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Jun 30, 2024
First Commonwealth Q2 2024 Earnings Report
First Commonwealth's financial performance reflected a solid core earnings power during the second quarter of 2024.
Key Takeaways
First Commonwealth Financial Corporation reported a net income of $37.1 million and diluted earnings per share of $0.36 for the second quarter of 2024. Core pre-tax pre-provision net revenue totaled $54.4 million. Net interest income (FTE) was $95.3 million, and noninterest income (excluding securities gains and losses) reached $25.2 million.
GAAP Net income was $37.1 million, with diluted earnings per share at $0.36.
Core pre-tax pre-provision net revenue totaled $54.4 million.
Net interest income (FTE) amounted to $95.3 million.
Noninterest income (excluding securities gains and losses) reached $25.2 million.
Forward Guidance
First Commonwealth anticipates improved net interest margin and continued adaptation to meet customer needs.
Positive Outlook
- Expectation of an improved net interest margin by approximately three basis points beginning in the third quarter of 2024 due to the retirement of subordinate corporate debentures.
- Anticipation of a further 2 basis points improvement in the net interest margin beginning in the third quarter of 2024 related to investment securities transactions.
- Continued adaptation to meet the evolving needs of neighbors and their businesses.
- Assistance to customers in navigating their financial future.
- Pockets of loan demand in new markets in Pennsylvania and Ohio.
Challenges Ahead
- Volatility and disruption in national and international financial markets.
- Effects of and changes in trade, monetary, and fiscal policies and laws.
- Inflation, interest rate, commodity price, securities market, and monetary fluctuations.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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