First Commonwealth Financial Corporation Announces $25M Share Repurchase Program

By Bobby Samwell • Friday, August 09 07:57 • Permanent Link

First Commonwealth Financial Corporation recently released its 10-Q report. The company, founded in 1934 and headquartered in Indiana, Pennsylvania, offers various consumer and commercial banking services, including personal and business checking accounts, savings and investment accounts, mortgage and real estate loans, insurance, and brokerage services. In the 10-Q report, the company's management discussed a share repurchase program authorized by the Board of Directors for up to an additional $25.0 million in shares of the company's common stock. As of June 30, 2024, 2,514,538 common shares had been repurchased under these programs at an average price of $13.07 per share. During the three months ended June 30, 2024, 22,961 common shares were repurchased under these programs at an average price of $12.48 per share. Additionally, the report mentioned the new accounting pronouncements, including Accounting Standards Update 2023-09, which requires additional disclosure information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate for federal, state, and foreign income taxes. The company is in the process of assessing the impact of adoption on its consolidated financial statements. The market has reacted to these announcements by moving the company's shares 0.6% to a price of $16.11. Check out the company's full 10-Q submission here.

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