First Commonwealth earnings up 6 percent in fourth quarter

Share with others:


Print Email Read Later

First Commonwealth Financial Corp. earned $9.3 million in the fourth quarter, up 6 percent from $8.7 million in the final quarter of 2012, as the Indiana, Pa.-based bank set aside less money to cover bad loans, the company announced this morning.

Per-share profit rose 11 percent to 10 cents from 9 cents.

The provision for credit losses was $1.2 million for the three months ended Dec. 31, down from $5.7 million.

Results for the most recent period included costs of $4.5 million, or 3 cents per share, for technology upgrades, First Commonwealth said.

For all of 2013, the bank earned $41.5 million, down 1 percent from $42 million the previous year.

Per-share earnings rose 8 percent to 43 cents from 40 cents.

Also today, First Commonwealth’s directors authorized a $25 million common stock repurchase program, which comes on top of a $50 million repurchase program announced in June 2012. As of Dec. 31, First Commonwealth had repurchased approximately 10 million shares at an average price of $6.88 per share under the program.

Executives were set to discuss the bank’s performance in a conference call with analysts at 2 p.m. For access to the call, visit ir.fcbanking.com.


Patricia Sabatini: psabatini@post-gazette.com or 412-263-3066.

Join the conversation:

Commenting policy | How to report abuse
To report inappropriate comments, abuse and/or repeat offenders, please send an email to socialmedia@post-gazette.com and include a link to the article and a copy of the comment. Your report will be reviewed in a timely manner. Thank you.
Commenting policy | How to report abuse

Advertisement
Advertisement
Advertisement

You have 2 remaining free articles this month

Try unlimited digital access

If you are an existing subscriber,
link your account for free access. Start here

You’ve reached the limit of free articles this month.

To continue unlimited reading

If you are an existing subscriber,
link your account for free access. Start here