First Commonwealth Financial Corporation (FCF) has reported 27.38 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $15.89 million in the quarter, compared with $12.47 million for the same period last year. Revenue during the quarter grew 16.83 percent to $66.52 million from $56.94 million in the previous year period. Net interest income for the quarter rose 6.17 percent over the prior year period to $52.82 million. Non-interest income for the quarter rose 23.46 percent over the last year period to $16.93 million.
First Commonwealth Financial Corporation has made provision of $3.23 million for loan losses during the quarter, down 50.52 percent from $6.53 million in the same period last year.
Net interest margin improved 21 basis points to 3.50 percent in the quarter from 3.29 percent in the last year period.
“This was, yet again, another solid quarter for First Commonwealth and a strong start to the year,” stated T. Michael Price, president and chief executive officer. "Our quarterly performance was highlighted by a second consecutive quarter of net interest margin expansion and disciplined expense control. I am pleased with the progress of our recent expansion efforts in Ohio. Our acquisition of 13 branches in December 2016 has established a retail base in northeast Ohio, and we anticipate a seamless transition for Delaware County Bank customers in central Ohio as well.” Price continued, “I am genuinely excited about the growth opportunities afforded by these new markets as we continue to deliver long-term value to all of our stakeholders."
Assets outpace liabilities growthTotal assets stood at $6,808.98 million as on Mar. 31, 2017, up 1.64 percent compared with $6,699.15 million on Mar. 31, 2016. On the other hand, total liabilities stood at $6,047.98 million as on Mar. 31, 2017, up 1.38 percent from $5,965.84 million on Mar. 31, 2016. Loans outpace deposit growthNet loans stood at $4,859.28 million as on Mar. 31, 2017, up 2.44 percent compared with $4,743.53 million on Mar. 31, 2016. Deposits stood at $4,969.73 million as on Mar. 31, 2017, up 15.53 percent compared with $4,301.66 million on Mar. 31, 2016. Noninterest-bearing deposit liabilities were $1,270.14 million or 25.56 percent of total deposits on Mar. 31, 2017, compared with $1,155.80 million or 26.87 percent of total deposits on Mar. 31, 2016.
Investments stood at $1,258.38 million as on Mar. 31, 2017, down 6.60 percent or $88.86 million from year-ago. Shareholders equity stood at $761 million as on Mar. 31, 2017, up 3.77 percent or $27.68 million from year-ago.
Return on average assets moved up 20 basis points to 0.96 percent in the quarter from 0.76 percent in the last year period. At the same time, return on average equity increased 164 basis points to 8.51 percent in the quarter from 6.87 percent in the last year period.
Nonperforming assets moved down 19.47 percent or $13.78 million to $57.02 million on Mar. 31, 2017 from $70.80 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.84 percent in the quarter, down from 1.06 percent in the last year period.
Capital ratios improveFirst Commonwealth Financial Corporation recorded an improvement in capital ratios during the quarter. Tier-1 leverage ratio stood at 9.90 percent for the quarter, up from 9.80 percent for the previous year quarter. Equity to assets ratio was 11.20 percent for the quarter, up from 10.90 percent for the previous year quarter. Book value per share was $8.54 for the quarter, up 3.64 percent or $0.30 compared to $8.24 for the same period last year.
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