First Commonwealth reports Q2 EPS 36c, consensus 35c

Reports net interest income FTE of $95.3M increased $2.7M from the previous quarter and decreased $2.8M from the prior year quarter. The increase from the previous quarter was primarily due to a five basis point expansion in the net interest margin and a $152.7M increase in interest earning assets. The net interest margin for the second quarter of 2024 was 3.57%, an increase of five basis points from the previous quarter and a decrease of 28 basis points from the second quarter of 2023. The increase from the previous quarter was due primarily to a 12 basis point increase in the yield on loans and an 18 basis point increase in the yield on securities, partially offset by a 10 basis point increase in the cost of deposits. The total cost of funds was 2.20% in the second quarter of 2024, which represents an increase of seven basis points from the previous quarter. Total average deposits grew $199.9M in the second quarter of 2024 as compared to the previous quarter. Average time deposits grew $117.6M and interest-bearing demand and savings deposits grew $74.4M.