First Commonwealth Financial Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013
January 29, 2014 at 08:00 am
Share
First Commonwealth Financial Corp. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported net interest income of $46,306,000, income before income taxes of $14,024,000 and net income of $9,259,000 as compared to net interest income of $47,191,000, income before income taxes of $12,778,000 and net income of $8,735,000 for the same period a year ago. The increase in net income was primarily the result of lower provision for credit losses, partially offset by lower net interest income, realized net losses on liquidated trust preferred securities and previously mentioned conversion charges. Diluted earnings per share were $0.10 compared to $0.09 a year ago. Return on average assets was 0.60% compared to 0.58% a year ago. Return on average shareholders' equity was 5.14% compared to 4.55% a year ago.
For the year, the company reported net interest income of $184,651,000, income before income taxes of $60,844,000 and net income of $41,482,000 as compared to net interest income of $188,929,000, income before income taxes of $61,004,000 and net income of $41,954,000 for the same period a year ago. Diluted earnings per share were $0.43 compared to $0.40 a year ago. Return on average assets was 0.68% compared to 0.71% a year ago. Return on average shareholders' equity was 5.70% compared to 5.46% a year ago. Book value per common share as at December 31, 2013 was $7.47 compared to $7.49 a year ago.
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 
