First Commonwealth reports Q3 core EPS 31c, consensus 36c

The net interest margin of 3.56% decreased one basis point compared to the prior quarter and decreased 20 basis points as compared to the third quarter of 2023. “First Commonwealth’s (FCF) third quarter results highlight our continued strength, with a solid 1.73% pre-tax pre-provision ROAA and a stable net interest margin coupled with meaningful deposit growth,” stated T. Michael Price, President and CEO. “Despite a $3.0 million headwind from the Durbin amendment kicking in, our organization demonstrated its diverse revenue sources to largely blunt the reduction in fee income.” Price continues, “While we experienced elevated credit expenses this quarter, we remain focused on disciplined growth and I am confident in our ability to optimize shareholder value to the benefit of all of our long-term stakeholders.”