In brief: First Commonwealth posts $3M loss

Business

Discussion

October 26, 2009

Anonymous The Tribune-Democrat Mon Oct 26, 2009, 11:22 PM EDT

INDIANA — First Commonwealth Financial Corp., the holding company for First Commonwealth Bank, has announced financial results for the third quarter.

First Commonwealth reported a net loss for the quarter ended Sept. 30 of $3 million, 4 cents per diluted share, compared with net income of $10.2 million, 14 cents per diluted share, in the third quarter of 2008.

The company blamed the deficit on a $17.5 million increase in the provision for credit losses and an increase of $1.3 million in other-than-temporary impairment charges. The higher provision was related to commercial construction loans primarily outside of Pennsylvania.

“Although our provision for credit losses remains high, our third-quarter provision of $21.4 million was down significantly from the previous quarter,” said John J. Dolan, CEO. “We believe these actions are prudent during this distressed economic period. At the same time, our capital ratios are strong, allowing us to work through this difficult environment.”

First Commonwealth operates banks throughout Cambria and Somerset counties.

Northwest Bancorp’s earnings increase

WARREN – Northwest Bancorp Inc., holding company for Northwest Savings Bank, recently announced earnings for the quarter ended Sept. 30 of $12.1 million, or 25 cents per diluted share. This represents an increase of $2.3 million, 22.7 percent, over the same quarter last year.

CEO William J. Wagner said, “We are pleased to report positive earnings when many institutions in our industry are reporting operating losses.

“Unfortunately, economic conditions have caused our company to record higher provisions for loan losses, which has greatly impacted earnings over the past year. We also continued to improve our balance sheet, as we experienced significant growth in home equity and commercial loans ... while also realizing good growth in deposits.”

Among Northwest Savings Bank branches are locations in Johnstown, Richland, Westmont and Ebensburg.

Text Only | Photo Reprints

Business

Business people: Longtime bank employee named to retail lending post
Lloyd Rager has been named mortgage loan originator for Indiana First Bank.

February 4, 2012 2 Photos
Real estate transactions 02/05/2012
February 4, 2012
Facebook surrenders its privacy in IPO documents
Facebook is baring its business soul.

February 2, 2012 1 Photo
Will Facebook deliver an IPO surprise?
Facebook founder Mark Zuckerberg turns up at business conventions in a hoodie. "Cocky" is the word used to describe him most often, after "billionaire." He was Time's person of the year at 26.

So when he takes Facebook public, why would he follow the Wall Street rules?

January 31, 2012 1 Photo
Jobless numbers decline
The unemployment rate in Cambria and Somerset counties fell one-tenth of a percentage point in December, in line with lower numbers statewide and nationally.

January 30, 2012
Train kept a-rollin’: Norfolk Southern to add 2,600 workers in 2012, more in future
The days of little boys (and girls) dreaming of becoming train engineers may be coming back.

January 28, 2012
TOM YOUNG | Bad timing for new lawyers
So, your son or daughter has decided to become a lawyer. Law school is a three-year course after you have a bachelor’s degree. It’s expensive, so start saving.
However, is law school a good idea right now?

January 28, 2012
Business people: Therapists attend education program
Rich Giraud and Mike Phillips of Allegheny Chesapeake Physical Therapy recently attended the Treating Balance and Vestibular Dysfunction continuing education program offered at Chatham University in Pittsburgh.

January 28, 2012
Real estate transactions 01/29/2012
January 28, 2012
Business brief | Bank donates to PSU-Altoona
Altoona-based C&G Savings Bank has presented a $25,000 gift to Penn State-Altoona to create the bank’s first endowed student award at the college.

January 25, 2012
More Business Headlines

Business

Search Results

Discussion

In brief: First Commonwealth posts $3M loss

Do you support Gov. Tom Corbett’s proposed state budget for fiscal year 2012-13?

Contact Us