Overview

* First Commonwealth Q3 net income rises to $41.3 mln, adjusted EPS misses estimates

* Net interest income increased $4.9 mln from prior qtr, driven by margin expansion

* Nonperforming loans decreased by $10.8 mln from the previous quarter

Outlook

* Company did not provide specific guidance for future quarters or the full year in its press release

Result Drivers

* NET INTEREST INCOME - Increase driven by 9 basis point expansion in net interest margin and growth in interest-earning assets

* ASSET QUALITY - Nonperforming loans decreased by $10.8 mln from the previous quarter, driven by a decreased balance for an individual commercial floorplan relationship

* DEPOSIT AND LOAN GROWTH - Average deposits increased $102.7 mln and total loans increased $137.0 mln from the previous quarter

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Miss $0.39 $0.41 (6

Adjusted Analysts

EPS )

Q3 EPS $0.39

Q3 Miss $41.16 $43 mln

Adjusted mln (5

Net Analysts

Income )

Q3 Net $41.32

Income mln

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the banks peer group is "buy"

* Wall Street's median 12-month price target for First Commonwealth Financial Corp ( FCF ) is $19.00, about 13.7% above its October 28 closing price of $16.39

* The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 11 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)