First Commonwealth Announces Second Quarter 2025 Earnings; Declares Quarterly Dividend

Press Release Company Release - 7/29/2025 5:00 PM ET INDIANA, Pa., July 29, 2025 (GLOBE NEWSWIRE) -- First Commonwealth Financial Corporation (NYSE: FCF) today announced financial results for the second quarter of 2025. Financial Summary (dollars in thousands,For the Three Months Ended For the Six Months Endedexcept per share data)June 30, March 31, June 30, June 30, June 30, 2025 2025 2024 2025 2024 Reported Results Net income$33,402 $32,696 $37,088 $66,098 $74,637 Diluted earnings per share$0.32 $0.32 $0.36 $0.64 $0.73 Return on average assets 1.11% 1.14% 1.28% 1.12% 1.29%Return on average equity 8.97% 9.28% 11.10% 9.12% 11.24% Operating Results (non-GAAP)(1) Core net income$39,496 $32,779 $37,070 $72,276 $74,709 Core diluted earnings per share$0.38 $0.32 $0.36 $0.70 $0.73 Core pre-tax pre-provision net revenue$58,677 $46,879 $54,381 $105,556 $105,214 Provision expense$8,898 $5,736 $7,827 $14,634 $12,065 Provision for credit losses - acquisition day 1 non-PCD$3,759 $— $— $3,759 $— Net charge-offs$2,758 $3,098 $4,402 $5,856 $8,704 Reserve build/(release)(2)$13,035 $1,025 $4,556 $14,060 $5,936 Core return on average assets (ROAA) 1.31% 1.14% 1.27% 1.23% 1.29%Core pre-tax pre-provision ROAA 1.95% 1.63% 1.87% 1.79% 1.82%Return on average tangible common equity 12.59% 13.02% 15.94% 12.80% 16.22%Core return on average tangible common equity 14.82% 13.05% 15.93% 13.96% 16.24%Core efficiency ratio 54.06% 59.08% 53.63% 56.44% 54.33%Net interest margin (FTE) 3.83% 3.62% 3.57% 3.73% 3.55% (1) Core operating results are a non-GAAP measure used by management to measure performance in operating the business that management believes enhances investors' ability to better understand the underlying business performance and trends related to core business activities. A full reconciliation of non-GAAP financial measures may be found at the end of the financial statements which accompany this release. (2) Reserve build/(release) represents the net change in the Company's allowance for credit losses (ACL) from the prior period.  Second Quarter 2025 Highlights Financial results GAAP Net income of $33.4 million and diluted earnings per share of $0.32 represented an increase of $0.7 million from the prior quarter and a decrease of $3.7 million, or $0.04 per share, from the second quarter of 2024 Core net income(1) of $39.5 million and core earnings per share of $0.38 represented an increase of $6.7 million, or $0.06 per share from the prior quarter and an increase of $2.4 million or $0.02 per share, from the second quarter of 2024Core pre-tax pre-provision net revenue (PPNR)(1) totaled $58.7 million, an increase of $11.8 million from the previous quarter and an increase of $4.3 million from the second quarter of 2024 Net interest income (FTE) of $106.6 million increased $10.7 million from the previous quarter and increased $11.3 million from the second quarter of 2024Noninterest income (excluding securities gains and losses) of $24.7 million increased $2.3 million from the previous quarter and decreased $0.4 from the second quarter of 2024. The decrease from the prior year was due to lower card-related interchange income as a result of the full implementation of the Durbin amendmentNoninterest expense (excluding merger-related expense) of $72.3 million increased $1.2 million from the previous quarterAverage deposits (excluding acquired balances) increased $91.6 million, or 3.8% annualized, compared to the prior quarter End of period deposits (excluding acquired balances) decreased $35.1 million, or 1.4% annualized, compared to the prior quarter Total loans (excluding acquired balances) increased $183.7 million, or 8.1% annualized, from the previous quarterThe loan-to-deposit ratio increased to 95.1% at the end of the second quarter of 2025 as compared to 92.6% at the end of the previous quarterTotal shareholder’s equity increased $70.7 million from the previous quarter due to $45.9 million in equity issued for the CenterGroup acquisition, a $19.5 million increase in retained earnings and $5.0 million improvement in accumulated other comprehensive income (AOCI). Tangible book value per share increased $0.19, or 7.3% annualized, from the previous quarterAOCI as a percentage of tangible common equity was 6.8% in the second quarter of 2025 as compared to 7.6% in the previous quarter First Commonwealth Bank (the Bank) has been recognized for the fourth consecutive year by Forbes as one of the World’s Best Banks for 2025 Profitability The core efficiency ratio(1) of 54.1% improved 501 basis points from the previous quarterThe return on average assets (ROA) decreased three basis points to 1.11% compared to previous quarter The core return on average assets(1) increased 17 basis points to 1.31% compared to the previous quarter Core pre-tax pre-provision ROA(1) for the quarter ended June 30, 2025 increased 32 basis points to 1.95% as compared to 1.63% in the prior quarter and 1.87% in the second quarter of 2024The net interest margin of 3.83% increased 21 basis points compared to the prior quarter and increased 26 basis points as compared to the second quarter of 2024 The acquisition of CenterBank contributed four basis points of the increase from the prior quarter due to the accretion of purchase accounting marksThe expiration of $150 million in macro swaps on May 1st contributed three basis points to the increase from prior quarterHigher yields on new loan volume contributed nine basis points of the increase from prior quarterA five basis point improvement in the cost of funds contributed five basis points of the increase from prior quarter There were no material security gains during the quarter Asset quality The provision for credit losses (excluding acquisition Day-1 non-PCD provision for CenterGroup) was $8.9 million, an increase of $3.2 million compared to the previous quarterThe allowance for credit losses as a percentage of period-end loans was 1.39%, an increase of seven basis points from the previous quarterTotal criticized loans increased $64.4 million from the previous quarter Total nonperforming loans of $99.5 million increased $40.1 million from the previous quarter driven by an individual commercial floorplan relationship that was transferred to nonaccrual status during the second quarter of 2025 Net charge-offs on loans totaled $2.8 million, a decrease of $0.3 million from the previous quarter Net charge-offs as a percentage of average loans (annualized) was 0.12% in the second quarter of 2025 as compared to 0.14% in the previous quarter Strong capital and liquidity positions The Bank-level Total Capital ratio was 13.4% at June 30, 2025, which represents $338.5 million in excess capital above the regulatory “well capitalized” requirement of 10.0%On April 28, 2025, the Board of Directors authorized a 3.7% increase in the quarterly cash dividend to shareholdersThere were 32,844 shares repurchased during the second quarter of 2025. The remaining capacity under the current program was $6.2 million as of June 30, 2025. On July 29, 2025, the Board of Directors authorized an additional $25 million share repurchase program. “We are pleased to report a strong second quarter, marked by significant net interest margin expansion, robust loan growth, and the successful completion of the CenterBank acquisition,” stated T. Michael Price, President and Chief Executive Officer. “Our focus on organic growth and strategic acquisitions continues to position First Commonwealth for sustained success, delivering value to our shareholders and communities.” Earnings GAAP net income for the second quarter of 2025 was $33.4 million, or $0.32 per share, compared to $32.7 million, or $0.32 per share in the first quarter of 2025, and $37.1 million, or $0.36 per share for the second quarter of 2024. Core net income for the second quarter of 2025 was $39.5 million, or $0.38 per share, compared to $32.8 million, or $0.32 per share in the first quarter of 2025, and $37.1 million, or $0.36 per share for the second quarter of 2024. Net Interest Income and Net Interest Margin Net interest income (FTE) of $106.6 million increased $10.7 million from the previous quarter and increased $11.3 million from the prior year quarter. The increase from the previous quarter was primarily due to a 21 basis point expansion in the net interest margin and a $411.1 million increase in interest earning assets. The net interest margin for the second quarter of 2025 was 3.83%, an increase of 21 basis points from the previous quarter and an increase of 26 basis points from the second quarter of 2024. The increase from the previous quarter was due primarily to a 17 basis point increase in the yield on loans and a nine basis point increase in the yield on securities. The net interest margin benefitted further by an eight basis point decrease in the cost of deposits. The total cost of funds was 2.02% in the second quarter of 2025, which represents a decrease of five basis points from the previous quarter. Total average deposits (excluding acquired deposits) grew $91.6 million, or 3.8% annualized, in the second quarter of 2025 as compared to the previous quarter. Average interest-bearing demand and savings deposits (excluding acquired deposits) grew $130.9 million, average noninterest-bearing deposits (excluding acquired deposits) grew $36.8 million and average time deposits (excluding acquired deposits) decreased $76.1 million from the previous quarter. Total average loans (excluding acquired loans) grew $164.5 million, or 7.3% annualized, in the second quarter of 2025 as compared to the previous quarter. Asset Quality Provision (excluding acquisition Day-1 non-PCD provision for CenterGroup) expense in the second quarter of 2025 totaled $8.9 million as compared to $5.7 million in the previous quarter. The increase in the provision expense from the previous quarter was primarily the result of a $2.6 million increase in specific reserves. The increase in specific reserves was driven by a commercial floorplan relationship that was moved to nonaccrual status during the quarter. The commercial dealer floorplan portfolio totaled $152.7 million as of June 30, 2025. The allowance for credit losses as a percentage of end-of-period loans in the second quarter of 2025 was 1.39% as compared to 1.32% in the previous quarter. At June 30, 2025, nonperforming loans totaled $99.5 million, an increase of $40.1 million from the previous quarter. The increase in nonperforming loans was primarily due to the aforementioned dealer floorplan relationship, which was moved into nonaccrual status and $8.4 million of acquired nonperforming loans. Nonperforming loans represented 1.04% of total loans for the period ended June 30, 2025 as compared to 0.65% and 0.64% for the periods ended March 31, 2025 and June 30, 2024, respectively. During the second quarter of 2025, net charge-offs were $2.8 million as compared to $3.1 million in the previous quarter and $4.4 million in the second quarter of 2024. Net charge-offs as a percentage of average loans (annualized) were 0.12%, 0.14% and 0.20% for the periods ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively. Noninterest Income and Noninterest Expense Noninterest income (excluding securities gains and losses) totaled $24.7 million for the second quarter of 2025, as compared to $22.5 million for the first quarter of 2025 and $25.2 million for the second quarter of 2024. The $2.3 million increase from the previous quarter was primarily due to a $0.4 million increase in other income which includes a $0.4 million increase in gain on sale of Small Business Administration (SBA) loans and a $0.4 million gain on the sale of property held as Other Real Estate Owned (OREO), a $0.4 million increase in gain on sale of mortgage loans, a $0.4 million increase in Bank Owned Life Insurance (BOLI) income, and a $0.2 million increase in other revenue due to limited partnership gains, partially offset by a $0.4 million decrease in swap fee income. There were no material security gains during the quarter. Noninterest expense (excluding merger-related expense) of $72.3 million increased $1.2 million from the previous quarter. The increase from the previous quarter was driven by a $1.0 million increase in other operating expenses primarily driven by higher loan expenses related to higher loan volume, a $0.4 million increase in furniture and equipment and a $0.3 million increase in other professional fees. Partially offsetting these increases was a $0.8 million decrease in occupancy expense. The core efficiency ratio was 54.1% during the second quarter of 2025 as compared to 59.1% in the previous quarter and 53.6% in the second quarter of 2024. Full time equivalent staff was 1,562 at June 30, 2025, 1,538 at March 31, 2025, and 1,472 at June 30, 2024. Dividends and Capital First Commonwealth Financial Corporation declared a common stock quarterly dividend of $0.135 per share, which represents a 3.9% increase from the second quarter of 2024. The cash dividend is payable on August 22, 2025 to shareholders of record as of August 8, 2025. This dividend represents a 3.3% projected annual yield utilizing the July 28, 2025 closing market price of $16.31. On July 29, 2025, the Board of Directors authorized an additional $25 million share repurchase program. First Commonwealth’s capital ratios for Total, Tier I, Leverage and Common Equity Tier I at June 30, 2025 were 14.4%, 12.7%, 10.7% and 12.0%, respectively. First Commonwealth’s current capital levels exceed the fully phased-in Basel III capital requirements issued by U.S. bank regulators. Conference Call First Commonwealth will host a quarterly conference call to discuss its financial results for the second quarter of 2025 on Wednesday, July 30, 2025 at 2:00 PM (ET). The call can be accessed by dialing (toll free) 1-888-330-3181 conference ID # 4651379 or through the Company’s web page, http://www.fcbanking.com/InvestorRelations. A replay of the call will be available approximately one hour following the conclusion of the conference by dialing 1-800-770-2030 and entering the conference ID # 4651379. A link to the webcast replay will also be accessible on the Company’s webpage for 30 days. About First Commonwealth Financial Corporation First Commonwealth Financial Corporation (NYSE: FCF), headquartered in Indiana, Pennsylvania, is a financial services Company with 127 community banking offices in 30 counties throughout western and central Pennsylvania and throughout Ohio, as well as commercial lending operations in Pittsburgh and Harrisburg, Pennsylvania, and Canton, Cleveland, Columbus and Cincinnati, Ohio. The Company also operates mortgage offices in Wexford, Pennsylvania, as well as Hudson and Lewis Center, Ohio. First Commonwealth provides a full range of commercial banking, consumer banking, mortgage, equipment finance, wealth management and insurance products and services through its subsidiaries First Commonwealth Bank and First Commonwealth Insurance Agency. For more information about First Commonwealth or to open an account today, please visit www.fcbanking.com. Forward-Looking Statements Certain statements contained in this release that are not historical facts may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the Securities and Exchange Commission, in press releases, and in oral and written statements made by us or with our approval that are not statements of historical fact and constitute “forward-looking statements” as well. These statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of words such as “may,” “will,” “should,” “could,” “would,” “plan,” “believe,” “expect,” “anticipate,” “intend,” “estimate” or words of similar meaning. These forward-looking statements are subject to significant risks, assumptions and uncertainties, and could be affected by many factors, including, but not limited to: (1) volatility and disruption in national and international financial markets; (2) the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board; (3) inflation, interest rate, commodity price, securities market and monetary fluctuations; (4) the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which First Commonwealth or its customers must comply; (5) the soundness of other financial institutions; (6) political instability; (7) impairment of First Commonwealth’s goodwill or other intangible assets; (8) acts of God or of war or terrorism; (9) the timely development and acceptance of new products and services and perceived overall value of these products and services by users; (10) changes in consumer spending, borrowings and savings habits; (11) changes in the financial performance and/or condition of First Commonwealth’s borrowers; (12) technological changes; (13) acquisitions and integration of acquired businesses; (14) First Commonwealth’s ability to attract and retain qualified employees; (15) changes in the competitive environment in First Commonwealth’s markets and among banking organizations and other financial service providers; (16) the ability to increase market share and control expenses; (17) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters; (18) the reliability of First Commonwealth’s vendors, internal control systems or information systems; (19) the costs and effects of legal and regulatory developments, the resolution of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals; and (20) other risks and uncertainties described in this report and in the other reports that we file with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K. In light of these risks, uncertainties and assumptions, you should not place undue reliance on any forward-looking statements in this release. We undertake no obligation to publicly update or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise. Media Relations: Ron Wahl Communications and Media Relations Phone: 724-463-6806 E-mail: [email protected] Investor Relations: Ryan M. Thomas Vice President / Finance and Investor Relations Phone: 724-463-1690 E-mail: [email protected] FIRST COMMONWEALTH FINANCIAL CORPORATION CONSOLIDATED FINANCIAL DATA Unaudited (dollars in thousands, except per share data) For the Three Months Ended For the Six Months Ended June 30, March 31, June 30, June 30, June 30, 2025 2025 2024 2025 2024 SUMMARY RESULTS OF OPERATIONS Net interest income$106,241 $95,522 $94,992 $201,763 $187,296 Provision for credit losses 8,898 5,736 7,827 14,634 12,065 Provision for credit losses — acquisition day 1 non-PCD 3,759 — — 3,759 — Noninterest income 24,749 22,502 25,210 47,251 49,198 Noninterest expense 76,268 71,250 65,798 147,518 131,371 Net income 33,402 32,696 37,088 66,098 74,637 Core net income(5) 39,496 32,779 37,070 72,276 74,709 Earnings per common share (diluted)$0.32 $0.32 $0.36 $0.64 $0.73 Core earnings per common share (diluted)(6)$0.38 $0.32 $0.36 $0.70 $0.73 KEY FINANCIAL RATIOS Return on average assets 1.11% 1.14% 1.28% 1.12% 1.29%Core return on average assets(7) 1.31% 1.14% 1.27% 1.23% 1.29%Return on average assets, pre-provision, pre-tax 1.81% 1.62% 1.87% 1.72% 1.82%Core return on average assets, pre-provision, pre-tax 1.95% 1.63% 1.87% 1.79% 1.82%Return on average shareholders' equity 8.97% 9.28% 11.10% 9.12% 11.24%Return on average tangible common equity(8) 12.59% 13.02% 15.94% 12.80% 16.22%Core return on average tangible common equity(9) 14.82% 13.05% 15.93% 13.96% 16.24%Core efficiency ratio(2)(10) 54.06% 59.08% 53.63% 56.44% 54.33%Net interest margin (FTE)(1) 3.83% 3.62% 3.57% 3.73% 3.55% Book value per common share$14.47 $14.20 $13.32 Tangible book value per common share(11) 10.63 10.44 9.56 Market value per common share 16.23 15.54 13.81 Cash dividends declared per common share 0.135 0.130 0.130 0.265 0.255 ASSET QUALITY RATIOS Nonperforming loans and leases as a percent of end-of-period loans and leases(3) 1.04% 0.65% 0.63% Nonperforming assets as a percent of total assets(3) 0.83% 0.52% 0.51% Net charge-offs as a percent of average loans and leases (annualized)(4) 0.12% 0.14% 0.20% Allowance for credit losses as a percent of nonperforming loans and leases(4) 133.62% 201.89% 216.48% Allowance for credit losses as a percent of end-of-period loans and leases(4) 1.39% 1.32% 1.37% CAPITAL RATIOS Shareholders' equity as a percent of total assets 12.4% 12.3% 11.7% Tangible common equity as a percent of tangible assets(12) 9.4% 9.3% 8.7% Leverage Ratio 10.7% 10.7% 10.2% Risk Based Capital - Tier I 12.7% 12.9% 12.5% Risk Based Capital - Total 14.4% 14.7% 14.2% Common Equity - Tier I 12.0% 12.2% 11.7% FIRST COMMONWEALTH FINANCIAL CORPORATION CONSOLIDATED FINANCIAL DATA Unaudited (dollars in thousands, except per share data) For the Three Months Ended For the Six Months Ended June 30,March 31,June 30, June 30,June 30, 2025 2025 2024 2025 2024 INCOME STATEMENT Interest income$158,926$147,128 $150,682 $306,054 $296,144 Interest expense 52,685 51,606 55,690 104,291 108,848 Net Interest Income 106,241 95,522 94,992 201,763 187,296 Provision for credit losses 8,898 5,736 7,827 14,634 12,065 Provision for credit losses - acquisition day 1 non-PCD 3,759 — — 3,759 — Net Interest Income after Provision for Credit Losses 93,584 89,786 87,165 183,370 175,231 Net securities losses — (5,142) (5,535) (5,142) (5,535)Gain on sale of VISA — 5,146 5,558 5,146 5,558 Trust income 3,029 3,022 2,821 6,051 5,548 Service charges on deposit accounts 5,595 5,438 5,546 11,033 10,929 Insurance and retail brokerage commissions 3,097 3,170 3,154 6,267 5,805 Income from bank owned life insurance 1,938 1,502 1,371 3,440 2,665 Gain on sale of mortgage loans 1,836 1,387 1,671 3,223 2,999 Gain on sale of other loans and assets 2,217 1,388 1,408 3,605 3,459 Card-related interchange income 3,998 3,654 7,137 7,652 13,827 Derivative mark-to-market — (153) — (153) 12 Swap fee income 439 835 — 1,274 — Other income 2,600 2,255 2,079 4,855 3,931 Total Noninterest Income 24,749 22,502 25,210 47,251 49,198 Salaries and employee benefits 40,584 40,415 37,320 80,999 72,644 Net occupancy 4,894 5,729 4,822 10,623 10,156 Furniture and equipment 4,547 4,193 4,278 8,740 8,758 Data processing 4,085 3,817 3,840 7,902 7,664 Pennsylvania shares tax 1,338 1,337 1,126 2,675 2,328 Advertising and promotion 1,457 1,372 898 2,829 2,217 Intangible amortization 1,311 1,131 1,169 2,442 2,433 Other professional fees and services 1,903 1,620 1,286 3,523 2,528 FDIC insurance 1,550 1,379 1,286 2,929 2,899 Litigation and operational losses 470 793 494 1,263 1,491 Loss on sale or write-down of assets 71 215 77 286 220 Loss on early redemption of subordinated debt — — 369 — 369 Merger and acquisition 3,955 109 — 4,064 114 Other operating expenses 10,103 9,140 8,833 19,243 17,550 Total Noninterest Expense 76,268 71,250 65,798 147,518 131,371 Income before Income Taxes 42,065 41,038 46,577 83,103 93,058 Income tax provision 8,663 8,342 9,489 17,005 18,421 Net Income$33,402$32,696 $37,088 $66,098 $74,637 Shares Outstanding at End of Period 104,925,587 101,927,219 102,297,847 104,925,587 102,297,847 Average Shares Outstanding Assuming Dilution 103,928,428 101,859,825 102,287,598 102,886,345 102,238,489 FIRST COMMONWEALTH FINANCIAL CORPORATION CONSOLIDATED FINANCIAL DATA Unaudited (dollars in thousands) June 30, March 31, June 30, 2025 2025 2024 BALANCE SHEET (Period End) Assets Cash and due from banks$121,052 $118,792 $109,907 Interest-bearing bank deposits 39,114 22,566 78,386 Securities available for sale, at fair value 1,153,323 1,186,438 1,101,154 Securities held to maturity, at amortized cost 498,043 519,029 453,820 Loans held for sale 42,993 41,587 50,769 Loans and leases 9,570,815 9,093,140 8,994,890 Allowance for credit losses (132,966) (119,931) (123,654)Net loans and leases 9,437,849 8,973,209 8,871,236 Goodwill and other intangibles 402,558 382,514 384,854 Other assets 542,215 542,263 576,747 Total Assets$12,237,147 $11,786,398 $11,626,873 Liabilities and Shareholders' Equity Noninterest-bearing demand deposits$2,326,836 $2,273,858 $2,304,830 Interest-bearing demand deposits 1,885,953 1,835,568 1,865,478 Savings deposits 4,132,508 4,029,705 3,710,117 Time deposits 1,759,285 1,722,526 1,528,496 Total interest-bearing deposits 7,777,746 7,587,799 7,104,091 Total deposits 10,104,582 9,861,657 9,408,921 Short-term borrowings 225,874 77,515 537,613 Long-term borrowings 262,369 262,679 136,581 Total borrowings 488,243 340,194 674,194 Other liabilities 126,555 137,496 181,253 Shareholders' equity 1,517,767 1,447,051 1,362,505 Total Liabilities and Shareholders' Equity$12,237,147 $11,786,398 $11,626,873 FIRST COMMONWEALTH FINANCIAL CORPORATIONCONSOLIDATED FINANCIAL DATAUnaudited(dollars in thousands) For the Three Months Ended For the Six Months Ended June 30,Yield/March 31,Yield/June 30,Yield/ June 30,Yield/June 30,Yield/ 2025Rate 2025Rate 2024Rate 2025Rate 2024RateNET INTEREST MARGIN Assets Loans and leases (FTE)(1)(3)$9,430,2846.09%$9,068,8725.92%$9,017,2886.06% $9,250,5776.01%$9,007,9696.01%Interest bearing bank deposits 59,6144.85% 76,8364.72% 208,3605.58% 68,1774.78% 160,3985.80%Securities (FTE)(1) 1,666,9883.67% 1,600,0473.58% 1,510,4093.23% 1,633,7033.63% 1,491,3223.14%Total Interest-Earning Assets (FTE)(1) 11,156,8865.73% 10,745,7555.57% 10,736,0575.66% 10,952,4575.65% 10,659,6895.60%Noninterest-earning assets 939,441 934,933 959,103 937,199 948,612 Total Assets$12,096,327 $11,680,688 $11,695,160 $11,889,656 $11,608,301 Liabilities and Shareholders' Equity Interest-bearing demand and savings deposits$5,998,3262.09%$5,769,8982.13%$5,629,0282.20% $5,884,7432.11%$5,591,8412.16%Time deposits 1,747,8813.82% 1,763,4924.07% 1,504,5444.35% 1,755,6433.94% 1,445,7524.28%Short-term borrowings 146,5034.12% 50,7252.88% 545,5514.67% 98,8793.81% 570,7174.62%Long-term borrowings 262,6334.98% 262,8095.00% 170,9635.52% 262,7204.99% 178,7805.65%Total Interest-Bearing Liabilities 8,155,3432.59% 7,846,9242.67% 7,850,0862.85% 8,001,9852.63% 7,787,0902.81%Noninterest-bearing deposits 2,316,854 2,252,794 2,310,274 2,285,001 2,306,306 Other liabilities 131,218 151,957 190,440 141,531 180,062 Shareholders' equity 1,492,912 1,429,013 1,344,360 1,461,139 1,334,843 Total Noninterest-Bearing Funding Sources 3,940,984 3,833,764 3,845,074 3,887,671 3,821,211 Total Liabilities and Shareholders' Equity$12,096,327 $11,680,688 $11,695,160 $11,889,656 $11,608,301 Net Interest Margin (FTE) (annualized)(1) 3.83% 3.62% 3.57% 3.73% 3.55%FIRST COMMONWEALTH FINANCIAL CORPORATION CONSOLIDATED FINANCIAL DATA Unaudited (dollars in thousands) June 30,March 31,June 30, 2025 2025 2024 Loan and Lease Portfolio Detail Commercial Loan and Lease Portfolio: Commercial, financial, agricultural and other$1,381,523 $1,276,420 $1,312,816 Commercial real estate 3,366,267 3,158,440 3,077,013 Equipment finance loans and leases 573,810 485,782 316,700 Real estate construction 424,437 478,833 523,595 Total Commercial 5,746,037 5,399,475 5,230,124 Consumer Loan Portfolio: Closed-end mortgages 1,879,468 1,826,760 1,902,173 Home equity lines of credit 510,807 488,411 492,133 Real estate construction 23,715 9,869 24,460 Total Real Estate - Consumer 2,413,990 2,325,040 2,418,766 Auto & RV loans 1,339,660 1,296,567 1,270,044 Direct installment 24,659 24,962 26,807 Personal lines of credit 44,475 45,079 46,932 Student loans 1,994 2,017 2,217 Total Other Consumer 1,410,788 1,368,625 1,346,000 Total Consumer Portfolio 3,824,778 3,693,665 3,764,766 Total Portfolio Loans and Leases 9,570,815 9,093,140 8,994,890 Loans held for sale 42,993 41,587 50,769 Total Loans and Leases$9,613,808 $9,134,727 $9,045,659 June 30,March 31,June 30, 2025 2025 2024 ASSET QUALITY DETAIL Nonperforming Loans and Leases: Loans and leases on nonaccrual basis$83,180 $50,536 $31,443 Loans on nonaccrual basis - acquisition 16,327 8,869 25,676 Total Nonperforming Loans and Leases$99,507 $59,405 $57,119 Other real estate owned ("OREO") 1,049 1,270 484 Repossessions ("Repos") 945 621 1,456 Total Nonperforming Assets$101,501 $61,296 $59,059 Loans past due in excess of 90 days and still accruing 1,297 1,156 1,753 Classified loans and leases 130,020 88,929 103,111 Criticized loans and leases 254,902 190,510 241,611 Nonperforming assets as a percentage of total loans and leases, plus OREO and Repos(4) 1.06% 0.67% 0.66%Allowance for credit losses$132,966 $119,931 $123,654 FIRST COMMONWEALTH FINANCIAL CORPORATIONCONSOLIDATED FINANCIAL DATAUnaudited(dollars in thousands) For the Three Months Ended For the Six Months Ended June 30,March 31,June 30, June 30,June 30, 2025 2025 2024 2025 2024 Net Charge-offs (Recoveries): Commercial, financial, agricultural and other$726 $329 $2,485 $1,055 $4,727 Real estate construction — — 35 — 29 Commercial real estate 613 1,308 331 1,921 500 Residential real estate 72 (29) 64 43 85 Loans to individuals 1,347 1,490 1,487 2,837 3,363 Net Charge-offs$2,758 $3,098 $4,402 $5,856 $8,704 Net charge-offs as a percentage of average loans and leases outstanding (annualized)(4) 0.12% 0.14% 0.20% 0.13% 0.19%Provision for credit losses as a percentage of net charge-offs 322.63% 185.15% 177.81% 249.90% 138.61%Provision for credit losses$8,898 $5,736 $7,827 $14,634 $12,065 DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES Note: Management believes that it is standard practice in the banking industry to present these non-GAAP measures. These measures provide useful information to management and investors by allowing them to make peer comparisons. (1)Net interest income has been computed on a fully taxable equivalent basis ("FTE") using the federal income tax statutory rate of 21%.(2)Core efficiency ratio excludes from total revenue the impact of derivative mark-to-market and excludes from "total noninterest expense" the amortization of intangibles and any other unusual items deemed by management to not be related to normal operations, such as merger, acquisition and severance costs.(3)Includes held for sale loans. (4)Excludes held for sale loans. For the Three Months Ended For the Six Months Ended June 30,March 31,June 30, June 30,June 30, 2025 2025 2024 2025 2024 Interest income$158,926$147,128$150,682 $306,054$296,144Adjustment to fully taxable equivalent basis(1) 341 335 329 676 652Interest income adjusted to fully taxable equivalent basis (non-GAAP) 159,267 147,463 151,011 306,730 296,796Interest expense 52,685 51,606 55,690 104,291 108,848Net interest income, (FTE)(1)$106,582$95,857$95,321 $202,439$187,948FIRST COMMONWEALTH FINANCIAL CORPORATIONCONSOLIDATED FINANCIAL DATAUnaudited(dollars in thousands, except per share data)DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES For the Three Months Ended For the Six Months Ended June 30,March 31,June 30, June 30,June 30, 2025 2025 2024 2025 2024 Net Income$33,402 $32,696 $37,088 $66,098 $74,637 Intangible amortization 1,311 1,131 1,169 2,442 2,433 Tax benefit of amortization of intangibles (275) (238) (245) (513) (511)Net Income, adjusted for tax affected amortization of intangibles$34,438 $33,589 $38,012 $68,027 $76,559 Average Tangible Equity: Total shareholders' equity$1,492,912 $1,429,013 $1,344,360 $1,461,139 $1,334,843 Less: intangible assets 395,772 382,919 385,332 389,381 385,686 Tangible Equity 1,097,140 1,046,094 959,028 1,071,758 949,157 Less: preferred stock — — — — — Tangible Common Equity$1,097,140 $1,046,094 $959,028 $1,071,758 $949,157 (8)Return on Average Tangible Common Equity 12.59% 13.02% 15.94% 12.80% 16.22% For the Three Months Ended For the Six Months Ended June 30,March 31,June 30, June 30,June 30, 2025 2025 2024 2025 2024 Core Net Income: Total Net Income$33,402 $32,696 $37,088 $66,098 $74,637 Net securities gains — (4) (23) (4) (23)Tax benefit of net securities gains — 1 5 1 5 Merger and acquisition related expenses 3,955 109 — 4,064 114 Tax benefit of merger and acquisition related expenses (831) (23) — (853) (24)Provision for credit losses - acquisition day 1 non-PCD 3,759 — — 3,759 — Tax benefit of provision for credit losses - acquisition day 1 non-PCD (789) — — (789) — (5)Core net income$39,496 $32,779 $37,070 $72,276 $74,709 Average Shares Outstanding Assuming Dilution 103,928,428 101,859,825 102,287,598 102,886,345 102,238,489 (6)Core Earnings per common share (diluted)$0.38 $0.32 $0.36 $0.70 $0.73 Intangible amortization 1,311 1,131 1,169 2,442 2,433 Tax benefit of amortization of intangibles (275) (238) (245) (513) (511)Core Net Income, adjusted for tax affected amortization of intangibles$40,532 $33,672 $37,994 $74,205 $76,631 (9)Core Return on Average Tangible Common Equity 14.82% 13.05% 15.93% 13.96% 16.24%FIRST COMMONWEALTH FINANCIAL CORPORATIONCONSOLIDATED FINANCIAL DATAUnaudited(dollars in thousands, except per share data)DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES For the Three Months Ended For the Six Months Ended June 30,March 31,June 30, June 30,June 30, 2025 2025 2024 2025 2024 Core Return on Average Assets: Total Net Income$33,402 $32,696 $37,088 $66,098 $74,637 Total Average Assets 12,096,327 11,680,688 11,695,160 11,889,656 11,608,301 Return on Average Assets 1.11% 1.14% 1.28% 1.12% 1.29% Core Net Income(5)$39,496 $32,779 $37,070 $72,276 $74,709 Total Average Assets 12,096,327 11,680,688 11,695,160 11,889,656 11,608,301 (7)Core Return on Average Assets 1.31% 1.14% 1.27% 1.23% 1.29% For the Three Months Ended For the Six Months Ended June 30,March 31,June 30, June 30,June 30, 2025 2025 2024 2025 2024 Core Efficiency Ratio: Total Noninterest Expense$76,268 $71,250 $65,798 $147,518 $131,371 Adjustments to Noninterest Expense: Intangible amortization 1,311 1,131 1,169 2,442 2,433 Merger and acquisition related 3,955 109 — 4,064 114 Noninterest Expense - Core$71,002 $70,010 $64,629 $141,012 $128,824 Net interest income, (FTE)$106,582 $95,857 $95,321 $202,439 $187,948 Total noninterest income 24,749 22,502 25,210 47,251 49,198 Net securities gains — (4) (23) (4) (23)Total Revenue 131,331 118,355 120,508 249,686 237,123 Adjustments to Revenue: Derivative mark-to-market — (153) — (153) 12 Total Revenue - Core$131,331 $118,508 $120,508 $249,839 $237,111 (10)Core Efficiency Ratio 54.06% 59.08% 53.63% 56.44% 54.33%FIRST COMMONWEALTH FINANCIAL CORPORATIONCONSOLIDATED FINANCIAL DATAUnaudited(dollars in thousands)DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES June 30,March 31,June 30, 2025 2025 2024 Tangible Equity: Total shareholders' equity$1,517,767 $1,447,051 $1,362,505 Less: intangible assets 402,558 382,514 384,854 Tangible Equity 1,115,209 1,064,537 977,651 Less: preferred stock — — — Tangible Common Equity$1,115,209 $1,064,537 $977,651 Tangible Assets: Total assets$12,237,147 $11,786,398 $11,626,873 Less: intangible assets 402,558 382,514 384,854 Tangible Assets$11,834,589 $11,403,884 $11,242,019 (12)Tangible Common Equity as a percentage of Tangible Assets 9.42% 9.33% 8.70% Shares Outstanding at End of Period 104,925,587 101,927,219 102,297,847 (11)Tangible Book Value Per Common Share$10.63 $10.44 $9.56 For the Three Months Ended For the Six Months Ended June 30,March 31,June 30, June 30,June 30, 2025 2025 2024 2025 2024 Pre-tax pre-provision net revenue: Net interest income$106,241$95,522 $94,992 $201,763 $187,296 Noninterest income 24,749 22,502 25,210 47,251 49,198 Noninterest expense 76,268 71,250 65,798 147,518 131,371 Pre-tax pre-provision net revenue$54,722$46,774 $54,404 $101,496 $105,123 Net securities gains$—$(4)$(23) $(4)$(23)Merger and acquisition related expenses 3,955 109 — 4,064 114 Core pre-tax pre-provision net revenue$58,677$46,879 $54,381 $105,556 $105,214 Net charge-offs$2,758$3,098 $4,402 $5,856 $8,704 Source: First Commonwealth Financial Corporation