FCFC reports earnings
First Commonwealth Financial Corp. has reported net income of $15.9 million, or 16 cents diluted earnings per share, for the third quarter ended Sept. 30.
That compares to net income of $9.8 million, or 9 cents diluted earnings per share, in the third quarter of 2012.
The increase in net income was due to higher net interest income, lower provision for loan losses and noninterest expense, partially offset by lower noninterest income.
For the nine months ended Sept. 30, net income was $32.2 million, or 33 cents diluted earnings per share, compared to net income of $33.2 million, or 32 cents diluted earnings per share, for the comparable period in 2012. The decrease in net income was the result of lower net interest income, higher provision for loan losses and reduced noninterest income, partially offset by lower noninterest expense.
“We are pleased that credit performance in both our loan and trust preferred investment portfolios had a positive impact on our earnings results this quarter,” T. Michael Price, president and CEO, said in a release.