First Commonwealth Financial posts Q3 2026 net income of $44.9M

First Commonwealth Financial Corporation (NYSE: FCF) reported net income of $44.9 million, or $0.45 per diluted share, for the third quarter of 2026, according to a company press release. That compares with $44.6 million, or $0.44 per share, in the prior quarter and $41.3 million, or $0.39 per share, in the third quarter of 2025.

Net interest income totaled $116.3 million in the quarter, up from $112.4 million in the second quarter of 2026. The net interest margin expanded 10 basis points to 4.11% from the prior quarter and was 19 basis points above the year-ago period. The total cost of funds was 1.74%, a decrease of five basis points from the prior quarter.

Provision for credit losses rose to $14.2 million in the third quarter from $8.9 million in the second quarter, driven by a $3.5 million increase in reserves for unfunded commitments and a $6.7 million increase tied primarily to three individually analyzed commercial credits. Nonperforming loans totaled $95.2 million at September 30, 2026, an increase of $13.6 million from the prior quarter, representing 0.99% of total loans. Net charge-offs declined to $4.6 million from $11.4 million in the prior quarter.

Noninterest expense was $78.2 million in the third quarter, up from $74.2 million in the prior quarter, reflecting higher salaries, equipment costs, and FDIC insurance expense. The core efficiency ratio was 53.15%, compared with 52.24% in the second quarter.

The Common Equity Tier 1 capital ratio stood at 11.9% at September 30, 2026. During the quarter, the company repurchased 4,156,764 shares at a weighted average price of $21.18. The board authorized an additional $25 million share repurchase program on October 27, 2026.

The company declared a quarterly cash dividend of $0.14 per share, payable November 20, 2026, to shareholders of record as of November 6, 2026. The dividend represents a 3.7% increase from the third quarter of 2025.

"Third-quarter results reflected higher revenue, net interest margin expansion and modest loan growth, alongside a higher provision expense and operating expenses," said T. Michael Price, President and Chief Executive Officer.

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