Printer Friendly

FIRST COMMONWEALTH REPORTS EARNINGS RECORDS

 INDIANA, Pa., July 14 /PRNewswire/ -- E. James Trimarchi, chairman, president and chief executive officer of First Commonwealth Financial Corporation (NYSE: FCF), today announced earnings records for the Indiana-based multi-bank holding company.
 Earnings for the second quarter were $5.3 million or $.62 per share bringing total first half earnings to $11.3 million or $1.32 per share, a 20 percent increase in net income and a 13 percent increase in earnings per share over 1992. Six-month results include a $.07 per share first quarter adjustment to net income to record the cumulative effect of a change in the method of accounting for income taxes in accordance with the Financial Accounting Standards No. 109.
 According to Trimarchi, "We are pleased to continue our history of consistently improving performance since First Commonwealth's inception in 1983. Our stock remains attractive to many investors who are looking for a long-term investment with a record of steadily improving performance. With an annual dividend rate of $1 per share, some investors are beginning to look to First Commonwealth as a means to improve their yield as well."
 First Commonwealth Financial Corporation is a $1.7 billion central, western Pennsylvania multi-bank holding company. It operates through 62 community banking offices of its six partner banks: National Bank of the Commonwealth, Indiana; Deposit Bank, DuBois; Cenwest National Bank, Johnstown; First National Bank of Leechburg; Peoples Bank and Trust, Jennerstown; and Central Bank, Hollidaysburg. The corporation also owns Commonwealth Systems Corporation, a data processing subsidiary, and First Commonwealth Trust Company, a financial services subsidiary, both headquartered in Indiana. It jointly owns Commonwealth Trust Credit Life Insurance Company, a credit life insurance company.
 FIRST COMMONWEALTH FINANCIAL CORPORATION
 Financial Highlights
 At June 30 ($000) 1993 1992 Pct. Change
 Assets $1,706,487 $1,562,153 9
 Deposits 1,423,
 Net loans 896,895 840,170 7
 Shareholders' equity 162,860 149,281 9
 For the Quarter Ended June 30 1993 1992 Pct. Change
 Net income ($000) $5,316 $5,044 5
 Earnings per share $0.62 $0.61 2
 Return on average assets 1.26 pct. 1.35 pct. --
 Return on average equity 13.08 pct. 14.17 pct. --
 For the Six Months Ended June 30 1993 1992 Pct. Change
 Net income ($000)
 Before cumulative effect
 of accounting change $10,690 $9,410 14
 Cumulative effect of
 accounting change 593 0 --
 After cumulative effect
 of accounting change 11,283 9,410 20
 Earnings per share
 Before cumulative effect
 of accounting change $1.25 $1.17 7
 Cumulative effect of
 accounting change $.07 0 --
 After
 of accounting change $1.32 $1.17 13
 Return on average assets 1.37 pct. 1.34 pct. --
 Return on average equity 14.13 pct. 13.90 pct. --
 -0- 7/14/93
 /CONTACT: George E. Dash, senior vice president of First Commonwealth Financial, 412-349-7220/
 (FCF)


CO: First Commonwealt ST: Pennsylvania IN: FIN SU: ERN

DM-MK -- PG003 -- 1564 07/14/93 16:05 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 14, 1993
Words:487
Previous Article:DUFF & PHELPS: DUKE POWER COMPANY $75 MILLION FIRST AND REFUNDING MORTGAGE BONDS, MEDIUM-TERM NOTE SERIES, RATED 'AA-'
Next Article:WILLIAM GEIST TO BECOME SCIENTIFIC-ATLANTA'S VICE PRESIDENT, INFORMATION TECHNOLOGY AND SERVICES
Topics:


Related Articles
FIRST COMMONWEALTH REPORTS EARNINGS RECORDS FOR SECOND QUARTER AND FIRST HALF
FIRST COMMONWEALTH REPORTS RECORD EARNINGS
FIRST COMMONWEALTH EARNINGS INCREASE
FIRST COMMONWEALTH REPORTS RECORD EARNINGS
FIRST COMMONWEALTH ANNOUNCES EARNINGS AND HIGHLIGHTS EXPANSION PLANS AT ANNUAL MEETING
FIRST COMMONWEALTH ANNOUNCES 12TH RECORD YEAR
FIRST COMMONWEALTH EARNS $6.0 MILLION FOR SECOND QUARTER
FIRST COMMONWEALTH EARNINGS UP FOR THIRD QUARTER AND YEAR TO DATE
FIRST COMMONWEALTH EARNINGS UP 13%
FIRST COMMONWEALTH EARNS $14.0 MILLION FOR FIRST HALF

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters