First Commonwealth Financial (FCF) Reports In-Line Q1 EPS

First Commonwealth Financial (NYSE: FCF) reported Q1 EPS of $0.24, in-line with the analyst estimate of $0.24.

• First quarter net income was $23.3 million (or $0.24 diluted earnings per share), the highest level of quarterly net income in the history of the company. Core net income (adjusted for acquisition expenses) was $23.5 million, or $0.24 diluted earnings per share.
  • Earnings per share increased $0.06 from the prior year quarter, an increase of 33.3% year-over-year.
• Total noninterest expense decreased $5.0 million from the previous quarter, primarily due to a $3.9 million decrease in salaries and benefits, reflecting $2.5 million of expense for a one-time cash bonus of $1,500 paid to employees in the previous quarter.
• Provision for credit losses totaled $6.9 million, due in part to the deterioration of two commercial loan relationships.
• The annualized return on average tangible common equity for the first quarter of 2018 was 15.56%.

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

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