First Commonwealth Financial (FCF) Tops Q2 EPS by 8c

First Commonwealth Financial (NYSE: FCF) reported Q2 EPS of $0.33, $0.08 better than the analyst estimate of $0.25.

Second Quarter 2018 Highlights

Earnings

• Second quarter net income was $32.1 million, or $0.32 diluted earnings per share, an increase of $0.08 from the prior quarter. Core net income (adjusted only for acquisition expenses) was $33.1 million, or $0.33 diluted earnings per share.
  • Core earnings per share increased $0.09 from the previous quarter and $0.12 from the prior year quarter, an increase of 37.5% and 57.1%, respectively.
• Total revenue grew $8.3 million, or 10.1% from the prior quarter.
  • Net interest income (FTE) increased $4.0 million, or 6.7% from the prior quarter.
  • Noninterest income grew $4.3 million, or 19.3% from the prior quarter.
• Total noninterest expense increased $2.3 million from the previous quarter and includes $1.3 million of merger-related expenses resulting from the acquisition of Foundation Bank.
• Provision for credit losses totaled $1.2 million, a decrease of $5.7 million as compared to the prior quarter.
• Second quarter core net income includes $5.3 million in net security gains as the result of the successful auction call and open market sale of the company’s remaining pooled trust preferred securities during the second quarter of 2018.

“This year is shaping up to be another record year for our organization,” stated T. Michael Price, President and Chief Executive Officer. “Our fundamental performance continues to improve, our recent acquisitions and ensuing investments in these new markets are bearing fruit, we just added a fourth major metropolitan region to our footprint with the completion of our acquisition of Foundation Bank in Cincinnati, and we raised additional capital to fund further growth. The steady progression in our core operating results moves us one step closer to our goal of becoming one of the top performing banks in the country.”

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

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