First Commonwealth Financial (FCF) Misses Q2 EPS by 2c
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First Commonwealth Announces Second Quarter 2016 Financial Results; Declares Quarterly Dividend
July 27, 2016 7:02 AM EDTINDIANA, PA -- (Marketwired) -- 07/27/16 -- First Commonwealth Financial Corporation (NYSE: FCF) today announced financial results for the second quarter of 2016.
Second Quarter 2016 Highlights
Profitability
The efficiency ratio improved to 57.1%, driven by lower operational expenses and higher revenue;Loans experienced solid growth from the prior quarter of 4.2% on an annualized basis;Deposits grew from the prior quarter at an annualized rate of 8.6%;The net interest margin remained relatively stable at 3.27%; andNoninterest income... MoreFirst Commonwealth Building Its Ohio Business With Acquisition of 13 Branches
July 27, 2016 7:00 AM EDTINDIANA, PA -- (Marketwired) -- 07/27/16 -- First Commonwealth Financial Corporation (NYSE: FCF) today announced that its banking subsidiary, First Commonwealth Bank ("First Commonwealth"), has signed a definitive agreement to acquire 13 branches in Canton and Ashtabula, Ohio, with $735 million of deposits and $115 million of retail and business loans (as of May 31, 2016) from FirstMerit Bank, NA ("FirstMerit"). The branches are being sold in connection with the previously announced acquisition of FirstMerit Corporation by Huntington Bancshares Inc., and the sale is subject to the consummation of that acquisition. The divestitures have been approved by the United States... More
