First Commonwealth Financial Q1 Results Miss Estimates

(RTTNews) - First Commonwealth Financial Corp. (FCF) on Tuesday reported net income for the first quarter of $27.73 million or $0.29 per share, down sharply from $39.77 million or $0.41 per share in the year-ago quarter.

Excluding items, core earnings for the quarter were also $0.29 per share, compared to $0.41 per share last year.

Total revenue for the quarter declined to $92.40 million from $97.10 million in the prior-year quarter.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.30 per share on revenues of $94.06 million for the quarter. Analysts' estimates typically exclude special items.

Net interest income decreased to $68.17 million from $69.44 million last year, and non-interest income declined to $23.98 million from $27.36 million a year ago.

On Monday, the Board of Directors authorized a 4.3 percent higher quarterly cash dividend to shareholders of $0.12 per share, payable on May 20, 2022 to shareholders of record as of May 6, 2022.