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Dec 31, 2021
First Commonwealth Q4 2021 Earnings Report
First Commonwealth's Q4 2021 financial results were announced, showing a strong operating performance.
Key Takeaways
First Commonwealth Financial Corporation reported a net income of $34.8 million and diluted earnings per share of $0.37 for Q4 2021. Total loans (excluding PPP loans) increased by $186.1 million, or 11.2% annualized, from the previous quarter. The core efficiency ratio was 57.06% during the fourth quarter of 2021.
Net income totaled $34.8 million, with diluted earnings per share at $0.37, increasing from both the previous quarter and the fourth quarter of 2020.
Core pre-tax pre-provision net revenue (PPNR) amounted to $40.9 million, reflecting a slight increase from Q4 2020 but a decrease from the previous quarter due to reduced Paycheck Protection Program (PPP) income.
Total loans (excluding PPP loans) saw an annualized increase of 11.2% from the previous quarter, driven by growth in both commercial and consumer loan categories.
The core return on average assets (ROAA) improved to 1.45% compared to the previous quarter and increased from the fourth quarter of 2020.
Forward Guidance
First Commonwealth is optimistic about its core organic growth prospects, particularly with the buildout of its Equipment Finance business. Ongoing investments in talent, technology, and the regional business model are expected to benefit clients, employees, communities, and stockholders.
Positive Outlook
- Company expects strong core organic growth.
- Equipment Finance business is on pace and in line with expectations.
- Ongoing investments in talent and technology.
- Regional business model continues to position the company well.
- Investments will benefit clients, employees, communities and stockholders.
Challenges Ahead
- Volatility and disruption in national and international financial markets
- 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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