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