Research Desk Line-up: Stewardship Financial Post Earnings Coverage
LONDON, UK / ACCESSWIRE / November 22, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on First Commonwealth Financial Corp. (NYSE: FCF), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=FCF, following the Company's posting of its financial results on October 25, 2017, for the third quarter fiscal 2017. The Company reported record quarterly net income. The financial holding Company's revenue and adjusted EPS surpassed analysts' expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the Regional - Northeast Banks industry. Pro-TD has currently selected Stewardship Financial Corporation (NASDAQ: SSFN) for due-diligence and potential coverage as the Company announced on November 07, 2017, its financial results for Q3 2017 which ended on September 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Stewardship Financial when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on FCF; also brushing on SSFN. With the links below you can directly download the report of your stock of interest free of charge at:
For three months ended September 30, 2017, First Commonwealth's revenue increased 19.1% to $80.46 million from $67.56 million in Q3 FY16. Revenue surpassed analysts' expectations of $79.29 million.
During Q3 FY17, First Commonwealth's total interest income increased 20.1% to $65.41 million from $54.48 million in the same period last year. For the reported quarter, the Company's total interest expenses increased 20.4% to $5.85 million from $4.86 million in the third quarter of 2016. For the reported quarter, the Company's net interest income increased 20% to $60.67 million from $50.57 million in Q3 FY16.
During Q3 FY17, the Company's net interest margin increased 32 basis points to 3.61% compared to 3.29% in Q3 FY16. The increase was due to improved yields on variable and adjustable loan portfolios along with the ability to pay down higher cost short-term borrowings.
During Q3 FY17, First Commonwealth's total non-interest income increased 16.5% to $19.79 million from $16.99 million in the same period last year. During Q3 FY17, the Company's net occupancy expenses increased 17% to $3.72 million from $3.18 million in Q3 FY16. For the reported quarter, the Company's total non-interest expenses increased 22.4% to $47.36 million from $38.70 million in the third quarter of 2016.
During Q3 FY17, First Commonwealth's EBIT increased 25.2% to $31.88 million from $25.46 million in the same period last year.
For the reported quarter, First Commonwealth's net income increased 23.8% to $21.28 million on a y-o-y basis from $17.20 million in Q3 FY16. During Q3 FY17, the Company's diluted EPS increased 15.8% to $0.22 on a y-o-y basis from $0.19 in the same period last year. During Q3 FY17, the Company's net income increased 23% to $21.24 million on a y-o-y basis from $17.27 million in the same period last year. For the reported quarter, the Company's adjusted diluted EPS increased 15.8% to $0.22 from $0.19 in Q3 FY16. Adjusted diluted EPS surpassed analysts' expectations of $0.20.
During Q3 FY17, First Commonwealth's non-performing loans decreased 29.2% to $38.80 million from $54.83 million in the same period last year. For the reported quarter, the Company's non-performing assets decreased 28.8% to $44.70 million from $62.82 million in Q3 FY16.
For the reported quarter, the Company's allowance for credit losses decreased 12% to $48.18 million from $54.73 million in Q3 FY16.
As on September 30, 2017, First Commonwealth's cash and due from banks increased 28.6% to $98.32 million from $76.46 million on September 30, 2016. For the reported quarter, the Company's long-term debt increased 8.8% to $88.16 million from $81.06 million in Q3 FY16.
For the reported quarter, the Company's net loans increased 10.9% to $5.33 billion from $4.81 billion in the third quarter of 2016. For the reported quarter, the Company's total deposits increased 24.6% to $5.56 billion from $4.46 billion in Q3 FY16.
During Q3 FY17, First Commonwealth's adjusted return on average assets ratio was 1.14% compared to 1.03% in the same period last year. For the reported quarter, the Company's adjusted efficiency ratio was 57.96% compared to 56.65% in the third quarter of 2016. The improvement was due to expanding revenue streams and well-controlled operational expenses.
At the closing bell, on Tuesday, November 21, 2017, First Commonwealth Financial's stock climbed 1.04%, ending the trading session at $14.54. A total volume of 728.36 thousand shares have exchanged hands, which was higher than the 3-month average volume of 472.73 thousand shares. The Company's stock price surged 15.31% in the last three months, 15.67% in the past six months, and 19.67% in the previous twelve months. Moreover, the stock gained 2.54% since the start of the year. The stock is trading at a PE ratio of 19.57 and has a dividend yield of 2.20%. The stock currently has a market cap of $1.41 billion.
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