UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

ý	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025

Or

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from             to

Commission File Number 001-11138

First Commonwealth Financial Corporation

(Exact name of registrant as specified in its charter)

Pennsylvania		25-1428528
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
601 Philadelphia Street
Indiana	PA	15701
(Address of principal executive offices)		(Zip Code)

724-349-7220

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1.00 par value	FCF	New York Stock Exchange

Indicate by a check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer  x    Accelerated filer  ¨    Smaller reporting company ☐ Emerging growth company  ☐

Non-accelerated filer  ¨ (Do not check if a smaller reporting company)

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No x

The number of shares outstanding of issuer’s common stock, $1.00 par value, as of May 9, 2025, was 104,939,033.

Table of Contents

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

FORM 10-Q

INDEX

		PAGE
PART I.	Financial Information
ITEM 1.	Financial Statements and Supplementary Data
	Included in Part I of this report:
	First Commonwealth Financial Corporation and Subsidiaries
	Consolidated Statements of Financial Condition (Unaudited)	3
	Consolidated Statements of Income (Unaudited)	4
	Consolidated Statements of Comprehensive Income (Unaudited)	5
	Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)	6
	Consolidated Statements of Cash Flows (Unaudited)	7
	Notes to the Unaudited Consolidated Financial Statements	8
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	50
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	70
ITEM 4.	Controls and Procedures	70
PART II.	Other Information
ITEM 1.	Legal Proceedings	71
ITEM 1A.	Risk Factors	71
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	71
ITEM 3.	Defaults Upon Senior Securities	71
ITEM 4.	Mine Safety Disclosures	71
ITEM 5.	Other Information	71
ITEM 6.	Exhibits	72
	Signatures	73

Table of Contents

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)

	March 31, 2025		December 31, 2024
	(dollars in thousands, except share data)
Assets
Cash and due from banks	$	118,792	$	105,051
Interest-bearing bank deposits	22,566		28,358
Securities available for sale, at fair value	1,153,855		1,147,623
Securities held to maturity, at amortized cost (Fair value of $458,549 and $336,719 at March 31, 2025 and December 31, 2024, respectively)	519,029		405,639
Other investments	32,583		30,954
Loans held for sale (Includes fair value of $37,907 and $50,110 at March 31, 2025 and December 31, 2024, respectively)	41,587		51,991
Loans and leases:
Portfolio loans and leases	9,093,140		8,983,754
Allowance for credit losses	(119,931)		(118,906)
Net loans and leases	8,973,209		8,864,848
Premises and equipment, net	114,526		116,108
Other real estate owned	1,270		895
Goodwill	363,715		363,715
Amortizing intangibles, net	18,799		19,637
Bank owned life insurance	230,311		229,581
Other assets	196,156		220,536
Total assets	$	11,786,398	$	11,584,936
Liabilities
Deposits (all domestic):
Noninterest-bearing	$	2,273,858	$	2,249,615
Interest-bearing	7,587,799		7,428,404
Total deposits	9,861,657		9,678,019
Short-term borrowings	77,515		80,139
Subordinated debentures	128,345		128,305
Other long-term debt	130,156		130,353
Capital lease obligation	4,178		4,327
Total long-term debt	262,679		262,985
Other liabilities	137,496		158,628
Total liabilities	10,339,347		10,179,771
Shareholders’ Equity
Preferred stock, $1 par value per share, 3,000,000 shares authorized, none issued	—		—
Common stock, $1 par value per share, 200,000,000 shares authorized; 123,603,380 shares issued at both March 31, 2025 and December 31, 2024, respectively, and 101,927,219 and 101,758,450 shares outstanding at March 31, 2025 and December 31, 2024, respectively	123,603		123,603
Additional paid-in capital	632,957		631,367
Retained earnings	990,540		971,082
Accumulated other comprehensive loss, net	(81,174)		(102,514)
Treasury stock (21,676,161 and 21,844,930 shares at March 31, 2025 and December 31, 2024, respectively)	(218,875)		(218,373)
Total shareholders’ equity	1,447,051		1,405,165
Total liabilities and shareholders’ equity	$	11,786,398	$	11,584,936

The accompanying notes are an integral part of these unaudited consolidated financial statements.

3

Table of Contents

ITEM 1. Financial Statements and Supplementary Data (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

	For the Three Months Ended
	March 31,
		2025		2024
		(dollars in thousands, except share data)
Interest Income
Interest and fees on loans and leases		$	132,134	$	132,760
Interest and dividends on investments:
Taxable interest		13,468		10,417
Interest exempt from federal income taxes		95		108
Dividends		537		604
Interest on bank deposits		894		1,573
Total interest income		147,128		145,462
Interest Expense
Interest on deposits		48,004		43,720
Interest on short-term borrowings		360		6,765
Interest on subordinated debentures		1,838		2,587
Interest on other long-term debt		1,362		38
Interest on lease obligations		42		48
Total interest expense		51,606		53,158
Net Interest Income		95,522		92,304
Provision for credit losses		5,736		4,238
Net Interest Income after Provision for Credit Losses		89,786		88,066
Noninterest Income
Net securities losses		(5,142)		—
Gain on sale of VISA		5,146		—
Trust income		3,022		2,727
Service charges on deposit accounts		5,438		5,383
Insurance and retail brokerage commissions		3,170		2,651
Income from bank owned life insurance		1,502		1,294
Gain on sale of mortgage loans		1,387		1,328
Gain on sale of other loans and assets		1,388		2,051
Card-related interchange income		3,654		6,690
Derivatives mark to market		(153)		12
Swap fee income		835		—
Other income		2,255		1,852
Total noninterest income		22,502		23,988
Noninterest Expense
Salaries and employee benefits		40,415		35,324
Net occupancy		5,729		5,334
Furniture and equipment		4,193		4,480
Data processing		3,817		3,824
Advertising and promotion		1,372		1,319
Pennsylvania shares tax		1,337		1,202
Intangible amortization		1,131		1,264
Other professional fees and services		1,620		1,242
FDIC insurance		1,379		1,613
Loss on sale or write-down of assets		215		143
Litigation and operational losses		793		997
Merger and acquisition related		109		114
Other operating		9,140		8,717
Total noninterest expense		71,250		65,573
Income Before Income Taxes		41,038		46,481
Income tax provision		8,342		8,932
Net Income		$	32,696	$	37,549
Average Shares Outstanding		101,566,089		101,981,248
Average Shares Outstanding Assuming Dilution		101,859,825		102,198,899
Per Share Data: Basic Earnings per Share		$	0.32	$	0.37
Diluted Earnings per Share		$	0.32	$	0.37
Cash Dividends Declared per Common Share		$	0.130	$	0.125

The accompanying notes are an integral part of these unaudited consolidated financial statements.

4

Table of Contents

ITEM 1. Financial Statements and Supplementary Data (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

	For the Three Months Ended
	March 31,
		2025		2024
		(dollars in thousands)
Net Income		$	32,696	$	37,549
Other comprehensive income (loss), before tax (expense) benefit:
Unrealized holding gains (losses) on securities arising during the period		17,093		(9,875)
Reclassification adjustment for gains on securities included in net income		5,142		—
Unrealized holding gains on derivatives arising during the period		4,777		583
Total other comprehensive income (loss), before tax (expense) benefit		27,012		(9,292)
Income tax (expense) benefit related to items of other comprehensive income (loss)		(5,672)		1,951
Total other comprehensive income (loss)		21,340		(7,341)
Comprehensive Income		$	54,036	$	30,208

The accompanying notes are an integral part of these unaudited consolidated financial statements.

5

Table of Contents

ITEM 1. Financial Statements and Supplementary Data (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

	Common<br>Stock		Additional<br>Paid-in-<br>Capital		Retained<br>Earnings		Accumulated<br>Other<br>Comprehensive<br>Income (Loss),<br>net		Treasury<br>Stock		Total<br>Shareholders’<br>Equity
Balance at December 31, 2024	$	123,603	$	631,367	$	971,082	$	(102,514)	$	(218,373)	$	1,405,165
Net income					32,696						32,696
Other comprehensive income							21,340				21,340
Cash dividends declared (0.130 per share)					(13,238)						(13,238)
Treasury stock acquired									(1,807)		(1,807)
Treasury stock reissued			802		—				1,537		2,339
Restricted stock	—		788		—				(232)		556
Balance at March 31, 2025	$	123,603	$	632,957	$	990,540	$	(81,174)	$	(218,875)	$	1,447,051

All values are in US Dollars.

	Common<br>Stock		Additional<br>Paid-in-<br>Capital		Retained<br>Earnings		Accumulated<br>Other<br>Comprehensive<br>Income (Loss),<br>net		Treasury<br>Stock		Total<br>Shareholders’<br>Equity
Balance at December 31, 2023	$	123,603	$	630,154	$	881,112	$	(111,756)	$	(208,839)	$	1,314,274
Net income					37,549						37,549
Other comprehensive loss							(7,341)				(7,341)
Cash dividends declared (0.125 per share)					(12,764)						(12,764)
Treasury stock acquired									(1,757)		(1,757)
Treasury stock reissued			254		—				2,071		2,325
Restricted stock	—		429		—				5		434
Balance at March 31, 2024	$	123,603	$	630,837	$	905,897	$	(119,097)	$	(208,520)	$	1,332,720

All values are in US Dollars.

The accompanying notes are an integral part of these unaudited consolidated financial statements.

6

Table of Contents

ITEM 1. Financial Statements and Supplementary Data (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	For the Three Months Ended
	March 31,
	2025		2024
Operating Activities	(dollars in thousands)
Net income	$	32,696	$	37,549
Adjustment to reconcile net income to net cash provided by operating activities:
Provision for credit losses	5,736		4,238
Deferred tax expense	1,753		2,797
Depreciation and amortization	2,153		1,501
Net gains on securities and other assets	(2,379)		(3,199)
Net amortization of premiums and discounts on securities	43		242
Income from increase in cash surrender value of bank owned life insurance	(1,502)		(1,294)
Increase in interest receivable	(1,023)		(746)
Mortgage loans originated for sale	(51,227)		(43,587)
Proceeds from sale of mortgage loans	63,307		36,926
Increase in interest payable	172		5,126
Increase in income taxes payable	6,354		5,925
Other, net	(197)		(5,833)
Net cash provided by operating activities	55,886		39,645
Investing Activities
Transactions with securities held to maturity:
Proceeds from maturities and redemptions	14,333		9,250
Purchases	(127,860)		(55,076)
Transactions with securities available for sale:
Proceeds from sales	48,519		—
Proceeds from maturities and redemptions	48,846		35,970
Purchases	(86,412)		(48,684)
Proceeds from sale of equity securities	5,146		—
Purchases of FHLB stock	(11,643)		(13,627)
Proceeds from the redemption of FHLB stock	10,014		39,101
Proceeds from bank owned life insurance	289		—
Proceeds from sale of loans	17,331		28,514
Proceeds from sale of other assets	1,134		1,259
Net increase in loans and leases	(128,232)		(55,902)
Purchases of premises and equipment and other assets	(5,026)		(5,048)
Net cash used in investing activities	(213,561)		(64,243)
Financing Activities
Net decrease in other short-term borrowings	(2,624)		(51,294)
Net increase in deposits	183,639		254,116
Repayments of other long-term debt	(197)		(190)
Repayments of capital lease obligation	(149)		(139)
Dividends paid	(13,238)		(12,764)
Purchase of treasury stock	(1,807)		(1,757)
Net cash provided by financing activities	165,624		187,972
Net increase in cash and cash equivalents	7,949		163,374
Cash and cash equivalents at January 1	133,409		146,993
Cash and cash equivalents at March 31	$	141,358	$	310,367

The accompanying notes are an integral part of these unaudited consolidated financial statements.

7

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Note 1 Basis of Presentation

The accounting and reporting policies of First Commonwealth Financial Corporation and subsidiaries (“First Commonwealth” or the “Company”) conform with generally accepted accounting principles in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates, assumptions and judgments that affect the amounts reported in the financial statements and accompanying notes. Actual realized amounts could differ from those estimates. In the opinion of management, the unaudited interim consolidated financial statements include all adjustments (consisting of only normal recurring adjustments) necessary for a fair presentation of First Commonwealth’s financial position, results of operations, comprehensive income, cash flows and changes in shareholders’ equity as of and for the periods presented. Certain information and Note disclosures normally included in Consolidated Financial Statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC.

For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, federal funds sold and interest-bearing bank deposits. Generally, federal funds are sold for one-day periods.

The results of operations for the three months ended March 31, 2025 are not necessarily indicative of the results that may be expected for the full year of 2025. These interim financial statements should be read in conjunction with First Commonwealth’s 2024 Annual Report on Form 10-K.

Note 2 Acquisition

On December 18, 2024, we entered into an agreement and plan of merger to acquire CenterGroup Financial, Inc. ("CGFI") and its banking subsidiary, CenterBank. CGFI will contribute three full-service banking offices, a loan production office and a mortgage office, all located in the Cincinnati market. The addition of CGFI will increase the Company's presence in Cincinnati by adding approximately $341.6 million of total assets, $302.5 million of loans and $278.1 million of deposits. The acquisition is an all-stock transaction and CGFI shareholders were entitled to receive a fixed exchange ratio of 6.10 shares of First Commonwealth common stock for each CGFI share of common stock. The merger was completed after close of business April 30, 2025 resulting in the issuance of 2,996,611 shares of common stock.

Note 3 Supplemental Comprehensive Income Disclosures

The following table identifies the related tax effects allocated to each component of other comprehensive income (“OCI”) in the unaudited Consolidated Statements of Comprehensive Income. Reclassification adjustments related to securities available for sale are included in the "Net securities gains" line in the unaudited Consolidated Statements of Income.

	For the Three Months Ended March 31,
	2025						2024
	Pretax Amount		Tax (Expense) Benefit		Net of Tax Amount		Pretax Amount		Tax (Expense) Benefit		Net of Tax Amount
	(dollars in thousands)
Unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period	$	17,093	$	(3,589)	$	13,504	$	(9,875)	$	2,074	$	(7,801)
Reclassification adjustment for losses on securities included in net income	5,142		(1,080)		4,062		—		—		—
Total unrealized gains (losses) on securities	22,235		(4,669)		17,566		(9,875)		2,074		(7,801)
Unrealized gains on derivatives:
Unrealized holding gains on derivatives arising during the period	4,777		(1,003)		3,774		583		(123)		460
Total unrealized gains on derivatives	4,777		(1,003)		3,774		583		(123)		460
Total other comprehensive income (loss)	$	27,012	$	(5,672)	$	21,340	$	(9,292)	$	1,951	$	(7,341)

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following table details the change in components of OCI for the three months ended March 31:

	2025								2024
	Securities Available for Sale		Post-Retirement Obligation		Derivatives		Accumulated Other Comprehensive Income (Loss)		Securities Available for Sale		Post-Retirement Obligation		Derivatives		Accumulated Other Comprehensive Income (Loss)
	(dollars in thousands)
Balance at December 31	$	(94,403)	$	339	$	(8,450)	$	(102,514)	$	(92,340)	$	344	$	(19,760)	$	(111,756)
Other comprehensive income (loss) before reclassification adjustment	13,504		—		3,774		17,278		(7,801)		—		460		(7,341)
Amounts reclassified from accumulated other comprehensive (loss) income	4,062		—		—		4,062		—		—		—		—
Net other comprehensive income (loss) during the period	17,566		—		3,774		21,340		(7,801)		—		460		(7,341)
Balance at March 31	$	(76,837)	$	339	$	(4,676)	$	(81,174)	$	(100,141)	$	344	$	(19,300)	$	(119,097)

Note 4 Supplemental Cash Flow Disclosures

The following table presents information related to cash paid during the period for interest and income taxes, as well as detail on non-cash investing and financing activities for the three months ended March 31:

	2025		2024
	(dollars in thousands)
Cash paid during the period for:
Interest	$	51,385	$	47,984
Income taxes	36		51
Non-cash investing and financing activities:
Loans transferred to other real estate owned and repossessed assets	1,256		1,252
Loans transferred from held to maturity to held for sale	17,859		22,476
Loans transferred from held for sale to held to maturity	(1,584)		(442)
Gross increase (decrease) in market value adjustment to securities available for sale	22,235		(9,875)
Gross increase in market value adjustment to derivatives	4,777		583
Decrease in limited partnership investment unfunded commitment	—		(422)
Noncash treasury stock reissuance	2,339		2,325
Proceeds from death benefit on bank owned life insurance not received	483		318

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 5 Earnings per Share

The following table summarizes the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computations:

	For the Three Months Ended March 31,
		2025		2024
Weighted average common shares issued		123,603,380		123,603,380
Average treasury stock shares		(21,746,089)		(21,425,781)
Average deferred compensation shares		(56,543)		(56,966)
Average unearned non-vested shares		(234,659)		(139,385)
Weighted average common shares and common stock equivalents used to calculate basic earnings per share		101,566,089		101,981,248
Additional common stock equivalents (non-vested stock) used to calculate diluted earnings per share		237,155		160,353
Additional common stock equivalents (deferred compensation) used to calculate diluted earnings per share		56,581		57,298
Weighted average common shares and common stock equivalents used to calculate diluted earnings per share		101,859,825		102,198,899
Per Share Data:
Basic Earnings per Share		$	0.32	$	0.37
Diluted Earnings per Share		$	0.32	$	0.37

The following table shows the number of shares and the price per share related to common stock equivalents that were not included in the computation of diluted earnings per share for the three months ended March 31, because to do so would have been antidilutive.

	2025					2024
		Price Range					Price Range
	Shares	From		To		Shares	From		To
Restricted Stock	94,016	$	14.36	$	18.62	79,467	$	13.24	$	16.43
Restricted Stock Units	39,950	$	18.14	$	18.14	29,042	$	15.29	$	15.29

Note 6 Commitments and Contingent Liabilities

Commitments and Letters of Credit

Standby letters of credit and commercial letters of credit are conditional commitments issued by First Commonwealth to guarantee the performance of a customer to a third party. The contract or notional amount of these instruments reflects the maximum amount of future payments that First Commonwealth could be required to pay under the guarantees if there were a total default by the guaranteed parties, without consideration of possible recoveries under recourse provisions or from collateral held or pledged. In addition, many of these commitments are expected to expire without being drawn upon; therefore, the total commitment amounts do not necessarily represent future cash requirements.

The following table identifies the notional amount of those instruments at the date shown below:

	March 31, 2025		December 31, 2024
	(dollars in thousands)
Financial instruments whose contract amounts represent credit risk:
Commitments to extend credit	$	2,332,766	$	2,254,445
Financial standby letters of credit	13,976		13,791
Performance standby letters of credit	27,686		29,265
Commercial letters of credit	553		554

The notional amounts outstanding as of March 31, 2025 include amounts issued in 2025 of $2.7 million in performance standby letters of credit. There were no financial standby or commercial letters of credit issued in 2025. A liability of $0.3 million has

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

been recorded as of both March 31, 2025 and December 31, 2024 which represents the estimated fair value of letters of credit issued. The fair value of letters of credit is estimated based on the unrecognized portion of fees received at the time the commitment was issued.

Unused commitments and letters of credit provide exposure to future credit loss in the event of nonperformance by the borrower or guaranteed parties. Management’s evaluation of the credit risk related to these commitments resulted in the recording of a liability of $5.7 million and $4.1 million as of March 31, 2025 and December 31, 2024, respectively. This liability is reflected in "Other liabilities" in the unaudited Consolidated Statements of Financial Condition. The credit risk evaluation incorporates the expected loss percentage calculated for comparable loan categories as part of the allowance for credit losses for loans as well as estimated utilization for each loan category.

Legal Proceedings

First Commonwealth and its subsidiaries are subject in the normal course of business to various pending and threatened legal proceedings in which claims for monetary damages are asserted. As of March 31, 2025, management, after consultation with legal counsel, does not anticipate that the aggregate ultimate liability arising out of litigation pending or threatened against First Commonwealth or its subsidiaries will be material to First Commonwealth’s consolidated financial position. On at least a quarterly basis, First Commonwealth assesses its liabilities and contingencies in connection with such legal proceedings. For those matters where it is probable that First Commonwealth will incur losses and the amounts of the losses can be reasonably estimated, First Commonwealth records an expense and corresponding liability in its consolidated financial statements. To the extent the pending or threatened litigation could result in exposure in excess of that liability, the amount of such excess is not currently estimable. Although not considered probable, the range of reasonably possible losses for such matters in the aggregate, beyond the existing recorded liability (if any), is between $0 and $1 million. Although First Commonwealth does not believe that the outcome of pending litigation will be material to First Commonwealth’s consolidated financial position, it cannot rule out the possibility that such outcomes will be material to the consolidated results of operations and cash flows for a particular reporting period in the future.

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 7 Investment Securities

Securities Available for Sale

Below is an analysis of the amortized cost and estimated fair values of securities available for sale at:

	March 31, 2025								December 31, 2024
	Amortized<br>Cost		Gross<br>Unrealized<br>Gains		Gross<br>Unrealized<br>Losses		Estimated<br>Fair Value		Amortized<br>Cost		Gross<br>Unrealized<br>Gains		Gross<br>Unrealized<br>Losses		Estimated<br>Fair Value
	(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential	$	2,949	$	22	$	(169)	$	2,802	$	3,096	$	14	$	(212)	$	2,898
Mortgage-Backed Securities – Commercial	812,779		3,913		(49,398)		767,294		779,232		2,489		(57,546)		724,175
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential	363,902		1,686		(52,640)		312,948		413,434		1,481		(64,331)		350,584
Other Government-Sponsored Enterprises	1,000		—		(41)		959		1,000		—		(54)		946
Obligations of States and Political Subdivisions	8,507		—		(876)		7,631		8,510		—		(983)		7,527
Corporate Securities	62,607		1,541		(1,927)		62,221		62,475		1,454		(2,436)		61,493
Total Debt Securities Available for Sale	$	1,251,744	$	7,162	$	(105,051)	$	1,153,855	$	1,267,747	$	5,438	$	(125,562)	$	1,147,623

Mortgage-backed securities include mortgage-backed obligations of U.S. Government agencies and obligations of U.S. Government-sponsored enterprises. These obligations have contractual maturities ranging from less than one year to approximately 41 years, with lower anticipated lives to maturity due to prepayments. All mortgage-backed securities contain a certain amount of risk related to the uncertainty of prepayments of the underlying mortgages. Interest rate changes have a direct impact upon prepayment speeds; therefore, First Commonwealth uses computer simulation models to test the average life and yield volatility of all mortgage-backed securities under various interest rate scenarios to monitor the potential impact on earnings and interest rate risk positions.

Expected maturities will differ from contractual maturities because issuers may have the right to call or repay obligations with or without call or prepayment penalties. Other fixed income securities within the portfolio also contain prepayment risk.

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The amortized cost and estimated fair value of debt securities available for sale at March 31, 2025, by contractual maturity, are shown below.

	Amortized<br>Cost		Estimated<br>Fair Value
	(dollars in thousands)
Due within 1 year	$	7,639	$	7,677
Due after 1 but within 5 years	18,429		19,209
Due after 5 but within 10 years	46,046		43,925
Due after 10 years	—		—
	72,114		70,811
Mortgage-Backed Securities (a)	1,179,630		1,083,044
Total Debt Securities	$	1,251,744	$	1,153,855

(a)  Mortgage-backed and collateralized mortgage securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds. Mortgage-Backed Securities include an amortized cost of $815.7 million and a fair value of $770.1 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $363.9 million and a fair value of $312.9 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.

Proceeds from sales, gross gains (losses) realized on sales and maturities related to securities held to maturity and securities available for sale were as follows for the three months ended March 31:

	2025		2024
	(dollars in thousands)
Proceeds from sales	$	48,519	$	—
Gross gains (losses) realized:
Sales transactions:
Gross gains	$	—	$	—
Gross losses	(5,142)		—
	(5,142)		—
Maturities
Gross gains	—		—
Gross losses	—		—
	—		—
Net losses	$	(5,142)	$	—

For the three months ended March 31, 2025, proceeds from sales included in above table are a result of management selling $53.7 million in available for sale investment securities yielding 2.61% and reinvesting the proceeds into securities yielding 5.41%.

Securities available for sale with an estimated fair value of $555.6 million and $580.5 million were pledged as of March 31, 2025 and December 31, 2024, respectively, to secure public deposits and for other purposes required or permitted by law.

Equity Securities

During the second quarter of 2024, Visa commenced an exchange offer for any and all outstanding shares of its Class B-1 common stock for a combination of Visa's Class B-2 common stock, Class C common stock and, where applicable cash in lieu of fractional shares. As part of this exchange, each share of Class B-1 common stock would be exchanged for one half share of the newly issued Class B-2 common stock and Class C common stock would be issued in an amount equivalent to one half of a share of Class B-1 common stock. The Company opted to participate in this exchange offer prior to its expiration and received 13,340 Class B-2 shares and 5,294 Class C shares. In 2024, the Class C shares were sold at fair value resulting in a gain of $5.7

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

million. During the first quarter of 2025 the Class B-2 shares, which were carried with a zero basis, were sold resulting in a $5.1 million gain.

Securities Held to Maturity

Below is an analysis of the amortized cost and fair values of debt securities held to maturity at:

	March 31, 2025								December 31, 2024
	Amortized<br>Cost		Gross<br>Unrealized<br>Gains		Gross<br>Unrealized<br>Losses		Estimated<br>Fair Value		Amortized<br>Cost		Gross<br>Unrealized<br>Gains		Gross<br>Unrealized<br>Losses		Estimated<br>Fair Value
	(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential	$	1,567	$	—	$	(189)	$	1,378	$	1,586	$	—	$	(220)	$	1,366
Mortgage-Backed Securities- Commercial	146,342		862		(13,700)		133,504		89,404		66		(14,785)		74,685
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential	322,984		141		(41,960)		281,165		266,587		—		(47,564)		219,023
Other Government-Sponsored Enterprises	22,951		—		(3,653)		19,298		22,869		—		(4,155)		18,714
Obligations of States and Political Subdivisions	24,185		—		(1,970)		22,215		24,193		—		(2,246)		21,947
Debt Securities Issued by Foreign Governments	1,000		—		(11)		989		1,000		—		(16)		984
Total Securities Held to Maturity	$	519,029	$	1,003	$	(61,483)	$	458,549	$	405,639	$	66	$	(68,986)	$	336,719

The amortized cost and estimated fair value of debt securities held to maturity at March 31, 2025, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or prepayment penalties.

	Amortized<br>Cost		Estimated<br>Fair Value
	(dollars in thousands)
Due within 1 year	$	703	$	701
Due after 1 but within 5 years	15,343		14,552
Due after 5 but within 10 years	31,527		26,815
Due after 10 years	563		434
	48,136		42,502
Mortgage-Backed Securities (a)	470,893		416,047
Total Debt Securities	$	519,029	$	458,549

(a)Mortgage-backed and collateralized mortgage securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds. Mortgage-Backed Securities include an amortized cost of $147.9 million and a fair value of $134.9 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $323.0 million and a fair value of $281.2 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.

Securities held to maturity with an amortized cost of $309.3 million and $247.5 million were pledged as of March 31, 2025 and December 31, 2024, respectively, to secure public deposits and for other purposes required or permitted by law.

Other Investments

As a member of the Federal Home Loan Bank ("FHLB"), First Commonwealth is required to purchase and hold stock in the FHLB to satisfy membership and borrowing requirements. The level of stock required to be held is dependent on the amount of

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

First Commonwealth's mortgage-related assets and outstanding borrowings with the FHLB. This stock is restricted in that it can only be sold to the FHLB or to another member institution, and all sales of FHLB stock must be at par. As a result of these restrictions, FHLB stock is unlike other investment securities insofar as there is no trading market for FHLB stock and the transfer price is determined by FHLB membership rules and not by market participants. As of March 31, 2025 and December 31, 2024, our FHLB stock totaled $26.9 million and $25.2 million, respectively, and is included in “Other investments” on the unaudited Consolidated Statements of Financial Condition.

FHLB stock is held as a long-term investment and its value is determined based on the ultimate recoverability of the par value. First Commonwealth evaluates impairment quarterly and has concluded that the par value of its investment in FHLB stock will be recovered. Accordingly, no impairment charge was recorded on these securities during the three months ended March 31, 2025.

At March 31, 2025 and December 31, 2024, "Other investments" also includes $5.7 million in equity securities. These securities do not have a readily determinable fair value and are carried at cost. During the three-months ended March 31, 2025 and 2024, there were no gains or losses recognized through earnings on these equity securities. On a quarterly basis, management evaluates equity securities by reviewing the severity and duration of any decline in estimated fair value, research reports, analysts’ recommendations, credit rating changes, news stories, annual reports, regulatory filings, the impact of interest rate changes and other relevant information.

Impairment of Investment Securities

We review our investment portfolio on a quarterly basis for indications of impairment. For available for sale securities, the review includes analyzing the financial condition and near-term prospects of the issuer, including any specific events which may influence the operations of the issuer and whether we are more likely than not to sell the security. We evaluate whether we are more likely than not to sell debt securities based upon our investment strategy for the particular type of security and our cash flow needs, liquidity position, capital adequacy, tax position and interest rate risk position. Held-to-maturity securities are evaluated for impairment on a quarterly basis using historical probability of default and loss given default information specific to the investment category. If this evaluation determines that credit losses exist, an allowance for credit loss is recorded and included in earnings as a component of credit loss expense.

First Commonwealth utilizes the specific identification method to determine the net gain or loss on debt securities and the average cost method to determine the net gain or loss on equity securities.

The following table presents the gross unrealized losses and estimated fair values at March 31, 2025, for both available for sale and held to maturity securities by investment category and time frame for which securities have been in a continuous unrealized loss position:

	Less Than 12 Months				12 Months or More				Total
	Estimated<br>Fair Value		Gross<br>Unrealized<br>Losses		Estimated<br>Fair Value		Gross<br>Unrealized<br>Losses		Estimated<br>Fair Value		Gross<br>Unrealized<br>Losses
	(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential	$	—	$	—	$	2,997	$	(358)	$	2,997	$	(358)
Mortgage-Backed Securities – Commercial	227,008		(1,232)		258,485		(61,866)		485,493		(63,098)
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential	49,653		(192)		464,816		(94,408)		514,469		(94,600)
Other Government-Sponsored Enterprises	—		—		20,257		(3,694)		20,257		(3,694)
Obligations of States and Political Subdivisions	795		(5)		27,974		(2,841)		28,769		(2,846)
Debt Securities Issued by Foreign Governments	—		—		589		(11)		589		(11)
Corporate Securities	—		—		27,556		(1,927)		27,556		(1,927)
Total Securities	$	277,456	$	(1,429)	$	802,674	$	(165,105)	$	1,080,130	$	(166,534)

At March 31, 2025, fixed income securities issued by the U.S. Government and U.S. Government-sponsored enterprises comprised 94% of the estimated fair value for the total portfolio and 97% of total unrealized losses. All unrealized losses are the

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

result of changes in market interest rates. At March 31, 2025, there are 235 debt securities in the portfolio, with 164 debt securities in an unrealized loss position.

The following table presents the gross unrealized losses and estimated fair values at December 31, 2024 by investment category and the time frame for which securities have been in a continuous unrealized loss position:

	Less Than 12 Months				12 Months or More				Total
	Estimated<br>Fair Value		Gross<br>Unrealized<br>Losses		Estimated<br>Fair Value		Gross<br>Unrealized<br>Losses		Estimated<br>Fair Value		Gross<br>Unrealized<br>Losses
	(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential	$	242	$	(1)	$	3,002	$	(431)	$	3,244	$	(432)
Mortgage-Backed Securities - Commercial	258,712		(4,119)		274,358		(68,212)		533,070		(72,331)
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential	4,759		(56)		497,445		(111,839)		502,204		(111,895)
Other Government-Sponsored Enterprises	—		—		19,660		(4,209)		19,660		(4,209)
Obligation of States and Political Subdivisions	1,104		(11)		28,097		(3,218)		29,201		(3,229)
Debt Securities Issued by Foreign Governments	—		—		584		(16)		584		(16)
Corporate Securities	9,701		(506)		17,321		(1,930)		27,022		(2,436)
Total Securities	$	274,518	$	(4,693)	$	840,467	$	(189,855)	$	1,114,985	$	(194,548)

As of March 31, 2025, our corporate securities had an amortized cost and an estimated fair value of $62.6 million and $62.2 million, respectively. As of December 31, 2024, our corporate securities had an amortized cost and estimated fair value of $62.5 million and $61.5 million, respectively. Corporate securities are comprised of debt issued by large regional banks. There were 7 corporate securities out of a total of 15 that were in an unrealized loss position at both March 31, 2025 and December 31, 2024. When unrealized losses exist, management reviews each of the issuer’s asset quality, earnings trends and capital position to determine whether the unrealized loss position is a result of credit losses. All interest payments on the corporate securities are being made as contractually required.

There was no expected credit related impairment recognized on investment securities during the three months ended March 31, 2025 and 2024.

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 8 Loans and Leases and Allowance for Credit Losses

Loans and leases are presented in the Consolidated Statements of Financial Condition net of deferred fees and costs, and discounts related to purchased loans. Net deferred fees were $15.9 million and $14.7 million as of March 31, 2025 and December 31, 2024, respectively, and discounts on purchased loans from acquisitions were $17.9 million and $18.9 million as of March 31, 2025 and December 31, 2024, respectively. The following table provides outstanding balances related to each of our loan types:

	March 31, 2025		December 31, 2024
	(dollars in thousands)
Commercial, financial, agricultural and other	$	1,762,202	$	1,677,989
Time and demand	1,156,051		1,133,595
Commercial credit cards	12,730		11,718
Equipment finance	485,782		427,320
Time and demand other	107,639		105,356
Real estate construction	488,702		483,384
Construction other	478,833		475,367
Construction residential	9,869		8,017
Residential real estate	2,315,171		2,341,703
Residential first lien	1,642,917		1,670,547
Residential junior lien/home equity	672,254		671,156
Commercial real estate	3,158,440		3,124,704
Multifamily	639,456		597,145
Non-owner occupied	1,801,520		1,804,950
Owner occupied	717,464		722,609
Loans to individuals	1,368,625		1,355,974
Automobile and recreational vehicles	1,296,567		1,280,645
Consumer credit cards	9,064		9,865
Consumer other	62,994		65,464
Total loans and leases	$	9,093,140	$	8,983,754

First Commonwealth’s loan portfolio includes five primary loan categories. When calculating the allowance for credit losses these categories are classified into fourteen portfolio segments. The composition of loans by portfolio segment includes:

Commercial, financial, agricultural and other

Time & Demand - Consists primarily of commercial and industrial loans. This category consists of loans that are typically cash flow dependent and therefore have different risk and loss characteristics than other commercial loans. Loans in this category include revolving and term structures with fixed and variable interest rates. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of national unemployment and economic conditions measured by GDP.

Commercial Credit Cards - Consists of unsecured credit cards for commercial customers. These commercial credit cards have separate characteristics outside of normal commercial non-real estate loans, as they tend to have shorter overall duration. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of national unemployment and economic conditions measured by GDP.

Equipment Finance - Consists of loans and leases to finance the purchase of equipment for commercial customers. The risk and loss characteristics are unique for this group due to the type of collateral. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of national unemployment and economic conditions measured by GDP.

Time & Demand Other - Consists primarily of loans to state and political subdivisions and other commercial loans that have different characteristics than loans in the Time and Demand category. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of household debt to income and economic conditions measured by GDP.

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Real estate construction

Construction Other - Consists of construction loans to commercial builders and developers and are secured by the properties under development.

Construction Residential - Consists of loans to finance the construction of residential properties during the construction period. Borrowers are typically individuals who will occupy the completed single family property.

The risk and loss characteristics of these two construction categories are different than other real estate secured categories due to the collateral being at various stages of completion. The nature of the project and type of borrower of the two construction categories provides for unique risk and loss characteristics for each category. The primary macroeconomic drivers for estimating credit losses for construction loans include forecasts of national unemployment and measures of completed construction projects.

Residential real estate

Residential first lien - Consists of loans with collateral of 1-4 family residencies with a senior lien position. The risk and loss characteristics are unique for this group because the collateral for these loans are the borrower’s primary residence. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of national unemployment and residential property values.

Residential Junior Lien/Home Equity - Consists of loans with collateral of 1-4 family residencies with an open end line of credit or junior lien position. The junior lien position for the majority of these loans provides a higher risk of loss than other residential real estate loans. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of national unemployment and residential property values.

Commercial real estate

Multifamily - Consists of loans secured by commercial multifamily properties. Real estate related to rentals to consumers provide unique risk and loss characteristics. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of commercial real estate values and national unemployment.

Non-owner Occupied - Consists of loans secured by non-owner occupied commercial real estate and provides different loss characteristics than other real estate categories. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of national unemployment and economic conditions measured by GDP.

Owner Occupied - Consists of loans secured by owner occupied commercial real estate properties. The risk and loss characteristics of this category were considered different than other real estate categories because it is owner occupied and would impact the ability to conduct business. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of national unemployment and economic conditions measured by GDP.

Loans to individuals

Automobile and Recreational Vehicles - Consists of both direct and indirect loans with automobiles and recreational vehicles held as collateral. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of consumer sentiment and automobile retention value.

Consumer Credit Cards – Consists of unsecured consumer credit cards. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of consumer sentiment and economic conditions measured by GDP.

Other Consumer - Consists of lines of credit, student loans and other consumer loans, not secured by real estate or autos. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of consumer sentiment and retail sales.

Calculation of the Allowance for Credit Losses

The allowance for credit losses is calculated by pooling loans of similar credit risk characteristics and applying a discounted cash flow methodology after incorporating probability of default and loss given default estimates. Probability of default represents an estimate of the likelihood of default, and loss given default measures the expected loss upon default. Inputs impacting the expected losses include a forecast of macroeconomic factors, using a weighted forecast from a nationally recognized firm. Our model incorporates a one-year forecast of macroeconomic factors, after which the factors revert back to the historical mean over a one-year period. The most significant macroeconomic factor used in estimating credit losses is the

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

national unemployment rate. The forecasted value for national unemployment at the beginning of the forecast period was 4.06%, and during the one-year forecast period it was projected to average 4.84%, with a peak of 5.16%.

Credit Quality Information

As part of the on-going monitoring of credit quality within the loan portfolio, the following credit worthiness categories are used in grading our loans:

Pass	Acceptable levels of risk exist in the relationship. Includes all loans not classified as OAEM, substandard or doubtful.
Other Assets Especially Mentioned (OAEM)	Potential weaknesses that deserve management’s close attention. The potential weaknesses may result in deterioration of the repayment prospects or weaken the Company’s credit position at some future date. The credit risk may be relatively minor, yet constitute an undesirable risk in light of the circumstances surrounding the specific credit. No loss of principal or interest is expected.
Substandard	Well-defined weakness or a weakness that jeopardizes the repayment of the debt. A loan may be classified as substandard as a result of deterioration of the borrower’s financial condition and repayment capacity. Loans for which repayment plans have not been met or collateral equity margins do not protect the Company may also be classified as substandard.
Doubtful	Loans with the characteristics of substandard loans with the added characteristic that collection or liquidation in full, on the basis of presently existing facts and conditions, is highly improbable.

The Company’s internal creditworthiness grading system provides a measurement of credit risk based primarily on an evaluation of the borrower’s cash flow and collateral. Category ratings are reviewed each quarter, at which time management analyzes the results, as well as other external statistics and factors related to loan performance.

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following tables represent our credit risk profile by creditworthiness category:

	March 31, 2025
			Non-Pass
	Pass		OAEM		Substandard		Doubtful		Loss		Total Non-Pass		Total
	(dollars in thousands)
Commercial, financial, agricultural and other	$	1,686,971	$	45,809	$	29,422	$	—	$	—	$	75,231	$	1,762,202
Time and demand	1,082,891		45,405		27,755		—		—		73,160		1,156,051
Commercial credit cards	12,730		—		—		—		—		—		12,730
Equipment finance	483,714		401		1,667		—		—		2,068		485,782
Time and demand other	107,636		3		—		—		—		3		107,639
Real estate construction	487,011		180		1,511		—		—		1,691		488,702
Construction other	477,142		180		1,511		—		—		1,691		478,833
Construction residential	9,869		—		—		—		—		—		9,869
Residential real estate	2,300,792		1,184		13,195		—		—		14,379		2,315,171
Residential first lien	1,633,065		1,184		8,668		—		—		9,852		1,642,917
Residential junior lien/home equity	667,727		—		4,527		—		—		4,527		672,254
Commercial real estate	3,059,457		54,408		44,575		—		—		98,983		3,158,440
Multifamily	621,286		18,106		64		—		—		18,170		639,456
Non-owner occupied	1,763,465		17,948		20,107		—		—		38,055		1,801,520
Owner occupied	674,706		18,354		24,404		—		—		42,758		717,464
Loans to individuals	1,368,399		—		226		—		—		226		1,368,625
Automobile and recreational vehicles	1,296,347		—		220		—		—		220		1,296,567
Consumer credit cards	9,064		—		—		—		—		—		9,064
Consumer other	62,988		—		6		—		—		6		62,994
Total loans and leases	$	8,902,630	$	101,581	$	88,929	$	—	$	—	$	190,510	$	9,093,140

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

	December 31, 2024
			Non-Pass
	Pass		OAEM		Substandard		Doubtful		Loss		Total Non-Pass		Total
	(dollars in thousands)
Commercial, financial, agricultural and other	$	1,579,704	$	65,892	$	32,393	$	—	$	—	$	98,285	$	1,677,989
Time and demand	1,037,723		64,757		31,115		—		—		95,872		1,133,595
Commercial credit cards	11,718		—		—		—		—		—		11,718
Equipment finance	424,911		1,131		1,278		—		—		2,409		427,320
Time and demand other	105,352		4		—		—		—		4		105,356
Real estate construction	480,675		180		2,529		—		—		2,709		483,384
Construction other	472,658		180		2,529		—		—		2,709		475,367
Construction residential	8,017		—		—		—		—		—		8,017
Residential real estate	2,328,571		1,297		11,835		—		—		13,132		2,341,703
Residential first lien	1,661,868		1,297		7,382		—		—		8,679		1,670,547
Residential junior lien/home equity	666,703		—		4,453		—		—		4,453		671,156
Commercial real estate	3,014,905		60,510		49,289		—		—		109,799		3,124,704
Multifamily	578,725		18,346		74		—		—		18,420		597,145
Non-owner occupied	1,754,255		21,869		28,826		—		—		50,695		1,804,950
Owner occupied	681,925		20,295		20,389		—		—		40,684		722,609
Loans to individuals	1,355,724		—		250		—		—		250		1,355,974
Automobile and recreational vehicles	1,280,498		—		147		—		—		147		1,280,645
Consumer credit cards	9,865		—		—		—		—		—		9,865
Consumer other	65,361		—		103		—		—		103		65,464
Total loans and leases	$	8,759,579	$	127,879	$	96,296	$	—	$	—	$	224,175	$	8,983,754

The following table summarizes the loan risk rating category by loan type including term loans on an amortized cost basis by origination year:

	March 31, 2025
	Term Loans												Revolving Loans
	2025		2024		2023		2022		2021		Prior				Total
	(dollars in thousands)
Time and demand	$	28,974	$	143,351	$	114,623	$	94,783	$	79,937	$	104,460	$	589,923		$	1,156,051
Pass	27,293		143,029		110,708		90,738		60,532		96,314		554,277			1,082,891
OAEM	1,681		322		1,310		1,447		11,106		4,021		25,518			45,405
Substandard	—		—		2,605		2,598		8,299		4,125		10,128			27,755
Gross charge-offs	—		—		(161)		(740)		(323)		(1,653)		(99)			(2,976)
Gross recoveries	—		—		—		402		—		251		2,831			3,484
Commercial credit cards	—		—		—		—		—		—		12,730			12,730
Pass	—		—		—		—		—		—		12,730			12,730
Gross charge-offs	—		—		—		—		—		—		(98)			(98)
Gross recoveries	—		—		—		—		—		—		22			22
Equipment finance	88,574		241,617		118,642		36,949		—		—		—			485,782
Pass	88,574		241,330		117,865		35,945		—		—		—			483,714
OAEM	—		—		158		243		—		—		—			401
Substandard	—		287		619		761		—		—		—			1,667
Gross charge-offs	—		(47)		(156)		(373)		—		—		—			(576)
Gross recoveries	—		—		53		78		—		—		—			131

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

	March 31, 2025
	Term Loans						Revolving Loans
	2025	2024	2023	2022	2021	Prior		Total
	(dollars in thousands)
Time and demand other	4,511	11,176	10,779	4,487	16,447	58,241	1,998		107,639
Pass	4,511	11,176	10,779	4,487	16,447	58,241	1,995		107,636
OAEM	—	—	—	—	—	—	3		3
Gross charge-offs	—	—	—	—	—	—	(369)		(369)
Gross recoveries	—	—	—	—	—	—	53		53
Construction other	23,248	62,389	199,944	100,831	64,644	25,611	2,166		478,833
Pass	23,248	62,389	199,944	100,651	63,133	25,611	2,166		477,142
OAEM	—	—	—	180	—	—	—		180
Substandard	—	—	—	—	1,511	—	—		1,511
Gross charge-offs	—	—	—	—	—	—	—		—
Gross recoveries	—	—	—	—	—	—	—		—
Construction residential	1,613	3,366	2,005	1,739	1,119	27	—		9,869
Pass	1,613	3,366	2,005	1,739	1,119	27	—		9,869
Gross charge-offs	—	—	—	—	—	—	—		—
Gross recoveries	—	—	—	—	—	—	—		—
Residential first lien	14,644	46,791	143,567	362,527	465,166	608,368	1,854		1,642,917
Pass	14,644	46,772	140,810	361,548	463,442	604,065	1,784		1,633,065
OAEM	—	—	—	—	174	940	70		1,184
Substandard	—	19	2,757	979	1,550	3,363	—		8,668
Gross charge-offs	—	—	(19)	(5)	(5)	(4)	—		(33)
Gross recoveries	—	—	—	—	—	16	—		16
Residential junior lien/home equity	11,301	21,397	51,883	56,306	36,323	6,117	488,927		672,254
Pass	11,301	21,397	51,872	56,231	36,323	5,920	484,683		667,727
Substandard	—	—	11	75	—	197	4,244		4,527
Gross charge-offs	—	—	—	—	—	—	(75)		(75)
Gross recoveries	—	—	—	—	—	2	119		121
Multifamily	11,385	22,881	30,664	259,482	129,335	184,305	1,404		639,456
Pass	11,385	22,881	30,664	247,062	124,261	183,629	1,404		621,286
OAEM	—	—	—	12,420	5,073	613	—		18,106
Substandard	—	—	—	—	1	63	—		64
Gross charge-offs	—	—	—	—	—	—	—		—
Gross recoveries	—	—	—	—	—	—	—		—
Non-owner occupied	46,897	100,701	200,400	438,131	179,106	824,318	11,967		1,801,520
Pass	46,897	100,701	200,400	427,883	178,867	796,815	11,902		1,763,465
OAEM	—	—	—	9,508	239	8,201	—		17,948
Substandard	—	—	—	740	—	19,302	65		20,107
Gross charge-offs	—	—	—	—	—	(874)	—		(874)
Gross recoveries	—	—	—	—	—	110	—		110
Owner occupied	20,098	65,589	113,859	144,255	136,757	225,154	11,752		717,464
Pass	20,098	60,595	112,160	130,992	130,249	209,251	11,361		674,706
OAEM	—	613	970	5,972	6,359	4,368	72		18,354
Substandard	—	4,381	729	7,291	149	11,535	319		24,404
Gross charge-offs	—	(130)	(126)	(334)	—	—	—		(590)
Gross recoveries	—	—	—	—	—	46	—		46

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

	March 31, 2025
	Term Loans												Revolving Loans
	2025		2024		2023		2022		2021		Prior				Total
	(dollars in thousands)
Automobile and recreational vehicles	133,201		373,261		290,893		291,135		134,355		73,722		—			1,296,567
Pass	133,201		373,227		290,820		291,086		134,318		73,695		—			1,296,347
Substandard	—		34		73		49		37		27		—			220
Gross charge-offs	—		(357)		(617)		(562)		(176)		(93)		—			(1,805)
Gross recoveries	—		42		165		371		98		170		—			846
Consumer credit cards	—		—		—		—		—		—		9,064			9,064
Pass	—		—		—		—		—		—		9,064			9,064
Gross charge-offs	—		—		—		—		—		—		(95)			(95)
Gross recoveries	—		—		—		—		—		—		18			18
Consumer other	1,438		7,087		3,774		2,182		9,782		2,720		36,011			62,994
Pass	1,438		7,087		3,774		2,182		9,778		2,720		36,009			62,988
Substandard	—		—		—		—		4		—		2			6
Gross charge-offs	—		(18)		(58)		(26)		(26)		(1)		(390)			(519)
Gross recoveries	—		—		—		—		2		9		54			65
Total loans and leases	$	385,884	$	1,099,606	$	1,281,033	$	1,792,807	$	1,252,971	$	2,113,043	$	1,167,796		$	9,093,140
Total charge-offs	$	—	$	(552)	$	(1,137)	$	(2,040)	$	(530)	$	(2,625)	$	(1,126)		$	(8,010)
Total recoveries	$	—	$	42	$	218	$	851	$	100	$	604	$	3,097		$	4,912			December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Term Loans												Revolving Loans
	2024		2023		2022		2021		2020		Prior				Total
	(dollars in thousands)
Time and demand	$	144,084	$	115,113	$	101,483	$	80,688	$	47,378	$	67,103	$	577,746		$	1,133,595
Pass	142,872		107,764		96,068		60,244		44,645		56,393		529,737			1,037,723
OAEM	1,212		2,696		3,327		11,963		1,881		4,362		39,316			64,757
Substandard	—		4,653		2,088		8,481		852		6,348		8,693			31,115
Gross charge-offs	—		(17)		(45)		(271)		(658)		(4,380)		(5,760)			(11,131)
Gross recoveries	—		—		1		—		208		197		29			435
Commercial credit cards	—		—		—		—		—		—		11,718			11,718
Pass	—		—		—		—		—		—		11,718			11,718
Gross charge-offs	—		—		—		—		—		—		(251)			(251)
Gross recoveries	—		—		—		—		—		—		6			6
Equipment finance	256,015		129,463		41,842		—		—		—		—			427,320
Pass	255,572		128,560		40,779		—		—		—		—			424,911
OAEM	443		267		421		—		—		—		—			1,131
Substandard	—		636		642		—		—		—		—			1,278
Gross charge-offs	(59)		(984)		(977)		—		—		—		—			(2,020)
Gross recoveries	—		98		76		—		—		—		—			174
Time and demand other	10,746		10,813		4,561		16,526		18,435		41,261		3,014			105,356
Pass	10,746		10,813		4,561		16,526		18,435		41,261		3,010			105,352
OAEM	—		—		—		—		—		—		4			4
Gross charge-offs	—		—		—		—		—		—		(2,110)			(2,110)
Gross recoveries	—		—		—		—		—		10		188			198

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

	December 31, 2024
	Term Loans						Revolving Loans
	2024	2023	2022	2021	2020	Prior		Total
	(dollars in thousands)
Construction other	54,109	195,536	136,010	62,890	7,030	18,766	1,026		475,367
Pass	54,109	195,536	134,812	61,379	7,030	18,766	1,026		472,658
OAEM	—	—	180	—	—	—	—		180
Substandard	—	—	1,018	1,511	—	—	—		2,529
Gross charge-offs	—	—	(588)	(504)	—	—	—		(1,092)
Gross recoveries	—	—	—	—	—	6	—		6
Construction residential	1,743	3,366	1,740	1,140	—	28	—		8,017
Pass	1,743	3,366	1,740	1,140	—	28	—		8,017
Gross charge-offs	—	—	—	—	—	—	—		—
Gross recoveries	—	—	—	—	—	—	—		—
Residential first lien	47,504	147,678	369,890	475,231	296,971	331,368	1,905		1,670,547
Pass	47,504	145,898	369,111	473,418	296,170	327,934	1,833		1,661,868
OAEM	—	—	—	255	345	625	72		1,297
Substandard	—	1,780	779	1,558	456	2,809	—		7,382
Gross charge-offs	—	(108)	(1)	(20)	(1)	(61)	—		(191)
Gross recoveries	—	—	—	—	—	168	—		168
Residential junior lien/home equity	21,770	53,985	58,662	37,644	1,163	5,406	492,526		671,156
Pass	21,770	53,974	58,587	37,644	1,163	5,207	488,358		666,703
Substandard	—	11	75	—	—	199	4,168		4,453
Gross charge-offs	—	—	(1)	—	—	—	(291)		(292)
Gross recoveries	—	—	—	—	—	32	170		202
Multifamily	25,006	6,978	235,374	141,970	79,271	108,059	487		597,145
Pass	25,006	6,978	222,965	136,872	78,844	107,573	487		578,725
OAEM	—	—	12,409	5,098	427	412	—		18,346
Substandard	—	—	—	—	—	74	—		74
Gross charge-offs	—	—	—	—	—	—	—		—
Gross recoveries	—	—	—	—	—	—	—		—
Non-owner occupied	120,201	206,496	435,072	182,234	147,034	702,907	11,006		1,804,950
Pass	120,201	203,543	424,778	181,993	136,219	676,580	10,941		1,754,255
OAEM	—	—	10,294	241	1,641	9,693	—		21,869
Substandard	—	2,953	—	—	9,174	16,634	65		28,826
Gross charge-offs	—	—	(50)	—	(3,761)	(3,327)	—		(7,138)
Gross recoveries	—	—	—	—	—	59	—		59
Owner occupied	64,019	112,272	152,714	145,807	58,919	176,674	12,204		722,609
Pass	62,968	110,539	139,937	139,644	57,309	161,208	10,320		681,925
OAEM	—	876	7,002	6,129	198	4,260	1,830		20,295
Substandard	1,051	857	5,775	34	1,412	11,206	54		20,389
Gross charge-offs	—	—	(141)	(136)	(1,050)	(163)	(50)		(1,540)
Gross recoveries	—	—	—	28	—	49	41		118
Automobile and recreational vehicles	403,819	316,774	321,803	152,084	71,682	14,483	—		1,280,645
Pass	403,803	316,734	321,776	152,052	71,674	14,459	—		1,280,498
Substandard	16	40	27	32	8	24	—		147
Gross charge-offs	(310)	(1,826)	(3,223)	(1,275)	(525)	(452)	—		(7,611)
Gross recoveries	36	415	844	468	296	351	—		2,410
Consumer credit cards	—	—	—	—	—	—	9,865		9,865
Pass	—	—	—	—	—	—	9,865		9,865
Gross charge-offs	—	—	—	—	—	—	(428)		(428)
Gross recoveries	—	—	—	—	—	—	96		96

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

	December 31, 2024
	Term Loans												Revolving Loans
	2024		2023		2022		2021		2020		Prior				Total
	(dollars in thousands)
Consumer other	7,878		4,351		2,530		10,325		642		2,291		37,447			65,464
Pass	7,878		4,351		2,530		10,323		642		2,291		37,346			65,361
Substandard	—		—		—		2		—		—		101			103
Gross charge-offs	(17)		(109)		(93)		(102)		(20)		(35)		(1,248)			(1,624)
Gross recoveries	—		—		14		21		16		111		214			376
Total loans and leases	$	1,156,894	$	1,302,825	$	1,861,681	$	1,306,539	$	728,525	$	1,468,346	$	1,158,944		$	8,983,754
Total charge-offs	$	(386)	$	(3,044)	$	(5,119)	$	(2,308)	$	(6,015)	$	(8,418)	$	(10,138)		$	(35,428)
Total recoveries	$	36	$	513	$	935	$	517	$	520	$	983	$	744		$	4,248

Portfolio Risks

The credit quality of our loan portfolio can potentially represent significant risk to our earnings, capital and liquidity. First Commonwealth devotes substantial resources to managing this risk primarily through our credit administration department that develops and administers policies and procedures for underwriting, maintaining, monitoring and collecting loans. Credit administration is independent of lending departments and oversight is provided by the Risk Committee of the First Commonwealth Board of Directors.

Total net charge-offs for the three months ended March 31, 2025 and 2024 were $3.1 million and $4.3 million, respectively.

Age Analysis of Past Due Loans by Segment

The following tables delineate the aging analysis of the recorded investments in past due loans as of March 31, 2025 and December 31, 2024. Also included in these tables are loans that are 90 days or more past due and still accruing because they are well-secured and in the process of collection.

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

	March 31, 2025
	30 - 59 days past due		60 - 89 days past due		90 days or greater and still accruing		Nonaccrual		Total past due and nonaccrual		Current		Total
	(dollars in thousands)
Commercial, financial, agricultural and other	$	9,893	$	471	$	99	$	17,754	$	28,217	$	1,733,985	$	1,762,202
Time and demand	8,128		246		99		16,892		25,365		1,130,686		1,156,051
Commercial credit cards	55		14		—		—		69		12,661		12,730
Equipment finance	1,709		211		—		862		2,782		483,000		485,782
Time and demand other	1		—		—		—		1		107,638		107,639
Real estate construction	9,459		—		—		1,511		10,970		477,732		488,702
Construction other	9,459		—		—		1,511		10,970		467,863		478,833
Construction residential	—		—		—		—		—		9,869		9,869
Residential real estate	3,646		2,918		744		12,953		20,261		2,294,910		2,315,171
Residential first lien	2,098		2,596		186		8,426		13,306		1,629,611		1,642,917
Residential junior lien/home equity	1,548		322		558		4,527		6,955		665,299		672,254
Commercial real estate	2,723		649		—		26,961		30,333		3,128,107		3,158,440
Multifamily	—		—		—		20		20		639,436		639,456
Non-owner occupied	808		25		—		15,122		15,955		1,785,565		1,801,520
Owner occupied	1,915		624		—		11,819		14,358		703,106		717,464
Loans to individuals	3,469		847		313		226		4,855		1,363,770		1,368,625
Automobile and recreational vehicles	3,183		584		130		220		4,117		1,292,450		1,296,567
Consumer credit cards	28		30		—		—		58		9,006		9,064
Consumer other	258		233		183		6		680		62,314		62,994
Total loans and leases	$	29,190	$	4,885	$	1,156	$	59,405	$	94,636	$	8,998,504	$	9,093,140

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

	December 31, 2024
	30 - 59 days past due		60 - 89 days past due		90 days or greater and still accruing		Nonaccrual		Total past due and nonaccrual		Current		Total
	(dollars in thousands)
Commercial, financial, agricultural and other	$	2,379	$	1,544	$	26	$	14,987	$	18,936	$	1,659,053	$	1,677,989
Time and demand	649		1,126		26		14,181		15,982		1,117,613		1,133,595
Commercial credit cards	61		26		—		—		87		11,631		11,718
Equipment finance	1,659		392		—		806		2,857		424,463		427,320
Time and demand other	10		—		—		—		10		105,346		105,356
Real estate construction	—		—		—		2,529		2,529		480,855		483,384
Construction other	—		—		—		2,529		2,529		472,838		475,367
Construction residential	—		—		—		—		—		8,017		8,017
Residential real estate	5,677		1,659		1,588		11,587		20,511		2,321,192		2,341,703
Residential first lien	3,904		1,184		1,134		7,134		13,356		1,657,191		1,670,547
Residential junior lien/home equity	1,773		475		454		4,453		7,155		664,001		671,156
Commercial real estate	1,597		1,099		—		32,103		34,799		3,089,905		3,124,704
Multifamily	212		—		—		20		232		596,913		597,145
Non-owner occupied	72		742		—		24,550		25,364		1,779,586		1,804,950
Owner occupied	1,313		357		—		7,533		9,203		713,406		722,609
Loans to individuals	5,020		1,143		450		250		6,863		1,349,111		1,355,974
Automobile and recreational vehicles	4,667		930		149		147		5,893		1,274,752		1,280,645
Consumer credit cards	24		28		—		—		52		9,813		9,865
Consumer other	329		185		301		103		918		64,546		65,464
Total loans and leases	$	14,673	$	5,445	$	2,064	$	61,456	$	83,638	$	8,900,116	$	8,983,754

The above Age Analysis table for March 31, 2025 includes $8.0 million in the Time and demand 30-59 days past due category related to one borrower and $9.5 million in Construction other 30-59 days past due category for one commercial relationship. Subsequent to March 31, 2025, payments were received from these borrowers, resulting in the loans returning to a current status.

Nonaccrual loans in the tables above include guarantees on Small Business Administration loans of $13.7 million as of March 31, 2025 and $7.8 million as of December 31, 2024.

Nonaccrual Loans

The previous tables summarize nonaccrual loans by loan segment. The Company generally places loans on nonaccrual status when the full and timely collection of interest or principal becomes uncertain, when part of the principal balance has been charged off and no restructuring has occurred, or the loans reach a certain number of days past due. Generally, loans 90 days or more past due are placed on nonaccrual status, except for most consumer loans, which are placed on nonaccrual status at 150 days past due. Consumer loans related to automobile and recreational vehicles are either charged off or repossessed at no later than 90 days past due unless the borrower is in the process of collection through bankruptcy proceedings.

When a loan is placed on nonaccrual, the accrued unpaid interest receivable is reversed against interest income and all future payments received are applied as a reduction to the loan principal. Generally, the loan is returned to accrual status when (a) all delinquent interest and principal becomes current under the terms of the loan agreement or (b) the loan is both well-secured and in the process of collection and collectability is no longer in doubt.

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Nonperforming Loans

Management considers loans to be nonperforming when, based on current information and events, it is determined that the Company will not be able to collect all amounts due according to the loan contract, including scheduled interest payments. When management identifies a loan as nonperforming, the credit loss is measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, except when the sole source for repayment of the loan is the operation or liquidation of collateral. When the loan is collateral dependent, the appraised value less estimated cost to sell is utilized. If management determines that the value of the loan is less than the recorded investment in the loan, a credit loss is recognized through an allowance estimate or a charge-off to the allowance for credit losses.

When the ultimate collectability of the total principal of a nonperforming loan is in doubt and the loan is on nonaccrual status, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the total principal of a nonperforming loan is not in doubt and the loan is on nonaccrual status, contractual interest is credited to interest income when received under the cash basis method.

At March 31, 2025 and December 31, 2024, there were no nonperforming loans held for sale. During both the three months ended March 31, 2025 and 2024, there were no gains recognized on the sale of nonperforming loans.

The following tables include the recorded investment and unpaid principal balance for nonperforming loans with the associated allowance amount, if applicable, as of March 31, 2025 and December 31, 2024. Also presented are the average recorded investment in nonperforming loans and the related amount of interest recognized while the loan was considered nonperforming. Average balances are calculated using month-end balances of the loans for the period reported and are included in the table below based on their period-end allowance position.

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

	March 31, 2025						December 31, 2024
	Recorded<br>investment		Unpaid<br>principal<br>balance		Related specific<br>allowance		Recorded<br>investment		Unpaid<br>principal<br>balance		Related specific<br>allowance
	(dollars in thousands)
With no related specific allowance recorded:
Commercial, financial, agricultural and other	$	5,898	$	19,354			$	5,619	$	21,745
Time and demand	5,298		18,754				4,813		20,939
Equipment finance	600		600				806		806
Time and demand other	—		—				—		—
Real estate construction	1,511		1,511				2,529		2,581
Construction other	1,511		1,511				2,529		2,581
Construction residential	—		—				—		—
Residential real estate	10,370		12,061				8,875		10,524
Residential first lien	7,441		8,475				6,020		6,993
Residential junior lien/home equity	2,929		3,586				2,855		3,531
Commercial real estate	13,766		18,414				18,346		24,047
Multifamily	20		21				20		21
Non-owner occupied	10,880		14,851				16,948		22,372
Owner occupied	2,866		3,542				1,378		1,654
Loans to individuals	226		3,485				250		2,237
Automobile and recreational vehicles	220		3,404				147		2,080
Consumer other	6		81				103		157
Subtotal	31,771		54,825				35,619		61,134
With a specific allowance recorded:
Commercial, financial, agricultural and other	11,856		13,222		$	5,914	9,368		10,459		$	4,724
Time and demand	11,594		12,960		5,703		9,368		10,459		4,724
Equipment finance	262		262		211		—		—		—
Time and demand other	—		—		—		—		—		—
Real estate construction	—		—		—		—		—		—
Construction other	—		—		—		—		—		—
Construction residential	—		—		—		—		—		—
Residential real estate	2,583		2,755		450		2,712		2,885		369
Residential first lien	985		984		111		1,114		1,113		47
Residential junior lien/home equity	1,598		1,771		339		1,598		1,772		322
Commercial real estate	13,195		14,362		1,562		13,757		15,058		2,872
Multifamily	—		—		—		—		—		—
Non-owner occupied	4,242		5,237		956		7,602		8,686		2,093
Owner occupied	8,953		9,125		606		6,155		6,372		779
Loans to individuals	—		—		—		—		—		—
Automobile and recreational vehicles	—		—		—		—		—		—
Consumer other	—		—		—		—		—		—
Subtotal	27,634		30,339		7,926		25,837		28,402		7,965
Total	$	59,405	$	85,164	$	7,926	$	61,456	$	89,536	$	7,965

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

	For the Three Months Ended March 31,
	2025				2024
	Average<br>recorded<br>investment		Interest<br>income<br>recognized		Average<br>recorded<br>investment		Interest<br>income<br>recognized
	(dollars in thousands)
With no related specific allowance recorded:
Commercial, financial, agricultural and other	$	8,684	$	78	$	3,499	$	—
Time and demand	7,932		78		2,731		—
Equipment finance	752		—		768		—
Time and demand other	—		—		—		—
Real estate construction	1,851		106		3,288		—
Construction other	1,851		106		3,288		—
Construction residential	—		—		—		—
Residential real estate	10,122		19		7,436		7
Residential first lien	7,245		19		4,279		7
Residential junior lien/home equity	2,877		—		3,157		—
Commercial real estate	16,849		184		6,252		34
Multifamily	20		—		52		—
Non-owner occupied	13,887		184		4,061		1
Owner occupied	2,942		—		2,139		33
Loans to individuals	269		—		153		1
Automobile and recreational vehicles	198		—		151		1
Consumer other	71		—		2		—
Subtotal	37,775		387		20,628		42
With a specific allowance recorded:
Commercial, financial, agricultural and other	7,190		—		5,200		—
Time and demand	7,103		—		5,200		—
Equipment finance	87		—		—		—
Time and demand other	—		—		—		—
Real estate construction	—		—		—		—
Construction other	—		—		—		—
Construction residential	—		—		—		—
Residential real estate	2,354		—		1,531		—
Residential first lien	756		—		282		—
Residential junior lien/home equity	1,598		—		1,249		—
Commercial real estate	10,530		—		9,528		—
Multifamily	—		—		—		—
Non-owner occupied	4,274		—		7,734		—
Owner occupied	6,256		—		1,794		—
Loans to individuals	—		—		—		—
Automobile and recreational vehicles	—		—		—		—
Consumer other	—		—		—		—
Subtotal	20,074		—		16,259		—
Total	$	57,849	$	387	$	36,887	$	42

Unfunded commitments related to nonperforming loans were $0.2 million and $0.3 million at March 31, 2025 and December 31, 2024, respectively. After consideration of the requirements to draw and available collateral related to these

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

commitments, it was determined that no reserve was required for these commitments at March 31, 2025 and December 31, 2024.

Loan Modifications Made to Borrowers Experiencing Financial Difficulty

In accordance with ASU 2022-02, Financial Instruments Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures ("ASU 2022-02"), modifications to borrowers experiencing financial difficulty may include interest rate reductions, principal forgiveness, other-than-insignificant payment delay, term extensions or any combination thereof. When calculating the allowance for credit losses, these modifications are included in their respective loan segment and an allowance is determined by a loss given default and probability of default methodology.

The following tables present the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty:

	For the Three Months Ended March 31, 2025
	Rate Reduction		Term Extension		Payment Deferral		Term Extension and Payment Deferral		Rate Reduction, Term Extension and Payment Deferral		Rate Reduction and Payment Deferral		Total		Percentage of Total Loans and Leases
	(dollars in thousands)
Residential real estate	$	—	$	—	$	—	$	581	$	—	$	—	$	581	0.03	%
Residential first lien	—		—		—		559		—		—		559		0.03
Residential junior lien/home equity	—		—		—		22		—		—		22		—
Commercial real estate	—		—		—		—		3,201		—		3,201		0.10
Non-owner occupied	—		—		—		—		3,201		—		3,201		0.18
Total	$	—	$	—	$	—	$	581	$	3,201	$	—	$	3,782	0.04	%			For the Three Months Ended March 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Rate Reduction		Term Extension		Principal Forgiveness		Term Extension and Payment Deferral		Rate Reduction, Term Extension and Payment Deferral		Rate Reduction and Payment Deferral		Total		Percentage of Total Loans and Leases
	(dollars in thousands)
Commercial, financial, agricultural and other	$	199	$	869	$	—	$	68	$	—	$	103	$	1,239	0.08	%
Time and demand	199		869		—		—		—		—		1,068		0.09
Equipment finance	—		—		—		68		—		103		171		0.06
Residential real estate	—		90		—		197		—		—		287		0.01
Residential first lien	—		90		—		167		—		—		257		0.01
Residential junior lien/home equity	—		—		—		30		—		—		30		—
Commercial real estate	—		—		—		152		—		—		152		—
Owner occupied	—		—		—		152		—		—		152		0.02
Loans to individuals	—		12		—		10		15		—		37		—
Automobile and recreational vehicles	—		12		—		10		15		—		37		—
Total	$	199	$	971	$	—	$	427	$	15	$	103	$	1,715	0.02	%

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following tables describe the financial effect of the modifications made to borrowers experiencing financial difficulty:

	For the Three Months Ended March 31, 2025
	Rate Reduction		Term Extension (Years)	Principal Forgiveness		Payment Deferral (Years)
	(dollars in thousands)
Residential real estate	—	%	3.2	$	—	1.4
Residential first lien	—		3.3	—		1.4
Residential junior lien/home equity	—		2.1	—		0.5
Commercial real estate	4.00		0.4	—		0.1
Non-owner occupied	4.00		0.4	—		0.1
Total	4.00	%	0.9	$	—	0.3			For the Three Months Ended March 31, 2024
---	---	---	---	---	---	---
	Rate Reduction		Term Extension (Years)	Principal Forgiveness		Payment Deferral (Years)
	(dollars in thousands)
Commercial, financial, agricultural and other	1.77	%	1.3	$	—	0.4
Time and demand	1.50		1.3	—		0.0
Equipment finance	2.30		0.5	—		0.4
Residential real estate	—		6.1	—		0.8
Residential first lien	—		5.6	—		0.9
Residential junior lien/home equity	—		10.3	—		0.3
Commercial real estate	—		0.5	—		0.5
Owner occupied	—		0.5	—		0.5
Loans to individuals	2.39		2.6	—		0.4
Automobile and recreational vehicles	2.39		2.6	—		0.4
Total	1.80	%	2.2	$	—	0.5

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

A modification is considered to be in default when the loan is 90 days or more past due. The following table shows modifications considered to be in default.

	March 31, 2025			December 31, 2024
	Number of Contracts	Balance		Number of Contracts	Balance
	(dollars in thousands)
Residential real estate	2	$	182	2	$	179
Residential first lien	2	182		2	179
Total loans and leases	2	$	182	2	$	179

The following table shows the payment status of loans that have been modified in the last twelve months prior to the date presented:

	March 31, 2025
	Current		30 - 59 days past due		60 - 89 days past due		90 days or greater		Total
	(dollars in thousands)
Commercial, financial, agricultural and other	$	2,565	$	—	$	57	$	—	$	2,622
Time and demand	2,565		—		57		—		2,622
Real estate construction	180		—		—		—		180
Construction other	180		—		—		—		180
Residential real estate	1,444		—		—		182		1,626
Residential first lien	1,275		—		—		182		1,457
Residential junior lien/home equity	169		—		—		—		169
Commercial real estate	12,992		—		—		—		12,992
Non-owner occupied	3,322		—		—		—		3,322
Owner occupied	9,670		—		—		—		9,670
Total loans and leases	$	17,181	$	—	$	57	$	182	$	17,420			December 31, 2024
---	---	---	---	---	---	---	---	---	---	---
	Current		30 - 59 days past due		60 - 89 days past due		90 days or greater		Total
	(dollars in thousands)
Commercial, financial, agricultural and other	$	3,871	$	—	$	—	$	—	$	3,871
Time and demand	3,871		—		—		—		3,871
Real estate construction	180		—		—		—		180
Construction other	180		—		—		—		180
Residential real estate	1,455		88		99		179		1,821
Residential first lien	1,258		88		99		179		1,624
Residential junior lien/home equity	197		—		—		—		197
Commercial real estate	9,796		—		—		—		9,796
Non-owner occupied	123		—		—		—		123
Owner occupied	9,673		—		—		—		9,673
Loans to individuals	30		—		—		—		30
Automobile and recreational vehicles	30		—		—		—		30
Total loans and leases	$	15,332	$	88	$	99	$	179	$	15,698

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following tables provide detail related to the allowance for credit losses:

	For the Three Months Ended March 31, 2025
	Beginning balance		Charge-offs		Recoveries		Provision (credit)a		Ending balance
	(dollars in thousands)
Commercial, financial, agricultural and other	$	29,131	$	(4,019)	$	3,690	$	2,543	$	31,345
Time and demand	19,433		(2,976)		3,484		459		20,400
Commercial credit cards	182		(98)		22		104		210
Equipment finance	7,844		(576)		131		1,377		8,776
Time and demand other	1,672		(369)		53		603		1,959
Real estate construction	6,030		—		—		802		6,832
Construction other	5,916		—		—		759		6,675
Construction residential	114		—		—		43		157
Residential real estate	22,396		(108)		137		(87)		22,338
Residential first lien	15,758		(33)		16		(138)		15,603
Residential junior lien/home equity	6,638		(75)		121		51		6,735
Commercial real estate	40,232		(1,464)		156		(553)		38,371
Multifamily	5,431		—		—		47		5,478
Non-owner occupied	23,332		(874)		110		(754)		21,814
Owner occupied	11,469		(590)		46		154		11,079
Loans to individuals	21,117		(2,419)		929		1,418		21,045
Automobile and recreational vehicles	18,693		(1,805)		846		1,315		19,049
Consumer credit cards	341		(95)		18		59		323
Consumer other	2,083		(519)		65		44		1,673
Total loans and leases	$	118,906	$	(8,010)	$	4,912	$	4,123	$	119,931

a) The provision expense (credit) shown here excludes the provision for off-balance sheet credit exposure included in the income statement.

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

	For the Three Months Ended March 31, 2024
	Beginning balance		Charge-offs		Recoveries		Provision (credit)a		Ending balance
	(dollars in thousands)
Commercial, financial, agricultural and other	$	27,996	$	(2,662)	$	420	$	1,292	$	27,046
Time and demand	22,819		(1,765)		347		(565)		20,836
Commercial credit cards	278		(44)		—		71		305
Equipment finance	3,399		(351)		15		1,263		4,326
Time and demand other	1,500		(502)		58		523		1,579
Real estate construction	7,418		—		6		(875)		6,549
Construction other	6,448		—		6		(653)		5,801
Construction residential	970		—		—		(222)		748
Residential real estate	23,901		(80)		59		13		23,893
Residential first lien	16,975		(28)		43		(107)		16,883
Residential junior lien/home equity	6,926		(52)		16		120		7,010
Commercial real estate	37,071		(283)		114		2,201		39,103
Multifamily	5,233		—		—		(8)		5,225
Non-owner occupied	19,995		(283)		44		2,308		22,064
Owner occupied	11,843		—		70		(99)		11,814
Loans to individuals	21,332		(2,538)		662		3,051		22,507
Automobile and recreational vehicles	19,142		(1,942)		553		2,490		20,243
Consumer credit cards	372		(150)		18		107		347
Consumer other	1,818		(446)		91		454		1,917
Total loans and leases	$	117,718	$	(5,563)	$	1,261	$	5,682	$	119,098

a) The provision expense (credit) shown here excludes the provision for off-balance sheet credit exposure included in the income statement.

Note 9 Leases

First Commonwealth has elected to apply certain practical expedients provided under ASU 2016-02 "Leases" (Topic 842) including (i) to not apply the requirements in the new standard to short-term leases; (ii) to not reassess the lease classification for any expired or existing lease; (iii) to account for lease and non-lease components separately; and (iv) to not reassess initial direct costs for any existing leases. The impact of this standard primarily relates to operating leases of certain real estate properties, including certain branch and ATM locations and office space. First Commonwealth has no material leasing arrangements for which it is the lessor of property or equipment.

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following table represents the unaudited Consolidated Statements of Condition classification of the Company’s right of use ("ROU") assets and lease liabilities, lease costs and other lease information.

						March 31, 2025			December 31, 2024
Balance sheet:
Operating lease asset classified as premises and equipment	$	39,400	$	40,171
Operating lease liability classified as other liabilities	43,870		44,654
					For the Three Months Ended
						March 31, 2025			March 31, 2024
Income statement:
Operating lease cost classified as occupancy and equipment expense						$	1,410		$	1,472
Weighted average lease term, in years						12.83			13.27
Weighted average discount rate						3.80		%	3.60		%
Operating cash flows						$	1,424		$	1,468

The ROU assets and lease liabilities are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. First Commonwealth's lease agreements often include one or more options to renew at the Company's discretion. If we consider the renewal option to be reasonably certain, we include the extended term in the calculation of the ROU asset and lease liability.

First Commonwealth uses incremental borrowing rates when calculating the lease liability because the rate implicit in the lease is not readily determinable. The incremental borrowing rate used by First Commonwealth is an amortizing loan rate obtained from the Federal Home Loan Bank ("FHLB") of Pittsburgh. This rate is consistent with a collateralized borrowing rate and is available for terms similar to the lease payment schedules.

Future minimum payments for operating leases with initial or remaining terms of one year or more as of March 31, 2025 were as follows (dollars in thousands):

For the twelve months ended:
March 31, 2026	$	5,431
March 31, 2027	5,006
March 31, 2028	4,599
March 31, 2029	4,484
March 31, 2030	4,377
Thereafter	32,358
Total future minimum lease payments	56,255
Less remaining imputed interest	12,385
Operating lease liability	$	43,870

Note 10 Income Taxes

In accordance with FASB ASC Topic 740-10, “Accounting for Uncertainty in Income Taxes,” at March 31, 2025 and December 31, 2024, First Commonwealth had no material unrecognized tax benefits or accrued interest and penalties. If applicable, First Commonwealth will record interest and penalties as a component of noninterest expense.

First Commonwealth is subject to routine audits of our tax returns by the Internal Revenue Service (“IRS”) as well as all states in which we conduct business. Generally, tax years prior to the year ended December 31, 2021 are no longer open to examination by federal and state taxing authorities.

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 11 Fair Values of Assets and Liabilities

FASB ASC Topic 820, “Fair Value Measurements and Disclosures” ("Topic 820"), requires disclosures for non-financial assets and non-financial liabilities, except for items that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). All non-financial assets are included either as a separate line item on the unaudited Consolidated Statements of Financial Condition or in the “Other assets” category of the unaudited Consolidated Statements of Financial Condition. Currently, First Commonwealth does not have any non-financial liabilities to disclose.

FASB ASC Topic 825, “Financial Instruments” ("Topic 825"), permits entities to irrevocably elect to measure select financial instruments and certain other items at fair value. The unrealized gains and losses are required to be included in earnings each reporting period for the items that fair value measurement is elected. First Commonwealth has elected not to measure any existing financial instruments at fair value under Topic 825; however, in the future we may elect to adopt this guidance for select financial instruments.

In accordance with Topic 820, First Commonwealth groups financial assets and financial liabilities measured at fair value in three levels based on the principal markets in which the assets and liabilities are transacted and the observability of the data points used to determine fair value. These levels are:

•Level 1 – Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange (“NYSE”). Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.

•Level 2 – Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained for observable inputs for identical or comparable assets or liabilities from alternative pricing sources with reasonable levels of price transparency. Level 2 includes Obligations of U.S. Government securities issued by Agencies and Sponsored Enterprises, Obligations of States and Political Subdivisions, corporate securities, loans held for sale, interest rate derivatives (including interest rate caps, interest rate collars, interest rate swaps and risk participation agreements), certain other real estate owned and certain nonperforming loans.

Level 2 investment securities are valued by a recognized third party pricing service using observable inputs. The model used by the pricing service varies by asset class and incorporates available market, trade and bid information as well as cash flow information when applicable. Because many fixed-income investment securities do not trade on a daily basis, the model uses available information such as benchmark yield curves, benchmarking of like investment securities, sector groupings and matrix pricing. The model will also use processes such as an option-adjusted spread to assess the impact of interest rates and to develop prepayment estimates. Market inputs normally used in the pricing model include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including market research publications.

Management validates the market values provided by the third party service by having another source price 100% of the securities on a monthly basis, monthly monitoring of variances from prior period pricing and, on a monthly basis, evaluating pricing changes compared to expectations based on changes in the financial markets.

Loans held for sale include residential mortgage loans originated for sale in the secondary mortgage market. The estimated fair value for these loans was determined on the basis of rates obtained in the respective secondary market. Loans held for sale could also include the Small Business Administration guaranteed portion of small business loans. The estimated fair value of these loans is based on the contract with the third party investor. When loans held for sale include other commercial loans, fair value is determined using an executed trade or market bid obtained from potential buyers. There were no loans held for sale in a delinquent or nonaccrual status as of March 31, 2025 and December 31, 2024.

Interest rate derivatives are reported at an estimated fair value utilizing Level 2 inputs and are included in other assets and other liabilities, and consist of interest rate swaps where there is no significant deterioration in the counterparties' and/or loan customers' credit risk since origination of the interest rate swap, as well as interest rate caps, interest rate collars and risk participation agreements. First Commonwealth values its interest rate swap and cap positions using a yield curve by taking market prices/rates for an appropriate set of instruments. The set of instruments used to determine the U.S. Dollar yield curve includes Secured Overnight Financing Rate ("SOFR") rates from overnight to one year, Eurodollar futures contracts and SOFR swap rates from one year to thirty years. These yield curves determine the valuations of interest rate swaps. Interest rate derivatives are further described in Note 12, “Derivatives.”

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For purposes of potential valuation adjustments to our derivative positions, First Commonwealth evaluates the credit risk of its counterparties as well as our own credit risk. Accordingly, we have considered factors such as the likelihood of default, expected loss given default, net exposures and remaining contractual life, among other things, in determining if any estimated fair value adjustments related to credit risk are required. We review our counterparty exposure quarterly, and when necessary, appropriate adjustments are made to reflect the exposure.

We also utilize this approach to estimate our own credit risk on derivative liability positions. In 2025 and 2024, we have not realized any losses due to a counterparty's inability to pay any net uncollateralized position.

Interest rate derivatives also include interest rate forwards entered to hedge residential mortgage loans held for sale and the related interest-rate lock commitments. This includes forward commitments to sell mortgage loans. The fair value of these derivative financial instruments are based on derivative market data inputs as of the valuation date and the underlying value of mortgage loans for rate lock commitments.

•Level 3 – Valuations for assets and liabilities that are derived from other valuation methodologies, including option pricing models, discounted cash flow models and similar techniques, and not based on market exchange, dealer or broker traded transactions. If the inputs used to provide the valuation are unobservable and/or there is very little, if any, market activity for the security or similar securities, the securities would be considered Level 3 securities. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities. The assets included in Level 3 are certain nonperforming loans.

There are no Level 3 fair value measurements that require quantitative inputs and assumptions.

The tables below present the balances of assets and liabilities measured at fair value on a recurring basis:

	March 31, 2025
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities - Residential	$	—	$	2,802	$	—	$	2,802
Mortgage-Backed Securities - Commercial	—		767,294		—		767,294
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities - Residential	—		312,948		—		312,948
Other Government-Sponsored Enterprises	—		959		—		959
Obligations of States and Political Subdivisions	—		7,631		—		7,631
Corporate Securities	—		62,221		—		62,221
Total Securities Available for Sale	—		1,153,855		—		1,153,855
Loans Held for Sale	—		37,907		—		37,907
Other Assets(a)	—		25,255		—		25,255
Total Assets	$	—	$	1,217,017	$	—	$	1,217,017
Other Liabilities(a)	$	—	$	31,714	$	—	$	31,714
Total Liabilities	$	—	$	31,714	$	—	$	31,714

(a)Hedging and non-hedging interest rate derivatives

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

	December 31, 2024
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities - Residential	$	—	$	2,898	$	—	$	2,898
Mortgage-Backed Securities - Commercial	—		724,175		—		724,175
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities - Residential	—		350,584		—		350,584
Other Government-Sponsored Enterprises	—		946		—		946
Obligations of States and Political Subdivisions	—		7,527		—		7,527
Corporate Securities	—		61,493		—		61,493
Total Securities Available for Sale	—		1,147,623		—		1,147,623
Loans Held for Sale	—		51,991		—		51,991
Other Assets(a)	—		41,569		—		41,569
Total Assets	$	—	$	1,241,183	$	—	$	1,241,183
Other Liabilities(a)	$	—	$	51,983	$	—	$	51,983
Total Liabilities	$	—	$	51,983	$	—	$	51,983

(a)Hedging and non-hedging interest rate derivatives

During the three months ended March 31, 2025 and 2024, there were no transfers between fair value Levels 1, 2 or 3.

There were no gains or losses included in earnings for the periods presented that are attributable to the change in realized gains (losses) relating to assets held at March 31, 2025 and 2024.

The tables below present the balances of assets measured at fair value on a nonrecurring basis at the dates shown below:

	March 31, 2025
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Nonperforming loans	$	—	$	35,471	$	16,008	$	51,479
Other real estate owned	—		1,532		—		1,532
Total Assets	$	—	$	37,003	$	16,008	$	53,011
	December 31, 2024
---	---	---	---	---	---	---	---	---
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Nonperforming loans	$	—	$	39,407	$	14,084	$	53,491
Other real estate owned	—		1,215		—		1,215
Total Assets	$	—	$	40,622	$	14,084	$	54,706

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following (losses) gains were realized on the assets measured on a nonrecurring basis:

	For the Three Months Ended March 31,
		2025		2024
		(dollars in thousands)
Nonperforming loans		$	(7,606)	$	(2,393)
Other real estate owned		(38)		(50)
Total losses		$	(7,644)	$	(2,443)

Nonperforming loans over $250 thousand are individually reviewed to determine the amount of each loan considered to be at risk of non-collection. The fair value for nonperforming loans that are collateral-based is determined by reviewing real property appraisals, equipment valuations, accounts receivable listings and other financial information. A discounted cash flow analysis is performed to determine fair value for nonperforming loans when an observable market price or a current appraisal is not available. For real estate secured loans, First Commonwealth’s loan policy requires updated appraisals be obtained at least every twelve months on all nonperforming loans with balances of $250 thousand and over. For real estate secured loans with balances under $250 thousand, we rely on broker price opinions. For non-real estate secured assets, the Company normally relies on third party valuations specific to the collateral type.

The fair value for other real estate owned that is determined by either an independent market-based appraisal less estimated costs to sell or an executed sales agreement, is classified as Level 2. The fair value for other real estate owned that is determined using an internal valuation, is classified as Level 3. Other real estate owned has a current carrying value of $1.3 million as of March 31, 2025 and primarily consists of residential real estate properties in Pennsylvania and Ohio. We review whether events and circumstances subsequent to a transfer to other real estate owned have occurred that indicate the balance of those assets may not be recoverable. If events and circumstances indicate further impairment, we will record a charge to the extent that the carrying value of the assets exceed their fair values, less estimated cost to sell, as determined by valuation techniques appropriate in the circumstances.

Certain other assets and liabilities, including goodwill, core deposit intangibles and customer list intangibles, are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis, but are subject to fair value adjustments only in certain circumstances. Additional information related to goodwill is provided in Note 13, “Goodwill.” There were no other assets or liabilities measured at fair value on a nonrecurring basis during the three months ended March 31, 2025.

FASB ASC Topic 825-10, “Transition Related to FSP FAS 107-1” and APB 28-1, “Interim Disclosures about Fair Value of Financial Instruments,” requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis. The methodologies for estimating the fair value of financial assets and financial liabilities that are measured at fair value on a recurring or nonrecurring basis are as discussed above. The methodologies for other financial assets and financial liabilities are discussed below.

Cash and due from banks and interest-bearing bank deposits: The carrying amounts for cash and due from banks and interest-bearing bank deposits approximate the estimated fair values of such assets.

Securities: Fair values for securities available for sale and held to maturity are based on quoted market prices, if available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments. The carrying value of other investments, which includes FHLB stock and other equity investments, is considered a reasonable estimate of fair value.

Loans: The fair values of all loans are estimated by discounting the estimated future cash flows using interest rates currently offered for loans with similar terms to borrowers of similar credit quality adjusted for past due and nonperforming loans.

Loans held for sale: The estimated fair value of loans held for sale is based on market bids obtained from potential buyers.

Off-balance sheet instruments: Many of First Commonwealth’s off-balance sheet instruments, primarily loan commitments and standby letters of credit, are expected to expire without being drawn upon; therefore, the commitment amounts do not necessarily represent future cash requirements. FASB ASC Topic 460, “Guarantees” clarified that a guarantor is required to recognize, at the inception of a guarantee, a liability for the fair value of the obligation undertaken in issuing the guarantee. The

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

carrying amount and estimated fair value for standby letters of credit was $0.3 million at both March 31, 2025 and December 31, 2024. See Note 6, “Commitments and Contingent Liabilities,” for additional information.

Deposit liabilities: The estimated fair value of demand deposits, savings accounts and money market deposits is the amount payable on demand at the reporting date because of the customers’ ability to withdraw funds immediately. The fair value of fixed rate time deposits is estimated by discounting the future cash flows using interest rates currently being offered and a schedule of aggregated expected maturities.

Short-term borrowings: The fair values of borrowings from the FHLB were estimated based on the estimated incremental borrowing rate for similar type borrowings. The carrying amounts of other short-term borrowings, such as federal funds purchased and securities sold under agreement to repurchase, were used to approximate fair value due to the short-term nature of the borrowings.

Subordinated debt and long-term debt: The fair value is estimated by discounting the future cash flows using First Commonwealth’s estimate of the current market rate for similar types of borrowing arrangements.

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following table presents carrying amounts and fair values of First Commonwealth’s financial instruments:

	March 31, 2025
			Fair Value Measurements Using:
	Carrying<br>Amount		Total		Level 1		Level 2		Level 3
	(dollars in thousands)
Financial assets
Cash and due from banks	$	118,792	$	118,792	$	118,792	$	—	$	—
Interest-bearing deposits	22,566		22,566		22,566		—		—
Securities available for sale	1,153,855		1,153,855		—		1,153,855		—
Securities held to maturity	519,029		458,549		—		458,549		—
Other investments	32,583		32,583		—		26,851		5,732
Loans held for sale	41,587		41,991		—		41,991		—
Loans and leases	9,093,140		9,179,330		—		35,471		9,143,859
Financial liabilities
Deposits	9,861,657		9,857,665		—		9,857,665		—
Short-term borrowings	77,515		76,385		—		76,385		—
Subordinated debt	128,345		116,902		—		—		116,902
Long-term debt	130,156		130,476		—		130,476		—
Capital lease obligation	4,178		4,178		—		4,178		—
	December 31, 2024
---	---	---	---	---	---	---	---	---	---	---
			Fair Value Measurements Using:
	Carrying<br>Amount		Total		Level 1		Level 2		Level 3
	(dollars in thousands)
Financial assets
Cash and due from banks	$	105,051	$	105,051	$	105,051	$	—	$	—
Interest-bearing deposits	28,358		28,358		28,358		—		—
Securities available for sale	1,147,623		1,147,623		—		1,147,623		—
Securities held to maturity	405,639		336,719		—		336,719		—
Other investments	30,954		30,954		—		25,222		5,732
Loans held for sale	51,991		52,219		—		52,219		—
Loans and leases	8,983,754		8,999,020		—		39,407		8,959,613
Financial liabilities
Deposits	9,678,019		9,672,358		—		9,672,358		—
Short-term borrowings	80,139		79,151		—		79,151		—
Subordinated debt	128,305		115,747		—		—		115,747
Long-term debt	130,353		129,880		—		129,880		—
Capital lease obligation	4,327		4,327		—		4,327		—

Note 12 Derivatives

Derivatives Not Designated as Hedging Instruments

First Commonwealth is a party to interest rate derivatives that are not designated as hedging instruments. These derivatives relate to interest rate swaps that First Commonwealth enters into with customers to allow customers to convert variable rate loans to a fixed rate. First Commonwealth pays interest to the customer at a floating rate on the notional amount and receives interest from the customer at a fixed rate for the same notional amount. At the same time the interest rate swap is entered into with the customer, an offsetting interest rate swap is entered into with another financial institution. First Commonwealth pays the other financial institution interest at the same fixed rate on the same notional amount as the swap entered into with the customer, and receives interest from the financial institution for the same floating rate on the same notional amount.

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The changes in the fair value of the swaps offset each other, except for the credit risk of the counterparties, which is determined by taking into consideration the risk rating, probability of default and loss given default for all counterparties.

We have 23 risk participation agreements with financial institution counterparties for interest rate swaps related to loans in which we are a participant. The risk participation agreements provide credit protection to the financial institution should the borrower fail to perform on its interest rate derivative contract with the financial institution. We have 22 risk participation agreements with financial institution counterparties for interest rate swaps related to loans in which we are the lead bank. The risk participation agreement provides credit protection to us should the borrower fail to perform on its interest rate derivative contract with us.

First Commonwealth is also party to interest rate caps and collars that are not designated as hedging instruments. The interest rate caps relate to contracts that First Commonwealth enters into with loan customers that provide a maximum interest rate on their variable rate loan. At the same time the interest rate cap is entered into with the customer, First Commonwealth enters into an offsetting interest rate cap with another financial institution. The notional amount and maximum interest rate on both interest cap contracts are identical. The interest rate collars relate to contracts that First Commonwealth enters into with loan customers that provide both a maximum and minimum interest rate on their variable rate loan. At the same time the interest rate collar is entered into with the customer, First Commonwealth enters into an offsetting interest rate collar with another financial institution. The notional amount and the maximum and minimum interest rates on both interest collar contracts are identical.

The fee received for such derivatives, less the estimate of the loss for the credit exposure, is recognized in earnings at the time of the transaction.

The Company also enters into interest rate lock commitments in conjunction with its mortgage origination business. These are commitments to originate loans whereby the interest rate on the loan is determined prior to funding and the customers have locked into that interest rate. The Company locks in the rate with an investor and commits to deliver the loan if settlement occurs (“best efforts”) or commits to deliver the locked loan in a binding (“mandatory”) delivery program with an investor. Loans under mandatory rate lock commitments are covered under forward sales contracts of mortgage-backed securities (“MBS”). Forward sales contracts of MBS are recorded at fair value with changes in fair value recorded in "Noninterest income" in the unaudited Consolidated Statements of Income. The impact to noninterest income for the three months ended March 31, 2025 was an increase of $0.5 million.

Interest rate lock commitments and commitments to deliver loans to investors are considered derivatives. The market value of interest rate lock commitments and best efforts contracts are not readily ascertainable with precision because they are not actively traded in stand-alone markets. We determine the fair value of rate lock commitments and delivery contracts by measuring the fair value of the underlying asset, which is impacted by current interest rates and takes into consideration the probability that the rate lock commitments will close or will be funded. At March 31, 2025, the underlying funded mortgage loan commitments had a carrying value of $8.0 million and a fair value of $9.8 million, while the underlying unfunded mortgage loan commitments had a notional amount of $65.0 million. At December 31, 2024, the underlying funded mortgage loan commitments had a carrying value of $8.3 million and a fair value of $9.6 million, while the underlying unfunded mortgage loan commitments had a notional amount of $60.9 million. The interest rate lock commitments decreased other noninterest income by $0.7 million for the three months ended March 31, 2025, respectively.

Derivatives Designated as Hedging Instruments

In August 2019, the Company entered into two interest rate swap contracts that are designated as cash flow hedges. One of the contracts, with a notional amount of $30.0 million, matured on August 15, 2024 and the other contract, with a notional amount of $40.0 million, matures on August 15, 2026. The Company's risk management objective for these hedges is to reduce its exposure to variability in expected future cash flows related to interest payments made on subordinated debentures. Initially, these swaps were benchmarked to the 3-month LIBOR rate; however, as a result of the discontinuance of the LIBOR rate on June 30, 2023, both of the swap contracts were amended to hedge exposure to the variability of the 3-month Daily Simple SOFR, compounded in arrears. This change is in agreement with amendments made to the interest rate on the subordinated debentures as a result of the discontinuance of LIBOR. Therefore, the interest rate swaps convert the interest rate benchmark on the first $40.0 million of 3-month SOFR based subordinated debentures to a fixed rate.

During 2021, the Company entered into eight interest rate swap contracts that were designated as cash flow hedges, $75.0 million of which matured during 2024. The remaining interest rate swaps have a total notional amount of $425.0 million: $250.0 million with an original maturity of four years and $175.0 million with an original maturity of five years. The

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Company's risk management objective for these hedges is to reduce its exposure to variability in expected future cash flows related to interest payments on commercial loans. Initially these swaps were benchmarked to the 1-month LIBOR rate; however, as a result of the discontinuance of the LIBOR rate on June 30, 2023, these swaps were amended to hedge exposure to the variability of the 1-month Daily Simple SOFR rate compounded in arrears. Therefore, the interest rate swaps convert the interest payments on the first $425.0 million of 1-month Daily Simple SOFR based commercial loans into fixed rate payments. The following table provides the notional amount of interest rate swap contracts and their maturity date.

Notional Amount		Maturity Date
(dollars in thousands)
$	150,000	05/01/25
25,000		08/25/25
25,000		10/10/25
50,000		11/05/25
150,000		05/01/26
25,000		10/15/26
$	425,000

The periodic net settlement of these interest rate swaps are recorded as an adjustment to "Interest on subordinated debentures" or "Interest and fees on loans" in the unaudited Consolidated Statements of Income. For the three months ended March 31, 2025 and 2024, there was a negative impact on net interest income of $3.7 million and $5.6 million, respectively, as a result of these interest rate swaps. Changes in the fair value of the cash flow hedges are reported on the balance sheet and in OCI. When the cash flows associated with the hedged item are realized, the gain or loss included in OCI is recognized in "Interest on subordinated debentures," or "Interest and fees on loans", the same line items in the unaudited Consolidated Statements of Income as the income on the hedged items. The cash flow hedges were highly effective at March 31, 2025, and changes in the fair value attributed to hedge ineffectiveness were not material.

The following table depicts the credit value and fair value adjustments recorded related to the notional amount of derivatives outstanding as well as the notional amount of risk participation agreements participated to other banks:

	March 31, 2025		December 31, 2024
	(dollars in thousands)
Derivatives not Designated as Hedging Instruments
Interest rate derivatives:
Credit value adjustment	$	(212)	$	(59)
Notional amount:
Interest rate derivatives	1,043,829		966,978
Interest rate caps	36,982		28,950
Interest rate collars	524		524
Risk participation agreements	164,341		179,959
Sold credit protection on risk participation agreements	(162,186)		(151,079)
Interest rate options	64,972		60,934
Interest rate forwards:
Fair value adjustment	(271)		398
Notional amount	53,000		60,000
Derivatives Designated as Hedging Instruments
Interest rate swaps:
Fair value adjustment	(5,976)		(10,754)
Notional amount	465,000		465,000

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The table below presents the change in the fair value of derivative assets and derivative liabilities attributable to credit risk or fair value changes included in "Other income", "Other expense," "Interest on subordinated debentures" or "Interest and fees on loans" in the unaudited Consolidated Statements of Income:

	For the Three Months Ended March 31,
		2025		2024
		(dollars in thousands)
Non-hedging interest rate derivatives
Increase in other income		$	311	$	283
Non-hedging interest rate forwards
Increase (decrease) in other income		(669)		202
Hedging interest rate derivatives
(Decrease) increase in interest and fees on loans		(3,961)		(6,295)
(Decrease) increase in interest from subordinated debentures		(311)		(723)

The fair value of our derivatives is included in a table in Note 11, “Fair Values of Assets and Liabilities,” in the line items “Other assets” and “Other liabilities.”

Note 13 Goodwill

FASB ASC Topic 350-20, “Intangibles – Goodwill and Other” requires an annual valuation of the fair value of a reporting unit that has goodwill and a comparison of the fair value to the book value of equity to determine whether the goodwill has been impaired. Goodwill is also required to be tested on an interim basis if an event or circumstance indicates that it is more likely than not that an impairment loss has been incurred. When circumstances indicate that it is more likely than not that fair value is less than carrying value, a triggering event has occurred and a quantitative impairment test would be performed.

We consider First Commonwealth to be one reporting unit (see Note 16 - "Segment Reporting"). The carrying amount of goodwill at both March 31, 2025 and December 31, 2024 was $363.7 million. No impairment charges on goodwill or other intangible assets were incurred in 2025 or 2024.

We test goodwill for impairment as of November 30th each year and again at any quarter-end if any material events occur during a quarter that may affect goodwill.

As of March 31, 2025, no indicators of impairment were identified; however, changing economic conditions that may adversely affect our performance, the fair value of our assets and liabilities, or our stock price could result in impairment, which could adversely affect earnings in future periods. Management will continue to monitor events that could impact this conclusion in the future.

Note 14 Subordinated Debentures

Subordinated debentures outstanding are as follows:

			March 31, 2025		December 31, 2024
	Due	Rate	Amount			Amount
			(dollars in thousands)
Owed to:
First Commonwealth Bank	2033	5.50% until June 1, 2028, then 3-Month CME Term SOFR + 0.26161% + 2.37%	$	49,428		$	49,411
First Commonwealth Financial Corp	2031	4.50% until March 29, 2026, then Prime + 1.00%	6,750			6,727
First Commonwealth Capital Trust II	2034	3-Month CME Term SOFR + 0.26161% + 2.85%	30,929			30,929
First Commonwealth Capital Trust III	2034	3-Month CME Term SOFR + 0.26161% + 2.85%	41,238			41,238
Total			$	128,345		$	128,305

With the acquisition of Centric in January 2023, First Commonwealth acquired a ten-year subordinated note with a principal balance of $6.0 million. The rate remains fixed at 4.50% until March 29, 2026, then adjusts quarterly to Prime + 1.00%. The Bank may redeem the notes, beginning with the interest payment due on March 29, 2026, in whole or in part at a redemption

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

price equal to 100% of the principal amount of the subordinated notes, plus accrued and unpaid interest to the date of redemption. A fair value premium of $0.6 million was recognized in connection with the acquisition.

On May 21, 2018, First Commonwealth issued fifteen-year subordinated notes with an aggregate principal amount of $50.0 million and a fixed-to-floating rate of 5.50%. The rate remains fixed until June 1, 2028, then adjusts on a quarterly basis to three-month CME Term SOFR+ 0.26161% + 2.37%. The Bank may redeem the notes, subject to regulatory approval, beginning with the interest payment due on June 1, 2028, in whole or in part at a redemption price equal to 100% of the principal amount of the subordinated notes, plus accrued and unpaid interest to the date of redemption. Deferred issuance costs of $1.1 million are being amortized on a straight-line basis over the term of the notes.

First Commonwealth currently has two trusts, First Commonwealth Capital Trust II and First Commonwealth Capital Trust III, of which 100% of the common equity is owned by First Commonwealth. The trusts were formed for the purpose of issuing company obligated mandatorily redeemable capital securities to third-party investors and investing the proceeds from the sale of the capital securities solely in junior subordinated debt securities (“subordinated debentures”) of First Commonwealth. The subordinated debentures held by each trust are the sole assets of the trust.

Interest on the debentures issued to First Commonwealth Capital Trust II is paid quarterly at a floating rate of three-month CME Term SOFR + 0.26161% + 2.85%, which is reset quarterly. Subject to regulatory approval, First Commonwealth may redeem the debentures, in whole or in part, at its option at a redemption price equal to 100% of the principal amount of the debentures, plus accrued and unpaid interest to the date of the redemption. Deferred issuance costs of $0.5 million are being amortized on a straight-line basis over the term of the securities.

Interest on the debentures issued to First Commonwealth Capital Trust III is paid quarterly at a floating rate of three-month CME Term SOFR + 0.26161% + 2.85%, which is reset quarterly. Subject to regulatory approval, First Commonwealth may redeem the debentures, in whole or in part, at its option on any interest payment date at a redemption price equal to 100% of the principal amount of the debentures, plus accrued and unpaid interest to the date of the redemption. Deferred issuance costs of $0.6 million are being amortized on a straight-line basis over the term of the securities.

In order to reduce its exposure to variability in expected future cash flows related to interest payments on First Commonwealth Capital Trust II and III, the Company entered into two interest rate swap contracts that are designated as cash flow hedges. These contracts fix the index rate based portion of the interest rate on Capital Trust III at 1.525% until August 15, 2026. A similar interest rate swap contract was entered for Capital Trust II which fixed the index rate based portion at 1.515%, however that swap expired on August 15, 2024. Additional information related to these cash flow hedges can be found in Note 12 - "Derivatives".

Note 15 Revenue Recognition

Substantially all of the Company’s revenue is generated from contracts with customers. Revenue associated with financial instruments, including revenue from loans and securities, certain noninterest income streams such as fees associated with derivatives are not in scope of FASB ASC Topic 606 - "Revenue from Contracts with Customers" ("Topic 606"). Topic 606 is applicable to noninterest revenue streams such as trust income, service charges on deposits, insurance and retail brokerage commissions, card-related interchange income and gain(loss) on sale of OREO. For contracts within the scope of Topic 606, the Company immediately expenses contract acquisition costs when the asset that would have resulted from capitalizing these costs would have been amortized in one year or less.

Noninterest revenue streams in-scope of Topic 606 are discussed below:

Trust Income

Trust income is primarily comprised of fees earned from the management and administration of trusts and other customer assets. The Company’s performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon a tiered scale of market value of the assets under management at month-end. Payment is generally received a few days after month end through a direct charge to customers’ accounts. The Company does not earn performance-based incentives. Optional services such as financial planning or tax return preparation services are also available to trust customers. The Company’s performance obligation for these transactional-based services is generally satisfied and related revenue recognized at a point in time. Payment is received shortly after services are rendered.

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Service Charges on Deposit Accounts

Service charges on deposit accounts consist of fees earned from its deposit customers for transaction-based, account maintenance, overdraft services and account analysis fees. Transaction-based fees, which include services such as ATM use fees, stop payment fees, statement rendering and ACH fees are recognized at the time the transaction is executed which is the point in time the Company fulfills the customer’s request. Monthly account maintenance fees are earned over the course of the month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. The Company’s performance obligation for account analysis fees is generally satisfied, and the related revenue recognized, during the month the service is provided. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to customers’ accounts.

Insurance and Retail Brokerage Commissions

Insurance income primarily consists of commissions received from execution of personal, business and health insurance policies when acting as an agent on behalf of insurance carriers. The Company’s performance obligation is generally satisfied upon the issuance of the insurance policy. Because the Company’s contracts with the insurance carriers are generally cancellable by either party with minimal notice, insurance commissions are recognized during the policy period as received. Also, the majority of insurance commissions are received on a monthly basis during the policy period; however, some carriers pay the full annual commission to First Commonwealth at the time of policy issuance or renewal. In these cases, First Commonwealth would be required to refund any commissions it would not be entitled to as a result of cancelled or terminated policies. The Company has established a refund liability for the remaining term of the policies expected to be cancelled. The Company also receives incentive-based contingency fees from the insurance carriers. Contingency fee revenue, which totals approximately $0.3 million per year, is recognized as received due to the immaterial amount.

Retail brokerage income primarily consists of commissions received on annuity and investment product sales through a third-party service provider. The Company’s performance obligation is generally satisfied upon the issuance of the annuity policy or the execution of an investment transaction. The Company does not earn a significant amount of trailer fees on annuity sales. However, after considering the factors impacting these trailer fees, such as the uncertainty of investor behavior and changes in the market value of assets, First Commonwealth determined that it would recognize trailing fees as received because it could not reasonably estimate an amount of future trailing commissions for which collection is probable. Commissions from the third-party service provider are received on a monthly basis based upon customer activity for the month. The fees are recognized monthly with a receivable until commissions are received from the third-party service provider the following month. Because the Company acts as an agent in arranging the relationship between the customer and the third-party service provider and does not control the services rendered to the customers, retail brokerage fees are presented net of related costs, including $1.2 million and $1.1 million in commission expense as of March 31, 2025 and 2024, respectively.

Card-Related Interchange Income

Card-related interchange income is primarily comprised of debit and credit card income, ATM fees and merchant services income. Debit and credit card income is primarily comprised of interchange fees earned whenever the Company’s debit and credit cards are processed through card payment networks such as MasterCard. ATM fees are primarily generated when a Company cardholder uses a non-Company ATM or a non-Company cardholder uses a Company ATM. Merchant services income mainly represents fees charged to merchants to process their debit and credit card transactions, in addition to account management fees. Card-related interchange income is recognized daily as the customer transactions are settled.

Other Income

Other income includes service revenue from processing wire transfers, bill pay service, cashier’s checks, and other services. The Company’s performance obligation for these services are largely satisfied, and related revenue recognized, when the services are rendered or upon completion. Payment is typically received immediately or in the following month.

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Gains (losses) on sales of OREO

First Commonwealth records a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When First Commonwealth finances the sale of OREO to the buyer, an assessment of whether the buyer is committed to perform their obligations under the contract is completed along with an evaluation of whether collectability of the transaction price is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon transfer of control of the property to the buyer. In determining the gain or loss on the sale, First Commonwealth adjusts the transaction price and the related gain or loss on sale if a significant financing component is present.

The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606:

	For the Three Months Ended March 31,
		2025		2024
		(dollars in thousands)
Noninterest Income
In-scope of Topic 606:
Trust income		$	3,022	$	2,727
Service charges on deposit accounts		5,438		5,383
Insurance and retail brokerage commissions		3,170		2,651
Card-related interchange income		3,654		6,690
Gain on sale of other loans and assets		125		134
Other income		730		726
Noninterest Income (in-scope of Topic 606)		16,139		18,311
Noninterest Income (out-of-scope of Topic 606)		6,363		5,677
Total Noninterest Income		$	22,502	$	23,988

Note 16 Segment Reporting

We operate our business as a single integrated business unit that provides a number of products and services to meet our customers banking and financial needs. Our products and services include consumer lending such as secured and unsecured installment loans, home equity loans, construction and real estate loans, credit lines and credit cards. We also offer commercial customers lending and leasing products, which include real estate secured lending, equipment finance, working capital lines of credit, credit cards and construction loans. Our products also include deposit services, such as personal and business checking accounts, savings, money market and certificates of deposits. Additionally, we provide an array of cash management services, trust and wealth management services and insurance products. These services are all delivered through the same business network.

The Company’s President and CEO is the chief operating decision maker who uses consolidated net income to assess performance and profitability of our single business segment. Consolidated net income is used to assess performance by comparing results on a monthly basis, including variances to budget and prior period results. Consideration is given to performance of components of the business, such as branches and geographic regions, which are then aggregated. This information is used to achieve strategic initiatives by allowing the chief operation decision maker to manage resources that drive our business and earnings. Additionally, consolidated net income is used to benchmark the Company against its banking peers.

The accounting policies of the single business unit are the same policies as disclosed in Note 1 - "Statement of Accounting Policies" of our December 31, 2024 Form 10-K and our segment assets are the same as assets presented in the unaudited Consolidated Statements of Financial Condition.

ITEM 1. Financial Statements and Supplementary Data

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following table presents information related to segment revenue, significant segment expenses and segment net income:

	For the Three Months Ended March 31,
		2025		2024
		(dollars in thousands)
Interest income		$	147,128	$	145,462
Interest expense		51,606		53,158
Net interest income		95,522		92,304
Provision for credit losses		5,736		4,238
Noninterest Income
Trust income		3,022		2,727
Service charges on deposit accounts		5,438		5,383
Insurance and retail brokerage commissions		3,170		2,651
Gain on sale of mortgage loans		1,387		1,328
Gain on sale of other loans and assets		1,388		2,051
Card-related interchange income		3,654		6,690
Other segment income (a)		4,443		3,158
Noninterest expense
Salaries and employee benefits		40,415		35,324
Net occupancy		5,729		5,334
Furniture and equipment		4,193		4,480
Data processing		3,817		3,824
Other professional fees and services		1,620		1,242
Other segment expense (b)		15,476		15,369
Income tax provision		8,342		8,932
Segment net income		$	32,696	$	37,549
Reconciliation of net income
Adjustments and reconciling items		—		—
Consolidated net income		$	32,696	$	37,549

Table of Contents

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

This discussion and the related financial data are presented to assist in the understanding and evaluation of the consolidated financial condition and the results of operations of First Commonwealth Financial Corporation including its subsidiaries (“First Commonwealth”) for the three months ended March 31, 2025 and 2024, and should be read in conjunction with the unaudited Consolidated Financial Statements and notes thereto included in this Form 10-Q.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this Annual Report on Form 10-K that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”), 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 within the meaning of the Reform Act. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statements of plans, objectives and expectations of First Commonwealth or its management or Board of Directors, including those relating to products, services or operations; (iii) statements of future economic performance or interest rates; and (iv) statements of assumptions underlying such statements. Words such as “believe,” “anticipate,” “expect,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could” or “may,” are intended to identify forward-looking statements. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those in such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:

•Local, regional, national and international economic conditions and the impact they may have on us and our customers and our assessment of that impact.

•Volatility and disruption in national and international financial markets.

•Government intervention in the U.S. financial system.

•Changes in the mix of loan geographies, sectors and types or the level of non-performing assets and charge-offs.

•Changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements.

•The effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board.

•Inflation, interest rate, securities market and monetary fluctuations.

•The effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which we and our subsidiaries must comply.

•The soundness of other financial institutions.

•Political instability.

•Impairment of our goodwill or other intangible assets.

•Acts of God or of war or terrorism.

•The timely development and acceptance of new products and services and perceived overall value of these products and services by users.

•Changes in consumer spending, borrowings and savings habits.

•Changes in the financial performance and/or condition of our borrowers.

•Technological changes.

•The cost and effects of cyber incidents or other failures, interruption or security breaches of our systems or those of third-party providers.

•Acquisitions and integration of acquired businesses.

•Our ability to increase market share and control expenses.

•Our ability to attract and retain qualified employees.

•Changes in the competitive environment in our markets and among banking organizations and other financial service providers.

•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.

•Changes in the reliability of our vendors, internal control systems or information systems.

•Changes in our liquidity position.

•Changes in our organization, compensation and benefit plans.

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

•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.

•Greater than expected costs or difficulties related to the integration of new products and lines of business.

•Our success at managing the risks involved in the foregoing items.

Forward-looking statements speak only as of the date on which such statements are made. We do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events.

Explanation of Use of Non-GAAP Financial Measures

In addition to the results of operations presented in accordance with generally accepted accounting principles (“GAAP”), First Commonwealth management uses, and this quarterly report contains or references, certain non-GAAP financial measures, such as net interest income on a fully taxable equivalent basis. We believe these non-GAAP financial measures provide information that is useful to investors in understanding our underlying operational performance and our business and performance trends as they facilitate comparison with the performance of others in the financial services industry. Although we believe that these non-GAAP financial measures enhance investors’ understanding of our business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP.

We believe the presentation of net interest income on a fully taxable equivalent basis ensures comparability of net interest income arising from both taxable and tax-exempt sources and is consistent with industry practice. Interest income per the unaudited Consolidated Statements of Income is reconciled to net interest income adjusted to a fully taxable equivalent basis on pages 55 for the three months ended March 31, 2025 and 2024.

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

Selected Financial Data

The following selected financial data should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations, which follows, and with the unaudited Consolidated Financial Statements and related notes.

	For the Three Months Ended March 31,
		2025			2024
		(dollars in thousands, except per share data)
Net Income		$	32,696		$	37,549
Per Share Data:
Basic Earnings per Share		$	0.32		$	0.37
Diluted Earnings per Share		0.32			0.37
Cash Dividends Declared per Common Share		0.130			0.125
Average Balance:
Total assets		$	11,680,688		$	11,521,443
Total equity		1,429,013			1,325,326
End of Period Balance:
Net loans and leases (1)		$	9,014,796		$	8,912,667
Total assets		11,786,398			11,694,408
Total deposits		9,861,657			9,446,403
Total equity		1,447,051			1,332,720
Key Ratios:
Return on average assets		1.14		%	1.31		%
Return on average equity		9.28		%	11.40		%
Dividends payout ratio		40.63		%	33.78		%
Average equity to average assets ratio		12.23		%	11.50		%
Net interest margin		3.62		%	3.52		%
Net loans to deposits ratio		91.41		%	94.35		%

(1) Includes loans held for sale.

Results of Operations

Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024

Net Income

For the three months ended March 31, 2025, First Commonwealth had net income of $32.7 million, or $0.32 diluted earnings per share, compared to net income of $37.5 million, or $0.37 diluted earnings per share, in the three months ended March 31, 2024. The decrease in net income was primarily the result of a $5.7 million increase in noninterest expense, a decrease in non-interest income of $1.5 million and an increase in the provision for credit losses of $1.5 million. Offsetting these items was an increase of $3.2 million in net interest income.

For the three months ended March 31, 2025, the Company’s return on average equity was 9.28% and its return on average assets was 1.14%, compared to 11.40% and 1.31%, respectively, for the three months ended March 31, 2024.

Net Interest Income

Net interest income, on a fully taxable equivalent basis, was $95.9 million in the first three months of 2025, compared to $92.6 million for the same period in 2024. The increase in net interest income can be attributed to a 10 basis point decrease in the cost of interest-bearing liabilities and a 3 basis point increase in the yield on interest-earning assets. Net interest income comprises the majority of our operating revenue (net interest income before provision expense plus noninterest income), at 80.9% and 79.4% for the three months ended March 31, 2025 and 2024, respectively.

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

The net interest margin on a fully taxable equivalent basis was 3.62% for the three months ended March 31, 2025 and 3.52% for the three months ended March 31, 2024. The net interest margin is affected by changes in the level of interest rates and the amount and composition of interest-earning assets and interest-bearing liabilities.

The taxable equivalent yield on interest-earning assets was 5.57% for the three months ended March 31, 2025, an increase of 3 basis points compared to the 5.54% yield for the same period in 2024. Despite a lower interest rate environment in 2025, the yield on interest-earning assets benefited from higher reinvestment rates related to the investment portfolio, resulting in the investment portfolio yield increasing by 53 basis points when compared to the three months ended March 31, 2024. For the three months ended March 31, 2025, 5 basis points of the yield on interest-earning assets can be attributed to the recognition of $1.2 million in accretion of purchase accounting marks, primarily from the Centric acquisition. For the three months ended March 31, 2024, accretion of purchase accounting marks contributed $2.0 million, or 8 basis points, to the yield on interest-earning assets.

The investment portfolio yield increased 53 basis points in comparison to the prior year as new volume rates were higher than the portfolio yield. The average investment portfolio balance for the period ended March 31, 2025 increased $127.8 million as compared to the three months ended March 31, 2024 as a result of liquidity from growth in interest-bearing liabilities. Lower interest rates in the three months ended March 31, 2025 compared to the prior year resulted in a 91 basis point decrease in the yield on interest-bearing deposits with bank, while the average balance decreased from $112.4 million in 2024 to $76.8 million in 2025.

The cost of interest-bearing liabilities decreased to 2.67% for the three months ended March 31, 2025, from 2.77% for the same period in 2024. The cost of interest-bearing deposits increased 5 basis points and short-term borrowings decreased 169 basis points in comparison to the same period last year. The increase in the cost of interest-bearing deposits can be attributed to higher market interest rates, as well as changes in the mix of deposits, as customers moved funds to take advantage of the increased rates offered in money market and time deposit accounts. Comparing the three months ended March 31, 2025 with the comparable period in 2024, average time deposits increased $376.5 million, or 27.1%, with a decrease in the cost of these deposits of 14 basis points. Other interest-bearing deposits increased on average $215.2 million, or 3.9%, compared to the three months ended March 31, 2024 and the cost of these deposits increased 2 basis points. Compared to the prior period, short-term borrowings decreased an average of $545.2 million due to the payoff of a $516.0 million in short-term borrowings related to the Federal Reserve Term Funding program.

For the three months ended March 31, 2025, changes in rates positively impacted net interest income by $1.8 million when compared to the same period in 2024. The yield on interest-earning assets positively impacted net interest income by $0.2 million and the decrease in the cost of interest-bearing liabilities positively impacted net interest income by $1.7 million.

Changes in the volume of interest-earning assets and interest-bearing liabilities positively impacted net interest income by $1.4 million for the three months ended March 31, 2025, as compared to the same period in 2024. Higher levels of interest-earning assets resulted in an increase of $1.5 million in interest income, while changes in the volume and mix of interest-bearing liabilities increased interest expense by $0.1 million. Average interest-earning assets for the three months ended March 31, 2025 increased $162.4 million, or 1.5%, compared to the same period in 2024. Average loans for the comparable period increased $70.2 million, or 0.8% and average investments increased $127.8 million, or 8.7%.

Net interest income was positively impacted by a $39.6 million increase in average net free funds for the three months ended March 31, 2025 as compared to March 31, 2024. Average net free funds are the excess of noninterest-bearing demand deposits, other noninterest-bearing liabilities and shareholders’ equity over noninterest-earning assets. The level of net free funds was impacted by a lower level of noninterest-bearing demand deposits as customers became more rate sensitive and moved their funds into interest-bearing deposits. Average noninterest-bearing demand deposits for the three months ended March 31, 2025 decreased $49.5 million, or 2.2%, compared to the same period in 2024.

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

The following table reconciles interest income in the Consolidated Statements of Income to net interest income adjusted to a fully taxable equivalent basis for the three months ended March 31:

	2025		2024
	(dollars in thousands)
Interest income per Consolidated Statements of Income	$	147,128	$	145,462
Adjustment to fully taxable equivalent basis	335		323
Interest income adjusted to fully taxable equivalent basis (non-GAAP)	147,463		145,785
Interest expense	51,606		53,158
Net interest income adjusted to fully taxable equivalent basis (non-GAAP)	$	95,857	$	92,627

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

The following is an analysis of the average balance sheet and net interest income on a fully taxable equivalent basis for the three months ended March 31:

	2025						2024
	Average<br>Balance		Income /<br>Expense (a)		Yield<br>or<br>Rate		Average<br>Balance		Income /<br>Expense (a)		Yield<br>or<br>Rate
	(dollars in thousands)
Assets
Interest-earning assets:
Interest-bearing deposits with banks	$	76,836	$	894	4.72	%	$	112,436	$	1,573	5.63	%
Tax-free investment securities	18,407		120		2.64		20,467		137		2.69
Taxable investment securities	1,581,640		14,005		3.59		1,451,770		11,021		3.05
Loans and leases, net of unearned income (b)(c)	9,068,872		132,444		5.92		8,998,649		133,054		5.95
Total interest-earning assets	10,745,755		147,463		5.57		10,583,322		145,785		5.54
Noninterest-earning assets:
Cash	107,328						117,297
Allowance for credit losses	(120,552)						(119,817)
Other assets	948,157						940,641
Total noninterest-earning assets	934,933						938,121
Total Assets	$	11,680,688					$	11,521,443
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand deposits (d)	$	1,853,673	$	6,705	1.47	%	$	1,859,693	$	7,701	1.67	%
Savings deposits (d)	3,916,225		23,603		2.44		3,694,963		21,488		2.34
Time deposits	1,763,492		17,696		4.07		1,386,959		14,531		4.21
Short-term borrowings	50,725		360		2.88		595,884		6,765		4.57
Long-term debt	262,809		3,242		5.00		186,597		2,673		5.76
Total interest-bearing liabilities	7,846,924		51,606		2.67		7,724,096		53,158		2.77
Noninterest-bearing liabilities and shareholders’ equity:
Noninterest-bearing demand deposits (d)	2,252,794						2,302,338
Other liabilities	151,957						169,683
Shareholders’ equity	1,429,013						1,325,326
Total Noninterest-Bearing Funding Sources	3,833,764						3,797,347
Total Liabilities and Shareholders’ Equity	$	11,680,688					$	11,521,443
Net Interest Income and Net Yield on Interest-Earning Assets			$	95,857	3.62	%			$	92,627	3.52	%

(a)Income on interest-earning assets has been computed on a fully taxable equivalent basis using the 21% federal income tax statutory rate for the three months ended March 31, 2025 and 2024.

(b)Loan balances include held for sale and nonaccrual loans. Income on nonaccrual loans is accounted for on the cash basis.

(c)Loan income includes loan fees earned.

(d)Average balances do not include reallocations from noninterest-bearing demand deposits and interest-bearing demand deposits into savings deposits, which were made for regulatory purposes.

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

The following table shows the effect of changes in volumes and rates on interest income and interest expense for the three months ended March 31, 2025 compared with March 31, 2024:

	Analysis of Year-to-Year Changes in Net Interest Income
	Total<br>Change		Change Due To<br>Volume		Change Due To<br>Rate (a)
	(dollars in thousands)
Interest-earning assets:
Interest-bearing deposits with banks	$	(679)	$	(498)	$	(181)
Tax-free investment securities	(17)		(14)		(3)
Taxable investment securities	2,984		985		1,999
Loans and leases	(610)		1,039		(1,649)
Total interest income (b)	1,678		1,512		166
Interest-bearing liabilities:
Interest-bearing demand deposits	(996)		(25)		(971)
Savings deposits	2,115		1,287		828
Time deposits	3,165		3,941		(776)
Short-term borrowings	(6,405)		(6,194)		(211)
Long-term debt	569		1,091		(522)
Total interest expense	(1,552)		100		(1,652)
Net interest income	$	3,230	$	1,412	$	1,818

(a)Changes in interest income or expense not arising solely as a result of volume or rate variances are allocated to rate variances.

(b)Changes in interest income have been computed on a fully taxable equivalent basis using the 21% federal income tax statutory rate.

Provision for Credit Losses

The provision for credit losses is determined based on management’s estimates of the appropriate level of the allowance for credit losses needed for expected losses inherent in the loan portfolio and off-balance sheet commitments. The provision for credit losses is an amount added to the allowance, against which credit losses are charged.

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

The table below provides a breakout of the provision for credit losses by loan category for the three months ended March 31:

	2025				2024
	Dollars		Percentage		Dollars		Percentage
	(dollars in thousands)
Commercial, financial, agricultural and other	$	2,543	62	%	$	1,292	22	%
Time and demand	459		11		(565)		(10)
Commercial credit cards	104		2		71		1
Equipment finance	1,377		33		1,263		22
Time and demand other	603		15		523		9
Real estate construction	802		19		(875)		(15)
Construction other	759		18		(653)		(11)
Construction residential	43		1		(222)		(4)
Residential real estate	(87)		(2)		13		—
Residential first lien	(138)		(3)		(107)		(2)
Residential junior lien/home equity	51		1		120		2
Commercial real estate	(553)		(13)		2,201		39
Multifamily	47		1		(8)		—
Non-owner occupied	(754)		(18)		2,308		41
Owner occupied	154		4		(99)		(2)
Loans to individuals	1,418		34		3,051		54
Automobile and recreational vehicles	1,315		32		2,490		44
Consumer credit cards	59		1		107		2
Consumer other	44		1		454		8
Provision for credit losses on loans and leases	$	4,123	100	%	$	5,682	100	%
Provision for off-balance sheet credit exposure	1,613				(1,444)
Total provision for credit losses	$	5,736			$	4,238

Total provision expense for the three months ended March 31, 2025, increased $1.5 million compared to the three months ended March 31, 2024. The increase is primarily the result of a $3.1 million increase in the provision for off-balance sheet commitments related to a higher balance of commercial construction loans. The provision expense related to credit losses on loans and leases decreased $1.6 million in the three months ended March 31, 2025 compared to prior year because of $0.9 million less in the change in specific reserves for individually analyzed loans

The allowance for credit losses was $119.9 million, or 1.32%, of total loans and leases outstanding at March 31, 2025, compared to $118.9 million, or 1.32%, at December 31, 2024 and $119.1 million, or 1.32%, at March 31, 2024. Nonperforming loans as a percentage of total loans and leases increased to 0.65% at March 31, 2025 from 0.47% as of March 31, 2024 and 0.68% at December 31, 2024. The allowance to nonperforming loan ratio was 201.89%, 193.48% and 280.59% as of March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

Management believes that the allowance for credit losses is at a level deemed appropriate to absorb expected losses inherent in the loan portfolio at March 31, 2025.

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

Below is an analysis of the consolidated allowance for credit losses for the three months ended March 31, 2025 and 2024 and the year-ended December 31, 2024:

	March 31, 2025			March 31, 2024			December 31, 2024
	(dollars in thousands)
Balance, beginning of period	$	118,906		$	117,718		$	117,718
Loans charged off:
Commercial, financial, agricultural and other	4,019			2,662			15,512
Real estate construction	—			—			1,092
Residential real estate	108			80			483
Commercial real estate	1,464			283			8,678
Loans to individuals	2,419			2,538			9,663
Total loans charged off	8,010			5,563			35,428
Recoveries of loans previously charged off:
Commercial, financial, agricultural and other	3,690			420			813
Real estate construction	—			6			6
Residential real estate	137			59			370
Commercial real estate	156			114			177
Loans to individuals	929			662			2,882
Total recoveries	4,912			1,261			4,248
Net charge-offs	3,098			4,302			31,180
Provision for credit losses on loans and leases charged to expense	4,123			5,682			32,368
Balance, end of period	$	119,931		$	119,098		$	118,906
Net charge-offs as a percentage of average loans and leases outstanding (annualized)	0.14		%	0.19		%	0.35		%
Allowance for credit losses as a percentage of end-of-period loans and leases outstanding	1.32		%	1.32		%	1.32		%

Noninterest Income

The following table presents the components of noninterest income for the three months ended March 31:

	2025		2024		Change	% Change
	(dollars in thousands)
Noninterest Income:
Trust income	$	3,022	$	2,727		11	%
Service charges on deposit accounts	5,438		5,383		55	1
Insurance and retail brokerage commissions	3,170		2,651		519	20
Income from bank owned life insurance	1,502		1,294		208	16
Card-related interchange income	3,654		6,690		(3,036)	(45)
Swap fee income	835		—		835	—
Other income	2,255		1,852		403	22
Subtotal	19,876		20,597		(721)	(4)
Net securities losses	(5,142)		—		(5,142)	—
Gain on sale of VISA	5,146		—		5,146	—
Gain on sale of mortgage loans	1,387		1,328		59	4
Gain on sale of other loans and assets	1,388		2,051		(663)	(32)
Derivatives mark to market	(153)		12		(165)	(1,375)
Total noninterest income	$	22,502	$	23,988		(6)	%

All values are in US Dollars.

Total noninterest income, excluding net securities losses, gain on VISA sale, gain on sale of mortgage loans, gain on sale of other loans and assets and the derivatives mark to market for the three months ended March 31, 2025 decreased $0.7 million, or

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

4%, compared to the three months ended March 31, 2024. This decrease is primarily due to a $3.0 million decline in card-related interchange income resulting from the Company being subject to the Durbin Amendment to the Dodd-Frank Act beginning July 1, 2024. The Durbin Amendment is now applicable to the Company because its total assets exceeded $10.0 billion as of December 31, 2023. The Company will be subject to the Durbin Amendment for the full year of 2025 and it is expected to decrease 2025 interchange income by approximately $6.0 million compared to the full year 2024.

Trust income increased $0.3 million due to revenue for assets under management. Insurance and brokerage commissions increased $0.5 million primarily due to higher annuity sales. Swap fee income increased $0.8 million as a result of new interest rate swaps entered into by our commercial loan customers compared to the prior period.

Total noninterest income decreased $1.5 million, or 6%, compared to the same period in the prior year. The most significant changes, other than the changes noted above, include a $5.1 million gain related to the sale of VISA class B-2 shares. Offsetting this gain was $5.1 million in losses recognized on the sale of $53.7 million in available for sale securities, which were sold in order to reinvest into higher yielding investments, and a $0.7 million decrease in gain on sale of other loans and assets due to the volume and spread on the sale of SBA loans.

Noninterest Expense

The following table presents the components of noninterest expense for the three months ended March 31:

	2025		2024		Change	% Change
	(dollars in thousands)
Noninterest Expense:
Salaries and employee benefits	$	40,415	$	35,324		14	%
Net occupancy	5,729		5,334		395	7
Furniture and equipment	4,193		4,480		(287)	(6)
Data processing	3,817		3,824		(7)	—
Advertising and promotion	1,372		1,319		53	4
Pennsylvania shares tax	1,337		1,202		135	11
Intangible amortization	1,131		1,264		(133)	(11)
Other professional fees and services	1,620		1,242		378	30
FDIC insurance	1,379		1,613		(234)	(15)
Other operating	9,140		8,717		423	5
Subtotal	70,133		64,319		5,814	9
Loss on sale or write-down of assets	215		143		72	50
Litigation and operational losses	793		997		(204)	(20)
Loss on early redemption of subordinated debt	—		—		—	—
Merger and acquisition related	109		114		(5)	(4)
Total noninterest expense	$	71,250	$	65,573		9	%

All values are in US Dollars.

Noninterest expense increased $5.7 million, or 9%, for the three months ended March 31, 2025 compared to the same period in 2024. This increase is primarily the result of a $5.1 million increase in salaries and benefits expense. Contributing to the higher salary expense in 2025 was a $3.2 million increase in incentive expense, of which $1.5 million can be attributed to finalizing payments related to prior year volumes and performance, with the remaining increase due to higher volumes in 2025. Also impacting the increase in salary and benefit expense was a $0.6 million increase in hospitalization expense as well as the impact of annual merit salary increases and a higher number of full-time employees. The number of full time equivalent employees totaled 1,465 at March 31, 2024 and 1,538 at March 31, 2025.

Increases in net occupancy expense can be attributed to higher rent, utilities and snow removal costs.

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

Income Tax

The provision for income taxes decreased $0.6 million for the three months ended March 31, 2025, compared to the corresponding period in 2024.

We applied the “annual effective tax rate approach” to determine the provision for income taxes, which applies an annual forecast of tax expense as a percentage of expected full year income, for the three months ended March 31, 2025 and 2024.

We generate an annual effective tax rate that is less than the statutory rate of 21% due to benefits resulting from tax-exempt interest, income from bank-owned life insurance and tax benefits associated with low income housing tax credits, all of which are relatively consistent regardless of the level of pretax income. These provided for an effective tax rate of 20.3% and 19.2% for the three months ended March 31, 2025 and 2024, respectively.

As of March 31, 2025, our deferred tax assets totaled $49.4 million. Based on our evaluation, we determined that it is more likely than not that all of these assets will be realized. As a result, a valuation allowance against these assets was not recorded. In evaluating the need for a valuation allowance, we estimate future taxable income based on management approved forecasts, evaluation of historical earnings levels and consideration of potential tax strategies. If future events differ from our current forecasts, we may need to establish a valuation allowance, which could have a material impact on our financial condition and results of operations.

Liquidity

Liquidity refers to our ability to meet the cash flow requirements of depositors and borrowers, as well as our operating cash needs, with cost-effective funding. We generate funds to meet these needs primarily through the core deposit base of First Commonwealth Bank and the maturity or repayment of loans and other interest-earning assets, including investments. During the first three months of 2025, the sale, maturity and redemption of investment securities provided $111.7 million in liquidity. These funds contributed to the liquidity available to originate loans, purchase investment securities and fund depositor withdrawals.

The following represents our expanded sources of liquidity as of March 31, 2025:

	Total Available		Amount Used		Outstanding Letters of Credit		Net Available
	(dollars in thousands)
Internal liquidity sources
Unencumbered securities	$	788,663	$	—	$	—	$	788,663
Other (excess pledged)	73,467		—		—		73,467
External liquidity sources
FHLB advances	2,527,470		180,156		52,750		2,294,564
FRB borrowings	1,089,165		—		—		1,089,165
Lines with other financial institutions	160,000		—		—		160,000
CDARs (1)	1,175,644		14,492		—		1,161,152
Total liquidity	$	5,814,409	$	194,648	$	52,750	$	5,567,011

(1) Reflects internal policy limit. Maximum capacity with CDARs is $1.8 billion.

Our participation in the Certificate of Deposit Account Registry Services (“CDARS”) program is part of an Asset/Liability Committee (“ALCO”) strategy to increase and diversify funding sources. As of March 31, 2025, the outstanding CDARS balance of $14.5 million carried an average weighted rate of 2.97% and an average original term of 321 days. These deposits are part of a reciprocal program that allows our depositors to receive expanded FDIC coverage by placing multiple certificates of deposit at other CDARS member banks.

Liquidity available through the Federal Reserve is a result of the FRB Borrower-in-Custody of Collateral program, which enables us to take certain loans that are not being used as collateral at the FHLB and pledge them as collateral for borrowings at the FRB.

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

First Commonwealth’s long-term liquidity source is its core deposit base. Core deposits are the most stable source of liquidity a bank can have due to the long-term relationship with a deposit customer. The following table shows a breakdown of the components of First Commonwealth’s deposits:

	March 31, 2025		December 31, 2024
	(dollars in thousands)
Noninterest-bearing demand deposits(a)	$	2,273,858	$	2,249,615
Interest-bearing demand deposits(a)	661,094		688,596
Savings deposits(a)	5,204,179		4,989,342
Time deposits	1,722,526		1,750,466
Total	$	9,861,657	$	9,678,019

(a)Balances include reallocations from noninterest-bearing demand deposits and interest-bearing demand deposits into savings deposits, which were made for regulatory purposes.

The level of deposits during any period is influenced by factors outside of management’s control, such as the level of short-term and long-term market interest rates and yields offered on competing investments, such as money market mutual funds.

During the first three months of 2025, total deposits increased $183.6 million. Interest-bearing demand and savings deposits increased $187.3 million, time deposits decreased $27.9 million and noninterest-bearing demand deposits increased $24.2 million.

The estimated total of uninsured deposits was $2.7 billion and $2.6 billion at March 31, 2025 and December 31, 2024, respectively, of which $0.7 billion were secured by pledged investment securities or letters of credit at both March 31, 2025 and December 31, 2024, respectively. Uninsured amounts are estimated based on known account relationships for each depositor and insurance guidelines provided by the FDIC.

Market Risk

The following gap analysis compares the difference between the amount of interest-earning assets and interest-bearing liabilities subject to repricing over a period of time. The ratio of rate-sensitive assets to rate-sensitive liabilities repricing within a one-year period was 0.68 at March 31, 2025 and December 31, 2024. A ratio of less than one indicates a higher level of repricing liabilities over repricing assets over the next twelve months. The level of First Commonwealth's ratio is largely driven by the modeling of interest-bearing non-maturity deposits, which are included in the analysis as repricing within one year.

Gap analysis has limitations due to the static nature of the model, which holds volumes and consumer behaviors constant in all economic and interest rate scenarios. A lower level of rate sensitive assets to rate sensitive liabilities repricing in one year could indicate reduced net interest income in a rising interest rate scenario, and conversely, increased net interest income in a declining interest rate scenario. However, the gap analysis incorporates only the level of interest-earning assets and interest-bearing liabilities and not the sensitivity each has to changes in interest rates. The impact of the sensitivity to changes in interest rates is provided in the table below the gap analysis.

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

The following is the gap analysis as of March 31, 2025 and December 31, 2024:

	March 31, 2025
	0-90 Days			91-180<br>Days			181-365<br>Days			Cumulative<br>0-365 Days			Over 1 Year<br>Through 5<br>Years			Over 5<br>Years
	(dollars in thousands)
Loans and leases	$	3,715,603		$	445,762		$	739,289		$	4,900,654		$	3,285,677		$	815,516
Investments	73,582			63,416			126,936			263,934			735,669			771,171
Other interest-earning assets	21,353			—			—			21,353			—			1,213
Total interest-sensitive assets (ISA)	3,810,538			509,178			866,225			5,185,941			4,021,346			1,587,900
Certificates of deposit	449,328			827,598			338,491			1,615,417			106,159			1,126
Other deposits	5,865,273			—			—			5,865,273			—			—
Borrowings	156,643			212			425			157,280			179,308			—
Total interest-sensitive liabilities (ISL)	6,471,244			827,810			338,916			7,637,970			285,467			1,126
Gap	$	(2,660,706)		$	(318,632)		$	527,309		$	(2,452,029)		$	3,735,879		$	1,586,774
ISA/ISL	0.59			0.62			2.56			0.68			14.09			1,410.21
Gap/Total assets	22.57		%	2.70		%	4.47		%	20.80		%	31.70		%	13.46		%
	December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	0-90 Days			91-180<br>Days			181-365<br>Days			Cumulative<br>0-365 Days			Over 1 Year<br>Through 5<br>Years			Over 5<br>Years
	(dollars in thousands)
Loans and leases	$	3,668,849		$	423,523		$	738,672		$	4,831,044		$	3,212,002		$	851,465
Investments	57,039			50,445			119,475			226,959			675,061			771,365
Other interest-earning assets	27,160			—			—			27,160			—			1,198
Total interest-sensitive assets (ISA)	3,753,048			473,968			858,147			5,085,163			3,887,063			1,624,028
Certificates of deposit	681,794			410,573			552,392			1,644,759			104,383			1,218
Other deposits	5,677,938			—			—			5,677,938			—			—
Borrowings	159,245			211			423			159,879			179,508			—
Total interest-sensitive liabilities (ISL)	6,518,977			410,784			552,815			7,482,576			283,891			1,218
Gap	$	(2,765,929)		$	63,184		$	305,332		$	(2,397,413)		$	3,603,172		$	1,622,810
ISA/ISL	0.58			1.15			1.55			0.68			13.69			1,333.36
Gap/Total assets	23.88		%	0.55		%	2.64		%	20.69		%	31.10		%	14.01		%

The following table presents an analysis of the potential sensitivity of our annual net interest income to gradual changes in interest rates over a 12-month time frame as compared with net interest income if rates remained unchanged and there are no changes in balance sheet categories.

	Net interest income change (12 months) for basis point movements of:
	-200			-100			+100			+200
	(dollars in thousands)
March 31, 2025 ($)	$	(9,744)		$	(5,015)		$	5,671		$	10,500
March 31, 2025 (%)	(2.30)		%	(1.18)		%	1.34		%	2.47		%
December 31, 2024 ($)	$	(8,351)		$	(4,213)		$	5,101		$	9,080
December 31, 2024 (%)	(2.07)		%	(1.05)		%	1.27		%	2.25		%

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

The following table represents the potential sensitivity of our annual net interest income to immediate changes in interest rates versus if rates remained unchanged and there are no changes in balance sheet categories.

	Net interest income change (12 months) for basis point movements of:
	-200			-100			+100			+200
	(dollars in thousands)
March 31, 2025 ($)	$	(30,621)		$	(14,739)		$	14,692		$	27,466
March 31, 2025 (%)	(7.22)		%	(3.47)		%	3.46		%	6.47		%
December 31, 2024 ($)	$	(28,123)		$	(13,449)		$	13,690		$	25,374
December 31, 2024 (%)	(6.98)		%	(3.34)		%	3.40		%	6.30		%

The Company evaluates its potential interest rate sensitivity by utilizing several interest rate scenarios that incorporate both rising and declining rates. Results of these scenarios are impacted by variables that include the current level of interest rates, product characteristics such as floors and ceilings, the frequency with which variable rate products reset their rates, and projected pricing changes for non-maturity deposits. For example, the results in a declining rate scenario could be affected by the model's use of an assumed interest rate floor of zero. For the three months ended March 31, 2025 and 2024, the cost of our interest-bearing liabilities averaged 2.67% and 2.77%, respectively, and the yield on our average interest-earning assets, on a fully taxable equivalent basis, averaged 5.57% and 5.54%, respectively.

Asset/liability models require that certain assumptions be made, such as prepayment rates on earning assets and the impact of pricing on non-maturity deposits, which may differ from actual experience. These business assumptions are based upon our experience, business plans and published industry experience. While management believes such assumptions to be reasonable, there can be no assurance that modeled results will approximate actual results.

Credit Risk

Management of credit risk within our loan and lease portfolio is a focus of the Company and is a continuous process in order to address changing economic and lending environments. In order to identify and manage credit risk, segment and concentration limits are established and approved by our Board of Directors’ Risk Committee in order to maintain alignment with our credit risk appetite, loan strategic plan, loan policy and underwriting guidelines. In addition, our Credit Department completes industry studies to identify potential risk in the portfolio. For example, within the commercial real estate portfolio, industry studies are completed for the following sectors: hospitality, industrial, multifamily, office, retail, senior living, healthcare and student housing. All industry studies are completed on an annual basis with the exception of senior living and healthcare which are completed every other year.

On an annual basis, the Credit Department also reviews the commercial real estate portfolio as a whole, along with underwriting practices and loan level stress testing procedures, to enhance risk management practices and monitor commercial real estate concentrations. This review provides an overview of the portfolio to ensure that emerging risks have been identified, and documents and validates the standard interest rate and capitalization rate stress scenarios.

First Commonwealth maintains an allowance for credit losses at a level deemed sufficient for losses inherent in the loan and lease portfolio at the date of each statement of financial condition. Management reviews the appropriateness of the allowance on a quarterly basis to ensure that the provision for credit losses has been charged against earnings in an amount necessary to maintain the allowance at a level that is appropriate based on management’s assessment of estimated expected losses.

First Commonwealth’s methodology for assessing the appropriateness of the allowance for credit losses consists of several key elements. These elements include an assessment of individual nonperforming loans with a balance greater than $250 thousand, loss experience trends and other relevant factors.

First Commonwealth also maintains a reserve for unfunded loan commitments and letters of credit based upon credit risk and probability of funding. The reserve totaled $5.7 million at March 31, 2025 and is classified in "Other liabilities" on the unaudited Consolidated Statements of Financial Condition.

We discontinue interest accruals on a loan when, based on current information and events, it is probable that we will be unable to fully collect principal or interest due according to the contractual terms of the loan. A loan is also placed on nonaccrual status when, based on regulatory definitions, the loan is maintained on a “cash basis” due to the weakened financial condition of the borrower. Generally, loans 90 days or more past due are placed on nonaccrual status, except for consumer loans, which are

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

placed on nonaccrual status at 150 days past due. Consumer loans related to automobile and recreational vehicles are either charged off or repossessed at no later than 90 days past due.

Nonperforming loans are closely monitored on an ongoing basis as part of our loan review and work-out process. The probable risk of loss on these loans is evaluated by comparing the loan balance to the estimated fair value of any underlying collateral or the present value of projected future cash flows. Losses or a specifically assigned allowance for loan losses are recognized where appropriate.

Nonperforming loans and leases, including loans held for sale, decreased $2.1 million to $59.4 million at March 31, 2025, compared to $61.5 million at December 31, 2024. The decrease in nonperforming loans is primarily a result of $12.7 million in loan payoffs, including three commercial real estate loans totaling $8.5 million, five commercial, financial, agricultural and other loans totaling $3.2 million and one construction other loan totaling $1.0 million. Offsetting these payoffs was $12.9 million in commercial loans that were moved to nonaccrual during the first three months of 2025. Charge-offs for the three months ended March 31, 2025 included $2.5 million related to commercial, financial, agricultural and other loans and $1.3 million in commercial real estate loans.

The allowance for credit losses as a percentage of nonperforming loans was 201.89% as of March 31, 2025, compared to 193.48% at December 31, 2024, and 280.59% at March 31, 2024. The amount of individually assessed reserves included in the allowance for nonperforming loans and leases was determined by using fair values obtained from current appraisals and updated discounted cash flow analyses. The allowance for credit losses includes specific allocations of $7.9 million and general reserves of $112.0 million as of March 31, 2025. Specific reserves were comparable to the December 31, 2024 level, and increased $2.0 million from March 31, 2024.

Criticized loans totaled $190.5 million at March 31, 2025 and represented 2.1% of the loan portfolio. The level of criticized loans decreased as of March 31, 2025 when compared to December 31, 2024, by $33.7 million, or 15%. Classified loans totaled $88.9 million at March 31, 2025 compared to $96.3 million at December 31, 2024, a decrease of $7.4 million, or 8%. The lower level of classified loans can be attributed to the decrease in nonperforming loans as previously discussed.

The allowance for credit losses was $119.9 million at March 31, 2025, or 1.32% of total loans and leases outstanding, compared to 1.32% reported at December 31, 2024, and 1.32% at March 31, 2024. General reserves, or the portion of the allowance related to loans that were not specifically evaluated, as a percentage of performing loans were 1.24% at March 31, 2025 compared to 1.24% at December 31, 2024 and 1.26% at March 31, 2024.

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

The following table provides information related to nonperforming assets, the allowance for credit losses and other credit-related measurements:

	March 31,								December 31, 2024
	2025				2024
	(dollars in thousands)
Nonperforming Loans:
Total nonperforming loans	$	59,405			$	42,446				$	61,456
Loans past due 30 to 90 days and still accruing	$	34,075			$	32,027				$	20,118
Loans past due in excess of 90 days and still accruing	$	1,156			$	1,699				$	2,064
Other real estate owned	$	1,270			$	368				$	895
Loans held for sale at end of period	$	41,587			$	31,895				$	51,991
Portfolio loans and leases outstanding at end of period	$	9,093,140			$	8,999,870				$	8,983,754
Average loans and leases outstanding	$	9,068,872		(a)	$	8,998,649		(a)		$	9,013,742		(b)
Nonperforming loans as a percentage of total loans and leases	0.65		%		0.47		%			0.68		%
Provision for credit losses on loans and leases (e)	$	4,123		(a)	$	5,682		(a)		$	32,368		(b)
Allowance for credit losses	$	119,931			$	119,098				$	118,906
Net charge-offs	$	3,098		(a)	$	4,302		(a)		$	31,180		(b)
Net charge-offs as a percentage of average loans and leases outstanding (annualized)	0.14		%		0.19		%			0.35		%
Provision for credit losses as a percentage of net charge-offs (e)	133.09		%	(a)	132.08		%	(a)		103.81		%	(b)
Allowance for credit losses as a percentage of end-of-period loans and leases outstanding (c)	1.32		%		1.32		%			1.32		%
Allowance for credit losses as a percentage of nonperforming loans (d)	201.89		%		280.59		%			193.48		%

(a)For the three-month period ended.

(b)For the twelve-month period ended.

(c)Does not include loans held for sale.

(d)Does not include nonperforming loans held for sale.

The following tables show the outstanding balances of our loan and lease portfolio and the breakdown of net charge-offs and nonperforming loans, excluding loans held for sale, by loan type as of and for the periods presented:

	March 31, 2025				December 31, 2024
	Amount		%		Amount		%
	(dollars in thousands)
Commercial, financial, agricultural and other	$	1,762,202	19	%	$	1,677,989	19	%
Real estate construction	488,702		5		483,384		5
Residential real estate	2,315,171		26		2,341,703		26
Commercial real estate	3,158,440		35		3,124,704		35
Loans to individuals	1,368,625		15		1,355,974		15
Total loans and leases, net of unearned income	$	9,093,140	100	%	$	8,983,754	100	%

During the three months ended March 31, 2025, loans increased $109.4 million compared to balances outstanding at December 31, 2024.

Commercial, financial, agricultural and other loans increased $84.2 million, or 5.0%, primarily due to growth in the equipment finance portfolio and time and demand loans. Real estate construction loans increased $5.3 million, or 1.1%, due to loan originations for new commercial real estate projects. Residential real estate decreased $26.5 million, or 1.1%, primarily due to a decline in residential first lien loans. Commercial real estate loans increased $33.7 million, or 1.1%, as a result of growth in loans secured by multifamily commercial real estate. Loans to individuals increased $12.7 million, or 0.9%, primarily due to growth in the automobile and recreational vehicles portfolio offset by a decline in the personal lines of credit portfolio.

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

Commercial real estate comprises 35% of our total loan portfolio. Commercial real estate loans are collateralized by real estate properties including, but not limited to, multifamily properties, office, retail, hotels and student housing. The following table summarizes the commercial real estate portfolio by type of property securing the credit.

	March 31, 2025				December 31, 2024
	Amount		%		Amount		%
	(dollars in thousands)
Land	$	4,578	0.1	%	$	4,495	0.1	%
Residential 1-4	11,602		0.4		11,735		0.4
Industrial and storage	511,123		16.2		522,480		16.7
Multifamily	665,257		21.1		610,442		19.5
Office	514,304		16.3		533,216		17.1
Healthcare	152,976		4.8		153,609		4.9
Student housing	126,089		4.0		126,688		4.1
Retail	781,768		24.8		768,067		24.6
Hospitality	204,855		6.4		191,372		6.1
Specialty use	180,675		5.7		196,946		6.3
Other	5,213		0.2		5,654		0.2
Total	$	3,158,440	100.0	%	$	3,124,704	100.0	%

The following tables represent our commercial real estate portfolio by type of property securing the credit as of March 31, 2025. Total non-pass commercial real estate loans decreased by $10.8 million to $99.0 million when compared to December 31, 2024.

	Pass		OAEM		Substandard Accruing		Substandard Nonaccruing		Total Non-Pass		Total		% Non-Pass
	(dollars in thousands)
Land	$	4,426	$	—	$	152	$	—	$	152	$	4,578	3.3	%
Residential 1-4	11,270		—		—		332		332		11,602		2.9
Industrial and storage	506,872		3,239		715		297		4,251		511,123		0.8
Multifamily	627,887		26,629		687		10,054		37,370		665,257		5.6
Office	488,242		11,835		96		14,131		26,062		514,304		5.1
Healthcare	150,373		2,284		319		—		2,603		152,976		1.7
Student housing	126,089		—		—		—		—		126,089		—
Retail	761,457		4,769		15,048		494		20,311		781,768		2.6
Hospitality	198,307		5,115		—		1,433		6,548		204,855		3.2
Specialty use	179,425		433		597		220		1,250		180,675		0.7
Other	5,109		104		—		—		104		5,213		2.0
Total	$	3,059,457	$	54,408	$	17,614	$	26,961	$	98,983	$	3,158,440	3.1	%

The office portfolio comprises 16% of total commercial real estate loans and 26% of total commercial real estate non-pass loans. The average loan commitment size for the office portfolio is $1.1 million and the average outstanding balance as of March 31, 2025 is $1.1 million. Within the office portfolio, exposures over $1.0 million have an average debt service coverage ratio of 1.50x, which exceeds our internal guidelines of 1.35x to 1.40x, depending on property class. Additionally, for loans with exposure over $1.0 million, the office portfolio has an average loan to value of 60.0% compared to internal guidelines of 60-75%, depending on property class. Our current measure is based off of the most recent appraisal on file, the majority of which are from origination.

As previously noted, portfolio segment limits are approved by our Board of Directors' Risk Committee. These segment limits incorporate loan commitments and are based off of total Tier 1 capital plus the allowable allowance for credit losses. In the second quarter of 2024, after considering the current environment and potential risks related to the office portfolio, the segment

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

limit for the office portfolio was decreased from 65% to 50%, with the actual segment concentration at 38.6% as of March 31, 2025.

The following table summarizes commercial real estate loans by the location of the properties by which they are collateralized as of March 31, 2025. Some loans are collateralized by multiple properties spread over various states. In those instances, the loan is included below based on the location of the primary property collateralizing the loan.

	Balance		% of Total
	(dollars in thousands)
Pennsylvania	$	1,547,814	49	%
Ohio	1,194,650		38
New Jersey	59,368		2
Kentucky	51,058		2
New York	44,751		1
Delaware	43,754		1
Indiana	40,364		1
Other	176,681		6
	$	3,158,440	100	%

When calculating the allowance for credit losses the commercial real estate portfolio is segmented into three portfolio segments: multifamily, non-owner occupied and owner occupied. For additional information related to these segments, including credit quality, see Note 8 "Loans and Leases and Allowance for Credit Losses" of the unaudited consolidated financial statements.

As indicated in the table below, commercial real estate and commercial, financial and agricultural and other loans represent a significant portion of the nonperforming loans as of March 31, 2025.

	For the Three Months Ended March 31, 2025						As of March 31, 2025
	Net<br>Charge-<br>offs		% of<br>Total Net<br>Charge-offs		Net Charge-<br>offs as a % of<br>Average<br>Loans (annualized)		Nonperforming<br>Loans		% of Total<br>Nonperforming<br>Loans		Nonperforming<br>Loans as a % of<br>Total Loans
	(dollars in thousands)
Commercial, financial, agricultural and other	$	329	10.62	%	0.01	%	$	17,754	29.89	%	0.19	%
Real estate construction	—		—		—		1,511		2.54		0.02
Residential real estate	(29)		(0.94)		—		12,953		21.80		0.14
Commercial real estate	1,308		42.22		0.06		26,961		45.39		0.30
Loans to individuals	1,490		48.10		0.07		226		0.38		—
Total loans and leases, net of unearned income	$	3,098	100.00	%	0.14	%	$	59,405	100.00	%	0.65	%

Net charge-offs for the three months ended March 31, 2025 totaled $3.1 million, compared to $4.3 million for the three months ended March 31, 2024. Charge-offs during the three months ended March 31, 2025 were primarily in the commercial real estate and loans to individual categories. See discussions related to the provision for credit losses and loans for more information.

Capital Resources

At March 31, 2025, shareholders’ equity was $1.4 billion, an increase of $41.9 million from December 31, 2024. The increase was primarily the result of $32.7 million in net income and a $21.3 million increase in the fair value of available for sale investments and interest rate swaps, which is reflected in the Other Comprehensive Income component of capital. Other items impacting capital include an increase due to $2.9 million in treasury stock sales and decreases resulting from $13.2 million of dividends paid to shareholders and $1.8 million of common stock repurchases. Cash dividends declared per common share were $0.13 for the three months ended March 31, 2025.

First Commonwealth and First Commonwealth Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

discretionary actions by regulators that, if undertaken, could have a direct material effect on First Commonwealth’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, First Commonwealth and First Commonwealth Bank must meet specific capital guidelines that involve quantitative measures of First Commonwealth’s assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. First Commonwealth’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weighting and other factors.

Effective January 1, 2015, the Company became subject to the new regulatory risk-based capital rules adopted by the federal banking agencies implementing Basel III. The most significant changes included higher minimum capital requirements, as the minimum Tier I capital ratio increased from 4.0% to 6.0% and a new common equity Tier I capital ratio was established with a minimum level of 4.5%. Additionally, the rules improved the quality of capital by providing stricter eligibility criteria for regulatory capital instruments and provide for a phase-in, beginning January 1, 2016, of a capital conservation buffer of 2.5% of risk-weighted assets. This buffer, which was fully phased-in as of January 1, 2019, provides a requirement to hold common equity Tier 1 capital above the minimum risk-based capital requirements, resulting in an effective common equity Tier I risk-weighted asset minimum ratio of 7.0% on a fully phased-in basis.

The Basel III Rules also permit banking organizations with less than $15.0 billion in assets to retain, through a one-time election, the existing treatment for accumulated other comprehensive income, which currently does not affect regulatory capital. The Company elected to retain this treatment, which reduces the volatility of regulatory capital levels.

In 2018, First Commonwealth Bank, the Company's banking subsidiary, issued $100 million in subordinated debt, of which $50 million remained outstanding at March 31, 2025, which under the regulatory rules qualifies as Tier II capital. As of March 31, 2025, this subordinated debt issuance increased the total risk-based capital ratio by 53 basis points.

As of March 31, 2025, First Commonwealth and First Commonwealth Bank met all capital adequacy requirements to which they are subject and were considered well-capitalized under the regulatory rules. To be considered well capitalized, the Company must maintain minimum Total risk-based capital, Tier I risk-based capital, Tier I leverage ratio and Common equity tier I risk-based capital as set forth in the table below:

	Actual				Minimum Capital Required			Required to be Considered Well Capitalized
	Capital<br>Amount		Ratio			Capital<br>Amount		Ratio		Capital<br>Amount		Ratio
	(dollars in thousands)
Total Capital to Risk Weighted Assets
First Commonwealth Financial Corporation	$	1,391,362	14.66	%		$	996,859	10.50	%	$	949,390	10.00	%
First Commonwealth Bank	1,289,445		13.61			994,785		10.50		947,414		10.00
Tier I Capital to Risk Weighted Assets
First Commonwealth Financial Corporation	$	1,223,252	12.88	%		$	806,981	8.50	%	$	759,512	8.00	%
First Commonwealth Bank	1,121,579		11.84			805,302		8.50		757,931		8.00
Tier I Capital to Average Assets
First Commonwealth Financial Corporation	$	1,223,252	10.72	%		$	456,649	4.00	%	$	570,811	5.00	%
First Commonwealth Bank	1,121,579		9.85			455,634		4.00		569,543		5.00
Common Equity Tier I to Risk Weighted Assets
First Commonwealth Financial Corporation	$	1,153,252	12.15	%		$	664,573	7.00	%	$	617,103	6.50	%
First Commonwealth Bank	1,121,579		11.84			663,190		7.00		615,819		6.50

On April 29, 2025, First Commonwealth Financial Corporation declared a quarterly dividend of $0.135 per share payable on May 23, 2025 to shareholders of record as of May 9, 2025. The timing and amount of future dividends are at the discretion of First Commonwealth's Board of Directors based upon, among other factors, capital levels, asset quality, liquidity and current and projected earnings.

New Accounting Pronouncements

In December 2023, FASB released Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires additional disclosure information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate (the rate reconciliation) for federal, state and foreign income taxes. ASU 2023-09 also requires greater detail about individual reconciling items in the rate reconciliation for those items that exceed a specified threshold. In addition to the new rate reconciliation disclosures, ASU 2023-09 requires

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

information related to taxes paid (net of refunds received) to be disaggregated for federal, state and foreign taxes, along with further disaggregation for specific jurisdictions, to the extent the related amounts exceed a quantitative threshold. ASU 2023-09 is effective for the Company for annual periods beginning after December 15, 2024. ASU 2023-09 should be applied prospectively, with an option for retrospective application to each period in the financial statements. The updated guidance, which was adopted on January 1, 2025, and is effective for annual reporting periods, has no impact on our consolidated financial statements.

In November 2024, FASB released Accounting Standards Update 2024-03 ("ASU 2024-03"), “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). ASU 2024-03 requires disaggregated disclosure of certain expense categories included in the Company's consolidated statement of income. The required disclosure categories include, among other items, employee compensation, depreciation, and intangible asset amortization. Additionally, entities must disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. ASU 2024-03 is effective, on a prospective basis, for annual reporting periods beginning after December 15, 2026, with early adoption permitted. ASU 2024-03 should be applied prospectively, with an option for retrospective application to each period in the financial statements. The adoption of this standard is not expected to have a material impact on our consolidated financial statements.

Table of Contents

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

Information appearing in Item 2 of this report under the caption “Market Risk” is incorporated by reference in response to this item.

ITEM 4. Controls and Procedures

We carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report pursuant to Rule 13a-15 under the Securities Exchange Act of 1-934 (the “Exchange Act”). Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective to provide reasonable assurance that the information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in applicable rules and forms of the Securities and Exchange Commission.

Table of Contents

PART II – OTHER INFORMATION

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

ITEM 1.     LEGAL PROCEEDINGS

The information required by this item is set forth in Part I, Item 1, Note 6, "Commitments and Contingent Liabilities," which is incorporated herein by reference in response to this item.

ITEM 1A.    RISK FACTORS

There have been no material changes to the risk factors previously disclosed under Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

ITEM 2.    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None

ITEM 3.    DEFAULTS UPON SENIOR SECURITIES

None

ITEM 4.    MINE SAFETY DISCLOSURES

Not applicable

ITEM 5.    OTHER INFORMATION

James Reske, Executive Vice President and Chief Financial Officer of the Company, entered into a Rule 10b5-1 trading arrangement with a registered broker on March 20, 2025. The 10b5-1 trading plan was entered with the intent to sell 39,774 shares over approximately a two year period for the purpose of diversification. The sale of shares is subject to certain price limits over a time period commencing on August 6, 2025 and continuing through March 5, 2027.

Table of Contents

PART II – OTHER INFORMATION

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

ITEM 6.     EXHIBITS

Exhibit<br>Number	Description	Incorporated by Reference to
10.1	2025 Annual Incentive Plan	Filed herewith
10.2	2025-2027 Long-Term Incentive Plan	Filed herewith
10.3	Change of Control Agreement dated January 1, 2025 between First Commonwealth Financial Corporation and Linda D. Metzmaier	Filed herewith
10.4	Restricted Stock Agreement dated January 1, 2025 between First Commonwealth Financial Corporation and Linda D. Metzmaier	Filed herewith
31.1	Chief Executive Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	Filed herewith
31.2	Chief Financial Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	Filed herewith
32.1	Chief Executive Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Filed herewith
32.2	Chief Financial Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Filed herewith
101	The following materials from First Commonwealth Financial Corporation’s Quarterly Report on Form 10-Q, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income and Comprehensive Income, (iii) the Consolidated Statements of Changes in Stockholders’ Equity, (iv) the Consolidated Statements of Cash Flows, and (v) the Notes to Unaudited Consolidated Financial Statements. Note that XBRL tags are embedded within the document.	Filed herewith

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

FIRST COMMONWEALTH FINANCIAL CORPORATION

(Registrant)

DATED: May 12, 2025	/s/ T. Michael Price
	T. Michael Price<br><br>President and Chief Executive Officer
DATED: May 12, 2025	/s/ James R. Reske
	James R. Reske<br>Executive Vice President, Chief Financial Officer and Treasurer

73

Document

Exhibit 10.1

First Commonwealth Financial Corporation

2025 ANNUAL INCENTIVE PLAN

1.Purpose; Effective Date.

This 2025 Annual Incentive Plan (the “Plan”) of First Commonwealth Financial Corporation (the “Company”) is designed to enable the Company and its subsidiaries to attract and retain key employees and to align the interests of such key employees with the interests of shareholders by promoting and rewarding the achievement of annual performance goals. This Plan was approved by the Compensation and Human Resources Committee (the “Committee”) on February 18, 2025, for the fiscal 2025 performance period.

2.Administration.

The Plan shall be administered by the Committee. The Committee shall have full authority and discretion to administer and interpret the Plan, including, but not limited to, the authority to:

(a) Adopt or establish such rules, regulations, agreements, guidelines, procedures, forms and instruments, as may be necessary or advisable for the administration and operation of the Plan;

(b) Select the persons to be granted Awards under the Plan;

(c) Determine the terms, conditions, form and size of Awards to be made to each person selected, including claw back or other recoupment provisions applicable Awards granted hereunder;

(d) Determine the time when Awards are to be made and any conditions which must be satisfied before an Award is made;

(e) Determine the terms of each Award Agreement and any amendments or modifications thereof;

(f) Determine whether the conditions for earning an Award have been met and whether an Award will be paid at the end of the performance period;

(g) Determine if and when an Award may be deferred;

(h) Determine whether the amount or payment of an Award should be increased, reduced, eliminated, or otherwise adjusted;

(i) Correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any Award Agreement; and

(j) Determine the guidelines and/or procedures for the payment of Awards.

3.Participants and Performance Goals.

(a)Exhibit A identifies the Employees who have been selected by the Committee to become Participants in the Plan and the Target Award and performance goals for each Participant. The performance goals will consist of the corporate performance goals identified in paragraph (b) below, and, if applicable, one or more individual performance goals which shall be approved by the Committee and specified in the notice of Award delivered to the Participant (collectively, the “Individual Performance Component”) identified in paragraph (c).

(b)The corporate performance goals for the Plan shall consist of the following: (i) Core Earnings Per Share (“EPS”); (ii) Core Pre-tax Pre-provision (PTPP) Return on Average Assets (“ROA”) Relative to Peers; and (iii) Core Efficiency Ratio Relative to Peers, in each case, as further defined below.

(i)Core Earnings Per Share (“EPS”), which shall be determined shall be calculated from the Company’s publicly reported financial statements as of and for the twelve months ending December 31, 2025 (the “Performance Period”), as adjusted for any Excluded Items as determined by the Committee in its sole discretion. As used herein, “Excluded Items” means (i) any extraordinary gains or losses; (ii) any gains or losses from discontinued operations; (iii) any gains or losses from the sale of assets outside the ordinary course of business; (iv) impairment of tangible or intangible assets; (v) litigation of claim judgments or settlements; (vi) the material effects of changes in tax law; accounting changes, or other such laws or provisions affecting reported results; (vii) business combinations, acquisitions, reorganizations and/or restructuring programs approved by the Board acquisitions; (viii) currency fluctuations; (ix) the diluted impact of goodwill on acquisitions, (x) early retirement incentives approved by the Board; (xi) reductions in force; and (xii) any unusual, nonrecurring, extraordinary, transition, one-time or similar items or charges that are reported publicly by the

Company and/or described in management's discussion and analysis of financial condition and results of operations or the financial statements and notes thereto appearing in the Company's annual report to shareholders for the applicable year.

(ii)Core Pre-tax Pre-provision (PTPP) Return on Average Assets (“PTPP ROA”) Relative to Peers, which shall be determined by comparing the Company’s Core PTPP ROA for the performance period to the Core PTPP ROA of each member of the Company’s Peer Group. Unless otherwise determined by the Committee, the Company’s Core ROA shall be calculated using the Company’s published “core” (or words of similar import) financial results, and the Core PTPP ROA for each member of the Peer Group shall be calculated using the Core PTPP ROA reported through S&P Global Market Intelligence or another reporting service selected by the Committee. If Core PTPP ROA is not available for any member of the Peer Group, the Committee may, in its discretion, exclude that Peer Group member from the determination of Core PTPP ROA Relative to Peers or determine Core PTPP ROA Relative to Peers using the most recent information available for the Peer Group Member.

(iii)Core Efficiency Ratio Relative to Peers, which shall be determined by comparing the Company’s Core Efficiency Ratio for the Performance Period to the Core Efficiency Ratio of each member of the Company’s Peer Group for the Performance Period, in each case, as Core Efficiency Ratio is reported through S&P Global Market Intelligence or another reporting service selected by the Committee. If Core Efficiency Ratio is not available for any member of the Peer Group, the Committee may, in its discretion, exclude that Peer Group member from the determination of Core Efficiency Ratio Relative to Peers or determine Core Efficiency Ratio Relative to Peers using the most recent information available for the Peer Group Member.

(c)The achievement of the Individual Performance Component shall be determined by the Committee in its sole discretion.

(d)The “Peer Group” for purposes of this Plan shall mean all publicly traded United States banks and thrifts having total assets greater than or equal to 50% and less than or equal to 200% of the total assets of the Company (rounded to the nearest $1 billion) based upon total assets as of December 31, 2024.

(e)The Committee will use all publicly available information as of the close of business on the tenth (10th) day prior to the date on which the Committee is scheduled to certify the achievement of the performance goals for the purpose of determining the Company’s actual performance relative to the Peer Group.

4.Calculation of Actual Awards.

(a)A Participant’s payout for each Performance Goal shall be determined according to the following formula:

Award Percentage X Weight X Base Salary

For purposes of this formula:

“Award Percentage” shall mean the percentage shown for the Participant in the “Award Percentage” column of Table 1 on Exhibit A at the Performance Level which is achieved for the applicable Performance Goal as reflected in the “Performance Level” column of Table 2 on Exhibit A. If the actual performance for a Performance Goal falls between the Threshold and Target Performance Levels or between the Target and Superior Performance Levels, the Award Percentage shall be interpolated between the Award Percentage for the Threshold and Target Performance Levels or between the Target and Superior Performance Levels, as the case may be, as determined by the Committee in its sole discretion. The Award Percentage for the Individual Performance Component will be determined by the Committee in its sole discretion after consideration of the President and Chief Executive Officer’s assessment of the Participant’s performance of individual scorecard objectives and contribution to the organization as a whole.

“Weight” shall mean the percentage shown for the measure in the “Weight” column of Table 2 on Exhibit A for the applicable Performance Goal.

“Base Salary” shall mean base salary of the Participant on the last day of the Performance Period.

(b)The aggregate amount payable to the Participant shall be the sum total of the payouts for the Participant’s Performance Goals calculated in accordance with Section 4(a) and shall be referred to as the Participant’s “Actual Award.” The Committee, in its sole discretion, may increase or decrease the Award Percentages used to calculate any Participant’s Actual Award if the Committee finds such an adjustment appropriate to recognize the impact of the Participant’s performance or impact on the organization outside of the range of expected performance and impact. Any such adjustment cannot increase the Participant’s total payout above the “Superior” level of payout assigned to the participant.

5.Payment of Actual Awards.

Actual Awards shall be paid in cash as soon as practicable following the certification by the Committee of results for the Performance Period. However, in any event, all payments shall be made no later than March 15, 2026, such that the payments will be exempt from Section 409A of the Code, under the “short term deferral" exemption specified in Treas. Reg. § 1.409A-1(b)(4). All Actual Awards are subject to withholding tax and any other normal deduction consistent with the Company’s practices.

6.Termination of Employment.

If the Participant ceases to be a full-time employee of the Company for any reason prior to December 31, 2025, the Participant will cease to be a participant in this Plan and will not be eligible to receive any Actual Award pursuant to this Plan.

7.Miscellaneous Provisions.

(a)Claw-Back Rights. In the event the Company is required to prepare an accounting restatement of its financial statements due to the Company’s material noncompliance with any financial reporting requirement under the securities laws, the Committee will require reimbursement or forfeiture of any excess Award, which shall be determined as the excess of the Award paid to the Participant based on the erroneous data over the Award that would have been earned had it been based on the restated results, as determined by the Committee. In addition, the Committee will have the sole and absolute authority to require reimbursement or forfeiture of any Award by a Participant if the Committee determines that the Award was earned in whole or in part as a result of the Participant’s unethical or dishonest conduct or a material violation of Company policy.

(b)Amendment or Termination. The Committee has full power to amend, modify, suspend, or terminate the Plan or any Awards granted under the Plan in its sole discretion.

(c)Regulatory Approvals. The Plan and any Award made hereunder shall be subject to all applicable federal and state laws, rules and regulations, and to such approvals by any government or regulatory agency as may be required.

(d)No Effect on Employment or Service. Nothing in the Plan shall interfere with or limit in any way the right of the Company to terminate any Participant’s employment or service at any time, with or without cause.

(e)No Right to Participation. No employee or officer of the Company or any subsidiary shall have the right to be selected to receive an Award under this Plan, or, having been so selected, have the right to receive a future Award.

(f)Nontransferability of Awards. No Award granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will, by the laws of descent and

distribution. All rights with respect to an Award granted to a Participant shall be available during his or her lifetime only to the Participant.

Section 409A. The Plan will be administered, interpreted and construed in compliance with Section 409A of the Code and the regulations and other guidance promulgated thereunder ("Section 409A"), including any exemption thereunder. To the maximum extent permitted by Section 409A, all payments under the Plan are intended to be exempt from Section 409A pursuant to the exemption for short-term deferrals as specified in Treas. Reg. § 1.409A-1(b)(4), the exemption for restricted shares under Section 409A and any other exemptions available under Section 409A. Neither the Company, any of its Subsidiaries nor any of their respective predecessors, successors or affiliates (collectively, the "Company Group") shall be liable for, and nothing provided or contained in the Plan shall obligate or cause any member of the Company Group to be liable for, any tax, interest or penalties imposed on the Participant related to or arising with respect to any violation of Section 409A.

Document

Exhibit 10.2

First Commonwealth Financial Corporation

2025-2027 LONG-TERM INCENTIVE PLAN

1.Purpose; Effective Date.

This 2025-2027 Long-Term Incentive Plan (the “Plan”) of First Commonwealth Financial Corporation (the “Company”) is designed to enable the Company and its subsidiaries to attract and retain key employees and to align the interests of such key employees with the interests of shareholders by promoting share ownership and rewarding the achievement of long-term performance goals. This Plan was approved by the Compensation and Human Resources Committee (the “Committee”) on January 27, 2025, for the January 1, 2025 through December 31, 2027 performance period (the “Performance Period”). Each Award granted under this Plan shall be subject to the terms and conditions of the Master Plan. For purposes of this Plan, “Master Plan” shall mean the First Commonwealth Financial Corporation 2024 Stock Plan. Each capitalized term which is not otherwise defined in this Plan shall have the meaning given to such term in the Master Plan.

2.Administration.

The Plan shall be administered by the Committee in accordance with Article 3 of the Master Plan.

3.Plan Awards.

(a)Awards under the Plan shall consist of Time-based Restricted Stock Units and Performance Units. Performance Units will vest upon the certification by the Committee of the achievement of the Performance Goals as provided in Section 5. Time-based Restricted Stock Units will vest upon the later of the vesting of the Performance Units or the third anniversary of the award. The vesting of Performance Units and Time-based Restricted Stock Units is conditioned upon the continued service by the Participant through the vesting date. All Awards will be settled in shares of Common Stock as soon as administratively practicable following the vesting date.

(b)Exhibit A identifies the Employees who have been selected by the Committee to become Participants in the Plan, each Participant’s Time-based Restricted Stock Unit Award and Target Performance Unit Award, and the Plan Performance Goals.

(c)The Performance Goals for the Performance Period are:

i.Core Return on Average Tangible Common Equity (“ROTCE”) Relative to Peers, which shall be determined by comparing the simple average of the Company’s Core ROTCE for the trailing twelve (12) quarters as of the quarter ending September 30, 2027 to the simple average of the Core ROTCE of each member of the Company’s Peer Group for the same trailing twelve (12) quarters as of the quarter ending September 30, 2027. Unless otherwise determined by the Committee, the Company’s Core ROTCE shall be calculated using the Company’s published “core” (or words of similar import) financial results, and the Core ROTCE for each member of the Peer Group shall be calculated using the Core ROTCE reported through S&P Global Market Intelligence or another reporting service selected by the Committee. If Core ROTCE is not available for any member of the Peer Group, the Committee may, in its discretion, exclude that Peer Group member from the determination of Core ROTCE Relative to Peers or determine Core ROTCE Relative to Peers using the most recent information available for the Peer Group Member.

ii.Total Return to Shareholders (“TRS”) Relative to Peers, which shall be determined by comparing the Company’s cumulative TRS for the Performance Period to the cumulative TRS of each member of the Company’s Peer Group for the Performance Period, in each case, as TRS is reported through S&P Global Market Intelligence or another reporting service selected by the Committee.

(d)The “Peer Group” for purposes of this Plan shall mean all publicly traded United States banks and thrifts having total assets greater than or equal to 50% and less than or equal to 200% of the total assets of the Company (rounded to the nearest $1 billion) based upon total assets as of December 31, 2024.

4.Determination of Performance Units.

A Participant’s Performance Unit Award shall be determined according to the following formula:

(Target Award X ROTCE Payout) + (Target Award X TRS Payout)

For purposes of this formula:

“Target Award” shall mean the number of shares shown for the Participant in the “Target Performance Unit Award” column of Table 1 on Exhibit A.

“ROTCE Payout” means the percentage shown in the “ROTCE Payout” column of Table 2 on Exhibit A at the performance level for the Core ROTCE Relative to Peers Performance Goal. If the actual performance for ROTCE falls between the Threshold and Target performance levels, or between the Target and Superior performance levels, the ROTCE Payout shall be interpolated between the percentage shown for the Threshold and Target performance levels, or between the percentage shown for the Target and Superior performance levels, as the case may be, as determined by the Committee in its sole discretion.

“TRS Payout” means the percentage shown in the “TRS Payout” column of Table 2 on Exhibit A at the performance level for the TRS Relative to Peers Performance Goal. If the actual performance for TRS Relative to Peers falls between the Threshold and Target performance levels, or between the Target and Superior performance levels, the TRS Payout shall be interpolated between the percentage shown for the Threshold and Target performance levels, or between the percentage shown for the Target and Superior performance levels, as the case may be, as determined by the Committee in its sole discretion.

5.Certification of Performance Goals; Settlement of Performance Units.

At the end of the Performance Period, the Committee will certify in writing the extent to which the Performance Goals have been achieved. For purposes of this provision, and for so long as the Code permits, the approved minutes of the Committee meeting in which the certification is made may be treated as written certification. However, in any event, all earned Performance Units shall be paid and settled in shares of Common Stock no later than March 15, 2028, or such earlier date as is provided in the immediately succeeding sentence, such that the payments will be exempt from Section 409A of the Code, under the “short term deferral" exemption specified in Treas. Reg. § 1.409A-1(b)(4). Notwithstanding the foregoing, the Committee, in its sole discretion, may cause all or any portion of a Participant’s Performance Units to be paid and settled in shares of Common Stock prior to March 15, 2028 in the event of (i) the death of the Participant or (ii) a Change of Control, provided that any such earlier payment or settlement shall be made no later than March 15 of the year following the year of such death or Change of Control.

6.Termination of Employment.

Except as otherwise determined by the Committee, if the Participant ceases to be a full-time employee of the Company for any reason prior to the end of the Performance Period, the Participant will cease to be a participant in this Plan and will not be eligible to receive any Awards pursuant to this Plan.

7.Miscellaneous Provisions.

(a)Claw-Back Rights. In the event the Company is required to prepare an accounting restatement of its financial statements due to the Company’s material noncompliance with any financial reporting requirement under the securities laws, the Committee will require reimbursement or forfeiture of any excess Award, which shall be determined as the excess of the Award paid to the Participant based on the erroneous data over the Award that

would have been earned had it been based on the restated results, as determined by the Committee. In addition, the Committee will have the sole and absolute authority to require reimbursement or forfeiture of any Award by a Participant if the Committee determines that the Award was earned in whole or in part as a result of the Participant’s unethical or dishonest conduct or a material violation of Company policy.

(b)Amendment or Termination. Notwithstanding any provision to the contrary in the Master Plan, the Committee has full power to amend, modify, suspend, or terminate the Plan or any Awards granted under the Plan in its sole discretion.

(c)Regulatory Approvals. The Plan and any Award made hereunder shall be subject to all applicable federal and state laws, rules and regulations, and to such approvals by any government or regulatory agency as may be required.

(d)No Effect on Employment or Service. Nothing in the Plan shall interfere with or limit in any way the right of the Company to terminate any Participant’s employment or service at any time, with or without cause.

(e)No Right to Participation. No employee or officer of the Company or any subsidiary shall have the right to be selected to receive an Award under this Plan, or, having been so selected, have the right to receive a future Award.

(f)Nontransferability of Awards. No Award granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will, by the laws of descent and distribution. All rights with respect to an Award granted to a Participant shall be available during his or her lifetime only to the Participant.

Section 409A. The Plan will be administered, interpreted and construed in compliance with Section 409A of the Code and the regulations and other guidance promulgated thereunder ("Section 409A"), including any exemption thereunder. To the maximum extent permitted by Section 409A, all payments under the Plan are intended to be exempt from Section 409A pursuant to the exemption for short-term deferrals as specified in Treas. Reg. § 1.409A-1(b)(4), the exemption for restricted shares under Section 409A and any other exemptions available under Section 409A. Neither the Company, any of its Subsidiaries nor any of their respective predecessors, successors or affiliates (collectively, the "Company Group") shall be liable for, and nothing provided or contained in the Plan shall obligate or cause any member of the Company Group to be liable for, any tax, interest or penalties imposed on the Participant related to or arising with respect to any violation of Section 409A.

Document

Exhibit 10.3

CHANGE OF CONTROL AGREEMENT

THIS CHANGE OF CONTROL AGREEMENT (this "Change of Control Agreement"), is entered into as of January 1, 2025 (the “Effective Date”), by and between First Commonwealth Financial Corporation, a Pennsylvania corporation (the “Company”), and Linda D. Metzmaier (“Executive”).

W I T N E S S E T H:

WHEREAS, the Compensation & Human Resources Committee ("Compensation Committee") of the Company’s Board of Directors (the “Board”) has determined that it is in the best interests of the Company and its shareholders to assure that the Company will have the continued dedication of the Executive, notwithstanding the possibility, threat or occurrence of a “Change of Control” (as defined below) of the Company;

WHEREAS, the Compensation Committee believes that it is important to diminish the inevitable distraction of the Executive that would result from the personal uncertainties and risks created by a pending or threatened Change of Control and to encourage the Executive to continue to devote Executive’s full attention and dedication to the Company currently and in the event of any threatened or pending Change of Control, and to provide the Executive with compensation and benefit arrangements upon the termination of Executive’s employment following a Change of Control;

WHEREAS, the Compensation Committee has authorized the Company to enter into this Change of Control Agreement with the Executive; and

WHEREAS, the Company and the Executive wish to enter into this Change of Control Agreement in order to accomplish these objectives.

NOW THEREFORE, in consideration of the promises and mutual covenants contained herein, and other good and valuable consideration, the Company and the Executive do hereby agree as follows:

ARTICLE 1

CERTAIN DEFINITIONS

1.1“Cause” for termination will be deemed to exist if:

(a)the Executive is convicted of, or pleads guilty or nolo contendere to, any crime which constitutes a felony under the laws of the United States of America or of any state or territory thereof, and the commission of that felony resulted in, or was intended to result in, a loss (monetary or otherwise) to the Employer Entities, or any of their respective clients, customers, directors, officers or employees;

(b)the Executive fails or refuses to perform the Executive’s duties to any of the Employer Entities (other than during such time as the Executive is incapacitated due to an accident or illness or during the Executive’s regularly scheduled vacation periods) with the degree of skill and care reasonably expected of a professional of his experience and stature for a period of thirty (30) consecutive days following the receipt by the Executive of a notice from the Company sent by certified mail, return receipt requested, setting forth in detail the facts upon which the Company relies in concluding that the Executive has failed or refused to perform the Executive’s duties and indicating with specificity the duties that the Company demands that the Executive perform without delay;

(c)the Executive engages in an act or acts of dishonesty which result or are intended to result in material damage to the business or reputation of any of the Employer Entities; or

(d)the Executive fails or refuses to comply with any material provision of this Change of Control Agreement or any policy or procedure of any Employer Entity, which violations are demonstrably willful and deliberate on the Executive's part and which result or are intended to result in material damage to the business or reputation of any of the Employer Entities and as to which failure or refusal to comply the Company has notified the Executive in writing.

1.2 “Change of Control” will mean:

(a)The acquisition, other than from the Company, by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act), of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of fifty percent (50%) or more of the then outstanding shares of common stock of the Company;

(b)Individuals who, as of the Effective Date, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board, provided that any individual becoming a director subsequent to the Effective Date, whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board will be considered as though such individual were a member of the Incumbent Board; or

(c)Consummation of a reorganization, merger, consolidation, sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), in each case, with respect to which all or substantially all of the individuals and entities who were the beneficial owners of shares outstanding shares of the Company’s common stock immediately prior to such Business Combination do not, following such Business Combination, beneficially own, directly or indirectly, more than fifty-percent (50%) of the then outstanding shares of common stock of the corporation resulting from such a Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries).

Notwithstanding any other provision of this Change of Control Agreement to the contrary, (i) the placement of any of the Employer Entities into receivership or conservatorship by the Federal Deposit Insurance Corporation ("FDIC") or a state or federal banking regulatory agency with jurisdiction over any of the Employer Entities, (ii) the acquisition of fifty-percent (50%) or more of any of the Employer Entities' assets or assumption of fifty-percent (50%) or more of the Employer Entities' deposit liabilities in an FDIC-assisted transaction, and (iii) a change in any Employer Entity's board of directors at the direction of a state or federal banking regulatory authority having jurisdiction over any of the Employer Entities, will not constitute a Change of Control.

1.3 “Client” means any client or prospective client of the Company to whom the Executive provided services, or for whom the Executive transacted business, or whose identity became known to the Executive in connection with the Executive’s relationship with or employment by the Company.

1.4“Code” means the Internal Revenue Code of 1986, as amended.

1.5 “Employer Entity” means the Company and each of its subsidiaries and affiliates, including without limitation, FCB.

1.6“Exchange Act” means the Securities Exchange Act of 1934, as amended.

1.7“Good Reason” means:

(a)the assignment to the Executive of any duties inconsistent in any respect with the Executive’s title, position, authority, duties or responsibilities immediately prior to the Change of Control or any other action by the Company which results in a diminution of such position, authority, duties or responsibilities, other than an isolated, insubstantial and inadvertent action not taken in bad faith and which is remedied by the Company promptly after the receipt of notice thereof given by the Executive;

(b)any requirement of the Company that the Executive (i) be based anywhere more than fifty (50) miles from the office where the Executive is located immediately prior to the Change of Control

or (ii) travel on Company business to an extent substantially greater than the travel obligations of the Executive immediately prior to the Change of Control; or

(c)(i) a reduction by the Company in the Executive’s rate of annual base salary as in effect immediately prior to the Change of Control or (ii) the failure of the Company to continue in effect any employee benefit plan, compensation plan, welfare benefit plan or material fringe benefit plan in which the Executive is participating or entitled to participate immediately prior to the Change of Control, unless the Executive is permitted to participate in other plans providing the Executive with substantially equivalent benefits in the aggregate (at substantially equivalent cost with respect to welfare benefit plans).

1.8 “Protected Period” means the period of time beginning with the date of a Change of Control and ending two (2) years following such Change of Control.

1.9“Qualifying Termination” means a termination of the Executive’s employment (i) by the Company other than for Cause, disability or death, or (ii) by the Executive for Good Reason, provided that such termination of employment constitutes a Separation from Service.

1.10 “Section 409A” means Section 409A of the Code and the regulations and other guidance promulgated thereunder.

1.11“Section 409A Change of Control” means a "Change of Control Event" as defined in Section 409A.

1.12“Section 409A Deferred Compensation” means an amount payable or benefit to be provided under a "nonqualified deferred compensation plan" as defined in Section 409A.

1.13“Separation from Service” has the meaning set forth in Section 409A.

ARTICLE 2

TERM

2.1The term of this Change of Control Agreement will begin on the Effective Date and will continue for thirty-six (36) full calendar months thereafter (the "Initial Term"). This term of this Change of Control Agreement will automatically renew for twenty-four (24) full calendar months thereafter on the third anniversary of the Effective Date and on each second anniversary thereafter (each, a "Renewal Term") unless either party hereto gives notice in writing to the other party at least twelve (12) months prior to the end of the Initial Term or any Renewal Term of the party's intent not to renew such term. Notwithstanding the foregoing, if a Change of Control occurs prior to the end of the Initial Term or Renewal Term, as the case may be, then the term of this Change of Control Agreement will continue until the later of (a) the end of the Protected Period, or (b) if a Qualifying Termination occurs during the Protected Period, the end of the Severance Period.

2.2Notwithstanding anything in this Section to the contrary, this Change of Control Agreement will terminate if the Executive or the Company terminates the Executive's employment for any reason prior to a Change in Control.

ARTICLE 3

PAYMENTS

3.1Qualifying Termination. If during the Protected Period the employment of the Executive is terminated pursuant to a Qualifying Termination, subject to Article 7 hereof, then the Employer Entities will pay to the Executive (or the Executive’s beneficiary as provided in Article 5 hereof) the accrued obligations, severance pay and severance benefits in accordance with Sections 3.2, 3.3 and 3.4 hereof. If the Executive's employment with the Employer Entities is terminated (i) for any reason prior to or after the Protected Period or

(ii) other than pursuant to a Qualifying Termination during the Protected Period, then the Executive will not be entitled to the payment of any severance or provision of any benefits under this Change of Control Agreement.

3.2Accrued Benefits. In the event of a Qualifying Termination described in Section 3.1 hereof, the Employer Entities will pay to the Executive any accrued and unpaid base salary and paid time-off, within thirty (30) days following the date of Qualifying Termination or such earlier date as is required by law.

3.3Severance Pay. Subject to Article 7 hereof, in the event of a Qualifying Termination described in Section 3.1 hereof, the Employer Entities will pay to the Executive an amount equal to one (1) times: (i) the Executive’s annual base salary immediately prior to the Change of Control; (ii) the average of the aggregate annual amount of all bonuses paid to the Executive during the thirty-six (36) month period (or the Executive's period of employment with the Employer Entities, if less) preceding the Change of Control; (iii) the aggregate amount of all contributions by the Company for the account of the Executive under the First Commonwealth Financial Corporation 401(k) Savings and Investment Plan during the twelve (12) month period preceding the Change of Control; and (iv) the aggregate of all contributions by the Company for the account of the Executive to the Company’s Non-Qualified Deferred Compensation Plan during the twelve (12) month period preceding the Change of Control. Subject to Article 7 hereof, such sum will be paid in equal periodic installments payable in accordance with the Employer Entity's normal payroll practices during the twelve (12) month period immediately following such Qualifying Termination (the "Severance Period").

3.4 Continued Health Insurance Benefits. In addition to the severance payable pursuant to Section 3.3 hereof, in the event of a Qualifying Termination described in Section 3.1 hereof, the Employer Entities will offer continuation coverage to the Executive, as required by the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"), under the Company's group health plan on the terms and conditions mandated by COBRA and the Company will pay the full cost of the COBRA premiums on behalf of the Executive and covered family members during the Severance Period.

3.5Other Compensation and Benefits.

(a)Except as expressly provided for in Article 3 hereof, the Executive will not be entitled to severance pay or benefits under any plan, program, policy, practice or other arrangement of any Employer Entity in connection with any Qualifying Termination, including without limitation this Change of Control Agreement or any severance policy of any Employer Entity.

(b)During the Severance Period, the Executive will not be eligible to participate in any Employer Entity equity-based incentive, other incentive, 401(k) savings, employee stock ownership, deferred compensation, supplemental retirement, supplemental savings, life insurance, short or long term disability, employee welfare benefit, fringe benefit, perquisite, vacation, paid time-off or other employee benefit plan, program, policy, practice or other arrangement of any Employer Entity.

(c)Unless otherwise determined by the Board or applicable committee thereof, any outstanding options or other equity based awards held by the Executive to purchase or acquire Employer stock under any equity-based plan of any Employer Entity will be subject to the exercisability, vesting and forfeiture provisions of the respective plan. Any benefits the Executive has earned with respect to his employment for periods on or prior to the Qualifying Termination under any annual incentive, deferred compensation, supplement retirement or savings, 401(k), employer stock ownership or similar plan of any Employer Entity will be paid in accordance with the terms of such plan.

3.6Release. The Company’s obligation to make any payment to the Executive as described in this Article 3 is contingent upon the Executive’s execution and non-revocation of a release within sixty (60) days following the Executive's Separation from Service, in form and substance reasonably satisfactory to the Company, that, in the opinion of the Company’s counsel, is effective to release the Company from all claims relating to the Executive’s employment or the termination thereof (other than under the terms of this Change of Control Agreement), and the Company will have no obligation to make any payment unless and until such a release has become effective.

3.7Business Expenses. The Employer Entities will reimburse the Executive for any unreimbursed, reasonable business expenses incurred by the Executive on or before the Qualifying Termination, pursuant to Employer's reimbursement policies, provided that Executive present all expense reports to Employer in accordance with such policies. All such expense reports must be submitted within thirty (30) days following the date of the Qualifying Termination.

3.8Withholding Taxes and Other Deductions. The Employer Entities may withhold from any payments made to the Executive any applicable federal, state, local and other taxes (such as employment taxes), and such other deductions as are prescribed by law. This includes withholding amounts from payments made pursuant to this Article 3 in order to satisfy any withholding obligations.

ARTICLE 4

LIMITATION ON PAYMENT OF BENEFITS

Notwithstanding anything to the contrary in this Change of Control Agreement, if the payments and benefits pursuant to Article 3 hereof, either alone or together with other payments and benefits which the Executive has the right to receive from the Company or any of its subsidiaries, would constitute a “parachute payment” under Section 280G of the Code, the payments and benefits pursuant to Article 3 hereof will be reduced, in the manner determined by independent tax counsel selected as provided below, by the amount, if any, which is the minimum necessary to result in no portion of the payments and benefits under Article 3 hereof being non-deductible to the Company or such subsidiary pursuant to Section 280G of the Code and subject to the excise tax imposed under Section 4999 of the Code; provided, however, that if such procedure for determining the reduction of payments and benefits is determined by the Company to result in a violation of Section 409A, such reduction will be made on a pro rata basis. The determination of whether any reduction in the payments and benefits is to be made pursuant to Article 3 hereof will be based upon the written advice of independent tax counsel selected by the Company and reasonably acceptable to the Executive. The fees and expenses of the tax counsel will be paid by the Company. The Company will use its best efforts to cause such counsel to prepare the foregoing opinion as promptly as practicable, and in any event, within thirty (30) days after the Change of Control or date of Qualifying Termination, if earlier. The Company and the Executive agree to be bound by the determination of such tax counsel and to make appropriate payments to each other to give effect to the intent and purpose of this Article 4.

ARTICLE 5

BENEFICIARIES

If the Executive dies after the occurrence of a Qualifying Termination, but prior to the payment of all of the monthly severance payments required by Article 3 hereof, then all remaining severance payments will be paid to the beneficiary designated in writing by the Executive at the same time, and in the same amount, as would have been payable to the Executive. The designation of a beneficiary for purposes of this Article 5 will be revocable during the lifetime of the Executive. If the Executive does not designate a beneficiary under this Change of Control Agreement, the beneficiary will be deemed to be the same person that the Executive designated with respect to the Executive’s group life insurance program maintained by the Company.

ARTICLE 6

EXECUTIVE COVENANTS

6.1Non-Disparagement. The Executive agrees that he will not, in writing or orally, or through conduct, disparage, deprecate, discredit, vilify or otherwise say anything negative about the Employer Entities. The Executive agrees never to disparage the services, products, customers, or employees of any Employer Entity. These prohibitions include, without limitation, any such statements made through use of social media sites, such as Facebook, LinkedIn or X (formerly Twitter).

6.2Non-Disclosure of Confidential Information. The Executive recognizes and acknowledges that: (a) in the course of the Executive’s employment by the Employer Entities, it will be necessary for the Executive to acquire information which could include, in whole or in part, information concerning the Employer Entities’ business, sales volume, sales methods, sales proposals, financial statements and reports, customers and prospective customers, identity of customers and prospective customers, identity of key purchasing personnel in the employ of customers and prospective customers, amount or kind of customers’ purchases from the Employer Entities, the Employer Entities' sources of supply, the Employer Entities' computer programs, system documentation, special hardware, product hardware, related software development, the Employer Entities' manuals, formulae, processes, methods, machines, compositions, ideas, improvements, inventions, or other confidential or proprietary information belonging to the Employer Entities or relating to the Employer Entities' affairs (collectively referred to herein as the “Confidential Information”); (b) the Confidential Information is the property of the Employer Entities; (c) the use, misappropriation or disclosure of the Confidential Information would constitute a breach of trust and could cause irreparable injury to the Employer Entities; and (d) it is essential to the protection of the Employer Entities' good will and to the maintenance of the Employer Entities' competitive position that the Confidential Information be kept secret and that the Executive not disclose the Confidential Information to others or use the Confidential Information to the Executive’s own advantage or the advantage of others. Confidential Information will not include information otherwise available in the public domain through no act or omission of the Executive. The Executive agrees to hold and safeguard the Confidential Information in trust for the Employer Entities, its successors and assigns and agrees that he will not, without the prior written consent of the Employer Entities, misappropriate or disclose or make available to anyone for use outside the Employer Entities' organizations at any time, either during his employment with any Employer Entity or subsequent to the termination of his employment with the Employer Entities for any reason, including without limitation, termination by any Employer Entity, any of the Confidential Information, whether or not developed by the Executive, except as required in the performance of the Executive’s duties to the Employer Entities.

6.3Non-Solicitation of Employees. The Executive agrees that, during the term of his employment with any Employer Entity and for twenty-four (24) months following termination of the Executive’s employment with the Employer Entities for any reason, including without limitation termination by any Employer Entity for Cause or without Cause, the Executive will not, directly or indirectly, solicit or induce, or attempt to solicit or induce, any employee of any Employer Entity or of any of its subsidiaries or affiliates, to leave any Employer Entity or any of its subsidiaries, or affiliates, for any reason whatsoever, or to hire any such employee.

6.4Return of Materials. Upon the termination of the Executive’s employment with the Employer Entities for any reason, the Executive will promptly deliver to the Employer Entities all correspondence, drawings, blueprints, manuals, letters, notes, notebooks, reports, flow-charts, computer equipment, programs, software, databases, proposals, financial statements and reports, and any documents concerning the Employer Entities' customers or concerning products or processes used by the Employer Entities and, without limiting the foregoing, will promptly deliver to the Employer Entities any and all other documents or materials containing or constituting Confidential Information.

6.5Work Made for Hire. The Executive agrees that in the event of publication by the Executive of written or graphic materials constituting “work made for hire,” as defined and used in the Copyright Act of 1976, 17 USC § 1 et seq., the Employer Entities will retain and own all rights in said materials, including right of copyright.

6.6Jurisdiction and Service of Process. The Executive and the Company waive any right to a court (including jury) proceeding and instead agree to submit any dispute over the application, interpretation, validity, or any other aspect of this Change of Control Agreement to binding arbitration consistent with the application of the Federal Arbitration Act and the procedural rules of the American Arbitration Association (“AAA”) before an arbitrator who is a member of the National Academy of Arbitrators (“NAA”) out of a nationwide panel of eleven (11) arbitrators to be supplied by the AAA. The Company will absorb the fee charged and the expenses incurred by the neutral arbitrator selected.

6.7Validity. The terms and provisions of this Article 6 are intended to be separate and divisible provisions and if, for any reason, any one or more of them is held to be invalid or unenforceable, neither the validity nor the enforceability of any other provision of this Change of Control Agreement will thereby be affected. The parties hereto acknowledge that the potential restrictions on the Executive’s future employment imposed by this Article 6 are reasonable in both duration and geographic scope and in all other respects. If for any reason any court of competent jurisdiction will find any provisions of this Article 6 unreasonable in duration or geographic scope or otherwise, the Executive and the Company agree that the restrictions and prohibitions contained herein will be effective to the fullest extent allowed under applicable law in such jurisdiction.

6.8Consideration. The parties acknowledge that this Change of Control Agreement would not have been entered into and the benefits described herein would not have been promised in the absence of the Executive’s promises under this Article 6.

6.9Cease Payments. In the event that the Executive breaches any material provision of this Article 6, the Company’s obligation to make or provide payments or benefits under Article 3 will cease, to the extent not already paid or provided.

ARTICLE 7

SECTION 409a

7.1This Change of Control Agreement will be administered, interpreted and construed in compliance with Section 409A, including any exemption thereunder. Each payment hereunder, including each installment payment, will be treated as a separate payment for purposes of Section 409A. With respect to payments subject to Section 409A (and not exempt therefrom), each such payment will be paid as a result of a permissible distribution event, and at a specified time, consistent with Section 409A. The Executive has no right to, and there will not be, any acceleration or deferral with respect to payments hereunder. The Executive acknowledges and agrees that the Company will not be liable for, and nothing provided or contained in this Change of Control Agreement will obligate or cause the Company to be liable for, any tax, interest or penalties imposed on the Executive related to or arising with respect to any violation of Section 409A. For purposes of this Change of Control Agreement, any reference to "termination of employment", "termination" or similar reference will be construed to be a reference to Separation from Service.

7.2Notwithstanding any other provision of this Change of Control Agreement to the contrary, to the extent that any amount payable or benefit to be provided under this Change of Control Agreement constitutes Section 409A Deferred Compensation that is not exempt from Section 409A, and such amount or benefit is payable or to be provided as a result of Separation from Service, and the Executive is a "specified employee" (as defined and determined under Section 409A and any relevant procedures that the Company may establish) ("Specified Employee") at the time of his Separation from Service, then such payment or benefit will not be made or provided to the Executive until the day after the date that is six months following the Executive's Separation from Service, at which time all payments or benefits that otherwise would have been paid or provided to the Executive under this Change of Control Agreement during that six-month period, but were not paid or provided because of this Section 7.2, will be paid or provided, with any cash payment to be made in a single lump sum (without any interest with respect to that six-month period). This six-month delay will cease to be applicable if the Executive's Separation from Service due to death or if the Executive dies before the six-month period has elapsed, in which event any such payments or benefits will be paid or provided to the Executive's estate within thirty (30) days of the date of death.

7.3Notwithstanding any other provision of this Change of Control Agreement to the contrary, to the extent that any amount payable or benefit to be provided under this Change of Control Agreement constitutes Section 409A Deferred Compensation that is not exempt from Section 409A and the Executive is not a Specified Employee at the time of his Separation from Service, then such payment or benefit will not be provided to the Executive until the sixtieth (60th) day following the Executive's Separation from Service, at which time all payments or benefits that otherwise would have been paid or provided to the Executive under

this Change of Control Agreement during the sixty (60) days period, but were not paid or provided because of this Section 7.3, will be paid or provided, with any cash payment to be made in a single lump sum (without any interest with respect to that sixty-day period).

ARTICLE 8

SUCCESSORS; BINDING AGREEMENT

8.1This Change of Control Agreement will inure to the benefit of and be binding upon the Company and its successors and assigns.

8.2The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Change of Control Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Change of Control Agreement, “Company” will mean the Company as defined herein and any successor to its business and/or assets which assumes and agrees to perform this Change of Control Agreement by operation of law or otherwise.

8.3This Change of Control Agreement will be binding upon, and will inure to the benefit of and be enforceable by, the Executive, the Executive’s heirs, personal representatives, executors and administrators.

ARTICLE 9

ATTORNEY’S FEES

Each party will bear all attorney’s fees and related expenses in connection with or relating to the negotiation and enforcement of this Change of Control Agreement; provided, that if the Executive is wholly successful on the merits of any action or proceeding to enforce the Executive’s rights under this Change of Control Agreement, the Company will reimburse all reasonable attorney’s fees and related expenses incurred by the Executive in connection with such action or proceeding. Any amount payable by the Company in any year pursuant to the prior sentence will not be affected by the amount of any payment made by the Company pursuant to the prior sentence in any other year, and under no circumstances will the Executive by permitted to liquidate or exchange the benefit afforded her in the prior sentence for cash or any other benefit. To the extent any such payment is made via reimbursement to the Executive, no such reimbursement will be made by the Company later than the end of the year following the year in which the underlying expense is incurred. The reimbursement right set forth in this Article 9 will be limited to fees and expenses incurred during the Executive's employment with the Employer Entities and during the ten (10) year period immediately thereafter.

ARTICLE 10

EMPLOYMENT WITH EMPLOYER ENTITIES

Employment with the Company for purposes of this Change of Control Agreement will include employment with any Employer Entity.

ARTICLE 11

NO SETOFF

No amounts otherwise due or payable under this Change of Control Agreement will be subject to setoff by the Company, except as otherwise required by law.

ARTICLE 12

NOT A CONTRACT FOR EMPLOYMENT

This Change of Control Agreement will not in any way constitute an employment agreement between the Company and the Executive and it will not oblige the Executive to continue in the employ of Company, nor will it oblige the Company to continue to employ the Executive.

ARTICLE 13

FDIC events

If any of the Employer Entities is in default (as defined in Section 3(x)(1) of the Federal Deposit Insurance Act or equivalent provisions relating to a regulator with supervisory authority over any of the Employer Entities), all obligations under this Change of Control Agreement will terminate as of the date of default, but this Article 13 will not affect any vested rights of the parties. Notwithstanding any other provision of this Change of Control Agreement, the Employer Entities will have no obligation to make any payments to Executive if such payments would be prohibited by applicable federal or state law, including without limitation Part 359 of the regulations of the Federal Deposit Insurance Corporation (12 CFR § 359 et seq.) or any successor provision.

ARTICLE 14

NOTICES

All notices and other communications required to be given hereunder will be in writing and will be deemed to have been delivered or made when mailed, by certified mail, return receipt requested, if to the Executive, to the last address which the Executive will provide to the Employer, in writing, for this purpose, but if the Executive has not then provided such an address, then to the last address of the Executive then on file with the Company; and if to the Company, then to the last address which the Company will provide to the Executive, in writing, for this purpose, but if the Company has not then provided the Executive with such an address, then to:

President and Chief Executive Officer

First Commonwealth Financial Corporation

601 Philadelphia Street

Indiana, Pennsylvania 15701

ARTICLE 15

GOVERNING LAW AND JURISDICTION

This Change of Control Agreement will be governed by, and construed in accordance with, the laws of the Commonwealth of Pennsylvania, except for the laws governing conflict of laws. In the event that either party will institute suit or other legal proceeding, whether in law or equity, the Courts of the Commonwealth of Pennsylvania will have exclusive jurisdiction with respect thereto.

ARTICLE 16

ENTIRE AGREEMENT

This Change of Control Agreement constitutes the entire understanding between the Company and the Executive concerning the subject matter hereof and supersedes all prior written or oral agreements or understandings between the parties hereto, including without limitation the Original Change of Control Agreement. No term or provision of this Change of Control Agreement may be changed, waived, amended or terminated except by a written instrument of equal formality to this Change of Control Agreement.

Signature page follows.

IN WITNESS WHEREOF, the parties have executed this Change of Control Agreement as of the date set forth above.

(Corporate Seal)	FIRST COMMONWEALTH FINANCIAL CORPORATION
/s/ Carrie L. Riggle	By: /s/ T. Michael Price
Witness	Name: T. Michael Price<br>Title: President & CEO<br><br><br><br>EXECUTIVE
/s/ Sarah Metzmaier	/s/ Linda D. Metzmaier
Witness

Document

Exhibit 10.4

RESTRICTED STOCK AGREEMENT

This Restricted Stock Agreement (this “Agreement”) is made as of the 1st day of January, 2025 (the “Effective Date”) between First Commonwealth Financial Corporation (the “Company”) and Linda D. Metzmaier (the “Grantee”).

RECITALS

Grantee will serve as Chief Risk Officer. The Company wishes to award Grantee 10,000 restricted shares of the Company’s common stock, par value $1.00 per share (“Common Shares”), upon the terms and subject to the conditions of this Agreement.

AGREEMENT

Accordingly, in consideration of the foregoing and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and Grantee agree as follows:

1.Award of Stock. The Company hereby grants to the Grantee 10,000 shares of Restricted Stock (the “Shares”), subject to the terms set forth herein and to the terms and provisions of the First Commonwealth Financial Corporation 2024 Stock Plan (the “Plan”) applicable to Restricted Stock, which terms and provisions are incorporated herein by this reference. Unless the context requires otherwise, the terms defined in the Plan shall have the same meanings herein. Notwithstanding the foregoing, this Agreement and the award shall be null and void if Participant does not accept the award by countersigning this Agreement within 30 days following the Effective Date.

2.Restriction on Transfer. Except for the transfer of the Shares to the Company as contemplated by this Agreement, none of the Shares or any beneficial interest therein shall be transferred, encumbered, pledged or otherwise alienated or disposed of in any way until the Shares become nonforfeitable in accordance with Section 3 of this Agreement.

3.Vesting and Forfeiture. The Shares are subject to forfeiture to the Company until such time as they become nonforfeitable as set forth in this Section 3.

(a)Unless earlier forfeited in accordance with this Section 3, the Shares will become nonrestricted and nonforfeitable in accordance with the Vesting Schedule set forth below, provided that the Participant remains an employee through such dates:

(i)3,334 Shares will become nonrestricted and nonforfeitable on January 1, 2026

(ii)3,333 Shares will become nonrestricted and nonforfeitable on January 1, 2027

(iii)3,333 Shares will become nonrestricted and nonforfeitable on January 1, 2028

(b)If the Grantee’s employment is terminated by the Company other than for “Cause” (as defined in Section 3(c)), any Shares which have not as of the termination of Grantee’s employment become nonforfeitable will immediately and automatically, without any action on the part of the Company, become nonforfeitable.

(c)If the Grantee’s employment is terminated (i) by the Company for Cause or (ii) by Grantee for any reason, any Shares which have not as of the termination of Grantee’s employment become nonforfeitable will immediately and automatically be forfeited. For purposes of this Agreement, termination of employment shall be deemed to be for “Cause” if: (i) Grantee fails to comply with any material provision of this Agreement (including, without limitation, the restrictive covenants contained in Section 5 hereof); (ii) Grantee refuses to comply with any lawful, written directive from the Chief Executive Officer of the Company; (iii) Grantee fails to perform her duties as an officer of the Company with the degree of skill and care reasonably to be expected of a professional of her experience and stature after notice and a reasonable opportunity to cure (unless the failure to perform is incapable of being cured); or (iv) Grantee engages in an act of dishonesty, fraud or moral turpitude or Grantee is convicted of a crime which, in the judgment of the Chief Executive Officer of the Company, renders her continued employment by the Company materially damaging or detrimental to the Company.

(d)Notwithstanding the foregoing schedule, if a Change in Control (as defined in the Plan) occurs while the Grantee is an Employee, then any Shares which have not become nonforfeitable will immediately and automatically, without any action on the part of the Company, become nonforfeitable as of the date of the Change in Control.

4.Book Entry Shares. Grantee acknowledges that the Shares will be issued in book-entry form and no certificate will be issued to evidence the Shares. A notation of the transfer restrictions and forfeiture conditions pursuant to this Agreement and the Plan will be made on the book-entry system with respect to the account or accounts to which the Shares are credited.

5.Grantee Covenants.

(a)General. Grantee and the Company acknowledge and agree that Grantee has received adequate consideration with respect to enforcement of the provisions of this Section 5 by virtue of receiving the Shares (regardless of whether the Shares are subsequently forfeited); that such provisions are reasonable and properly required for the adequate protection of the business of the Company and its subsidiaries (each, a “Company Party,” and collectively, the “Company Parties”); and that enforcement of such provisions will not prevent Grantee from earning a living.

(b)Non-Solicitation; No-Hire. Grantee agrees to comply with the provisions of subsections (i) and (ii) of this Section 5(b) while employed by any Company Party and for a period of one year after the last day of Grantee’s employment with such Company Party (such last day being the “Termination Date”) regardless of the reason for such termination of employment.

(i)Grantee shall not, directly or indirectly, either for Grantee’s own benefit or purpose or for the benefit or purpose of any Person (as defined in the Plan) other than a Company Party, solicit, call on, do business with (in each of the foregoing cases, other than consumer retail transactions in the ordinary course of such customer’s business or legal representation in the event that the Company’s legal department grants a conflict waiver), or actively interfere with such Company Party’s relationship with, or attempt to divert or entice away, any Person that Grantee should reasonably know (A) is a customer of any Company Party for which the Company Party provides any services as of the Termination Date, or (B) was a customer of a Company Party for which the a Company Party provided any services at any time during the twelve (12) months preceding the Termination Date, or (C) was, as of the Termination Date, considering retention of a Company Party to provide any services.

(ii)Grantee shall not, directly or indirectly, either for Grantee’s own benefit or purpose or for the benefit or purpose of any Person other than the Company Parties, employ or offer to employ, call on, or actively interfere with a Company Party’s relationship with, or attempt to divert or entice away, any employee of any Company Party, nor shall Grantee assist any other Person in such activities.

(c)Confidentiality. During Grantee’s employment with the Company Parties, and thereafter regardless of the reason for termination of such employment, Grantee will not disclose or use in any way any confidential business or technical information or trade secret acquired in the course of such employment, all of which is the exclusive and valuable property of the Company Parties whether or not conceived of or prepared by Grantee, other than (1) information generally known in the industry of the Company Parties or acquired from public sources, (2) as required in the course of employment by the Company Parties, (3) as required by any court, supervisory authority, administrative agency or applicable law, or (4) with the prior written consent of the Company.

(d)Ownership of Inventions. Grantee shall promptly and fully disclose to the Company any and all inventions, discoveries, improvements, ideas or other works, whether or not patentable, that have been or will be conceived and/or reduced to practice by Grantee during the term of Grantee’s employment with any Company Party, whether alone or with others, and that are (1) related directly or indirectly to the business or activities of any Company Party or (2) developed with the use of any time, material, facilities or other resources of any Company Party (“Developments”). Grantee agrees to assign and hereby does assign to the Company or its designee all of Grantee’s right, title and interest, including copyrights and patent rights, in and to all Developments. Grantee shall perform all actions and execute all instruments that the Company or any subsidiary shall deem necessary to protect

or record the Company’s or its designee’s interests in the Developments. The obligations of this Section 5(d) shall be performed by Grantee without further compensation and will continue beyond the Termination Date.

6.Rights of Grantee. The Grantee shall have the right to vote the Shares and to receive dividends with respect to the Shares.

7.Stock Splits, etc. If, while any of the Shares remain subject to forfeiture, there occurs any merger, consolidation, reorganization, recapitalization, stock split, stock dividend, combination or exchange of shares, or other similar change in the Company’s common stock, then any and all new, substituted or additional securities or other consideration to which the Grantee is entitled by reason of the Grantee’s ownership of the Shares will be immediately subject to the transfer restrictions and forfeiture provisions of Agreement.

8.Tax Withholding. Grantee shall be required to deposit with the Company an amount of cash equal to the amount determined by the Company to be required with respect to any withholding taxes, FICA contributions, or the like under any federal, state, or local statute, ordinance, rule, or regulation in connection with the vesting or award of the Shares. Alternatively, the Company may, at Grantee’s election, (i) withhold the required amounts from Grantee’s pay during the pay periods next following the date on which any such applicable tax liability otherwise arises, or (ii) withhold a number of Shares otherwise deliverable having a Fair Market Value (as defined in the Plan) sufficient to satisfy the statutory minimum of all or part of Grantee’s estimated total federal, state, and local tax obligations associated with the vesting or award of the Shares.

9.83(b) Election. Grantee hereby acknowledges that she may file an election pursuant to Section 83(b) of the Code to be taxed currently on the fair market value of the Shares (less any purchase price paid for the Shares), provided that such election must be filed with the Internal Revenue Service no later than thirty (30) days after the grant of such Shares. Grantee will seek the advice of her own tax advisors as to the advisability of making such a Section 83(b) election, the potential consequences of making such an election, the requirements for making such an election, and the other tax consequences of this Award under federal, state, and any other laws that may be applicable. The Grantee is required to notify the Company within 30 days of any such election. The Company and its Subsidiaries and agents have not and are not providing any tax advice to Grantee.

10.Limitation on Rights; No Right to Future Grants; Extraordinary Item. By entering into this Agreement and accepting the Award, Grantee acknowledges that: (a) Grantee's participation in the Plan is voluntary; and (b) the Award is not part of normal or expected compensation for any purpose, including without limitation for calculating any benefits, severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments, and Grantee will not be entitled to compensation or damages as a consequence of Grantee's forfeiture of any unvested portion of the Award as a result of Grantee's separation from service with the Company or any Subsidiary for any reason.

11.General Provisions:

(a)This Agreement, together with the Plan, constitutes the entire agreement between the Company and the Grantee regarding the grant of the Shares.

(b)The Committee may modify this Agreement to bring it into compliance with any valid and mandatory government regulation or exchange listing requirement. This Agreement may also be amended by the Committee with the written consent of the Grantee.

(c)Nothing contained in this Agreement shall be deemed to require the Company and its Subsidiaries to continue the Grantee’s relationship as an Employee or to modify any agreement between the Grantee and the Company or its Subsidiaries relating thereto.

(d)The Committee may from time to time impose any conditions on the Shares as it deems reasonably necessary to ensure that the Plan and this Award satisfy the conditions of Rule 16b-3 of the Securities Exchange Act of 1934, as amended, and that Shares are issued and resold in compliance with the Securities Act of 1933, as amended.

(e)The Grantee agrees upon request execute any further documents or instruments necessary or desirable to carry out the purposes or intent of this Agreement.

(f)Grantee hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all the terms and provisions thereof. The terms of the Plan as it presently exists, and as it may hereafter be amended, are deemed incorporated herein by reference, and in the event of any conflict between the terms of this Agreement and the provisions of the Plan, the provisions of the Plan shall be deemed to supersede the provisions of this Agreement.

(g)This Agreement shall be governed by, and enforced in accordance with, the laws of the Commonwealth of Pennsylvania without regard to the application of the principals of conflicts or choice of laws.

(h)This Agreement may be executed, including execution by facsimile signature, in one or more counterparts, each of which shall be deemed an original, and all of which together shall be deemed to be one and the same instrument.

Signature page follows.

IN WITNESS WHEREOF, the parties have duly executed this Restricted Stock Agreement as of the day and year first set forth above.

GRANTEE:<br><br><br><br><br><br>/s/ Linda D. Metzmaier<br><br>Signature<br><br><br><br>Linda D. Metzmaier<br><br>Printed Name	COMPANY:<br><br><br><br><br><br>First Commonwealth Financial Corporation<br><br><br><br><br><br>By: /s/ T. Michael Price<br><br>Name: T. Michael Price<br><br>Title: President and CEO

Document

EXHIBIT 31.1

CHIEF EXECUTIVE OFFICER CERTIFICATION

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, T. Michael Price, certify that:

1.I have reviewed this quarterly report on Form 10-Q of First Commonwealth Financial Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

DATED: May 12, 2025	/s/ T. Michael Price
	T. Michael Price<br><br>President and Chief Executive Officer

Document

EXHIBIT 31.2

CHIEF FINANCIAL OFFICER CERTIFICATION

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, James R. Reske, certify that:

1.I have reviewed this quarterly report on Form 10-Q of First Commonwealth Financial Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

DATED: May 12, 2025	/s/ James R. Reske
	James R. Reske
	Executive Vice President, Chief Financial Officer and Treasurer

Document

EXHIBIT 32.1

CERTIFICATION PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

I, T. Michael Price, of First Commonwealth Financial Corporation (“First Commonwealth”), certify that the Quarterly Report of First Commonwealth on Form 10-Q for the period ended March 31, 2025, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in such report fairly presents, in all material respects, the financial condition of First Commonwealth at the end of such period and the results of operations of First Commonwealth for such period.

DATED: May 12, 2025	/s/ T. Michael Price
	T. Michael Price
	President and Chief Executive Officer

Document

EXHIBIT 32.2

CERTIFICATION PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

I, James R. Reske, of First Commonwealth Financial Corporation (“First Commonwealth”), certify that the Quarterly Report of First Commonwealth on Form 10-Q for the period ended March 31, 2025, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in such report fairly presents, in all material respects, the financial condition of First Commonwealth at the end of such period and the results of operations of First Commonwealth for such period.

DATED: May 12, 2025	/s/ James R. Reske
	James R. Reske
	Executive Vice President, Chief Financial Officer and Treasurer