First Commonwealth Reports Q4 EPS of $.11 vs. $.11

First Commonwealth Financial Corporation FCF today reported net income of $11.9 million, or $0.11 diluted earnings per share, for the fourth quarter ended December 31, 2010 compared to net income of $2.7 million, or $0.03 diluted earnings per share, in the fourth quarter of 2009. For the year ended December 31, 2010, net income was $23.0 million, or $0.25 diluted earnings per share, compared to a net loss of $20.1 million or $0.24 per share for the year 2009. The increase in net income for both periods was primarily the result of a lower provision for credit losses and a decrease in net securities impairment losses on investments in pooled trust preferred collateralized debt obligations.