First Commonwealth Financial : 2023 Stephens Summer Bank Bash - Discussion Materials
June 22, 2023 at 05:08 pm EDT
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NYSE: FCF
2023 Stephens Summer Bank Bash - Discussion Materials
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1Q 2023 Investor Relations Discussion Materials
FRANCHISE OVERVIEW
Diversified community bank with 126 retail branches in Pennsylvania and Ohio(1)
Active in five major metro markets:
Pittsburgh, PA
Harrisburg, PA
Columbus, OH
Cincinnati, OH
Cleveland, OH
FCF Branches (119)
FCF Mortgage LPO (3)
FCF Commercial LPO (3)
Centric Financial Corp. (7)
CFCX Commercial LPO (1)
Total Assets: $11.1 billion
Total Gross Loans: $8.7 billion
Total Deposits: $9.2 billion
Market Cap: $1.4 billion
(as of June 16, 2023)
As of March 31, 2023, unless noted
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(1) Pro forma footprint include acquisition of Centric Financial Corporation completed on January 31, 2023
1Q 2023 Investor Relations Discussion Materials
INVESTMENT THESIS
Well balanced franchise built to enable profitable growth
Historically low cost of funds, driven by a high mix of core deposits
Cohesive leadership team with an ability to execute
Diversified loan portfolio, balanced between commercial vs. consumer and fixed vs. variable
Diversified geography across Pennsylvania and Ohio
Diversified revenue streams and product mix, with 20% of revenue from fee income sources (including trust, brokerage, insurance, mortgage and SBA lending)
Well-developedsuite of digital products have enhanced customer satisfaction and enabled new channels for customers to do business with us
Strong capital ratios (10.9% CET-1(1)) and strong organic capital generation
Protecting and enhancing shareholder value
Strong credit culture, increased granularity and reduced concentration risk and out-of-market exposures since the last credit cycle
Thoughtful balance of share repurchases and strategic M&A to optimize TBV
Proven ability to execute and deliver positive operating leverage
Completed six acquisitions since 2015; 13.6% Core EPS CAGR from 2015-2022
Completed 20% reduction of branch facilities in December 2020
Redeploying cost savings into digital transformation (e.g., Treasury Management, Banno Digital Platform, Zelle) and revenue-generating growth
Strong history of cost containment
Maintaining a risk and governance culture aligned with expectations of long-term stakeholders
(1) Reflects bank level, regulatory data as of March 31, 2023
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1Q 2023 Investor Relations Discussion Materials
STRATEGIC FOCUS
Proven ability to execute on growth strategies and control expenses to produce positive operating leverage
Growth
Drivers
Accentuate the Regional Business Model to drive deposit and loan growth
Grow and expand C&I relationships
Drive higher levels of digital channel acquisition, customer satisfaction, and ease of use
Expanding
Capabilities
Execute the Centric Bank acquisition
Enhance digital capabilities driven by a nimble technology and data platform
Grow Equipment Finance and SBA businesses
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Disclaimer
First Commonwealth Financial Corporation published this content on 22 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 June 2023 21:07:48 UTC.
First Commonwealth Financial Corporation is a financial holding company. The Companyâs operating subsidiaries include First Commonwealth Bank (the Bank), First Commonwealth Insurance Agency, Inc. (FCIA) and FRAMAL. It provides a diversified array of consumer and commercial banking services through its bank subsidiary, FCB. It also provides trust and wealth management services through FCB and offer insurance products through FCIA. The Bank operated 126 community banking offices in 30 counties throughout western and central Pennsylvania and throughout Ohio, as well as commercial lending operations in Harrisburg, Pennsylvania, and Canton, Cleveland, Columbus, Canfield and Hudson, Ohio. The Bank also operates a network of 138 automated teller machines. All of its ATMs are part of the NYCE and MasterCard/Cirrus networks, both of which operate nationwide. The Bank is a member of the Allpoint ATM network, which allows surcharge-free access to over 55,000 ATMs.