First Commonwealth Announces Second Quarter 2020 Earnings; Declares Quarterly Dividend
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INDIANA, Pa., July 28, 2020 (GLOBE NEWSWIRE) -- First Commonwealth Financial Corporation (NYSE: FCF) today announced financial results for the second quarter of 2020.
Financial Summary
(dollars in thousands,
For the Three Months Ended
A
For the Six Months Ended
except per share data)
June 30,
A
March 31,
A
June 30,
A
June 30,
A
June 30,
A
2020
A
2020
A
2019
A
2020
A
2019
Reported Results
A
A
A
A
A
A
A
A
A
Net income
$
23,851
A
$
4,727
A
$
27,280
A
$
28,578
A
$
51,869
Diluted earnings per share
$
0.24
A
$
0.05
A
$
0.28
A
$
0.29
A
$
0.53
Return on average assets
A
1.06
%
A
A
0.23
%
A
A
1.37
%
A
A
0.66
%
A
A
1.32
%
Return on average equity
A
8.95
%
A
A
1.77
%
A
A
10.84
%
A
A
5.36
%
A
A
10.48
%
A
A
A
A
A
A
A
A
A
A
Operating Results (non-GAAP)(1)
A
A
A
A
A
A
A
A
A
Core net income
$
23,851
A
$
4,727
A
$
27,307
A
$
28,578
A
$
51,896
Core diluted earnings per share
$
0.24
A
$
0.05
A
$
0.28
A
$
0.29
A
$
0.53
Pre-tax pre-provision net revenue
$
36,101
A
$
37,123
A
$
37,258
A
$
73,223
A
$
72,343
Provision expense
$
6,859
A
$
30,967
A
$
2,835
A
$
37,826
A
$
6,930
Net charge-offs
$
4,493
A
$
3,529
A
$
1,427
A
$
8,022
A
$
3,633
Reserve build(2)
$
2,366
A
$
27,438
A
$
1,408
A
$
29,804
A
$
3,297
Core return on average assets
A
1.06
%
A
A
0.23
%
A
A
1.37
%
A
A
0.66
%
A
A
1.32
%
Return on average tangible common equity
A
13.13
%
A
A
2.92
%
A
A
15.47
%
A
A
8.03
%
A
A
15.04
%
Core return on average tangible common equity
A
13.13
%
A
A
2.92
%
A
A
15.48
%
A
A
8.03
%
A
A
15.05
%
Core efficiency ratio
A
57.20
%
A
A
58.21
%
A
A
56.80
%
A
A
57.71
%
A
A
57.47
%
Net interest margin (FTE)
A
3.29
%
A
A
3.65
%
A
A
3.75
%
A
A
3.46
%
A
A
3.75
%
(1)A A Core operating results are a non-GAAP measure used by management to measure performance in operating the business that management believes enhances investors' ability to better understand the underlying business performance and trends related to core business activities. A full reconciliation of non-GAAP financial measures can be found at the end of the financial statements which accompany this release.
(2)A A Reserve build represents the amount by which the provision for credit losses exceeds net charge-offs, while reserve release represents the amount by which net charge-offs exceed the provision for credit losses.A A A A Second Quarter 2020 HighlightsFinancial results
See also:
