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Mar 31, 2024
First Commonwealth Q1 2024 Earnings Report
Reported solid first quarter results with increased quarterly dividend.
Key Takeaways
First Commonwealth Financial Corporation reported a net income of $37.5 million and diluted earnings per share of $0.37 for Q1 2024. The bank's board authorized a 4.0% increase in the quarterly cash dividend to shareholders.
GAAP Net income of $37.5 million and diluted earnings per share totaled $0.37, an increase of $7.3 million, or $0.07 per share from the first quarter of 2023.
Average deposits increased $51.7 million from the previous quarter, or 2.3% annualized.
Total loans increased $33.2 million, or 1.5% annualized from the previous quarter.
The net interest margin of 3.52% decreased 13 basis points compared to the prior quarter
First Commonwealth
First Commonwealth
First Commonwealth Revenue by Segment
Revenue by Segment
Trust Income Revenue
CapyFin.comService Charges on Deposit Accounts Revenue
CapyFin.comInsurance and Retail Brokerage Commissions Revenue
CapyFin.comIncome from Bank Owned Life Insurance Revenue
CapyFin.comGain on Sale of Mortgage Loans Revenue
CapyFin.comGain on Sale of Other Loans and Assets Revenue
CapyFin.comCard-Related Interchange Income Revenue
CapyFin.comDerivative Mark-to-Market Revenue
CapyFin.comOther Income Revenue
CapyFin.com Forward Guidance
On June 1, 2024, the Bank will retire $50 million of variable rate subordinate corporate debentures with a current interest rate of 7.45%.
Positive Outlook
- This will reduce Total Risk Based Capital by approximately 44 basis points.
- Improve the net interest margin by approximately three basis points beginning in the third quarter of 2024.
Challenges Ahead
- The Company expects to incur approximately $360 thousand in other operating expenses in the second quarter of 2024 related to this redemption.
Revenue & Expenses
Visualization of income flow from segment revenue to net income