Core operations demonstrate strong conversion efficiency, evidenced by 2026Q1 operating cash flow of $86.8 million, which significantly exceeded the $37.5 million in net income.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 218.39M | 187.45M | 129.46M | 150.76M | 151.41M | 165.05M | 105.7M | 107.63M | 135.26M | 88.31M | 89.27M | 72.75M | 82.14M | 85.73M | 78.72M | 84.12M | 110.87M | 57.23M | 68.78M | 69.75M | 64.76M | 76.7M | 39.22M | 57.27M | 57.54M | 46.32M | 66.13M | 52.7M | 52.9M | 48.5M | 46.2M |
| Operating CF Growth % | 363.89% | 44.79% | -14.13% | -0.43% | -8.26% | 56.15% | -1.8% | -20.43% | 53.18% | -1.08% | 22.71% | -11.43% | -4.2% | 8.9% | -6.41% | -24.13% | 93.71% | -16.79% | -1.38% | 7.7% | -15.57% | 95.55% | -31.52% | -0.46% | 24.21% | -29.95% | 25.49% | -0.38% | 9.07% | 4.98% | 24.86% |
| Net Income | 157.15M | 152.3M | 142.57M | 157.06M | 128.18M | 138.26M | 73.45M | 105.33M | 107.5M | 55.16M | 59.59M | 50.14M | 44.45M | 41.48M | 41.95M | 15.27M | 22.98M | -20.06M | 43.09M | 46.25M | 52.95M | 57.84M | 38.65M | 53.3M | 43.53M | 50.19M | 47.25M | 53M | 34M | 39.5M | 37.2M |
| Depreciation & Amortization | 6.46M | 6.65M | 5.69M | 4.1M | 10.55M | 11.44M | 11.65M | 10.37M | 8.05M | 9M | 7.12M | 7.64M | 13.72M | 11.09M | 7.91M | 9.03M | 10.71M | 9.81M | 10.4M | 5.19M | 8.58M | 11.3M | 9.49M | 7.5M | 7.36M | 7.76M | 7.48M | 7.7M | 7.9M | 7M | 6.4M |
| Deferred Taxes | 5.02M | 3.04M | 3.41M | 6.84M | -2.01M | 1.43M | -8.22M | 2.29M | 3.47M | 20.82M | 5.71M | 12.65M | 4.86M | 12.7M | 2.55M | -1.19M | -4.67M | -29.11M | -7.44M | -2.47M | -2.73M | 107K | -1.86M | -2.23M | -594K | -831K | 1.53M | 300K | -1.4M | 1.3M | 600K |
| Other Non-Cash Items | 45.45M | 26.38M | -25.89M | -8.8M | 24.93M | -2.22M | 41.24M | -12.01M | 20.35M | 0 | 18.29M | 2.81M | 17.1M | 12.12M | 13.72M | 61.4M | 76.65M | 129.26M | 24.55M | 16.89M | 2.59M | 1.58M | -6.26M | -3.08M | 9.42M | 1.54M | 2.93M | -9.7M | 15.8M | 6.6M | 700K |
| Working Capital Changes | 4.39M | -908K | 3.68M | -8.45M | -10.23M | 16.14M | -12.5M | 1.65M | -4.1M | 430K | -1.44M | -498K | 2M | 8.34M | 12.59M | -385K | 5.21M | -32.66M | -1.82M | 3.89M | 3.35M | 6.29M | -803K | 1.79M | -2.17M | -12.34M | 6.94M | 1.4M | -3.4M | -5.9M | 1.3M |
| Cash from Investing | 36.23M | -388.14M | -121.72M | -574.27M | -588.79M | -565.3M | -483.14M | 122.94M | -347.75M | -52.8M | 493.77M | -142.43M | -164.06M | -307.28M | -171.38M | -79.96M | 542.63M | -90.94M | -610.65M | 156.52M | 307.63M | 126.47M | -129.31M | -287.43M | 47.33M | -212.27M | -14.11M | -286.2M | -458.6M | -348.4M | -240.9M |
| Purchase of Investments | -331.57M | -354.6M | -492.62M | -338.59M | -200K | -1.04B | -496.86M | -138.87M | -352.62M | -253.31M | -174.1M | -405.03M | -339.65M | -539.89M | -605.43M | -723.8M | -387.13M | -211.47M | -313.59M | -344.12M | -217.23M | -478.5M | -760.91M | -1.41B | -563.07M | -814.38M | -190.97M | -492.1M | -1.08B | -381.5M | -157.5M |
| Sale/Maturity of Investments | 417.75M | 434.51M | 376.6M | 173.89M | 225.2M | 555.14M | 591.19M | 244.77M | 204.26M | 343.46M | 278.04M | 470.64M | 375.76M | 357.34M | 574.85M | 557.16M | 590.71M | 436.04M | 446.01M | 433.46M | 436.8M | 736.36M | 877.87M | 1.11B | 671.89M | 717.04M | 198.76M | 361.2M | 568.3M | 275.1M | 218M |
| Net Investment Activity | 86.17M | 79.91M | -116.02M | -164.7M | 225M | -483.46M | 94.33M | 105.9M | -148.36M | 90.15M | 103.93M | 65.61M | 36.11M | -182.56M | -30.59M | -166.64M | 203.57M | 224.58M | 132.42M | 89.34M | 219.57M | 257.86M | 116.96M | -303.47M | 108.82M | -97.34M | 7.79M | -130.9M | -508.1M | -106.4M | 60.5M |
| Acquisitions | 6.21M | 10.88M | 0 | 14.49M | 0 | 0 | 0 | 332.47M | 705K | 3.19M | 479.47M | -3.53M | -3.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 60.34M | 0 | -70.87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -40.73M | -462.84M | 9.84M | -402.03M | -802.58M | -71.21M | -569.85M | -298.05M | -190.5M | -134.54M | -82.14M | -199.63M | -186.15M | -115.09M | -130.61M | 95M | 346.51M | -308.86M | -730.98M | 77M | 41.01M | -117.03M | -163.36M | 21.27M | -55.11M | -107.05M | -14.16M | -147.7M | 57.2M | -235.9M | -293.6M |
| Cash from Financing | -53.04M | 247.64M | -21.32M | 416.26M | 196.25M | 439.05M | 612.16M | -207.66M | 204.14M | -43.89M | -536.82M | 64.6M | 79.02M | 196M | 117.16M | 4.46M | -673.2M | 34.7M | 529.36M | -220.61M | -363.38M | -197.04M | 87.17M | 223.69M | -121.89M | 162.23M | -51.55M | 237.2M | 391M | 287.6M | 214.7M |
| Dividends Paid | -56.1M | -55.49M | -52.6M | -50.81M | -44.58M | -43.61M | -42.98M | -39.39M | -34.85M | -30.51M | -24.91M | -25.09M | -26.17M | -22.34M | -18.76M | -12.56M | -5.31M | -29.68M | -49.38M | -49.55M | -48.51M | -46.19M | -41.74M | -36.63M | -35.21M | -33.81M | -32.55M | -27.8M | -25.7M | -21.7M | -19.9M |
| Share Repurchases | -58.8M | -35.79M | -12.63M | -14.96M | -15.6M | -31.3M | -20.91M | -6.26M | -26.19M | -1.46M | -864K | -25.38M | -30.96M | -33.44M | -36.24M | -9K | -9K | -18K | 0 | -9.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 245K | 245K | 204K | 245K | 245K | 222K | 222K | 211K | 208K | 228K | 216K | 192K | 192K | 176K | 1.03M | 216K | 88.16M | 484K | 113.19M | 0 | 0 | 5.05M | 9.68M | 0 | 4.66M | 2.5M | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -58.55M | -35.55M | -12.43M | -14.72M | -15.35M | -31.08M | -20.68M | -6.05M | -25.98M | -1.23M | -648K | -25.19M | -30.76M | -33.26M | -35.21M | 207K | 88.15M | 466K | 113.19M | -9.97M | 0 | 5.05M | 9.68M | 0 | 4.66M | 2.5M | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | -2M | 1000K | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K |
| Other Financing | 269.83M | 295.04M | 485.74M | 430.66M | 23.01M | 543.95M | 761.4M | 297.78M | 187.77M | 149.18M | 128.18M | -214.93M | -295.42M | 28.07M | 11.87M | -50.65M | -10.04M | 191.85M | 42.55M | 21.54M | 66.53M | 171.45M | 26.19M | 60.91M | -49.44M | 29.45M | 114.8M | 20.8M | 47.3M | 127.6M | 160.8M |
| Net Change in Cash | 182.63M | 46.95M | -13.58M | -7.25M | -241.13M | 38.79M | 234.72M | 22.91M | -8.35M | -8.38M | 46.23M | -5.09M | -2.9M | -25.54M | 24.5M | 8.62M | -19.7M | 993K | -12.51M | 5.66M | 9M | 6.54M | -2.92M | -6.46M | -17.02M | -3.72M | 475K | 3.8M | -14.8M | -12.3M | -104.6M |
| Exchange Rate Effect | -18.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 0 | 0 | 0 |
| Cash at Beginning | 180.36M | 133.41M | 146.99M | 154.24M | 395.37M | 356.58M | 121.86M | 98.95M | 107.29M | 115.68M | 69.45M | 74.54M | 77.44M | 102.98M | 78.48M | 69.86M | 89.56M | 88.28M | 100.79M | 95.13M | 86.13M | 79.59M | 82.51M | 88.97M | 98.13M | 101.85M | 101.37M | 97.6M | 112.4M | 124.7M | 104.6M |
| Cash at End | 342.94M | 180.36M | 133.41M | 146.99M | 154.24M | 395.37M | 356.58M | 121.86M | 98.95M | 107.29M | 115.68M | 69.45M | 74.54M | 77.44M | 102.98M | 78.48M | 69.86M | 89.23M | 88.28M | 100.79M | 95.13M | 86.13M | 79.59M | 82.51M | 81.11M | 98.13M | 101.85M | 101.4M | 97.6M | 112.4M | 246.7M |
| Interest Paid | 105.14M | 207.5M | 220.15M | 139.87M | 16.4M | 0 | 0 | 0 | 40.07M | 21.55M | 19.21M | 15.82M | 18.94M | 23.02M | 31.6M | 43.3M | 63.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 17.41M | 34.66M | 32.2M | 37.53M | 34.33M | 0 | 0 | 0 | 23.83M | 27.9M | 19.95M | 8.33M | 10.7M | 3.08M | 11.64M | 5.9M | 2.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 203.72M | 171.36M | 113.92M | 128.72M | 140.21M | 154.41M | 98.08M | 90.25M | 125.66M | 76.71M | 82.21M | 67.86M | 71.16M | 76.1M | 68.54M | 75.8M | 105.98M | 50.58M | 56.69M | 59.94M | 51.47M | 62.33M | 27.18M | 52.05M | 51.16M | 38.44M | 58.4M | 45.1M | 45.2M | 42.4M | 38.4M |
| FCF Growth % | 56.49% | 50.43% | -11.5% | -8.19% | -9.2% | 57.42% | 8.68% | -28.18% | 63.81% | -6.69% | 21.14% | -4.63% | -6.49% | 11.03% | -9.57% | -28.48% | 109.54% | -10.78% | -5.42% | 16.45% | -17.43% | 129.3% | -47.78% | 1.74% | 33.09% | -34.18% | 29.48% | -0.22% | 6.6% | 10.42% | 16.72% |
Regional credit concentration exposure
As reported in recent financial filings, FCF consistently returned capital to shareholders, with quarterly dividends totaling approximately $13.8 million in 2026Q1, while simultaneously executing opportunistic share repurchases of $24.8 million, suggesting a management preference for balancing income distribution with long-term equity value preservation.
The bank's ability to sustain dividend payments alongside variable buyback activity indicates a stable capital generation profile that supports shareholder returns without compromising regulatory buffers. Investors should monitor whether the recent uptick in buyback volume in 2026Q1 signals management's confidence in current valuation levels or a temporary deployment of excess liquidity.
Based on the provided cash flow data, FCF actively managed its investment securities portfolio, recording $191.2 million in purchases against $100.1 million in sales during 2026Q1, which reflects a strategic effort to rebalance the asset mix in response to shifting interest rate expectations.
The frequent turnover in the investment portfolio suggests that the bank utilizes its securities book as a primary lever for managing liquidity and interest rate risk. This active approach appears to be a core component of the bank's strategy to optimize net interest income while maintaining sufficient high-quality liquid assets.
According to the quarterly cash flow statements, FCF recorded a $10.7 million provision for loan losses in 2026Q1, marking a notable reversal from the zero-provision stance observed in 2025Q4, which may indicate a more cautious outlook regarding regional credit quality and potential borrower stress.
The fluctuation in provisioning levels highlights the bank's adherence to CECL standards, where management must adjust reserves based on forward-looking economic assessments. This shift warrants further investigation into whether the increased provision reflects specific deterioration in the commercial loan book or a broader, macro-driven adjustment to the bank's risk appetite.
As indicated by the reported figures, FCF generated $86.8 million in operating cash flow during 2026Q1, significantly exceeding the $37.5 million in net income, which suggests that the bank's core operations are effectively converting earnings into tangible liquidity to support future growth initiatives.
The consistent ability to generate operating cash flow in excess of net income underscores the bank's underlying profitability and operational efficiency. This capacity provides the necessary internal funding to support the expansion of corporate banking centers in Ohio without necessitating significant external debt financing.
Quick answers to the most common questions about buying FCF stock.
First Commonwealth Financial Corporation (FCF) generated $187.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
First Commonwealth Financial Corporation (FCF) generated $171.4M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
First Commonwealth Financial Corporation (FCF) spent $16.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, First Commonwealth Financial Corporation (FCF) returned $55.5M to shareholders via cash dividends and spent $35.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.