First Commonwealth Financial Corporation, the parent company of First Commonwealth Bank, on Tuesday announced financial results for the fourth quarter and full year 2020.
In the fourth quarter, the bank reported net income of $25.7 million and diluted earnings per share of 27 cents, an increase of 7 cents per share in the previous quarter.
Net interest income of $67.8 million increased $1.1 million from the previous quarter.
For the year ended Dec. 31, net income was $73.4 million, or 75 cents diluted earnings per share, as compared to $105.3 million for the same period in 2019.
FCFC declared a common stock quarterly dividend of 11 cents per share, payable Feb. 19 to shareholders of record as of Feb. 5.
This dividend represents a 3.5 percent projected annual yield utilizing the Jan. 25 closing market price of $12.59.
In addition, the board of directors has authorized a new $25 million share repurchase program of the company’s common stock. Under the program, management is authorized to repurchase shares through Rule 10b5-1 plans.
“Despite the many challenges we faced in 2020, I am proud of the progress we made as a company and more importantly our ability to deliver for our customers and communities,” T. Michael Price, president and CEO, said in a news release.
“We continue to work closely with our borrowers most impacted by the pandemic and remain confident that our disciplined approach to credit over the years combined with our strong capital position will ultimately serve our shareholders well as we emerge on the other side of the pandemic.”