First Commonwealth Financial Corporation (FCF) has reported a 78.05 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $17.91 million, or $0.20 a share in the quarter, compared with $10.06 million, or $0.11 a share for the same period last year.
Revenue during the quarter grew 24.61 percent to $72.69 million from $58.33 million in the previous year period. Net interest income for the quarter rose 6.81 percent over the prior year period to $52.53 million. Non-interest income for the quarter rose 19.96 percent over the last year period to $18.33 million.
First Commonwealth Financial Corporation has made negative provision of $1.83 million for loan losses during the quarter, compared with a positive provision of $6.13 million in the same period last year.
Net interest margin improved 18 basis points to 3.44 percent in the quarter from 3.26 percent in the last year period.
"This was yet another solid quarter for First Commonwealth, providing a strong finish to a busy year. We are especially pleased by this year’s earnings per share growth of 20% over last year and our sub-60% core efficiency ratio," stated T. Michael Price, president and chief executive officer. "This continued momentum across our fundamental core businesses and expanded geographies is a reflection of our mission to build a top-performing banking franchise and thoughtfully grow shareholder value."
Assets outpace liabilities growth
Total assets stood at $6,684.02 million as on Dec. 31, 2016, up 1.78 percent compared with $6,566.89 million on Dec. 31, 2015. On the other hand, total liabilities stood at $5,934.09 million as on Dec. 31, 2016, up 1.48 percent from $5,847.34 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $4,829.16 million as on Dec. 31, 2016, up 4.24 percent compared with $4,632.94 million on Dec. 31, 2015. Deposits stood at $4,947.41 million as on Dec. 31, 2016, up 17.91 percent compared with $4,195.89 million on Dec. 31, 2015. Noninterest-bearing deposit liabilities were $1,268.79 million or 25.65 percent of total deposits on Dec. 31, 2016, compared with $1,116.69 million or 26.61 percent of total deposits on Dec. 31, 2015.
Investments stood at $1,187.62 million as on Dec. 31, 2016, down 10.96 percent or $146.21 million from year-ago. Shareholders equity stood at $749.93 million as on Dec. 31, 2016, up 4.22 percent or $30.38 million from year-ago.
Return on average assets moved up 46 basis points to 1.07 percent in the quarter from 0.61 percent in the last year period. At the same time, return on average equity increased 396 basis points to 9.46 percent in the quarter from 5.50 percent in the last year period.
Nonperforming assets moved down 19.20 percent or $11.61 million to $48.86 million on Dec. 31, 2016 from $60.47 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.73 percent in the quarter, down from 0.92 percent in the last year period.
Tier-1 leverage ratio stood at 9.80 percent for the quarter, down from 9.90 percent for the previous year quarter. Equity to assets ratio was 11.20 percent for the quarter, up from 11 percent for the previous year quarter. Book value per share was $8.43 for the quarter, up 4.20 percent or $0.34 compared to $8.09 for the same period last year.
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