2024-07-24 16:57:06 ET
First Commonwealth Financial Corporation (FCF)
Q2 2024 Earnings Conference Call
July 24, 2024, 2:00 pm ET
Company Participants
Ryan Thomas - VP, Finance & IR
Mike Price - President & CEO
Jim Reske - CFO
Jane Grebenc - Bank President & CRO
Brian Karrip - Chief Credit Officer
Mike McKeon - Chief Lending Officer
Conference Call Participants
Daniel Tamayo - Raymond James
Karl Shepard - RBC
Manual Navas - D.A. Davidson
Kelly Motta - KBW
Matthew Breese - Stephens
Frank Schiraldi - Piper Sandler
Presentation
Operator
Hello and thank you for standing by. My name is Regina and I'll be your conference operator today. At this time, I'd like to welcome everyone to the First Commonwealth Financial Corporation Second Quarter 2024 Earnings Release Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions].
I would now like to turn the conference over to Ryan Thomas, Vice President of Finance and Investor Relations. Please go ahead.
Ryan Thomas
Thanks, Regina, and good afternoon, everyone. Thanks for joining us today to discuss First Commonwealth Financial Corporation's second quarter financial results. Participating on today's call will be Mike Price, President and CEO; Jim Reske, Chief Financial Officer; Jane Grebenc, Bank President and Chief Revenue Officer; Brian Karrip, Chief Credit Officer; and Mike McKeon, our Chief Lending Officer.
As a reminder, a copy of yesterday's earnings release can be accessed by logging on to fcbanking.com and selecting the Investor Relations link at the top of the page. We've also included a slide presentation on our Investor Relations website with supplemental information that will be referenced during today's call.
Before we begin, I need to caution listeners that this call will contain forward-looking statements. Please refer to our forward-looking statements disclaimer on Page 3 of the slide presentation for a description of risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements.
Today's call will also include non-GAAP financial measures. Non-GAAP financial measures should be viewed in addition to and not as an alternative for our reported results prepared in accordance with GAAP. Reconciliation of these measures can be found in the appendix of today's slide presentation.
And with that, I will turn the call over to Mike.
Mike Price
Thank you, Ryan, and welcome, everyone.
Core earnings per share of $0.36 beat consensus estimates by $0.01 for the second quarter of 2024. Pre-tax pre-provision net revenue was up by $3.6 million over last quarter. Headline numbers for the second quarter include a core return on assets of 1.29%, a core pre-tax pre-provision ROA of 1.88%, a core return on tangible common equity of 15.93%, and a core efficiency ratio of 53.34%....
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First Commonwealth Financial Corporation (FCF) Q2 2024 Earnings Call Transcript