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- **NIM Expansion**: 9 bps to 3.92% Q/Q, deposit costs down 7 bps to 1.84%. 
- **Loan Growth**: $137M (5.7%) across equipment, commercial, and home equity. 
- **Credit Improvement**: NPLs to 0.91%, TBV +11.6% annualized. 
- **2026 Outlook**: NIM ~3.90%, 3% expense growth, $20.7M share buybacks. 
- **Risk Resolution**: Dealer floor plan fraud nearly resolved, minimal ongoing impact.

**【CEO Summary Section】**
- **Financial Performance Highlights**: Net interest margin (NIM) expanded by 9 basis points to 3.92%, driven by a 7 basis point decline in deposit costs to 1.84%. Average deposits grew 4% year-over-year, with loan growth of $137 million (5.7%) across equipment finance, commercial banking, indirect, and home equity lending. 
- **Credit Metrics**: Nonperforming loans (NPLs) declined to 0.91% from 1.04%, with net charge-offs at 51 basis points (34 basis points from a dealer floor plan fraud resolution). Core provision expense increased $2.4 million Q/Q to $11.3 million, largely due to the floor plan issue. 
- **Efficiency and Growth**: Efficiency ratio improved to 52.3% from 54.1%, and tangible book value (TBV) grew 11.6% annualized linked-quarter. 

**【CFO Financial Commentary】**
- **NIM and Spread Income**: NIM expansion of 9 bps was supported by $4.9 million increase in spread income, offsetting $261,000 decline in fee income (due to lower mortgage gain-on-sale). 
- **Expense Management**: Core noninterest expense rose $350,000 Q/Q due to incentive accruals, with 2026 expense growth guided at ~3%. 
- **Share Repurchases**: 625,000 shares repurchased at $16.81 avg price, with $20.7M remaining under current authorization. 
- **2026 Outlook**: NIM expected to stabilize near 3.90% (±5 bps), driven by fixed-rate loan repricing and macro swap expirations. 

**【Q&A Key Highlights】**
- **Credit Resolution**: Dealer floor plan fraud ($31.9M exposure) resolved with $5.5M charge-off and $3.1M reserve addition, reducing NPLs to $16M. Expect full resolution by year-end. 
- **NIM Pressure**: Q4 NIM may decline 5-10 bps due to Fed rate cuts and seasonal deposit runoff, but 2026 outlook stable at ~3.90%. 
- **Deposit Strategy**: Focus on transaction accounts (90%+ retention) and repricing time deposits, with money market yields over 3% reduced to 49%. 
- **M&A Activity**: Open to acquisitions under $1B, prioritizing deposit growth and fee income. 
- **Equipment Finance Growth**: 10%+ quarterly growth sustainable for ~1 year, driven by depreciation incentives and team expertise.

First Commonwealth Financial Corporation (FCF) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

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Cost of Financing Services

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Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Loss on Impairment of Other Assets

Loss on Disposal of Assets

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Net Interest Expense

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Net Income

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FCF

FCF fundamentals

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