First Commonwealth Financial Corporation (NYSE:FCF) Q1 2023 Earnings Conference Call April 26, 2023 2:00 PM ET

Company Participants

Ryan Thomas - Vice President, Finance & Investor Relations

Mike Price - President & Chief Executive Officer

Jim Reske - Chief Financial Officer

Jane Grebenc - Bank President & Chief Revenue Officer

Brian Karrip - Chief Credit Officer

Conference Call Participants

Frank Schiraldi - Piper Sandler

Karl Shepard - RBC Capital Markets

Daniel Tamayo - Raymond James

Matthew Breese - Stephens

Manuel Navas - D.A. Davidson

Dan Cardenas - Janney Montgomery Scott

Operator

Ladies and gentlemen, good afternoon. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the First Commonwealth Financial Corporation First Quarter 2023 Earnings Release Conference Call. Today's conference is being recorded. And all lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator instructions] Thank you.

And I will now turn the conference over to Ryan Thomas, Vice President of Finance and Investor Relations. You may begin.

Ryan Thomas

Thank you Abby, and good afternoon everyone. Thank you for joining us today to discuss First Commonwealth Financial Corporation's first quarter financial results. Participating on today's call will be Mike Price, President and CEO; Jim Reske, Chief Financial Officer; Jane Grebenc, Bank President and Chief Revenue Officer; and Brian Karrip, our Chief Credit Officer.

As a reminder a copy of yesterday's earnings release can be accessed by logging on to fcbanking.com and selecting the Investor Relations link at the top of the page. We've also included a slide presentation on our Investor Relations website with supplemental financial information that will be referenced during today's call.

Before we begin we need to caution listeners that this call will contain forward-looking statements. Please refer to our forward-looking statements disclaimer on Page 3 of the slide presentation for a description of risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements.

Today's call will also include non-GAAP financial measures. Non-GAAP financial measures should be viewed in addition to and not as an alternative for our reported results prepared in accordance with GAAP. A reconciliation of these measures can be found in the appendix of today's slide presentation.

And with that, I'll turn it over to Mike.

Mike Price

Thank you Ryan and good afternoon everyone. We are pleased with our results in a tumultuous quarter for the industry. Core earnings per share beat consensus by $0.06. Our NIM expanded. We had record net interest income, and we grew deposits much faster than loans, bringing down our loan-to-deposit ratio.