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First Commonwealth announces second quarter earnings

First Commonwealth Financial Corp. announced a second quarter net income of $27.3 million, or 28 cents diluted earnings per share in 2019, an increase of 3 cents from the prior quarter.

Total revenue grew $4.7 million, or 5.5% from the prior quarter. Noninterest income grew $3 million, or 16.1% from the prior quarter, and net interest income (fully taxable equivalent) increased $1.6 million, or 2.5%.

Total noninterest expense increased $2.5 million, or 5% from the previous quarter, and includes $1.1 million in losses and write-downs related to the sale of two other real estate owned properties and a write-down of a branch facility. Provision for credit losses totaled $2.8 million, a decrease of $1.3 million as compared to the prior quarter.

Total loans grew $138 million for the franchise, or 9.4% on an annualized basis from the prior quarter. Average deposits grew $137 million, or 9.1%.

The company’s banking subsidiary, First Commonwealth Bank is acquiring 14 Santander branches in Central Pennsylvania. First Commonwealth has a branch in Lehighton.