Core Insights - Pan American Silver Corp. (PAAS) achieved a record free cash flow of $233 million in Q2 2025, a 128% increase year-over-year, and ended the quarter with a cash balance of $1.1 billion, indicating strong financial health [1][7] - The company returned approximately $103.5 million to shareholders through share repurchases in H1 2025 and announced a 20% increase in its quarterly dividend to $0.12 per share [2] - PAAS plans to invest $500 million of its cash reserves to acquire MAG Silver Corp, which holds a 44% stake in the Juanicipio project, expected to boost PAAS' silver production by 35% annually and reduce all-in sustaining costs [3][7] Financial Performance - Year-to-date, PAAS shares have increased by 57%, outperforming the industry growth of 51%, while the Basic Materials sector rose by 9% and the S&P 500 by 2.9% [5] - The consensus estimate for PAAS earnings in 2025 is $1.98 per share, reflecting a 150.6% year-over-year increase, with a 2026 estimate of $2.38, indicating a 20.2% rise [8] Valuation Metrics - PAAS is currently trading at a forward 12-month price-to-earnings multiple of 14.24X, below the industry average of 17.34X [7]

Group 1 - The article promotes a free two-week trial for the investment group Distressed Value Investing, which offers exclusive research on various companies and investment opportunities [1] - The investment group focuses on value opportunities and distressed plays, particularly in the energy sector [2] - The author, Aaron Chow, has over 15 years of analytical experience and previously co-founded a mobile gaming company that was acquired by PENN Entertainment [2] Group 2 - The article emphasizes that past performance is not indicative of future results and does not provide specific investment recommendations [3] - It clarifies that the analysts contributing to the platform may not be licensed or certified by any regulatory body [3]

Company Overview - Occidental Petroleum is a $43 billion upstream-focused oil producer that has underperformed in a weaker oil environment, remaining well below Berkshire Hathaway's purchase price [2]. Investment Strategy - The Value Portfolio specializes in building retirement portfolios using a fact-based research strategy, which includes extensive readings of 10Ks, analyst commentary, market reports, and investor presentations [2]. - The portfolio aims to maximize returns by searching the entire market for actionable ideas and high-yield safe retirement portfolios [1]. Analyst Position - The analyst has a beneficial long position in the shares of Occidental Petroleum, either through stock ownership, options, or other derivatives [3].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-11138 First Commonwealth Financial Corporation (Exact name of registrant as specified in its charter) Pennsylvania 25-1428528 (State or othe ...

Group 1 - The largest contributor during the quarter was Gannett (GCI), which increased by 24%, recovering part of its first quarter drawdown [2] - Gannett is considered significantly mispriced in the market [2]

Group 1: Stock Recommendations - New York Mortgage Trust (NYMT) is a real estate investment trust focused on residential mortgage securities and has seen a 4.9% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - TPG RE Finance Trust (TRTX) is a commercial real estate finance company that has experienced a 2.1% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - First Commonwealth Financial (FCF) operates two chartered banks and has witnessed a 7.7% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [3] Group 2: Dividend Yields - New York Mortgage Trust (NYMT) has a dividend yield of 12.2%, surpassing the industry average of 11.4% [2] - TPG RE Finance Trust (TRTX) has a dividend yield of 11.1%, compared to the industry average of 0.0% [3] - First Commonwealth Financial (FCF) offers a dividend yield of 3.3%, which is higher than the industry average of 2.7% [4]

Market Overview - Stock markets are showing signs of nervousness at all-time highs, with companies experiencing significant corrections despite strong earnings reports [1] - This situation serves as a reminder for investors to exercise caution and consider deploying strategies to mitigate risks [1] Analyst Background - Gary Alexander has extensive experience covering technology companies on Wall Street and has worked in Silicon Valley, providing insights into current industry trends [1] - He has been a contributor on Seeking Alpha since 2017 and has been quoted in various web publications, with his articles reaching audiences through popular trading apps like Robinhood [1]

Financial Data and Key Metrics Changes - Core earnings per share increased to $0.38, surpassing consensus estimates by $0.03 and improving from $0.32 in the first quarter [6] - Core return on assets reached 1.31%, with a core pretax pre-provision ROA of 1.95% and a core efficiency ratio of 54.1% [6] - Net interest margin expanded from 3.62% in the first quarter to 3.83% in the second quarter, a 21 basis point increase [7] - Net interest income increased by $10,700,000 to $106,200,000, driven by improved loan yields and lower deposit costs [7][8] Business Line Data and Key Metrics Changes - Loan growth was 8.1% annualized, with significant contributions from Equipment Finance, small business, commercial, indirect, and branch lending [7][8] - Noninterest income increased by $2,100,000 to $24,700,000, with strong contributions from mortgage, SBA, interchange, wealth, and other service charges [8] - Total deposits grew by 9% year to date, reaching $10,100,000,000, with the Community Pennsylvania region performing exceptionally well [9] Market Data and Key Metrics Changes - The integration of Centre Bank added $295,000,000 in loans and $278,000,000 in deposits, enhancing the company's presence in Cincinnati [10] - The company experienced loan and deposit growth in four of its six geographic markets [8] Company Strategy and Development Direction - The company aims to be the leading community bank in its markets, focusing on improving financial lives of customers and communities [12] - Strategic acquisitions and a regional business model are key components of the company's growth strategy [12] - The company is exploring smaller acquisition opportunities while maintaining a disciplined approach to M&A [44][46] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's trajectory, citing disciplined execution and strategic acquisitions as drivers of growth [12] - The company anticipates continued loan growth and margin expansion, with a revised forecast of two Fed cuts by year-end [16][72] - Management highlighted the importance of maintaining low-cost deposits to support loan growth [121] Other Important Information - The company reported a second quarter provision expense of $12,600,000, with $3,800,000 related to the Centre Bank acquisition [11] - Nonperforming loans increased by $40,100,000 due to the Centre Bank acquisition and a single commercial loan [12] Q&A Session Summary Question: Guidance for expenses in the third quarter or back half of the year - Management indicated that expenses are on track, with consensus estimates for the third quarter at $72,800,000 and fourth quarter at $73,100,000 [23][24] Question: Appetite for stock repurchases - Management plans to resume stock repurchases after a blackout period, with a focus on buying back shares at a set price [28][30] Question: Outlook for charge-offs - Charge-offs have been low, and management expects them to normalize in the mid-20 basis point range [32] Question: Loan yield trends and guidance - Management indicated that loan yields have been consistent, with expectations for continued positive trends if the Fed does not cut rates [38][40] Question: Market share opportunities - Management believes there is significant room for growth in existing markets, particularly in Ohio and Western Pennsylvania [92][95] Question: Impact of recent investments in Pennsylvania - Management noted significant investments in the area, particularly in infrastructure and energy, which could benefit the company [100] Question: Credit quality of the portfolio - Management confirmed that the majority of the nonaccruals are from a legacy loan, with the overall portfolio performing well [106][112]

Financial Highlights - Core pre-tax pre-provision income reached $58.7 million[8] - Core PTPP ROAA was 1.95%[8] - The reserve coverage ratio stood at 1.39%[8] - Available liquidity amounted to $5.3 billion[8] - Excess capital was $364.0 million[8] - TCE ratio was 9.4%[8] Income Statement - Net interest income (FTE) was $106.6 million, up $10.7 million from the previous quarter and $11.3 million year-over-year[12] - Net interest margin increased to 3.83%, a 21 basis point increase from the previous quarter and a 26 basis point increase year-over-year[12] - Fee income increased by $2.0 million from the previous quarter but decreased $0.4 million year-over-year, totaling $24.7 million[28, 26] Balance Sheet - Total loans (excluding acquired balances) increased by $183.7 million, or 8.1% annualized, from the previous quarter[9] - Average deposits (excluding acquired balances) grew by $91.6 million, or 3.8% annualized, from the previous quarter[9] - Nonperforming loans increased by $40.1 million from the previous quarter, reaching $99.5 million[36]

First Commonwealth Financial (FCF) reported $130.99 million in revenue for the quarter ended June 2025, representing a year-over-year increase of 9%. EPS of $0.38 for the same period compares to $0.36 a year ago.The reported revenue represents a surprise of +5.09% over the Zacks Consensus Estimate of $124.65 million. With the consensus EPS estimate being $0.34, the EPS surprise was +11.76%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectatio ...