2024-01-31 18:25:18 ET
First Commonwealth Financial Corporation (FCF)
Q4 2023 Earnings Conference Call
January 31, 2024 02:00 PM ET
Company Participants
Ryan Thomas - VP, Finance and IR
Mike Price - President and CEO
Jim Reske - CFO
Jane Grebenc - Bank President, CRO
Conference Call Participants
Daniel Tamayo - Raymond James
Karl Shepherd - RBC Capital Markets
Michael Perito - KBW
Manuel Navas - D.A. Davidson
Matthew Breese - Stephens Inc.
Frank Schiraldi - Piper Sandler
Presentation
Operator
Thank you for standing by. My name is Aaron, and I will be your conference operator for today. At this time, I would like to welcome everyone to the First Commonwealth Financial Corporation Q4 2023 Earnings Conference Call. All lines have been placed on mute to prevent the background noise. And after the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]
Thank you. I would now like to turn our call over to Ryan Thomas, Vice President of Finance and Investor Relations. Ryan, please go ahead.
Ryan Thomas
Thank you, Aaron and good afternoon everyone. Thanks for joining us today to discuss First Commonwealth Financial Corporation's fourth quarter financial results. Participating on today's call will be Mike Price, President and CEO; and Jim Reske, Chief Financial Officer; Jane Grebenc, Bank President and Chief Revenue Officer; and pinch hitting for Brian Karrip this quarter will be our Deputy Chief Credit Officer, Brian Sohocki.
As a reminder, a copy of yesterday's earnings release can be accessed by logging on to fcbanking.com and selecting the Investor Relations link at the top of the page. We've also included a slide presentation on our Investor Relations website with supplemental financial information that will be referenced during today's call.
Before we begin, I need to caution listeners that this call will contain forward-looking statements. Please refer to the forward-looking statements disclaimer on Page 3 of the slide presentation for a description of risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements.
Today's call will also include non-GAAP financial measures. Non-GAAP financial measures should be viewed in addition to and not as an alternative for, our reported results prepared in accordance with GAAP. Reconciliation of these measures can be found in the appendix of today's slide presentation.
With that, I will turn it over to Mike.
Mike Price
Thanks Ryan. I will begin with some fourth quarter highlights. We are pleased with our fourth quarter earnings per share of $0.44 with a 1.56% core ROA, a 1.91% core pretax pre-provision ROA, and a 53% efficiency ratio.
Average deposits for the quarter grew 1.6% annualized and loans grew at 2.8% annualized. The loan growth was decidedly commercial with equipment finance leading the way....
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First Commonwealth Financial Corporation (FCF) Q4 2023 Earnings Call Transcript