First Commonwealth Financial saw profit tumble in the second quarter, hurt by a decline in revenue and a higher provision for loan losses.
The Indiana, Pa.-based bank this morning reported profit of $5.8 million, or 6 cents per share, down from $12.3 million, or 12 cents, in the same three months in 2012.
Net interest income fell 3 percent while noninterest income slid 7 percent.
First Commonwealth set aside $10.8 million to cover bad loans, up from $4.3 million in the second quarter of 2012.
The higher provision was primarily related to a charge off of a soured loan to an unnamed real estate developer, the bank said.
Top executives will conduct a conference call with Wall Street analysts at 2 p.m.
Patricia Sabatini: firstname.lastname@example.org or 412-263-3066.