First Commonwealth Financial Corp (NYSE:FCF)
$ 18.54 -0.75 (-3.89%) Market Cap: 1.90 Bil Enterprise Value: 1.99 Bil PE Ratio: 12.56 PB Ratio: 1.34 GF Score: 79/100
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Q2 2024 First Commonwealth Financial Corp Earnings Call Transcript

Jul 24, 2024 / 06:00PM GMT
Release Date Price: $17.3 (+3.04%)

Key Points

Positve
  • Core earnings per share of $0.36 beat consensus estimates by $0.01.
  • Net interest margin expanded by 5 basis points to 3.57%.
  • Deposit balances grew 8.7% in the second quarter.
  • Non-interest income grew $1.2 million to $25.2 million, driven by higher wealth management fees and interchange income.
  • Expenses were well controlled at $65.8 million, with a core efficiency ratio improving to 53.6%.
Negative
  • Non-performing loans increased by $14.7 million for the quarter, with 75% of the increase attributable to loans from the Centric acquisition.
  • Provision expense was elevated due to further specific reserves for non-performing loans.
  • The company expects a $3.5 million quarterly downdraft in interchange income due to the Durbin impact starting next quarter.
  • Loan growth was modest, with total loans growing just under 1%.
  • Charge-offs remained relatively flat at $4.4 million quarter over quarter.
Operator

Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the First Commonwealth Financial Corporation second quarter 2024 earnings release conference call. (Operator Instructions)

I would now like to turn the conference over to Ryan Thomas, Vice President of Finance and Investor Relations. Please go ahead.

Ryan Thomas
First Commonwealth Financial Corp - Vice President of Finance and Investor Relations

Thanks, Regina, and good afternoon, everyone. Thank you for joining us today to discuss First Commonwealth Financial Corporation second quarter financial results. Participating on today's call will be Mike Price, President VEOGMRSKY., Chief Financial Officer, Ginger Benson, Bank President and Chief Revenue Officer, Brian Carroll, Chief Credit Officer, and Mike McEwan, our Chief Lending Officer.

As a reminder, a copy of yesterday's earnings release can be accessed by logging on to EPSi BANKING.com and selecting the Investor Relations link at the top

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