First Commonwealth Financial Corp. in Indiana, Pa., on Tuesday restated its first-quarter earnings downward.
With the restatement the $5.8 billion-asset company's earnings were 23% lower, at $5.2 million. It restated the results after conducting an appraisal on a construction loan in eastern Pennsylvania that had been on nonaccrual status. The appraisal led First Commonwealth to raise its loan-loss provision by 18%, to $13.8 million.
It reported its first-quarter earnings on April 20.
The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.
Charge-offs and nonperforming loans rose at the Georgia bank in the first quarter. But it blamed the problem on one large client and said the matter has been resolved.
Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.
Tests of models from OpenAI, Google and others found their advice tends to disadvantage names commonly associated with racial minorities and women.
Federal Reserve Governor Michelle Bowman said she believes there is a feasible path forward for the revised capital reform proposal, emphasizing the importance of making broad changes informed by industry feedback to achieve broad consensus among Federal Reserve board members.
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
