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Sep 30, 2021
First Commonwealth Q3 2021 Earnings Report
Reported net income of $34.1 million and diluted earnings per share of $0.36.
Key Takeaways
First Commonwealth Financial Corporation announced strong third-quarter results, with net income reaching $34.1 million, or $0.36 per share. The company saw growth in loans (excluding PPP), net interest income, and noninterest income. They also declared a quarterly dividend and authorized a $25 million share repurchase program.
Net income was $34.1 million, with diluted earnings per share at $0.36, an increase of $4.5 million from the previous quarter.
Core pre-tax pre-provision net revenue totaled $42.9 million, unchanged from the prior quarter but up $2.1 million from Q3 2020.
Portfolio loans (excluding PPP) increased by $132.3 million, driven by consumer loan growth and improved commercial loan production.
The Board of Directors authorized an additional $25 million share repurchase program.
Forward Guidance
Management is excited about the progress with traditional lending engines and investments in the digital front, positioning First Commonwealth as a leading financial services company.
Positive Outlook
- Strong momentum in fundamental performance.
- Loan growth (excluding PPP) at an 8.2% annualized rate.
- Diversified revenue sources with contributions from mortgage banking, SBA lending, wealth management and insurance revenues.
- Progress with traditional lending engines.
- Investments and progress on the digital front.
Challenges Ahead
- Volatility and disruption in national and international financial markets.
- 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
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Avg. Return Before/After Earnings
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