First Commonwealth Financial Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012
January 30, 2013 at 07:17 pm IST
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First Commonwealth Financial Corp. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, net interest income was $47.191 million against $47.633 million a year ago. Net interest income (FTE) was $48.223 million against $48.906 million a year ago. Income before income taxes was $12.778 million against loss before income taxes of $10.104 million a year ago. Net income was $8.735 million or $0.09 per diluted share against net loss of $5.717 million or $0.05 per diluted share a year ago. Return on average assets was 0.58% against negative return on average assets of 0.40% a year ago. Return on average shareholders equity was 4.55% against negative return on average shareholders equity of 2.94% a year ago. The increase in net income was primarily the result of reduced provision for credit losses and noninterest expense, partially offset by lower net interest income and noninterest income.
For the year, net interest income was $188.929 million against $189.867 million a year ago. Net interest income (FTE) was $193.321 million against $195.367 million a year ago. Income before income taxes was $61.004 million against $20.394 million a year ago. Net income was $41.954 million or $0.40 per diluted share against $15.274 million or $0.15 per diluted share a year ago. Return on average assets was 0.71% against 0.27% a year ago. Return on average shareholders equity was 5.46% against 2.00% a year ago. As on December 31, 2012, book value per share was $
The increase in year-over-year net income was primarily the result of reduced provision for credit losses and increased noninterest income, partially offset by lower net interest income.
First Commonwealth Financial Corporation is a financial holding company. The Companyâs operating subsidiaries include First Commonwealth Bank (the Bank), First Commonwealth Insurance Agency, Inc. (FCIA) and FRAMAL. It provides a diversified array of consumer and commercial banking services through its bank subsidiary, FCB. It also provides trust and wealth management services through FCB and offer insurance products through FCIA. The Bank operated 126 community banking offices in 30 counties throughout western and central Pennsylvania and throughout Ohio, as well as commercial lending operations in Harrisburg, Pennsylvania, and Canton, Cleveland, Columbus, Canfield and Hudson, Ohio. The Bank also operates a network of 138 automated teller machines. All of its ATMs are part of the NYCE and MasterCard/Cirrus networks, both of which operate nationwide. The Bank is a member of the Allpoint ATM network, which allows surcharge-free access to over 55,000 ATMs.
FIRST COMMONWEALTH FINANCIAL CORPORATION 
