WCCS News Do you want to share this? Share FIRST COMMONWEALTH SHOWS 2nd QUARTER PROFITS Modest gains for the forst half of the year 7/30/2010 Indiana-based First Commonwealth Financial Corporation yesterday reported second quarter net earnings of $13.5 million, compared to a new loss a year ago of $18.6 million. The income amounts to fifteen cents per share of First Commonwealth stock. The company says it put back $4 million for credit losses during the quarter. Last year during the second quarter, it set aside $48 million for such losses. For the year so far, First Commonwealth has made $400,000, compared to a loss of $16.9 million for the same period last year. President and CEO John Dolan says the second quarter performance shows “significant progress toward the resolution of the relatively small number of troubled credits” that he says have obscured some very favorable trends. The biggest non-performers have been a Pennsylvania food processing company , for which First Commonwealth set aside $2.7 million for a $3.7 million line of credit; and a $39.6 million south Florida condominium project for which First Commonwealth set aside $1.8 million while it pursues default remedies.  «  Return to previous page  »  Send to a friend ShareThis