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Dec 31, 2019
First Commonwealth Q4 2019 Earnings Report
Reported earnings for the fourth quarter and full year 2019 and increased quarterly dividend by 10.0%.
Key Takeaways
First Commonwealth Financial Corporation reported a net income of $26.8 million, or $0.27 diluted earnings per share, for the quarter ended December 31, 2019. Total revenue grew by 6.6% from the prior year quarter, and the company completed its acquisition of 14 former Santander branches.
Total gross loans grew $85 million, or 5.6% (annualized), compared to the prior quarter.
Average noninterest bearing deposits grew $113 million, or 28.9% (annualized) compared to the prior quarter.
Net income was $26.8 million (or $0.27 diluted earnings per share), resulting in an ROA of 1.30% and an ROE of 10.13%.
Total revenue grew $5.7 million, or 6.6%, from the prior year quarter.
Revenue by Segment
Forward Guidance
The company expects headwinds from the lower interest rate environment going into 2020 but the management has confidence in their team’s ability to continue to produce positive long-term performance for their shareholders.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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