The Tribune Democrat, Johnstown, PA

Business

April 22, 2014

Bank sees increase in net income

JOHNSTOWN — First Commonwealth Financial Corp. reported a net income of $12.3 million – or 13 cents diluted earnings per share – for the first quarter of 2014 that ended March 31. In comparison, the business had a net income of $10.6 million – or 11 cents diluted earnings per share – in the first quarter of 2013.

The increase in net income was primarily the result of reduced provision expense and a $1.6 million reduction in non-interest expense. Annualized returns on average assets and average equity for the first quarter of 2014 were 0.8 percent and 6.97 percent, respectively, as compared to 0.71 percent and 5.73 percent for the first quarter of 2013.

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