First Commonwealth Financial Corp. (FCF)
NYSE:FCF
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First Commonwealth
(NYSE:FCF)
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Rating:71Outperform
Price Target:
$20.50
▲(8.98% Upside)
Action:ReiteratedDate:05/01/26
The score is driven primarily by solid financial performance (durable profitability and a strong 2025 cash flow rebound) and reasonable valuation (P/E ~12 with a ~2.93% yield). The latest earnings call adds a moderately positive tilt via improving NIM guidance and capital return, but elevated provisioning/NPLs and only neutral technical momentum keep the overall score in the low 70s.
Positive Factors
Deposit growth & liquidity
Sustained deposit expansion and a lower loan-to-deposit ratio materially strengthen the franchise's core funding profile. Reduced reliance on borrowings and improved liquidity lower funding cost and refinance risk, supporting durable lending capacity and stability through rate cycles.
Negative Factors
Elevated nonperforming loans
NPLs near 1% and several concentrated problem credits raise the risk of continued elevated provisions and episodic charge-offs. Concentration in a few larger relationships increases earnings volatility and could constrain capital deployment or require higher loan-loss reserves until credit resolution is complete.
Read all positive and negative factors
Positive Factors
Negative Factors
Deposit growth & liquidity
Sustained deposit expansion and a lower loan-to-deposit ratio materially strengthen the franchise's core funding profile. Reduced reliance on borrowings and improved liquidity lower funding cost and refinance risk, supporting durable lending capacity and stability through rate cycles.
Read all positive factors
First Commonwealth (FCF) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.89B
Dividend Yield3.11%
Average Volume (3M)618.11K
Price to Earnings (P/E)12.0
Beta (1Y)0.73
Revenue Growth5.95%
EPS GrowthN/A
CountryUS
Employees1,538
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)1.51
Shares Outstanding102,206,150
10 Day Avg. Volume632,950
30 Day Avg. Volume618,105
Financial Highlights & Ratios
PEG Ratio1.99
Price to Book (P/B)1.12
Price to Sales (P/S)2.38
P/FCF Ratio10.12
Enterprise Value/Market Cap1.03
Enterprise Value/Revenue2.62
Enterprise Value/Gross Profit3.87
Enterprise Value/Ebitda9.28
Forecast
1Y Price Target
$21.00Price Target Upside11.64% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)1.73
Revenue Forecast (FY)$557.39M
First Commonwealth Business Overview & Revenue Model
Company Description
First Commonwealth Financial Corporation, a financial holding company, provides various consumer and commercial banking services in the United States. Its consumer services include personal checking accounts, interest-earning checking accounts, sa...
How the Company Makes Money
FCF makes money primarily through its bank subsidiary by earning interest income on loans and other interest-earning assets and paying interest on deposits and other funding sources; the difference between these (net interest income) is typically ...
First Commonwealth Earnings Call Summary
Earnings Call Date:Apr 28, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 28, 2026
Earnings Call Sentiment Neutral
The call presented a balanced picture: strong deposit growth, improved capital ratios, a successful acquisition, robust mortgage and fee income, and positive NIM drivers (replacement yields and swap expirations) are offset by a Q1 EPS miss, lower net interest income and margin compression, elevated provisioning and an increase in NPLs and expenses. Management signaled confidence in margin recovery, continued buybacks/dividends, and expense discipline while noting isolated credit issues.Positive Updates
Deposit Growth and Liquidity Strength
Deposits grew 6.3% end-to-end annualized in the quarter, loan-to-deposit ratio lowered to ~91%, balance sheet liquidity improved and management paid off virtually all borrowings.
Negative Updates
EPS Miss and Net Interest Income Decline
Reported EPS of $0.37 missed consensus of $0.40; net interest income declined by approximately $4.2 million to $109.3 million versus the prior quarter.
Read all updates
Q1-2026 Updates
Positive
Negative
Deposit Growth and Liquidity Strength
Deposits grew 6.3% end-to-end annualized in the quarter, loan-to-deposit ratio lowered to ~91%, balance sheet liquidity improved and management paid off virtually all borrowings.
Read all positive updates
Company Guidance
Management updated NIM guidance upwards modestly — about 3–5 bps higher each quarter versus prior guidance, projecting NIM to drift into the low‑4% range (a little over 4% by Q4) from the Q1 NIM of 3.92%, helped by positive replacement yields (~54 bps on new fixed‑rate loans) and the expiration of $150M of macro swaps in Q2; they now model one Fed cut (late summer) instead of four. Expense and revenue guidance: noninterest expense is expected to hover roughly $74M–$76M per quarter (Q1 NIE = $75.5M, efficiency ratio 55.4%), fee income $24M–$25M per quarter, and management expects to sustain mid‑single‑digit loan growth over time (Q1 loan production > $900M but payoffs were elevated at $630M). Capital and capital return guidance: CET1 rose to 12.5% (from 12.1%), TCE 9.7%, tangible book value per share up 4.3% (to $11.34 from $11.22), dividend increased by $0.02 (11th consecutive year), ~$25M of share repurchase authorization remains after $22.7M repurchased in Q1 (weighted avg $17.67) and buybacks will continue within capital generation limits. Credit guidance/positioning: Q1 provision was $10.7M (up $3.7M linked quarter) with $9.6M of specific reserves for 3 larger credits, NPLs $92.3M (0.98% of loans) with $28.1M (30.4%) SBA‑guaranteed, and management expects provisions and net charge‑offs to trend back toward historical levels as isolated problem credits resolve.First Commonwealth Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
70
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 739.10M | 729.44M | 699.69M | 626.61M | 428.66M | 400.60M |
| Gross Profit | 501.14M | 493.12M | 448.95M | 467.47M | 389.82M | 386.67M |
| EBITDA | 208.72M | 204.68M | 184.01M | 201.66M | 170.74M | 184.26M |
| Net Income | 157.15M | 152.30M | 142.57M | 157.06M | 128.18M | 138.26M |
Balance Sheet | ||||||
| Total Assets | 12.26B | 12.37B | 11.58B | 11.46B | 9.81B | 9.55B |
| Cash, Cash Equivalents and Short-Term Investments | 118.13M | 103.28M | 1.28B | 1.17B | 916.90M | 1.44B |
| Total Debt | 154.93M | 452.33M | 343.12M | 784.59M | 553.92M | 320.58M |
| Total Liabilities | 0.00 | 10.81B | 10.18B | 10.15B | 8.75B | 8.44B |
| Stockholders Equity | 12.26B | 1.55B | 1.41B | 1.31B | 1.05B | 1.11B |
Cash Flow | ||||||
| Free Cash Flow | 121.25M | 171.36M | 113.92M | 128.72M | 140.21M | 154.41M |
| Operating Cash Flow | 131.65M | 187.54M | 129.46M | 150.76M | 151.41M | 165.05M |
| Investing Cash Flow | -174.58M | -388.14M | -121.72M | -574.27M | -588.79M | -565.30M |
| Financing Cash Flow | 82.02M | 247.64M | -21.32M | 416.26M | 196.25M | 439.05M |
First Commonwealth Technical Analysis
Positive
18.81
Price Trends
17.84
Positive
17.45
Positive
16.94
Positive
Market Momentum
0.38
Negative
68.26
Neutral
72.86
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FCF, the sentiment is Positive. The current price of 18.81 is above the 20-day moving average (MA) of 18.00, above the 50-day MA of 17.84, and above the 200-day MA of 16.94, indicating a bullish trend. The MACD of 0.38 indicates Negative momentum. The RSI at 68.26 is Neutral, neither overbought nor oversold. The STOCH value of 72.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FCF.
First Commonwealth Risk Analysis
First Commonwealth disclosed 35 risk factors in its most recent earnings report. First Commonwealth reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
First Commonwealth Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | $1.87B | 6.62 | 22.34% | 0.27% | 4.92% | 14.55% | |
73 Outperform | $1.76B | 13.44 | 16.66% | 2.65% | 4.31% | 13.75% | |
71 Outperform | $1.89B | 11.99 | 3.72% | 3.11% | 5.95% | ― | |
71 Outperform | $2.02B | 9.22 | 7.30% | 6.48% | 16.26% | 19.36% | |
70 Outperform | $1.94B | 8.02 | 15.62% | 2.73% | 4.29% | 15.77% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
FCF
First Commonwealth
18.45
3.26
21.50%
CHCO
City Holding Company
122.40
8.82
7.76%
CASH
Pathward Financial
85.72
3.93
4.80%
NWBI
Northwest Bancshares
13.78
2.03
17.30%
OFG
OFG Bancorp
45.13
5.52
13.92%
First Commonwealth Corporate Events
Executive/Board ChangesShareholder Meetings
First Commonwealth Shareholders Back Board, Auditors and Pay
Positive
May 1, 2026
First Commonwealth Financial Corporation held its annual meeting of shareholders on April 28, 2026, where investors voted on the election of directors and key governance matters. All nominated directors, including T. Michael Price and Todd D. Bric...
DividendsFinancial Disclosures
First Commonwealth Posts Q1 2026 Earnings, Raises Dividend
Positive
Apr 28, 2026
On April 28, 2026, First Commonwealth reported first-quarter 2026 net income of $37.5 million, or $0.37 per diluted share, down from the prior quarter but higher than a year earlier, with core pre-tax pre-provision revenue at $57.9 million. Key dr...
Business Operations and StrategyExecutive/Board Changes
First Commonwealth Names New EVP and Chief Information Officer
Positive
Apr 15, 2026
On April 15, 2026, First Commonwealth Financial Corporation announced the appointment of Ryan L. Gorney as Executive Vice President and Chief Information Officer of both the company and First Commonwealth Bank, effective April 27, 2026. Gorney, an...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.