First Commonwealth Financial Corporation (NYSE:FCF) Q3 2024 Earnings Conference Call October 30, 2024 2:00 PM ET

Company Participants

Ryan Thomas - VP, Finance & IR
Thomas Michael Price - President & CEO
James Reske – CFO
Jane Grebenc - Bank President & CRO
Brian Sohocki - Chief Credit Officer
Mike McCuen - Chief Lending Officer

Conference Call Participants

Daniel Tamayo - Raymond James
Karl Shepard – RBC Capital Markets
Kelly Motta – KBW
Matthew Breese – Stephens
Frank Schiraldi - Piper Sandler
Manuel Navas - D.A. Davidson
Daniel Cardenas - Janney Montgomery Scott

Operator

Thank you for standing by and welcome to the First Commonwealth Financial Corporation Third 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, Rob, and good afternoon, everyone. Thanks for joining us today to discuss First Commonwealth Financial Corporation's third quarter financial results. Participating on today's call will be Thomas Michael Price, President and CEO; James Reske, Chief Financial Officer; Jane Grebenc, Bank President and Chief Revenue Officer; Brian Sohocki, Chief Credit Officer; and Mike McCuen, 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. A reconciliation of these measures can be found in the appendix of today's slide presentation.

With that, I will turn the call over to Mike.

Thomas Michael Price

Thank you, Ryan, and welcome, everyone. Third quarter 2024 Core Earnings Per Share were $0.31 Loans were essentially flat, deposits grew and the net interest margin fell 1 basis point to 3.56% as rates declined in anticipation of the Fed rate cut in September. Growth in other fee income offset a $3 million decrease in interchange income as we incurred the long anticipated impact of Durbin.