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Dec 31, 2024
First Commonwealth Q4 2024 Earnings Report
Announced fourth quarter and full year earnings, demonstrating a robust pre-tax pre-provision ROA and improved efficiency ratio.
Key Takeaways
First Commonwealth Financial Corporation reported a net income of $35.8 million and diluted earnings per share of $0.35 for Q4 2024. Core pre-tax pre-provision net revenue totaled $51.4 million. The company's average deposits increased, and total loans also saw a rise, driven by growth in Equipment Finance and Commercial Real Estate portfolios.
Net income reached $35.8 million, with diluted earnings per share at $0.35.
Core pre-tax pre-provision net revenue totaled $51.4 million.
Average deposits increased by $207.1 million, representing an 8.7% annualized growth.
Total loans increased by $23.5 million, or 1.0% annualized.
Revenue by Segment
Forward Guidance
The company is focusing on mid-single-digit loan growth, core deposit acquisition, and operational efficiency to propel forward in 2025.
Positive Outlook
- Focus on mid-single-digit loan growth.
- Emphasis on core deposit acquisition.
- Commitment to operational efficiency.
- Sale of Visa-B shares in January 2025, resulting in a gain of approximately $5.1 million.
- Purchase of securities with a yield of approximately 5.4%.
Challenges Ahead
- Deposit pricing pressure challenges.
- Higher credit costs.
- Six months of lost interchange revenue from the Durbin amendment.
- AOCI decrease $19.4 million.
- Seasonal withdrawals of public fund deposits.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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