First Commonwealth Financial (FCF) Tops Q3 EPS by 2c

First Commonwealth Financial (NYSE: FCF) reported Q3 EPS of $0.30, $0.02 better than the analyst estimate of $0.28.

Third Quarter 2019 Highlights

Earnings

• Third quarter GAAP net income was $26.6 million, or $0.27 diluted earnings per share.
  • Core net income (non-GAAP)(1) was $29.6 million, or $0.30 diluted earnings per share, an increase of $0.02 from the previous quarter and $0.05 from the third quarter of 2018.
• Total revenue grew $1.6 million, or 7.0% annualized from the prior quarter.
  • Net interest income (FTE) increased $1.3 million from the prior quarter.
  • Noninterest income grew $0.3 million from the prior quarter.
• Total noninterest expense increased $2.7 million from the previous quarter, but includes $3.7 million in merger and acquisition related expenses resulting from the completion of the Company’s acquisition of 14 former Santander branches in Central Pennsylvania.
• Provision for credit losses totaled $2.7 million, a decrease of $0.1 million as compared to the prior quarte

“Our third quarter financial results demonstrate consistent improvement in our company’s performance trajectory,” stated T. Michael Price, President and Chief Executive Officer. “Our underlying fundamentals remain strong across multiple business lines and geographies, and we remain focused on optimizing growth opportunities in our newer markets in Ohio and Central Pennsylvania. During the quarter we completed our acquisition of 14 former Santander branches and welcomed 83 talented employees and nearly 23,000 new households to First Commonwealth. Our success can be traced back to our talented team of individuals who continually deliver on our mission of improving the financial lives of our neighbors and their businesses.”

For earnings history and earnings-related data on First Commonwealth Financial (FCF) click here.

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