INDIANA, Pa., Oct. 28, 2025 (GLOBE NEWSWIRE) -- First Commonwealth Financial Corporation (NYSE:FCF) today announced financial results for the third quarter of 2025.

Financial Summary

(dollars in thousands,	For the Three Months Ended									For the Nine Months Ended
except per share data)	September 30,			June 30,			September 30,			September 30,			September 30,
		2025			2025			2024			2025			2024
Reported Results
Net income	$	41,328		$	33,402		$	32,086		$	107,426		$	106,723
Diluted earnings per share	$	0.39		$	0.32		$	0.31		$	1.04		$	1.04
Return on average assets		1.34	%		1.11	%		1.08	%		1.20	%		1.22	%
Return on average equity		10.71	%		8.97	%		9.19	%		9.67	%		10.54	%

Operating Results (non-GAAP)⁽¹⁾
Core net income	$	41,166		$	39,496		$	31,933		$	113,442		$	106,642
Core diluted earnings per share	$	0.39		$	0.38		$	0.31		$	1.10		$	1.04
Core pre-tax pre-provision net revenue	$	62,942		$	58,677		$	50,949		$	168,498		$	156,163
Provision expense	$	11,327		$	8,898		$	10,615		$	25,961		$	22,680
Provision for credit losses - acquisition day 1 non-PCD	$	—		$	3,759		$	—		$	3,759		$	—
Net charge-offs	$	12,247		$	2,758		$	8,785		$	18,103		$	17,489
Reserve build/(release)⁽²⁾	$	(3,361	)	$	13,035		$	2,458		$	10,699		$	8,394
Core return on average assets (ROAA)		1.34	%		1.31	%		1.08	%		1.26	%		1.22	%
Core pre-tax pre-provision ROAA		2.05	%		1.95	%		1.72	%		1.88	%		1.79	%
Return on average tangible common equity		14.96	%		12.59	%		13.09	%		13.55	%		15.13	%
Core return on average tangible common equity		14.90	%		14.82	%		13.02	%		14.29	%		15.12	%
Core efficiency ratio		52.30	%		54.06	%		56.66	%		54.98	%		55.12	%
Net interest margin (FTE)		3.92	%		3.83	%		3.56	%		3.79	%		3.55	%

⁽¹⁾Core operating results are a non-GAAP measure used by management to measure performance in operating the business that management believes enhances investors' ability to better understand the underlying business performance and trends related to core business activities. A full reconciliation of non-GAAP financial measures may be found at the end of the financial statements which accompany this release.

⁽²⁾Reserve build/(release) represents the net change in the Company's allowance for credit losses (ACL) from the prior period.

Third Quarter 2025 Highlights

Financial results

GAAP net income of $41.3 million and diluted earnings per share of $0.39 represented an increase of $7.9 million from the prior quarter and an increase of $9.2 million, or $0.08 per share, from the third quarter of 2024.
- Core net income of $41.2 million and core earnings per share of $0.39 represented an increase of $1.7 million, or $0.01 per share, from the prior quarter and an increase of $9.2 million, or $0.08 per share, from the third quarter of 2024.
- Core pre-tax pre-provision net revenue (PPNR)⁽¹⁾ totaled $62.9 million, an increase of $4.3 million from the previous quarter and an increase of $12.0 million from the third quarter of 2024.
Net interest income (FTE) of $111.5 million increased $4.9 million from the previous quarter and increased $14.6 million from the third quarter of 2024.
Noninterest income (excluding securities gains and losses) of $24.5 million decreased $0.3 million from the previous quarter and was unchanged from the prior year quarter.
Noninterest expense (excluding merger-related expense) of $72.7 million increased $0.4 million from the previous quarter and $2.6 million from the prior year quarter.
Average deposits increased $102.7 million, or 4.0% annualized, compared to the prior quarter.
- End of period deposits increased $126.8 million, or 5.0% annualized, compared to the prior quarter.
Total loans increased $137.0 million, or 5.7% annualized, from the previous quarter.
The loan-to-deposit ratio increased to 95.3% at the end of the third quarter of 2025 as compared to 95.1% at the end of the previous quarter.
Total shareholder's equity increased $24.1 million from the previous quarter due to a $17.2 million increase in retained earnings (net of $10.5 million in share repurchases) and a $6.9 million improvement in accumulated other comprehensive income (AOCI).
- Tangible book value per share increased $0.31, or 11.6% annualized, from the previous quarter.
- AOCI as a percentage of tangible common equity was 6.1% in the third quarter of 2025 as compared to 6.8% in the previous quarter.
First Commonwealth Bank (the Bank) has been recognized for the fourth consecutive year by Forbes as one of the World's Best Banks for 2025

Profitability

The core efficiency ratio of 52.3% improved 176 basis points from the previous quarter.
Return on average assets (ROA) increased 23 basis points to 1.34% compared to the previous quarter.
- Core return on average assets increased 3 basis points to 1.34% compared to the previous quarter.
Core pre-tax pre-provision ROA for the quarter ended September 30, 2025 was 2.05%, up from 1.95% in the prior quarter.
Net interest margin expanded to 3.92%, up 9 basis points from the prior quarter and 36 basis points from the third quarter of 2024.
- An 8 basis point improvement in the cost of funds contributed 9 basis points of the increase to the net interest margin from prior quarter
- Purchase accounting accretion contributed 6 basis points to the net interest margin in the third quarter as compared to 10 basis points in the prior quarter.
- The expiration of $25 million in macro swaps on August 25^th contributed two basis points to the increase in the net interest margin from prior quarter
Total security gains were $0.4 million during the third quarter of 2025

Asset quality

The provision for credit losses was $11.3 million, an increase of $2.4 million compared to the previous quarter (excluding acquisition Day-1 non-PCD provision for CenterGroup)
The allowance for credit losses as a percentage of period-end loans was 1.34%, a decrease of five basis points from the previous quarter
Total criticized loans decreased $6.7 million from the previous quarter
- Total nonperforming loans of $88.7 million decreased $10.8 million from the previous quarter, driven by a decreased balance of $15.9 million for an individual commercial floorplan relationship that was transferred to nonaccrual status during the second quarter of 2025
Net charge-offs on loans totaled $12.2 million, an increase of $9.5 million from the previous quarter, primarily due to a $5.5 million chargeoff for the aforementioned floorplan relationship, as well as a $2.8 million chargeoff associated with the sale of five recently acquired loans from Center Group that collectively carried a $2.6 million loan mark
- Net charge-offs as a percentage of average loans (annualized) was 0.51% in the third quarter of 2025 as compared to 0.12% in the previous quarter

Strong capital and liquidity positions

The Bank-level Total Capital ratio was 13.4% at September 30, 2025, which represents $348.9 million in excess capital above the regulatory "well capitalized" requirement of 10.0%
On April 28, 2025, the Board of Directors authorized a 3.7% increase in the quarterly cash dividend to shareholders
There were 625,483 shares repurchased during the third quarter of 2025. The remaining capacity under the currently authorized program was $20.7 million as of September 30, 2025.

"Our third quarter results reflect continued momentum across our core banking operations," stated T. Michael Price, President and Chief Executive Officer. "We delivered strong net interest income growth, maintained disciplined expense management, and improved asset quality metrics. These results demonstrate our commitment to building long-term value for our shareholders and supporting the financial well-being of our customers and communities."

Earnings

GAAP net income for the third quarter of 2025 was $41.3 million, or $0.39 per share, compared to $33.4 million, or $0.32 per share in the second quarter of 2025, and $32.1 million, or $0.31 per share for the third quarter of 2024.

Core net income for the third quarter of 2025 was $41.2 million, or $0.39 per share, compared to $39.5 million, or $0.38 per share in the second quarter of 2025, and $31.9 million, or $0.31 per share for the third quarter of 2024.

Net Interest Income and Net Interest Margin

Net interest income (FTE) of $111.5 million increased $4.9 million from the previous quarter and increased $14.6 million from the prior year quarter. The increase from the previous quarter was primarily due to a 9 basis point expansion in the net interest margin and a $133.8 million increase in interest earning assets.

The net interest margin for the third quarter of 2025 was 3.92%, an increase of 9 basis points from the previous quarter and an increase of 36 basis points from the third quarter of 2024. The increase from the previous quarter was due primarily to a lower cost of funds.

Total average deposits grew $102.7 million, or 4.0% annualized, in the third quarter of 2025 as compared to the previous quarter.

Total average loans grew $222.8 million, or 9.4% annualized, in the third quarter of 2025 as compared to the previous quarter.

Asset Quality

Provision expense in the third quarter of 2025 totaled $11.3 million as compared to $8.9 million in the previous quarter (excluding acquisition Day-1 non-PCD provision for CenterGroup).

The allowance for credit losses as a percentage of end-of-period loans in the third quarter of 2025 was 1.34% as compared to 1.39% in the previous quarter.

At September 30, 2025, nonperforming loans totaled $88.7 million, a decrease of $10.8 million from the previous quarter. The decrease from the prior quarter was driven by a decreased balance of $15.9 million for an individual commercial floorplan relationship that was transferred to nonaccrual status during the second quarter of 2025.

Nonperforming loans represented 0.91% of total loans for the period ended September 30, 2025 as compared to 1.04% and 0.83% for the periods ended June 30, 2025 and September 30, 2024, respectively.

During the third quarter of 2025, net charge-offs were $12.2 million as compared to $2.8 million in the previous quarter and $8.8 million in the third quarter of 2024. The increase from the previous quarter was due to a $5.5 million chargeoff for the aforementioned floorplan relationship and a $2.8 million chargeoff from the sale of five recently acquired loans with a $2.6 million loan mark.

Net charge-offs as a percentage of average loans (annualized) were 0.51%, 0.12% and 0.39% for the periods ended September 30, 2025, June 30, 2025 and September 30, 2024, respectively.

Noninterest Income and Noninterest Expense

Noninterest income (excluding securities gains and losses) totaled $24.5 million for the third quarter of 2025, a $0.3 million decrease from the second quarter of 2025 and unchanged from the third quarter of 2024.

The quarter-over-quarter change was driven by a $0.3 million increase in gain on sale of mortgage loans, a $0.4 million increase in trust income, and a $0.4 million increase in brokerage commissions, offset by a $1.1 million decrease in gain on sale of other loans primarily due to gains on the sale of other real estate owned (OREO) properties in the prior quarter.

Total security gains were $0.4 million during the third quarter of 2025 due to the early call of a discounted note.

Noninterest expense (excluding merger-related expense) of $72.7 million increased $0.4 million from the previous quarter. The increase was primarily due to a $0.5 million increase in advertising and promotional expense and a $0.3 million increase in intangible amortization, partially offset by a $0.4 million decrease in other loan expense.

The core efficiency ratio was 52.3% during the third quarter of 2025 as compared to 54.1% in the previous quarter and 56.7% in the third quarter of 2024.

Full time equivalent staff was 1,548 at September 30, 2025, 1,562 at June 30, 2025, and 1,500 at September 30, 2024.

Dividends and Capital

First Commonwealth Financial Corporation declared a common stock quarterly dividend of $0.135 per share, which represents a 3.9% increase from the third quarter of 2024. The cash dividend is payable on November 21, 2025 to shareholders of record as of November 7, 2025. This dividend represents a 3.3% projected annual yield utilizing the October 27, 2025 closing market price of $16.31.

First Commonwealth's capital ratios for Total, Tier I, Leverage and Common Equity Tier I at September 30, 2025 were 14.4%, 12.7%, 10.8% and 12.0%, respectively. First Commonwealth's current capital levels exceed the fully phased-in Basel III capital requirements issued by U.S. bank regulators.

Conference Call

First Commonwealth will host a quarterly conference call to discuss its financial results for the third quarter of 2025 on Wednesday, October 29, 2025 at 2:00 PM (ET). The call can be accessed by dialing (toll free) 1-888-330-3181 conference ID # 4651379 or through the Company's web page, http://www.fcbanking.com/InvestorRelations. A replay of the call will be available approximately one hour following the conclusion of the conference by dialing 1-800-770-2030 and entering the conference ID # 4651379. A link to the webcast replay will also be accessible on the Company's webpage for 30 days.

About First Commonwealth Financial Corporation

First Commonwealth Financial Corporation (NYSE:FCF), headquartered in Indiana, Pennsylvania, is a financial services Company with 127 community banking offices in 30 counties throughout western and central Pennsylvania and throughout Ohio, as well as commercial lending operations in Pittsburgh and Harrisburg, Pennsylvania, and Canton, Cleveland, Columbus and Cincinnati, Ohio. The Company also operates mortgage offices in Wexford, Pennsylvania, as well as Hudson and Lewis Center, Ohio. First Commonwealth provides a full range of commercial banking, consumer banking, mortgage, equipment finance, wealth management and insurance products and services through its subsidiaries First Commonwealth Bank and First Commonwealth Insurance Agency. For more information about First Commonwealth or to open an account today, please visit www.fcbanking.com.

Forward-Looking Statements

Certain statements contained in this release that are not historical facts may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the Securities and Exchange Commission, in press releases, and in oral and written statements made by us or with our approval that are not statements of historical fact and constitute "forward-looking statements" as well. These statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of words such as "may," "will," "should," "could," "would," "plan," "believe," "expect," "anticipate," "intend," "estimate" or words of similar meaning. These forward-looking statements are subject to significant risks, assumptions and uncertainties, and could be affected by many factors, including, but not limited to: (1) volatility and disruption in national and international financial markets; (2) the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board; (3) inflation, interest rate, commodity price, securities market and monetary fluctuations; (4) the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which First Commonwealth or its customers must comply; (5) the soundness of other financial institutions; (6) political instability; (7) impairment of First Commonwealth's goodwill or other intangible assets; (8) acts of God or of war or terrorism; (9) the timely development and acceptance of new products and services and perceived overall value of these products and services by users; (10) changes in consumer spending, borrowings and savings habits; (11) changes in the financial performance and/or condition of First Commonwealth's borrowers; (12) technological changes; (13) acquisitions and integration of acquired businesses; (14) First Commonwealth's ability to attract and retain qualified employees; (15) changes in the competitive environment in First Commonwealth's markets and among banking organizations and other financial service providers; (16) the ability to increase market share and control expenses; (17) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters; (18) the reliability of First Commonwealth's vendors, internal control systems or information systems; (19) the costs and effects of legal and regulatory developments, the resolution of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals; and (20) other risks and uncertainties described in this report and in the other reports that we file with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K.

In light of these risks, uncertainties and assumptions, you should not place undue reliance on any forward-looking statements in this release. We undertake no obligation to publicly update or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Media Relations:

Ron Wahl

Communications and Media Relations

Phone: 724-463-6806

E-mail: RWahl@fcbanking.com

Investor Relations:

Ryan M. Thomas

Vice President / FP&A and Investor Relations

Phone: 724-463-1690

E-mail: RThomas1@fcbanking.com


FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)
	For the Three Months Ended									For the Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
		2025			2025			2024			2025			2024
SUMMARY RESULTS OF OPERATIONS
Net interest income	$	111,123		$	106,241		$	96,515		$	312,886		$	283,811
Provision for credit losses		11,327			8,898			10,615			25,961			22,680
Provision for credit losses — acquisition day 1 non-PCD		—			3,759			—			3,759			—
Noninterest income		24,857			24,749			24,698			72,108			73,896
Noninterest expense		72,834			76,268			70,070			220,352			201,441
Net income		41,328			33,402			32,086			107,426			106,723
Core net income⁽⁵⁾		41,166			39,496			31,933			113,442			106,642
Earnings per common share (diluted)	$	0.39		$	0.32		$	0.31		$	1.04		$	1.04
Core earnings per common share (diluted)⁽⁶⁾	$	0.39		$	0.38		$	0.31		$	1.10		$	1.04
KEY FINANCIAL RATIOS
Return on average assets		1.34	%		1.11	%		1.08	%		1.20	%		1.22	%
Core return on average assets⁽⁷⁾		1.34	%		1.31	%		1.08	%		1.26	%		1.22	%
Return on average assets, pre-provision, pre-tax		2.05	%		1.81	%		1.73	%		1.83	%		1.79	%
Core return on average assets, pre-provision, pre-tax		2.05	%		1.95	%		1.72	%		1.88	%		1.79	%
Return on average shareholders' equity		10.71	%		8.97	%		9.19	%		9.67	%		10.54	%
Return on average tangible common equity⁽⁸⁾		14.96	%		12.59	%		13.09	%		13.55	%		15.13	%
Core return on average tangible common equity⁽⁹⁾		14.90	%		14.82	%		13.02	%		14.29	%		15.12	%
Core efficiency ratio^(2)(10)		52.30	%		54.06	%		56.66	%		54.98	%		55.12	%
Net interest margin (FTE)⁽¹⁾		3.92	%		3.83	%		3.56	%		3.79	%		3.55	%

Book value per common share	$	14.78		$	14.47		$	13.79
Tangible book value per common share⁽¹¹⁾		10.94			10.63			10.03
Market value per common share		17.05			16.23			17.15
Cash dividends declared per common share		0.135			0.135			0.130			0.400			0.385
ASSET QUALITY RATIOS
Nonperforming loans and leases as a percent of end-of-period loans and leases⁽³⁾		0.91	%		1.04	%		0.83	%
Nonperforming assets as a percent of total assets⁽³⁾		0.74	%		0.83	%		0.64	%
Net charge-offs as a percent of average loans and leases (annualized)⁽⁴⁾		0.51	%		0.12	%		0.39	%
Allowance for credit losses as a percent of nonperforming loans and leases⁽⁴⁾		148.04	%		133.62	%		168.77	%
Allowance for credit losses as a percent of end-of-period loans and leases⁽⁴⁾		1.34	%		1.39	%		1.41	%
CAPITAL RATIOS
Shareholders' equity as a percent of total assets		12.5	%		12.4	%		11.8	%
Tangible common equity as a percent of tangible assets⁽¹²⁾		9.6	%		9.4	%		8.8	%
Leverage Ratio		10.8	%		10.7	%		10.3	%
Risk Based Capital - Tier I		12.7	%		12.7	%		12.7	%
Risk Based Capital - Total		14.4	%		14.4	%		14.5	%
Common Equity - Tier I		12.0	%		12.0	%		12.0	%

FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)
	For the Three Months Ended							For the Nine Months Ended
	September 30,		June 30,		September 30,			September 30,			September 30,
	2025		2025		2024			2025			2024
INCOME STATEMENT
Interest income	$	162,709	$	158,926	$	154,323		$	468,763		$	450,467
Interest expense		51,586		52,685		57,808			155,877			166,656
Net Interest Income		111,123		106,241		96,515			312,886			283,811
Provision for credit losses		11,327		8,898		10,615			25,961			22,680
Provision for credit losses - acquisition day 1 non-PCD		—		3,759		—			3,759			—
Net Interest Income after Provision for Credit Losses		99,796		93,584		85,900			283,166			261,131
Net securities gains (losses)		369		—		88			(4,773	)		(5,447	)
Gain on sale of VISA		—		—		106			5,146			5,664
Trust income		3,477		3,029		3,242			9,528			8,790
Service charges on deposit accounts		5,913		5,595		5,840			16,946			16,769
Insurance and retail brokerage commissions		3,499		3,097		3,087			9,766			8,892
Income from bank owned life insurance		1,712		1,938		2,278			5,152			4,943
Gain on sale of mortgage loans		2,132		1,836		1,151			5,355			4,150
Gain on sale of other loans and assets		1,085		2,217		2,576			4,690			6,035
Card-related interchange income		3,985		3,998		4,137			11,637			17,964
Derivative mark-to-market		2		—		(153	)		(151	)		(141	)
Swap fee income		243		439		88			1,517			88
Other income		2,440		2,600		2,258			7,295			6,189
Total Noninterest Income		24,857		24,749		24,698			72,108			73,896
Salaries and employee benefits		40,717		40,584		38,618			121,716			111,262
Net occupancy		5,110		4,894		4,858			15,733			15,014
Furniture and equipment		4,427		4,547		4,335			13,167			13,093
Data processing		4,260		4,085		3,879			12,162			11,543
Pennsylvania shares tax		1,337		1,338		1,126			4,012			3,454
Advertising and promotion		1,931		1,457		1,960			4,760			4,177
Intangible amortization		1,567		1,311		1,223			4,009			3,656
Other professional fees and services		1,843		1,903		1,448			5,366			3,976
FDIC insurance		1,653		1,550		1,638			4,582			4,537
Litigation and operational losses		582		470		2,181			1,845			3,672
Loss on sale or write-down of assets		87		71		132			373			352
Loss on early redemption of subordinated debt		—		—		—			—			369
Merger and acquisition		165		3,955		—			4,229			114
Other operating expenses		9,155		10,103		8,672			28,398			26,222
Total Noninterest Expense		72,834		76,268		70,070			220,352			201,441
Income before Income Taxes		51,819		42,065		40,528			134,922			133,586
Income tax provision		10,491		8,663		8,442			27,496			26,863
Net Income	$	41,328	$	33,402	$	32,086		$	107,426		$	106,723

Shares Outstanding at End of Period		104,293,298		104,925,587		102,237,941			104,293,298			102,237,941
Average Shares Outstanding Assuming Dilution		104,754,917		103,928,428		102,418,964			103,509,902			102,293,213

FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands)

	September 30,			June 30,			September 30,
		2025			2025			2024
BALANCE SHEET (Period End)
Assets
Cash and due from banks	$	117,241		$	121,052		$	126,598
Interest-bearing bank deposits		44,170			39,114			455,711
Securities available for sale, at fair value		1,100,437			1,153,323			1,165,392
Securities held to maturity, at amortized cost		479,915			498,043			430,425
Loans held for sale		62,566			42,993			46,785

Loans and leases		9,688,288			9,570,815			8,965,500
Allowance for credit losses		(129,605	)		(132,966	)		(126,112	)
Net loans and leases		9,558,683			9,437,849			8,839,388

Goodwill and other intangibles		400,851			402,558			384,172
Other assets		546,513			542,215			534,728
Total Assets	$	12,310,376		$	12,237,147		$	11,983,199

Liabilities and Shareholders' Equity
Noninterest-bearing demand deposits	$	2,420,235		$	2,326,836		$	2,463,971

Interest-bearing demand deposits^(a)		1,904,381			1,885,953			1,970,519
Savings deposits^(a)		4,103,904			4,132,508			3,654,354
Time deposits		1,802,820			1,759,285			1,656,708
Total interest-bearing deposits		7,811,105			7,777,746			7,281,581

Total deposits		10,231,340			10,104,582			9,745,552

Short-term borrowings		149,557			225,874			538,828
Long-term borrowings		262,057			262,369			136,285
Total borrowings		411,614			488,243			675,113

Other liabilities		125,585			126,555			152,918
Shareholders' equity		1,541,837			1,517,767			1,409,616
Total Liabilities and Shareholders' Equity	$	12,310,376		$	12,237,147		$	11,983,199

^(a)Deposits on the above balance sheet for periods prior to June 30, 2025 reflect a reclassification to interest-bearing deposits from savings deposits in order to remove the impact of an internal sweep program related to regulatory reserve requirements. The internal sweep program was terminated in the second quarter of 2025, therefore prior periods are now shown without the reclassification.

FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands)

	For the Three Months Ended												For the Nine Months Ended
	September 30,		Yield/		June 30,		Yield/		September 30,		Yield/		September 30,		Yield/		September 30,		Yield/
	2025		Rate		2025		Rate		2024		Rate		2025		Rate		2024		Rate
NET INTEREST MARGIN

Assets
Loans and leases (FTE)⁽¹⁾⁽³⁾	$	9,653,118	6.08	%	$	9,430,284	6.09	%	$	9,004,808	6.09	%	$	9,386,232	6.04	%	$	9,006,908	6.03	%
Interest bearing bank deposits		40,159	4.85	%		59,614	4.85	%		278,006	5.49	%		58,735	4.79	%		199,887	5.55	%
Securities (FTE)⁽¹⁾		1,597,369	3.60	%		1,666,988	3.67	%		1,542,792	3.34	%		1,621,458	3.62	%		1,508,604	3.21	%
Total Interest-Earning Assets (FTE)⁽¹⁾		11,290,646	5.73	%		11,156,886	5.73	%		10,825,606	5.68	%		11,066,425	5.68	%		10,715,399	5.63	%
Noninterest-earning assets		919,357				939,441				950,926				931,187				949,389
Total Assets	$	12,210,003			$	12,096,327			$	11,776,532			$	11,997,612			$	11,664,788

Liabilities and Shareholders' Equity
Interest-bearing demand and savings deposits	$	6,064,450	2.03	%	$	5,998,326	2.09	%	$	5,657,796	2.27	%	$	5,945,303	2.08	%	$	5,613,986	2.19	%
Time deposits		1,734,804	3.66	%		1,747,881	3.82	%		1,575,975	4.40	%		1,748,621	3.85	%		1,489,476	4.33	%
Short-term borrowings		128,548	3.89	%		146,503	4.12	%		541,010	4.62	%		108,877	3.84	%		560,743	4.62	%
Long-term borrowings		262,186	4.97	%		262,633	4.98	%		136,408	5.44	%		262,540	4.98	%		164,553	5.59	%
Total Interest-Bearing Liabilities		8,189,988	2.50	%		8,155,343	2.59	%		7,911,189	2.91	%		8,065,341	2.58	%		7,828,758	2.84	%
Noninterest-bearing deposits		2,366,509				2,316,854				2,286,482				2,312,469				2,299,650
Other liabilities		122,896				131,218				189,571				135,251				183,255
Shareholders' equity		1,530,610				1,492,912				1,389,290				1,484,551				1,353,125
Total Noninterest-Bearing Funding Sources		4,020,015				3,940,984				3,865,343				3,932,271				3,836,030
Total Liabilities and Shareholders' Equity	$	12,210,003			$	12,096,327			$	11,776,532			$	11,997,612			$	11,664,788

Net Interest Margin (FTE) (annualized)⁽¹⁾			3.92	%			3.83	%			3.56	%			3.79	%			3.55	%

FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands)
	September 30,			June 30,			September 30,
		2025			2025			2024
Loan and Lease Portfolio Detail
Commercial Loan and Lease Portfolio:
Commercial, financial, agricultural and other	$	1,374,627		$	1,381,523		$	1,263,008
Commercial real estate		3,408,801			3,366,267			3,069,438
Equipment finance loans and leases		634,398			573,810			366,527
Real estate construction		403,548			424,437			522,548
Total Commercial		5,821,374			5,746,037			5,221,521

Consumer Loan Portfolio:
Closed-end mortgages		1,858,471			1,879,468			1,878,980
Home equity lines of credit		524,254			510,807			495,396
Real estate construction		41,894			23,715			18,227
Total Real Estate - Consumer		2,424,619			2,413,990			2,392,603

Auto & RV loans		1,370,551			1,339,660			1,275,765
Direct installment		24,115			24,659			26,425
Personal lines of credit		45,657			44,475			47,076
Student loans		1,972			1,994			2,110
Total Other Consumer		1,442,295			1,410,788			1,351,376
Total Consumer Portfolio		3,866,914			3,824,778			3,743,979
Total Portfolio Loans and Leases		9,688,288			9,570,815			8,965,500
Loans held for sale		62,566			42,993			46,785
Total Loans and Leases	$	9,750,854		$	9,613,808		$	9,012,285


	September 30,			June 30,			September 30,
		2025			2025			2024
ASSET QUALITY DETAIL
Nonperforming Loans and Leases:
Loans and leases on nonaccrual basis	$	76,622		$	83,180		$	50,929
Loans on nonaccrual basis - acquisition		10,925			16,327			23,794
Loans held for sale on a nonaccrual basis		1,138			—			—
Total Nonperforming Loans and Leases	$	88,685		$	99,507		$	74,723
Other real estate owned ("OREO")		853			1,049			669
Repossessions ("Repos")		1,503			945			1,188
Total Nonperforming Assets	$	91,041		$	101,501		$	76,580
Loans past due in excess of 90 days and still accruing		2,117			1,297			1,191
Classified loans and leases		124,902			130,020			114,751
Criticized loans and leases		248,214			254,902			241,962

Nonperforming assets as a percentage of total loans and leases, plus OREO and Repos⁽⁴⁾		0.94	%		1.06	%		0.85	%
Allowance for credit losses	$	129,605		$	132,966		$	126,112

FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands)

	For the Three Months Ended									For the Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
		2025			2025			2024			2025			2024
Net Charge-offs (Recoveries):
Commercial, financial, agricultural and other	$	6,927		$	726		$	5,870		$	7,982		$	10,597
Real estate construction		829			—			—			829			29
Commercial real estate		3,011			613			1,381			4,932			1,881
Residential real estate		106			72			55			149			140
Loans to individuals		1,374			1,347			1,479			4,211			4,842
Net Charge-offs	$	12,247		$	2,758		$	8,785		$	18,103		$	17,489

Net charge-offs as a percentage of average loans and leases outstanding (annualized)⁽⁴⁾		0.51	%		0.12	%		0.39	%		0.26	%		0.26	%
Provision for credit losses as a percentage of net charge-offs		92.49	%		322.63	%		120.83	%		143.41	%		129.68	%
Provision for credit losses	$	11,327		$	8,898		$	10,615		$	25,961		$	22,680

DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES
Note: Management believes that it is standard practice in the banking industry to present these non-GAAP measures. These measures provide useful information to management and investors by allowing them to make peer comparisons.

⁽¹⁾ Net interest income has been computed on a fully taxable equivalent basis ("FTE") using the federal income tax statutory rate of 21%.
⁽²⁾ Core efficiency ratio excludes from total revenue the impact of derivative mark-to-market and excludes from "total noninterest expense" the amortization of intangibles and any other unusual items deemed by management to not be related to normal operations, such as merger, acquisition and severance costs.
⁽³⁾ Includes held for sale loans.
⁽⁴⁾ Excludes held for sale loans.
	For the Three Months Ended						For the Nine Months Ended
	September 30,		June 30,		September 30,		September 30,		September 30,
	2025		2025		2024		2025		2024

Interest income	$	162,709	$	158,926	$	154,323	$	468,763	$	450,467
Adjustment to fully taxable equivalent basis ⁽¹⁾		351		341		342		1,027		994
Interest income adjusted to fully taxable equivalent basis (non-GAAP)		163,060		159,267		154,665		469,790		451,461
Interest expense		51,586		52,685		57,808		155,877		166,656
Net interest income, (FTE) ⁽¹⁾	$	111,474	$	106,582	$	96,857	$	313,913	$	284,805

FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES

	For the Three Months Ended									For the Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
		2025			2025			2024			2025			2024

Net Income	$	41,328		$	33,402		$	32,086		$	107,426		$	106,723
Intangible amortization		1,567			1,311			1,223			4,009			3,656
Tax benefit of amortization of intangibles		(329	)		(275	)		(257	)		(842	)		(768	)
Net Income, adjusted for tax affected amortization of intangibles	$	42,566		$	34,438		$	33,052		$	110,593		$	109,611

Average Tangible Equity:
Total shareholders' equity	$	1,530,610		$	1,492,912		$	1,389,290		$	1,484,551		$	1,353,125
Less: intangible assets		401,825			395,772			384,404			393,574			385,255
Tangible Equity		1,128,785			1,097,140			1,004,886			1,090,977			967,870
Less: preferred stock		—			—			—			—			—
Tangible Common Equity	$	1,128,785		$	1,097,140		$	1,004,886		$	1,090,977		$	967,870

⁽⁸⁾Return on Average Tangible Common Equity		14.96	%		12.59	%		13.09	%		13.55	%		15.13	%

	For the Three Months Ended									For the Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
		2025			2025			2024			2025			2024

Core Net Income:
Total Net Income	$	41,328		$	33,402		$	32,086		$	107,426		$	106,723
Net securites gains		(369	)		—			(194	)		(373	)		(217	)
Tax benefit of net securities gains		77			—			41			78			46
Merger and acquisition related expenses		165			3,955			—			4,229			114
Tax benefit of merger and acquisition related expenses		(35	)		(831	)		—			(888	)		(24	)
Provision for credit losses - acquisition day 1 non-PCD		—			3,759			—			3,759			—
Tax benefit of provision for credit losses - acquisition day 1 non-PCD		—			(789	)		—			(789	)		—
⁽⁵⁾Core net income	$	41,166		$	39,496		$	31,933		$	113,442		$	106,642
Average Shares Outstanding Assuming Dilution		104,754,917			103,928,428			102,418,964			103,509,902			102,293,213
⁽⁶⁾Core Earnings per common share (diluted)	$	0.39		$	0.38		$	0.31		$	1.10		$	1.04

Intangible amortization		1,567			1,311			1,223			4,009			3,656
Tax benefit of amortization of intangibles		(329	)		(275	)		(257	)		(842	)		(768	)
Core Net Income, adjusted for tax affected amortization of intangibles	$	42,404		$	40,532		$	32,899		$	116,609		$	109,530

⁽⁹⁾Core Return on Average Tangible Common Equity		14.90	%		14.82	%		13.02	%		14.29	%		15.12	%

FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES

	For the Three Months Ended									For the Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
		2025			2025			2024			2025			2024
Core Return on Average Assets:
Total Net Income	$	41,328		$	33,402		$	32,086		$	107,426		$	106,723
Total Average Assets		12,210,003			12,096,327			11,776,532			11,997,612			11,664,788
Return on Average Assets		1.34	%		1.11	%		1.08	%		1.20	%		1.22	%

Core Net Income⁽⁵⁾	$	41,166		$	39,496		$	31,933		$	113,442		$	106,642
Total Average Assets		12,210,003			12,096,327			11,776,532			11,997,612			11,664,788
⁽⁷⁾Core Return on Average Assets		1.34	%		1.31	%		1.08	%		1.26	%		1.22	%

	For the Three Months Ended									For the Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
		2025			2025			2024			2025			2024
Core Efficiency Ratio:
Total Noninterest Expense	$	72,834		$	76,268		$	70,070		$	220,352		$	201,441
Adjustments to Noninterest Expense:
Intangible amortization		1,567			1,311			1,223			4,009			3,656
Merger and acquisition related		165			3,955			—			4,229			114
Noninterest Expense - Core	$	71,102		$	71,002		$	68,847		$	212,114		$	197,671

Net interest income, (FTE)	$	111,474		$	106,582		$	96,857		$	313,913		$	284,805
Total noninterest income		24,857			24,749			24,698			72,108			73,896
Net securites gains		(369	)		—			(194	)		(373	)		(217	)
Total Revenue		135,962			131,331			121,361			385,648			358,484

Adjustments to Revenue:
Derivative mark-to-market		2			—			(153	)		(151	)		(141	)
Total Revenue - Core	$	135,960		$	131,331		$	121,514		$	385,799		$	358,625

⁽¹⁰⁾Core Efficiency Ratio		52.30	%		54.06	%		56.66	%		54.98	%		55.12	%

FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands)

DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES

	September 30,			June 30,			September 30,
		2025			2025			2024
Tangible Equity:
Total shareholders' equity	$	1,541,837		$	1,517,767		$	1,409,616
Less: intangible assets		400,851			402,558			384,172
Tangible Equity		1,140,986			1,115,209			1,025,444
Less: preferred stock		—			—			—
Tangible Common Equity	$	1,140,986		$	1,115,209		$	1,025,444

Tangible Assets:
Total assets	$	12,310,376		$	12,237,147		$	11,983,199
Less: intangible assets		400,851			402,558			384,172
Tangible Assets	$	11,909,525		$	11,834,589		$	11,599,027

⁽¹²⁾Tangible Common Equity as a percentage of Tangible Assets		9.58	%		9.42	%		8.84	%

Shares Outstanding at End of Period		104,293,298			104,925,587			102,237,941
⁽¹¹⁾Tangible Book Value Per Common Share	$	10.94		$	10.63		$	10.03

	For the Three Months Ended								For the Nine Months Ended
	September 30,			June 30,		September 30,			September 30,			September 30,
	2025			2025		2024			2025			2024
Pre-tax pre-provision net revenue:
Net interest income	$	111,123		$	106,241	$	96,515		$	312,886		$	283,811
Noninterest income		24,857			24,749		24,698			72,108			73,896
Noninterest expense		72,834			76,268		70,070			220,352			201,441
Pre-tax pre-provision net revenue	$	63,146		$	54,722	$	51,143		$	164,642		$	156,266

Net securites gains	$	(369	)	$	—	$	(194	)	$	(373	)	$	(217	)
Merger and acquisition related expenses		165			3,955		—			4,229			114
Core pre-tax pre-provision net revenue	$	62,942		$	58,677	$	50,949		$	168,498		$	156,163

Net charge-offs	$	12,247		$	2,758	$	8,785		$	18,103		$	17,489

First Commonwealth Announces Third Quarter 2025 Earnings; Declares Quarterly Dividend