First Commonwealth Financial Corp. (FCF) on Tuesday reported net income for the first quarter of $4.73 million or $0.05 per share, down sharply from $24.59 million or $0.25 per share in the year-ago period.
The latest quarter’s results include the impact of a reserve build of $27.4 million, or ($0.22) per share.
Core earnings for the quarter were also $0.05 per share, compared to $0.25 per share last year.
However, revenue for the quarter rose 3 percent to $87.38 million from $84.82 million in the prior-year quarter.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.19 per share for the quarter on revenues of $89.25 million. Analysts’ estimates typically exclude special items.
Net interest income increased to $68.1 million from $65.9 million last year, while non-interest income grew to $19.3 million from $18.9 million a year ago.
First Commonwealth Financial declared a common stock quarterly dividend of $0.11 per share, which is payable on May 22, 2020 to shareholders of record as of May 8, 2020. This dividend represents a 4.7 percent projected annual yield utilizing the April 27, 2020 closing market price of $9.38.
First Commonwealth Financial said it is participating in the CARES Act. The company has processed over 1,500 loan applications in the first round of the SBA Paycheck Protection Program or PPP, representing a total of $426 million in funds for its business customers.
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