Detailed financial statements for First Commonwealth Financial Corporation (FCF): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
First Commonwealth Financial Corporation, a financial holding company, provides various consumer and commercial banking products and services in the United States. The company’s consumer services include internet, mobile, and telephone banking; an automated teller machine network; personal checking accounts, interest-earning checking accounts, savings and health savings accounts, insured money market accounts, debit cards, investment certificates, fixed and variable rate cert...
Analysis Summary
First Commonwealth Financial Corporation reported revenue of $522.8M in the most recent fiscal year, growing at a 5-year CAGR of 7.6%. Net income reached $152.3M, with a 15.7% 5-year CAGR.
Trailing-twelve-month margins: gross margin 63.3%, operating margin 18.6%, net margin 27.6%. Free cash flow grew at 11.8% CAGR over 5 years.
At $21.50 (closing price, November 2, 2026), FCF trades at a P/E of 12.72 and an ROE of 11.17%. Market capitalisation stands at $2.2B.
Balance sheet quality for FCF: debt-to-equity ratio of 0.19, current ratio of 0.17 over the last 12 months, net debt of $349.1M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $171.4M represents 113% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $263.6M | $309.1M | $340.9M | $355.3M | $362.7M | $385.3M | $410.9M | $482.3M | $478.1M | $522.8M |
| Cost of Revenue | $18.5M | $5.1M | $12.5M | $14.5M | $56.7M | $13.9M | $21.1M | $14.8M | $29.2M | $29.7M |
| Gross Profit | $245.8M | $304.0M | $328.3M | $340.8M | $306.0M | $386.7M | $389.8M | $467.5M | $449.0M | $493.1M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $103.3M | $121.7M | $121.5M | $128.4M | $129.8M | $127.0M | $133.9M | $154.8M | $160.8M | $94.6M |
| Operating Expenses | $159.9M | $200.3M | $195.6M | $210.0M | $215.8M | $213.9M | $229.6M | $269.9M | $270.7M | $294.8M |
| Operating Income | $85.2M | $103.7M | $132.8M | $130.8M | $90.2M | $172.8M | $160.2M | $197.6M | $178.2M | $198.4M |
| EBITDA | $92.3M | $112.7M | $140.8M | $141.2M | $101.9M | $184.3M | $170.7M | $201.7M | $184.0M | $205.0M |
| Interest Expense | $18.6M | $21.8M | $40.0M | $55.4M | $32.9M | $15.3M | $17.7M | $144.3M | $221.6M | $206.6M |
| Pre-tax Income | $85.2M | $103.7M | $132.8M | $130.8M | $90.2M | $172.8M | $160.2M | $197.6M | $178.2M | $191.4M |
| Income Tax | $25.6M | $48.6M | $25.3M | $25.5M | $16.8M | $34.6M | $32.0M | $40.5M | $35.6M | $39.1M |
| Net Income | $59.6M | $55.2M | $107.5M | $105.3M | $73.4M | $138.3M | $128.2M | $157.1M | $142.6M | $152.3M |
| EPS | $0.67 | $0.57 | $1.09 | $1.07 | $0.76 | $1.47 | $1.37 | $1.55 | $1.40 | $1.48 |
| EPS (Diluted) | $0.67 | $0.57 | $1.08 | $1.07 | $0.75 | $1.44 | $1.37 | $1.54 | $1.39 | $1.47 |
| Shares Outstanding (Diluted) | 89.0 M | 97.5 M | 99.5 M | 98.6 M | 97.8 M | 95.8 M | 93.9 M | 101.8 M | 102.2 M | 103.6 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $136.0M | $137.9M | $131.0M | $67.0M |
| Gross Profit | $124.7M | $137.9M | $120.3M | $8.0M |
| Operating Income | $51.8M | $63.4M | $47.2M | -$45.6M |
| EBITDA | $53.7M | $65.2M | $49.3M | -$43.8M |
| Net Income | $41.3M | $44.9M | $37.5M | $44.6M |
| EPS | $0.40 | $0.43 | $0.37 | $0.44 |
| EPS (Diluted) | $0.39 | $0.43 | $0.37 | $0.44 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $115.7M | $107.3M | $98.9M | $121.9M | $356.6M | $395.4M | $154.2M | $147.0M | $133.4M | $103.3M |
| Short-term Investments | $778.6M | $731.4M | $909.2M | $902.3M | $831.2M | $1.04B | $762.7M | $1.02B | $1.15B | 0 |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $894.3M | $838.6M | $1.01B | $1.02B | $1.19B | $1.44B | $916.9M | $1.17B | $1.28B | $103.3M |
| Property, Plant & Equipment | $67.5M | $81.3M | $80.5M | $137.3M | $125.5M | $120.8M | $115.1M | $121.0M | $116.1M | $114.3M |
| Goodwill | $186.5M | $255.4M | $274.2M | $303.3M | $303.3M | $303.3M | $303.3M | $363.7M | $363.7M | $378.2M |
| Intangible Assets | $12.0M | $15.0M | $13.0M | $16.4M | $13.5M | $11.2M | $9.2M | $22.8M | $19.6M | $22.0M |
| Total Assets | $6.68B | $7.31B | $7.83B | $8.31B | $9.07B | $9.55B | $9.81B | $11.46B | $11.58B | $12.37B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | $867.9M | $707.5M | $721.8M | $201.9M | $117.4M | $138.3M | $372.7M | $597.8M | $80.1M | $281.1M |
| Total Current Liabilities | $5.82B | $6.29B | $6.62B | $6.88B | $7.56B | $8.12B | $8.38B | $9.79B | $9.76B | $281.1M |
| Long-term Debt | $80.9M | $80.3M | $177.8M | $227.4M | $226.9M | $175.6M | $175.8M | $181.1M | $257.9M | $130.2M |
| Total Liabilities | $5.93B | $6.42B | $6.85B | $7.25B | $8.00B | $8.44B | $8.75B | $10.15B | $10.18B | $10.81B |
| Retained Earnings | $412.8M | $437.4M | $511.4M | $577.3M | $596.6M | $691.3M | $774.9M | $881.1M | $971.1M | $1.07B |
| Total Equity | $749.9M | $888.1M | $975.4M | $1.06B | $1.07B | $1.11B | $1.05B | $1.31B | $1.41B | $1.55B |
| Total Debt | $948.9M | $795.4M | $906.9M | $436.0M | $350.6M | $320.6M | $553.9M | $784.6M | $343.1M | $452.3M |
| Net Debt | $54.6M | -$43.3M | -$101.3M | -$588.1M | -$837.2M | -$1.12B | -$363.0M | -$383.4M | -$937.9M | $349.1M |
| Working Capital | -$4.92B | -$5.45B | -$5.61B | -$5.86B | -$6.37B | -$6.68B | -$7.46B | -$8.62B | -$8.48B | -$177.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $161.4M | $103.3M | $118.1M | $110.3M |
| Total Assets | $12.31B | $12.37B | $12.26B | $12.21B |
| Total Liabilities | $10.77B | $10.81B | $10.71B | $10.64B |
| Total Equity | $1.54B | $1.55B | $1.55B | $1.57B |
| Total Debt | $411.6M | $452.3M | $196.2M | $263.0M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $59.6M | $55.2M | $107.5M | $105.3M | $73.4M | $138.3M | $128.2M | $157.1M | $142.6M | $152.3M |
| Depreciation & Amortization | $7.1M | $9.0M | $8.0M | $10.4M | $11.7M | $11.4M | $10.6M | $4.1M | $5.7M | $6.6M |
| Stock-based Compensation | $3.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | -$1.4M | $430,000 | -$4.1M | $1.7M | -$12.5M | $16.1M | -$10.2M | -$8.4M | $3.7M | -$908,000 |
| Operating Cash Flow | $89.3M | $88.3M | $135.3M | $107.6M | $105.7M | $165.0M | $151.4M | $150.8M | $129.5M | $187.5M |
| Capital Expenditure | -$7.5M | -$11.6M | -$9.6M | -$17.4M | -$7.6M | -$10.6M | -$11.2M | -$22.0M | -$15.5M | -$16.1M |
| Acquisitions | $479.5M | $3.2M | $705,000 | $332.5M | 0 | 0 | 0 | $14.5M | 0 | $10.9M |
| Stock Repurchased | -$864,000 | -$1.5M | -$26.2M | -$6.3M | -$20.9M | -$31.3M | -$15.6M | -$15.0M | -$12.6M | -$35.8M |
| Dividends Paid | -$24.9M | -$30.5M | -$34.8M | -$39.4M | -$43.0M | -$43.6M | -$44.6M | -$50.8M | -$52.6M | -$55.5M |
| Free Cash Flow | $82.2M | $76.7M | $125.7M | $90.3M | $98.1M | $154.4M | $140.2M | $128.7M | $113.9M | $171.4M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $49.5M | $51.8M | $86.8M | $3.6M |
| Capital Expenditure | $10.4M | -$15.4M | -$4.4M | -$3.3M |
| Free Cash Flow | $59.9M | $36.3M | $82.5M | $380,000 |
| Dividends Paid | -$14.1M | -$14.0M | -$13.8M | -$14.2M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +17.3% | +10.3% | +4.3% | +2.1% | +6.2% | +6.7% | +17.4% | -0.9% | +9.4% | |
| Net Income Growth (YoY) | -7.4% | +94.9% | -2.0% | -30.3% | +88.2% | -7.3% | +22.5% | -9.2% | +6.8% | |
| EPS Growth (YoY) | -14.9% | +91.2% | -1.8% | -29.0% | +93.4% | -6.8% | +13.1% | -9.7% | +5.7% | |
| Shares Change (YoY) | +9.5% | +2.1% | -1.0% | -0.8% | -2.0% | -2.0% | +8.5% | +0.4% | +1.4% | |
| FCF Growth (YoY) | -6.7% | +63.8% | -28.2% | +8.7% | +57.4% | -9.2% | -8.2% | -11.5% | +50.4% | |
| Gross Margin | 93.2% | 98.4% | 96.3% | 95.9% | 84.4% | 100.4% | 94.9% | 96.9% | 93.9% | 94.3% |
| Operating Margin | 32.3% | 33.6% | 39.0% | 36.8% | 24.9% | 44.9% | 39.0% | 41.0% | 37.3% | 37.9% |
| EBITDA Margin | 35.0% | 36.5% | 41.3% | 39.7% | 28.1% | 47.8% | 41.5% | 41.8% | 38.5% | 39.2% |
| Net Margin | 22.6% | 17.8% | 31.5% | 29.6% | 20.2% | 35.9% | 31.2% | 32.6% | 29.8% | 29.1% |
| FCF Margin | 31.2% | 24.8% | 36.9% | 25.4% | 27.0% | 40.1% | 34.1% | 26.7% | 23.8% | 32.8% |
| Effective Tax Rate | 30.1% | 46.8% | 19.0% | 19.5% | 18.6% | 20.0% | 20.0% | 20.5% | 20.0% | 20.4% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.92 | $0.79 | $1.26 | $0.92 | $1.00 | $1.61 | $1.49 | $1.26 | $1.11 | $1.65 |
| Dividends Per Share | $0.28 | $0.31 | $0.35 | $0.40 | $0.44 | $0.46 | $0.47 | $0.50 | $0.51 | $0.54 |
| Shares Outstanding (Basic) | 88.9 M | 97.5 M | 99.0 M | 98.3 M | 96.1 M | 94.2 M | 93.6 M | 101.6 M | 101.9 M | 102.8 M |
What to look at in Banking companies
- Efficiency Ratio (<=55%) — Operating expenses / revenue. Top banks below 55%.
- ROA (>=1%) — How much they earn per dollar of assets. ROE misleads in banks due to leverage.
- ROTCE (>=12%) — Return on Tangible Common Equity. Strips goodwill and intangibles.
- Equity / Assets (Tier 1 proxy) (>=8%) — Capital ratio proxy. Regulatory Tier 1 is not in our data.
- P/B (1.0-1.5x) — Classic banking metric. <1x can be opportunity or distress.
- Sustainable dividend yield (>=2%, <8%) — EU banks pay 5-7% normally. >8% is distress signal.
Profitability
| Return on Equity | 11.17% |
| Return on Invested Capital | 4.91% |
| Return on Assets | 1.41% |
| Gross Margin | 63.32% |
| Operating Margin | 18.55% |
| Net Margin | 27.56% |
Financial Health
| Debt / Equity | 0.19 |
| Current Ratio | 0.17 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 0.31 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 21.16 | 25.12 | 11.08 | 13.56 | 14.39 | 10.95 | 10.20 | 9.96 | 12.09 | 11.39 |
| P/B | 1.68 | 1.57 | 1.23 | 1.35 | 0.98 | 1.37 | 1.24 | 1.19 | 1.23 | 1.12 |
| P/S | 4.78 | 4.51 | 3.51 | 4.01 | 2.90 | 3.94 | 3.18 | 3.25 | 3.61 | 3.32 |
| Gross Margin | 87.1% | 91.9% | 86.2% | 83.0% | 77.3% | 96.5% | 90.9% | 74.6% | 64.2% | 67.6% |
| Operating Margin | 32.3% | 33.6% | 39.0% | 36.8% | 24.9% | 44.9% | 39.0% | 41.0% | 37.3% | 37.9% |
| Net Margin | 22.6% | 17.8% | 31.5% | 29.6% | 20.2% | 35.9% | 31.2% | 32.6% | 29.8% | 29.1% |
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Explore sector: Financial Services · Banks - Regional
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