First Commonwealth Financial Corporation (NYSE:FCF) Q4 2022 Earnings Call Transcript

Jim Reske: Yeah. So we have $5.9 million remaining under our previously authorized — authorization from our Board. We had to stay in blackout while the Centric acquisition was pending. Actually, we had to stay in out of the market technically through today through their shareholder meeting, but obviously, with the earnings out of the market. Anyway, we could go back into the market in a few days with that authorization. Generally, though, as far in our big picture view of capital is that we are generating capital and using it for organic growth and that’s the primary purpose of generating the capital. So we want to use that capital to fund our organic loan growth. If there’s excess capital we use that for buybacks. I think with the $5.9 million of authorization we have, if we look at price reaction today, for example, that completes a buying opportunity.

We will be in the market. We can’t go to the market equally for at least three days from today anyway, so that that would be a buying opportunity and we will continue to use that remaining authorization for buying on those kinds of dips. But, by and large, they are going to use the rest of the year’s capital generation to fund the organic loan growth.

Matthew Breese: Great. That’s all I had. I appreciate taking all my questions. Thank you.

Mike Price: Thanks, Matt.

Jane Grebenc: Hey, Mike. If it’s okay, I hate to retread, but I do want to break for just a minute. Back to the FICO score, we can be even more precise that 90% or greater than 700, the average FICO score for the auto portfolio is 770. The average for rec is 785.

Mike Price: Thanks, Jane. I am sure Matt heard that.

Matthew Breese: Okay.

Mike Price: Hey, Operator, any other questions?

Operator: Our final question comes from Manuel Navas with D.A. Davidson.

Mike Price: Pretty good. Manuel?

Operator: I see there are no further questions at this time. I will now turn the call back over to President and CEO, Mike Price.

Mike Price: I always say this that we just really appreciate the interest of the covering analysts for questions and the opportunity to share our story and our business with you. We are pretty passionate about it. We care a lot. And I hope it shows the results and look forward to being with a number of you over the course of the next 90 days. Thank you.

Operator: That concludes today’s conference. Thank you for attending today’s presentation. You may now disconnect.