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First Commonwealth Financial Corp (FCF) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2011

First Commonwealth Financial Corp

CIK: 712537 Ticker: FCF

Exhibit 99.1

FOR IMMEDIATE RELEASE

First Commonwealth Announces Fourth Quarter and Full-Year 2011 Financial Results

Indiana, PA., January 25, 2012 - First Commonwealth Financial Corporation (NYSE: FCF) today reported a net loss of $5.7 million, or $0.05 per share, for the fourth quarter ended December 31, 2011, as compared to net income of $11.9 million, or $0.11 diluted earnings per share, in the fourth quarter of 2010. The decrease in net income was primarily the result of a higher provision for credit losses and a collateral valuation charge for an Other Real Estate Owned (OREO) property. For the year ended December 31, 2011, net income was $15.3 million, or $0.15 diluted earnings per share, compared to net income of $23.0 million, or $0.25 diluted earnings per share, for the year 2010. The decrease in year over year net income was primarily the result of lower net interest income due to balance sheet restructuring strategies and depressed loan demand in 2011.

T. Michael Price, President and Chief Executive Officer, stated, “We took aggressive steps in the fourth quarter of 2011 to address troubled loans that are intended to move us beyond the credit issues that have weighed on our recent earnings performance. The decrease we experienced this quarter in nonperforming loans, combined with ongoing declines in our criticized assets, sends a clear message that First Commonwealth is determined to move forward and is focused on creating superior value for our investors.”

Net Interest Income and Net Interest Margin

Fourth quarter 2011 net interest income, on a fully taxable equivalent basis, decreased $2.8 million, or 5%, to $48.9 million as compared to the fourth quarter of 2010. The decrease was the result of a $174.4 million decline in average interest-earning assets between the periods, combined with an eight basis point drop in the net interest margin. Net interest margin was 3.78%, 3.81% and 3.86% for the three-month periods ended December 31, 2011, September 30, 2011 and December 31, 2010, respectively. For the year ended December 31, 2011 net interest income, on a fully taxable equivalent basis, decreased $20.6 million, or 10%. The decrease was primarily due to a $427.1 million decline in average interest-earning assets and a decrease of eight basis points in the net interest margin. The net interest margin for the years ended December 31, 2011 and 2010 was 3.80% and 3.88%, respectively.

Significant changes to First Commonwealth’s balance sheet from December 31, 2010 to December 31, 2011 included:

 

   

A decrease of $161.0 million, or 4%, in loans, primarily as the result of more disciplined underwriting guidelines concerning geography and size for commercial loans, the managing down of large credit relationships over $15 million and generally weak borrower demand.

 

   

Continued improvement in the mix of deposits, as a $169.2 million, or 5%, growth in lower costing transaction and savings deposits partially offset a $282.4 million decrease in time deposits.

 

   

A reduction of $47.4 million in exposure to municipal securities. At year-end this portfolio was valued at $0.5 million.


The following information was filed by First Commonwealth Financial Corp (FCF) on Wednesday, January 25, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
Ticker: FCF
CIK: 712537
Form Type: 10-K Annual Report
Accession Number: 0001193125-12-096953
Submitted to the SEC: Mon Mar 05 2012 5:13:08 PM EST
Accepted by the SEC: Mon Mar 05 2012
Period: Saturday, December 31, 2011
Industry: National Commercial Banks

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