptance of new products and services and perceived overall value of these products and services by users; (10) changes in consumer spending, borrowings and savings habits; (11) changes in the financial performance and/or condition of First Commonwealth’s borrowers; (12) technological changes; (13) acquisitions and integration of acquired businesses; (14) First Commonwealth’s ability to attract and retain qualified employees; (15) changes in the competitive environment in First Commonwealth’s markets and among banking organizations and other financial service providers; (16) the ability to increase market share and control expenses; (17) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters; (18) the reliability of First Commonwealth’s vendors, internal control systems or information systems; (19) the costs and effects of legal and regulatory developments, the resolution of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals; and (20) other risks and uncertainties described in this report and in the other reports that we file with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K.
In light of these risks, uncertainties and assumptions, you should not place undue reliance on any forward-looking statements in this release. We undertake no obligation to publicly update or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Media Relations:
Ron Wahl
Communications and Media Relations
Phone: 724-463-6806
E-mail: RWahl@fcbanking.com
Investor Relations:
Ryan M. Thomas
Vice President / Finance and Investor Relations
Phone: 724-463-1690
E-mail: RThomas1@fcbanking.com
FIRST COMMONWEALTH FINANCIAL CORPORATION | |||||||||||||||||||
CONSOLIDATED FINANCIAL DATA | |||||||||||||||||||
Unaudited | |||||||||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | |||||||||||||||
2025 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||
SUMMARY RESULTS OF OPERATIONS | |||||||||||||||||||
Net interest income | $ | 106,241 | $ | 95,522 | $ | 94,992 | $ | 201,763 | $ | 187,296 | |||||||||
Provision for credit losses | 8,898 | 5,736 | 7,827 | 14,634 | 12,065 | ||||||||||||||
Provision for credit losses — acquisition day 1 non-PCD | 3,759 | — | — | 3,759 | — | ||||||||||||||
Noninterest income | 24,749 | 22,502 | 25,210 | 47,251 | 49,198 | ||||||||||||||
Noninterest expense | 76,268 | 71,250 | 65,798 | 147,518 | 131,371 | ||||||||||||||
Net income | 33,402 | 32,696 | 37,088 | 66,098 | 74,637 | ||||||||||||||
Core net income(5) | 39,496 | 32,779 | 37,070 | 72,276 | 74,709 | ||||||||||||||
Earnings per common share (diluted) | $ | 0.32 | $ | 0.32 | $ | 0.36 | $ | 0.64 | $ | 0.73 | |||||||||
Core earnings per common share (diluted)(6) | $ | 0.38 | $ | 0.32 | $ | 0.36 | $ | 0.70 | $ | 0.73 | |||||||||
KEY FINANCIAL RATIOS | |||||||||||||||||||
Return on average assets | 1.11 | % | 1.14 | % | 1.28 | % | 1.12 | % | 1.29 | % | |||||||||
Core return on average assets(7) | 1.31 | % | 1.14 | % | 1.27 | % | 1.23 | % | 1.29 | % | |||||||||
Return on average assets, pre-provision, pre-tax | 1.81 | % | 1.62 | % | 1.87 | % | 1.72 | % | 1.82 | % | |||||||||
Core return on average assets, pre-provision, pre-tax | 1.95 | % | 1.63 | % | 1.87 | % | 1.79 | % | 1.82 | % | |||||||||
Return on average shareholders' equity | 8.97 | % | 9.28 | % | 11.10 | % | 9.12 | % | 11.24 | % | |||||||||
Return on average tangible common equity(8) | 12.59 | % | 13.02 | % | 15.94 | % | 12.80 | % | 16.22 | % | |||||||||
Core return on average tangible common equity(9) | 14.82 | % | 13.05 | % | 15.93 | % | 13.96 | % | 16.24 | % | |||||||||
Core efficiency ratio(2)(10) | 54.06 | % | 59.08 | % | 53.63 | % | 56.44 | % | 54.33 | % | |||||||||
Net interest margin (FTE)(1) | 3.83 | % | 3.62 | % | 3.57 | % | 3.73 | % | 3.55 | % | |||||||||
Book value per common share | $ | 14.47 | $ | 14.20 | $ | 13.32 | |||||||||||||
Tangible book value per common share(11) | 10.63 | 10.44 | 9.56 | ||||||||||||||||
Market value per common share | 16.23 | 15.54 | 13.81 | ||||||||||||||||
Cash dividends declared per common share | 0.135 | 0.130 | 0.130 | 0.265 | 0.255 | ||||||||||||||
ASSET QUALITY RATIOS | |||||||||||||||||||
Nonperforming loans and leases as a percent of end-of-period loans and leases(3) | 1.04 | % | 0.65 | % | 0.63 | % | |||||||||||||
Nonperforming assets as a percent of total assets(3) | 0.83 | % | 0.52 | % | 0.51 | % | |||||||||||||
Net charge-offs as a percent of average loans and leases (annualized)(4) | 0.12 | % | 0.14 | % | 0.20 | % | |||||||||||||
Allowance for credit losses as a percent of nonperforming loans and leases(4) | 133.62 | % | 201.89 | % | 216.48 | % | |||||||||||||
Allowance for credit losses as a percent of end-of-period loans and leases(4) | 1.39 | % | 1.32 | % | 1.37 | % | |||||||||||||
CAPITAL RATIOS | |||||||||||||||||||
Shareholders' equity as a percent of total assets | 12.4 | % | 12.3 | % | 11.7 | % | |||||||||||||
Tangible common equity as a percent of tangible assets(12) | 9.4 | % | 9.3 | % | 8.7 | % | |||||||||||||
Leverage Ratio | 10.7 | % | 10.7 | % | 10.2 | % | |||||||||||||
Risk Based Capital - Tier I | 12.7 | % | 12.9 | % | 12.5 | % | |||||||||||||
Risk Based Capital - Total | 14.4 | % | 14.7 | % | 14.2 | % | |||||||||||||
Common Equity - Tier I | 12.0 | % | 12.2 | % | 11.7 | % | |||||||||||||
FIRST COMMONWEALTH FINANCIAL CORPORATION | |||||||||||||||
CONSOLIDATED FINANCIAL DATA | |||||||||||||||
Unaudited | |||||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | |||||||||||
2025 | 2025 | 2024 | 2025 | 2024 | |||||||||||
INCOME STATEMENT | |||||||||||||||
Interest income | $ | 158,926 | $ | 147,128 | $ | 150,682 | $ | 306,054 | $ | 296,144 | |||||
Interest expense | 52,685 | 51,606 | 55,690 | 104,291 | 108,848 | ||||||||||
Net Interest Income | 106,241 | 95,522 | 94,992 | 201,763 | 187,296 | ||||||||||
Provision for credit losses | 8,898 | 5,736 | 7,827 | 14,634 | 12,065 | ||||||||||
Provision for credit losses - acquisition day 1 non-PCD | 3,759 | — | — | 3,759 | — | ||||||||||
Net Interest Income after Provision for Credit Losses | 93,584 | 89,786 | 87,165 | 183,370 | 175,231 | ||||||||||
Net securities losses | — | (5,142 | ) | (5,535 | ) | (5,142 | ) | (5,535 | ) | ||||||
Gain on sale of VISA | — | 5,146 | 5,558 | 5,146 | 5,558 | ||||||||||
Trust income | 3,029 | 3,022 | 2,821 | 6,051 | 5,548 | ||||||||||
Service charges on deposit accounts | 5,595 | 5,438 | 5,546 | 11,033 | 10,929 | ||||||||||
Insurance and retail brokerage commissions | 3,097 | 3,170 | 3,154 | 6,267 | 5,805 | ||||||||||
Income from bank owned life insurance | 1,938 | 1,502 | 1,371 | 3,440 | 2,665 | ||||||||||
Gain on sale of mortgage loans | 1,836 | 1,387 | 1,671 | 3,223 | 2,999 | ||||||||||
Gain on sale of other loans and assets | 2,217 | 1,388 | 1,408 | 3,605 | 3,459 | ||||||||||
Card-related interchange income | 3,998 | 3,654 | 7,137 | 7,652 | 13,827 | ||||||||||
Derivative mark-to-market | — | (153 | ) | — | (153 | ) | 12 | ||||||||
Swap fee income | 439 | 835 | — | 1,274 | — | ||||||||||
Other income | 2,600 | 2,255 | 2,079 | 4,855 | 3,931 | ||||||||||
Total Noninterest Income | 24,749 | 22,502 | 25,210 | 47,251 | 49,198 | ||||||||||
Salaries and employee benefits | 40,584 | 40,415 | 37,320 | 80,999 | 72,644 | ||||||||||
Net occupancy | 4,894 | 5,729 | 4,822 | 10,623 | 10,156 | ||||||||||
Furniture and equipment | 4,547 | 4,193 | 4,278 | 8,740 | 8,758 | ||||||||||
Data processing | 4,085 | 3,817 | 3,840 | 7,902 | 7,664 | ||||||||||
Pennsylvania shares tax | 1,338 | 1,337 | 1,126 | 2,675 | 2,328 | ||||||||||
Advertising and promotion | 1,457 | 1,372 | 898 | 2,829 | 2,217 | ||||||||||
Intangible amortization | 1,311 | 1,131 | 1,169 | 2,442 | 2,433 | ||||||||||
Other professional fees and services | 1,903 | 1,620 | 1,286 | 3,523 | 2,528 | ||||||||||
FDIC insurance | 1,550 | 1,379 | 1,286 | 2,929 | 2,899 | ||||||||||
Litigation and operational losses | 470 | 793 | 494 | 1,263 | 1,491 | ||||||||||
Loss on sale or write-down of assets | 71 | 215 | 77 | 286 | 220 | ||||||||||
Loss on early redemption of subordinated debt | — | — | 369 | — | 369 | ||||||||||
Merger and acquisition | 3,955 | 109 | — | 4,064 | 114 | ||||||||||
Other operating expenses | 10,103 | 9,140 | 8,833 | 19,243 | 17,550 | ||||||||||
Total Noninterest Expense | 76,268 | 71,250 | 65,798 | 147,518 | 131,371 | ||||||||||
Income before Income Taxes | 42,065 | 41,038 | 46,577 | 83,103 | 93,058 | ||||||||||
Income tax provision | 8,663 | 8,342 | 9,489 | 17,005 | 18,421 | ||||||||||
Net Income | $ | 33,402 | $ | 32,696 | $ | 37,088 | $ | 66,098 | $ | 74,637 | |||||
Shares Outstanding at End of Period | 104,925,587 | 101,927,219 | 102,297,847 | 104,925,587 | 102,297,847 | ||||||||||
Average Shares Outstanding Assuming Dilution | 103,928,428 | 101,859,825 | 102,287,598 | 102,886,345 | 102,238,489 | ||||||||||
FIRST COMMONWEALTH FINANCIAL CORPORATION | |||||||||||
CONSOLIDATED FINANCIAL DATA | |||||||||||
Unaudited | |||||||||||
(dollars in thousands) | |||||||||||
June 30, | March 31, | June 30, | |||||||||
2025 | 2025 | 2024 | |||||||||
BALANCE SHEET (Period End) | |||||||||||
Assets | |||||||||||
Cash and due from banks | $ | 121,052 | $ | 118,792 | $ | 109,907 | |||||
Interest-bearing bank deposits | 39,114 | 22,566 | 78,386 | ||||||||
Securities available for sale, at fair value | 1,153,323 | 1,186,438 | 1,101,154 | ||||||||
Securities held to maturity, at amortized cost | 498,043 | 519,029 | 453,820 | ||||||||
Loans held for sale | 42,993 | 41,587 | 50,769 | ||||||||
Loans and leases | 9,570,815 | 9,093,140 | 8,994,890 | ||||||||
Allowance for credit losses | (132,966 | ) | (119,931 | ) | (123,654 | ) | |||||
Net loans and leases | 9,437,849 | 8,973,209 | 8,871,236 | ||||||||
Goodwill and other intangibles | 402,558 | 382,514 | 384,854 | ||||||||
Other assets | 542,215 | 542,263 | 576,747 | ||||||||
Total Assets | $ | 12,237,147 | $ | 11,786,398 | $ | 11,626,873 | |||||
Liabilities and Shareholders' Equity | |||||||||||
Noninterest-bearing demand deposits | $ | 2,326,836 | $ | 2,273,858 | $ | 2,304,830 | |||||
Interest-bearing demand deposits | 1,885,953 | 1,835,568 | 1,865,478 | ||||||||
Savings deposits | 4,132,508 | 4,029,705 | 3,710,117 | ||||||||
Time deposits | 1,759,285 | 1,722,526 | 1,528,496 | ||||||||
Total interest-bearing deposits | 7,777,746 | 7,587,799 | 7,104,091 | ||||||||
Total deposits | 10,104,582 | 9,861,657 | 9,408,921 | ||||||||
Short-term borrowings | 225,874 | 77,515 | 537,613 | ||||||||
Long-term borrowings | 262,369 | 262,679 | 136,581 | ||||||||
Total borrowings | 488,243 | 340,194 | 674,194 | ||||||||
Other liabilities | 126,555 | 137,496 | 181,253 | ||||||||
Shareholders' equity | 1,517,767 | 1,447,051 | 1,362,505 | ||||||||
Total Liabilities and Shareholders' Equity | $ | 12,237,147 | $ | 11,786,398 | $ | 11,626,873 | |||||
FIRST COMMONWEALTH FINANCIAL CORPORATION |
CONSOLIDATED FINANCIAL DATA |
Unaudited |
(dollars in thousands) |
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||
June 30, | Yield/ | March 31, | Yield/ | June 30, | Yield/ | June 30, | Yield/ | June 30, | Yield/ | ||||||||||||
2025 | Rate | 2025 | Rate | 2024 | Rate | 2025 | Rate | 2024 | Rate | ||||||||||||
NET INTEREST MARGIN | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Loans and leases (FTE)(1)(3) | $ | 9,430,284 | 6.09 | % | $ | 9,068,872 | 5.92 | % | $ | 9,017,288 | 6.06 | % | $ | 9,250,577 | 6.01 | % | $ | 9,007,969 | 6.01 | % | |
Interest bearing bank deposits | 59,614 | 4.85 | % | 76,836 | 4.72 | % | 208,360 | 5.58 | % | 68,177 | 4.78 | % | 160,398 | 5.80 | % | ||||||
Securities (FTE)(1) | 1,666,988 | 3.67 | % | 1,600,047 | 3.58 | % | 1,510,409 | 3.23 | % | 1,633,703 | 3.63 | % | 1,491,322 | 3.14 | % | ||||||
Total Interest-Earning Assets (FTE)(1) | 11,156,886 | 5.73 | % | 10,745,755 | 5.57 | % | 10,736,057 | 5.66 | % | 10,952,457 | 5.65 | % | 10,659,689 | 5.60 | % | ||||||
Noninterest-earning assets | 939,441 | 934,933 | 959,103 | 937,199 | 948,612 | ||||||||||||||||
Total Assets | $ | 12,096,327 | $ | 11,680,688 | $ | 11,695,160 | $ | 11,889,656 | $ | 11,608,301 | |||||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||||
Interest-bearing demand and savings deposits | $ | 5,998,326 | 2.09 | % | $ | 5,769,898 | 2.13 | % | $ | 5,629,028 | 2.20 | % | $ | 5,884,743 | 2.11 | % | $ | 5,591,841 | 2.16 | % | |
Time deposits | 1,747,881 | 3.82 | % | 1,763,492 | 4.07 | % | 1,504,544 | 4.35 | % | 1,755,643 | 3.94 | % | 1,445,752 | 4.28 | % | ||||||
Short-term borrowings | 146,503 | 4.12 | % | 50,725 | 2.88 | % | 545,551 | 4.67 | % | 98,879 | 3.81 | % | 570,717 | 4.62 | % | ||||||
Long-term borrowings | 262,633 | 4.98 | % | 262,809 | 5.00 | % | 170,963 | 5.52 | % | 262,720 | 4.99 | % | 178,780 | 5.65 | % | ||||||
Total Interest-Bearing Liabilities | 8,155,343 | 2.59 | % | 7,846,924 | 2.67 | % | 7,850,086 | 2.85 | % | 8,001,985 | 2.63 | % | 7,787,090 | 2.81 | % | ||||||
Noninterest-bearing deposits | 2,316,854 | 2,252,794 | 2,310,274 | 2,285,001 | 2,306,306 | ||||||||||||||||
Other liabilities | 131,218 | 151,957 | 190,440 | 141,531 | 180,062 | ||||||||||||||||
Shareholders' equity | 1,492,912 | 1,429,013 | 1,344,360 | 1,461,139 | 1,334,843 | ||||||||||||||||
Total Noninterest-Bearing Funding Sources | 3,940,984 | 3,833,764 | 3,845,074 | 3,887,671 | 3,821,211 | ||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 12,096,327 | $ | 11,680,688 | $ | 11,695,160 | $ | 11,889,656 | $ | 11,608,301 | |||||||||||
Net Interest Margin (FTE) (annualized)(1) | 3.83 | % | 3.62 | % | 3.57 | % | 3.73 | % | 3.55 | % | |||||||||||
FIRST COMMONWEALTH FINANCIAL CORPORATION | |||||||||
CONSOLIDATED FINANCIAL DATA | |||||||||
Unaudited | |||||||||
(dollars in thousands) | |||||||||
June 30, | March 31, | June 30, | |||||||
2025 | 2025 | 2024 | |||||||
Loan and Lease Portfolio Detail | |||||||||
Commercial Loan and Lease Portfolio: | |||||||||
Commercial, financial, agricultural and other | $ | 1,381,523 | $ | 1,276,420 | $ | 1,312,816 | |||
Commercial real estate | 3,366,267 | 3,158,440 | 3,077,013 | ||||||
Equipment finance loans and leases | 573,810 | 485,782 | 316,700 | ||||||
Real estate construction | 424,437 | 478,833 | 523,595 | ||||||
Total Commercial | 5,746,037 | 5,399,475 | 5,230,124 | ||||||
Consumer Loan Portfolio: | |||||||||
Closed-end mortgages | 1,879,468 | 1,826,760 | 1,902,173 | ||||||
Home equity lines of credit | 510,807 | 488,411 | 492,133 | ||||||
Real estate construction | 23,715 | 9,869 | 24,460 | ||||||
Total Real Estate - Consumer | 2,413,990 | 2,325,040 | 2,418,766 | ||||||
Auto & RV loans | 1,339,660 | 1,296,567 | 1,270,044 | ||||||
Direct installment | 24,659 | 24,962 | 26,807 | ||||||
Personal lines of credit | 44,475 | 45,079 | 46,932 | ||||||
Student loans | 1,994 | 2,017 | 2,217 | ||||||
Total Other Consumer | 1,410,788 | 1,368,625 | 1,346,000 | ||||||
Total Consumer Portfolio | 3,824,778 | 3,693,665 | 3,764,766 | ||||||
Total Portfolio Loans and Leases | 9,570,815 | 9,093,140 | 8,994,890 | ||||||
Loans held for sale | 42,993 | 41,587 | 50,769 | ||||||
Total Loans and Leases | $ | 9,613,808 | $ | 9,134,727 | $ | 9,045,659 | |||
June 30, | March 31, | June 30, | |||||||
2025 | 2025 | 2024 | |||||||
ASSET QUALITY DETAIL | |||||||||
Nonperforming Loans and Leases: | |||||||||
Loans and leases on nonaccrual basis | $ | 83,180 | $ | 50,536 | $ | 31,443 | |||
Loans on nonaccrual basis - acquisition | 16,327 | 8,869 | 25,676 | ||||||
Total Nonperforming Loans and Leases | $ | 99,507 | $ | 59,405 | $ | 57,119 | |||
Other real estate owned ("OREO") | 1,049 | 1,270 | 484 | ||||||
Repossessions ("Repos") | 945 | 621 | 1,456 | ||||||
Total Nonperforming Assets | $ | 101,501 | $ | 61,296 | $ | 59,059 | |||
Loans past due in excess of 90 days and still accruing | 1,297 | 1,156 | 1,753 | ||||||
Classified loans and leases | 130,020 | 88,929 | 103,111 | ||||||
Criticized loans and leases | 254,902 | 190,510 | 241,611 | ||||||
Nonperforming assets as a percentage of total loans and leases, plus OREO and Repos(4) | 1.06 | % | 0.67 | % | 0.66 | % | |||
Allowance for credit losses | $ | 132,966 | $ | 119,931 | $ | 123,654 | |||
FIRST COMMONWEALTH FINANCIAL CORPORATION |
CONSOLIDATED FINANCIAL DATA |
Unaudited |
(dollars in thousands) |
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||
2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||
Net Charge-offs (Recoveries): | ||||||||||||||||
Commercial, financial, agricultural and other | $ | 726 | $ | 329 | $ | 2,485 | $ | 1,055 | $ | 4,727 | ||||||
Real estate construction | — | — | 35 | — | 29 | |||||||||||
Commercial real estate | 613 | 1,308 | 331 | 1,921 | 500 | |||||||||||
Residential real estate | 72 | (29 | ) | 64 | 43 | 85 | ||||||||||
Loans to individuals | 1,347 | 1,490 | 1,487 | 2,837 | 3,363 | |||||||||||
Net Charge-offs | $ | 2,758 | $ | 3,098 | $ | 4,402 | $ | 5,856 | $ | 8,704 | ||||||
Net charge-offs as a percentage of average loans and leases outstanding (annualized)(4) | 0.12 | % | 0.14 | % | 0.20 | % | 0.13 | % | 0.19 | % | ||||||
Provision for credit losses as a percentage of net charge-offs | 322.63 | % | 185.15 | % | 177.81 | % | 249.90 | % | 138.61 | % | ||||||
Provision for credit losses | $ | 8,898 | $ | 5,736 | $ | 7,827 | $ | 14,634 | $ | 12,065 | ||||||
DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES | |||||||||||
Note: Management believes that it is standard practice in the banking industry to present these non-GAAP measures. These measures provide useful information to management and investors by allowing them to make peer comparisons. | |||||||||||
(1)Net interest income has been computed on a fully taxable equivalent basis ("FTE") using the federal income tax statutory rate of 21%. | |||||||||||
(2)Core efficiency ratio excludes from total revenue the impact of derivative mark-to-market and excludes from "total noninterest expense" the amortization of intangibles and any other unusual items deemed by management to not be related to normal operations, such as merger, acquisition and severance costs. | |||||||||||
(3)Includes held for sale loans. | |||||||||||
(4)Excludes held for sale loans. | |||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | |||||||
2025 | 2025 | 2024 | 2025 | 2024 | |||||||
Interest income | $ | 158,926 | $ | 147,128 | $ | 150,682 | $ | 306,054 | $ | 296,144 | |
Adjustment to fully taxable equivalent basis(1) | 341 | 335 | 329 | 676 | 652 | ||||||
Interest income adjusted to fully taxable equivalent basis (non-GAAP) | 159,267 | 147,463 | 151,011 | 306,730 | 296,796 | ||||||
Interest expense | 52,685 | 51,606 | 55,690 | 104,291 | 108,848 | ||||||
Net interest income, (FTE)(1) | $ | 106,582 | $ | 95,857 | $ | 95,321 | $ | 202,439 | $ | 187,948 | |
FIRST COMMONWEALTH FINANCIAL CORPORATION |
CONSOLIDATED FINANCIAL DATA |
Unaudited |
(dollars in thousands, except per share data) |
DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES | ||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||
2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||
Net Income | $ | 33,402 | $ | 32,696 | $ | 37,088 | $ | 66,098 | $ | 74,637 | ||||||
Intangible amortization | 1,311 | 1,131 | 1,169 | 2,442 | 2,433 | |||||||||||
Tax benefit of amortization of intangibles | (275 | ) | (238 | ) | (245 | ) | (513 | ) | (511 | ) | ||||||
Net Income, adjusted for tax affected amortization of intangibles | $ | 34,438 | $ | 33,589 | $ | 38,012 | $ | 68,027 | $ | 76,559 | ||||||
Average Tangible Equity: | ||||||||||||||||
Total shareholders' equity | $ | 1,492,912 | $ | 1,429,013 | $ | 1,344,360 | $ | 1,461,139 | $ | 1,334,843 | ||||||
Less: intangible assets | 395,772 | 382,919 | 385,332 | 389,381 | 385,686 | |||||||||||
Tangible Equity | 1,097,140 | 1,046,094 | 959,028 | 1,071,758 | 949,157 | |||||||||||
Less: preferred stock | — | — | — | — | — | |||||||||||
Tangible Common Equity | $ | 1,097,140 | $ | 1,046,094 | $ | 959,028 | $ | 1,071,758 | $ | 949,157 | ||||||
(8)Return on Average Tangible Common Equity | 12.59 | % | 13.02 | % | 15.94 | % | 12.80 | % | 16.22 | % | ||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||
2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||
Core Net Income: | ||||||||||||||||
Total Net Income | $ | 33,402 | $ | 32,696 | $ | 37,088 | $ | 66,098 | $ | 74,637 | ||||||
Net securities gains | — | (4 | ) | (23 | ) | (4 | ) | (23 | ) | |||||||
Tax benefit of net securities gains | — | 1 | 5 | 1 | 5 | |||||||||||
Merger and acquisition related expenses | 3,955 | 109 | — | 4,064 | 114 | |||||||||||
Tax benefit of merger and acquisition related expenses | (831 | ) | (23 | ) | — | (853 | ) | (24 | ) | |||||||
Provision for credit losses - acquisition day 1 non-PCD | 3,759 | — | — | 3,759 | — | |||||||||||
Tax benefit of provision for credit losses - acquisition day 1 non-PCD | (789 | ) | — | — | (789 | ) | — | |||||||||
(5)Core net income | $ | 39,496 | $ | 32,779 | $ | 37,070 | $ | 72,276 | $ | 74,709 | ||||||
Average Shares Outstanding Assuming Dilution | 103,928,428 | 101,859,825 | 102,287,598 | 102,886,345 | 102,238,489 | |||||||||||
(6)Core Earnings per common share (diluted) | $ | 0.38 | $ | 0.32 | $ | 0.36 | $ | 0.70 | $ | 0.73 | ||||||
Intangible amortization | 1,311 | 1,131 | 1,169 | 2,442 | 2,433 | |||||||||||
Tax benefit of amortization of intangibles | (275 | ) | (238 | ) | (245 | ) | (513 | ) | (511 | ) | ||||||
Core Net Income, adjusted for tax affected amortization of intangibles | $ | 40,532 | $ | 33,672 | $ | 37,994 | $ | 74,205 | $ | 76,631 | ||||||
(9)Core Return on Average Tangible Common Equity | 14.82 | % | 13.05 | % | 15.93 | % | 13.96 | % | 16.24 | % | ||||||
FIRST COMMONWEALTH FINANCIAL CORPORATION |
CONSOLIDATED FINANCIAL DATA |
Unaudited |
(dollars in thousands, except per share data) |
DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES | ||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||
2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||
Core Return on Average Assets: | ||||||||||||||||
Total Net Income | $ | 33,402 | $ | 32,696 | $ | 37,088 | $ | 66,098 | $ | 74,637 | ||||||
Total Average Assets | 12,096,327 | 11,680,688 | 11,695,160 | 11,889,656 | 11,608,301 | |||||||||||
Return on Average Assets | 1.11 | % | 1.14 | % | 1.28 | % | 1.12 | % | 1.29 | % | ||||||
Core Net Income(5) | $ | 39,496 | $ | 32,779 | $ | 37,070 | $ | 72,276 | $ | 74,709 | ||||||
Total Average Assets | 12,096,327 | 11,680,688 | 11,695,160 | 11,889,656 | 11,608,301 | |||||||||||
(7)Core Return on Average Assets | 1.31 | % | 1.14 | % | 1.27 | % | 1.23 | % | 1.29 | % | ||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||
2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||
Core Efficiency Ratio: | ||||||||||||||||
Total Noninterest Expense | $ | 76,268 | $ | 71,250 | $ | 65,798 | $ | 147,518 | $ | 131,371 | ||||||
Adjustments to Noninterest Expense: | ||||||||||||||||
Intangible amortization | 1,311 | 1,131 | 1,169 | 2,442 | 2,433 | |||||||||||
Merger and acquisition related | 3,955 | 109 | — | 4,064 | 114 | |||||||||||
Noninterest Expense - Core | $ | 71,002 | $ | 70,010 | $ | 64,629 | $ | 141,012 | $ | 128,824 | ||||||
Net interest income, (FTE) | $ | 106,582 | $ | 95,857 | $ | 95,321 | $ | 202,439 | $ | 187,948 | ||||||
Total noninterest income | 24,749 | 22,502 | 25,210 | 47,251 | 49,198 | |||||||||||
Net securities gains | — | (4 | ) | (23 | ) | (4 | ) | (23 | ) | |||||||
Total Revenue | 131,331 | 118,355 | 120,508 | 249,686 | 237,123 | |||||||||||
Adjustments to Revenue: | ||||||||||||||||
Derivative mark-to-market | — | (153 | ) | — | (153 | ) | 12 | |||||||||
Total Revenue - Core | $ | 131,331 | $ | 118,508 | $ | 120,508 | $ | 249,839 | $ | 237,111 | ||||||
(10)Core Efficiency Ratio | 54.06 | % | 59.08 | % | 53.63 | % | 56.44 | % | 54.33 | % | ||||||
FIRST COMMONWEALTH FINANCIAL CORPORATION |
CONSOLIDATED FINANCIAL DATA |
Unaudited |
(dollars in thousands) |
DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES | |||||||||
June 30, | March 31, | June 30, | |||||||
2025 | 2025 | 2024 | |||||||
Tangible Equity: | |||||||||
Total shareholders' equity | $ | 1,517,767 | $ | 1,447,051 | $ | 1,362,505 | |||
Less: intangible assets | 402,558 | 382,514 | 384,854 | ||||||
Tangible Equity | 1,115,209 | 1,064,537 | 977,651 | ||||||
Less: preferred stock | — | — | — | ||||||
Tangible Common Equity | $ | 1,115,209 | $ | 1,064,537 | $ | 977,651 | |||
Tangible Assets: | |||||||||
Total assets | $ | 12,237,147 | $ | 11,786,398 | $ | 11,626,873 | |||
Less: intangible assets | 402,558 | 382,514 | 384,854 | ||||||
Tangible Assets | $ | 11,834,589 | $ | 11,403,884 | $ | 11,242,019 | |||
(12)Tangible Common Equity as a percentage of Tangible Assets | 9.42 | % | 9.33 | % | 8.70 | % | |||
Shares Outstanding at End of Period | 104,925,587 | 101,927,219 | 102,297,847 | ||||||
(11)Tangible Book Value Per Common Share | $ | 10.63 | $ | 10.44 | $ | 9.56 | |||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | |||||||||||
2025 | 2025 | 2024 | 2025 | 2024 | |||||||||||
Pre-tax pre-provision net revenue: | |||||||||||||||
Net interest income | $ | 106,241 | $ | 95,522 | $ | 94,992 | $ | 201,763 | $ | 187,296 | |||||
Noninterest income | 24,749 | 22,502 | 25,210 | 47,251 | 49,198 | ||||||||||
Noninterest expense | 76,268 | 71,250 | 65,798 | 147,518 | 131,371 | ||||||||||
Pre-tax pre-provision net revenue | $ | 54,722 | $ | 46,774 | $ | 54,404 | $ | 101,496 | $ | 105,123 | |||||
Net securities gains | $ | — | $ | (4 | ) | $ | (23 | ) | $ | (4 | ) | $ | (23 | ) | |
Merger and acquisition related expenses | 3,955 | 109 | — | 4,064 | 114 | ||||||||||
Core pre-tax pre-provision net revenue | $ | 58,677 | $ | 46,879 | $ | 54,381 | $ | 105,556 | $ | 105,214 | |||||
Net charge-offs | $ | 2,758 | $ | 3,098 | $ | 4,402 | $ | 5,856 | $ | 8,704 | |||||