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Sep 30, 2020
First Commonwealth Q3 2020 Earnings Report
Announced third quarter 2020 earnings.
Key Takeaways
First Commonwealth Financial Corporation reported net income of $19.2 million and diluted earnings per share of $0.20 for the third quarter of 2020. Core pre-tax pre-provision net revenue was $41.1 million, and the core efficiency ratio improved to 54.5%.
Net income of $19.2 million and diluted earnings per share of $0.20.
Core net income of $23.8 million and diluted earnings per share of $0.24.
Core pre-tax pre-provision net revenue was $41.1 million.
Core efficiency ratio improved to 54.5%.
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.comSwap Fee Income Revenue
CapyFin.comOther Income Revenue
CapyFin.com Forward Guidance
The Company has implemented a profitability initiative termed “Project Thrive” with the goal of growing its business, maintaining adequate capital, protecting against further NIM compression and reducing operating expenses.
Positive Outlook
- Growing its business
- Maintaining adequate capital
- Protecting against further NIM compression
- Reducing operating expenses
- Targeted 20% reduction in retail locations will occur prior to December 31, 2020
Challenges Ahead
- Uncertainties regarding the impact of the COVID-19 pandemic
- Volatility and disruption in national and international financial markets
- The effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board
- Inflation, interest rate, commodity price, securities market and monetary fluctuations
- The effect of changes in laws and regulations