Loading...
•
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
Revenue by Segment
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
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...