First Commonwealth Financial Corp. (FCF) Wednesday reported an increase in profit for the second quarter, due mainly to lower credit loss provisions.
The Indiana, Pennsylvania-based company's second-quarter net profit was $12.32 million or $0.12 per share, compared to $7.42 million or $0.07 per share last year. On average, eight analysts polled by Thomson Reuters expected earnings of $0.10 per share for the quarter. Analysts' estimates typically exclude special items.
Net interest income for the quarter dropped to $48.01 million from $48.29 million in the year-ago quarter. Total non-interest income decreased to $16.10 million from $17.06 million in the prior-year quarter.
Five analysts had a consensus revenue estimate of $63.16 million for the quarter.
Credit loss provisions for the quarter plunged to $4.30 million from $9.11 million last year.
Non-interest expense for the quarter decreased to $41.85 million from $45.70 million in the prior-year quarter.
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