First Commonwealth Financial Corporation

INDIANA, Pa., April 29, 2025 (GLOBE NEWSWIRE) -- First Commonwealth Financial Corporation (NYSE: FCF) today announced financial results for the first quarter of 2025.

Financial Summary

(dollars in thousands, For the Three Months Ended except per share data) March 31,  December 31,  March 31, 2025    2024    2024  Reported Results  Net income $ 32,696   $ 35,849   $ 37,549  Diluted earnings per share $ 0.32   $ 0.35   $ 0.37  Return on average assets  1.14 %   1.23 %   1.31 % Return on average equity  9.28 %   10.16 %   11.40 %  Operating Results (non-GAAP)(1)  Core net income $ 32,779   $ 36,067   $ 37,639  Core diluted earnings per share $ 0.32   $ 0.35   $ 0.37  Core pre-tax pre-provision net revenue $ 46,879   $ 51,388   $ 50,833  Provision expense $ 5,736   $ 6,490   $ 4,238  Net charge-offs $ 3,098   $ 13,691   $ 4,302  Reserve build/(release)(2) $ 1,025   $ (7,206 )  $ 1,380  Core return on average assets (ROAA)  1.14 %   1.23 %   1.31 % Core pre-tax pre-provision ROAA  1.63 %   1.76 %   1.77 % Return on average tangible common equity  13.02 %   14.40 %   16.51 % Core return on average tangible common equity  13.05 %   14.48 %   16.54 % Core efficiency ratio  59.08 %   56.07 %   55.05 % Net interest margin (FTE)  3.62 %   3.54 %   3.52 %  (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.

First Quarter 2025 Highlights

Financial results

GAAP Net income of $32.7 million and diluted earnings per share totaled $0.32, a decrease of $3.2 million, or $0.03 per share from the prior quarter and a decrease of $4.9 million, or $0.05 per share from first quarter of 2024.

Core pre-tax pre-provision net revenue (PPNR)(1) totaled $46.9 million, a decrease of $4.5 million from the prior quarter and a decrease of $4.0 million from the first quarter of 2025. The decrease from the prior quarter was primarily as a result of a $2.8 million decrease in noninterest income End of period loans increased $99.0 million, or 4.4% annualized from the previous quarter, driven by a $121.4 million increase in commercial loans offset by a $22.4 million decrease in consumer loans

Average loans increased $34.8 million, or 1.6% annualized from the previous quarter End of period deposits increased $183.6 million, or 7.7% annualized from the previous quarter, including a $214.8 million increase in savings deposits and a $24.2 million increase in noninterest bearing deposits, which together offset a $27.9 million decrease in time deposits and a $27.5 million decrease in interest-bearing demand deposits

Average deposits increased $58.8 million, or 2.5% annualized from the previous quarter The loan-to-deposit ratio decreased 73 basis points to 92.6% in the first quarter of 2025 Net interest income (FTE) of $95.9 million increased $0.4 million from the previous quarter and increased $3.2 million from the first quarter of 2024 Noninterest income of $22.5 million decreased $2.8 million from the previous quarter due, in part, to a $1.0 million decrease in gain on sale of Small Business Administration (“SBA”) loans Noninterest expense (excluding merger-related expense) of $71.1 million increased $2.1 million from the previous quarter, due primarily to a $2.4 million increase in salaries and benefits Tangible book value per share increased $0.40, or 16.3% annualized from the previous quarter

Total shareholders’ equity increased $41.9 million from the previous quarter, due in part to a $21.3 million decrease in unrealized losses in accumulated other comprehensive income (AOCI) from the previous quarter AOCI as a percentage of tangible common equity decreased 240 basis points to 7.63% in the first quarter of 2025

Story Continues

Profitability

The net interest margin of 3.62% increased 8 basis points compared to the prior quarter and increased 10 basis points from the first quarter of 2024 The core efficiency ratio(1) increased by 301 basis points to 59.08% compared to the prior quarter The core ROAA decreased 9 basis points to 1.14% compared to the prior quarter Core pre-tax pre-provision ROAA(1) of 1.63% for the quarter ended March 31, 2025

Strong capital positions

On April 29, 2025, the Board of Directors authorized a 3.9% increase in the quarterly cash dividend to shareholders The Bank-level Total Capital Ratio is 13.6%, which represents $342.0 million in excess capital above the regulatory “well capitalized” requirement of 6.5% There were no shares repurchased in the first quarter of 2025. The remaining capacity under the current program was $6.7 million as of March 31, 2025

Asset quality

The total provision for credit losses was $5.7 million, a decrease of $0.8 million from the previous quarter. Reserve build/(release)(2) was $1.0 million, which resulted in reserves to total loans of 1.32%, which is unchanged from the previous quarter Nonperforming loans of $59.4 million decreased $2.1 million from the previous quarter Net charge-offs on loans totaled $3.1 million, a decrease of $10.6 million from the prior quarter; the prior quarter included approximately $8.0 million of net charge-offs for loans specifically reserved for in previous quarters

Net charge-offs as a percentage of average loans outstanding (annualized) was 0.14% in the first quarter of 2025, a decrease of 46 basis points from the previous quarter

Franchise Growth

The company has received all required shareholder and regulatory approvals for its previously announced acquisition of CenterGroup Financial. This acquisition is expected to be completed on April 30, 2025.

"We are pleased to report a strong start to 2025, with robust growth in the first quarter. Our annualized loan growth of 4.4% reflects good momentum in our commercial lending and indirect auto businesses, while end of period deposits increased by an impressive 7.7% annualized from the prior quarter,” stated T. Michael Price, President and Chief Executive Officer. “As we look ahead, I am thrilled to welcome CenterBank’s employees and customers to the First Commonwealth family, with the acquisition set to close in the coming weeks. This strategic expansion strengthens our presence in Cincinnati and enhances our ability to deliver exceptional financial solutions across these markets."

Earnings

Net income for the first quarter of 2025 was $32.7 million, or $0.32 per share, compared to $35.8 million, or $0.35 per share in the fourth quarter of 2024 and $37.5 million, or $0.37 per share for the first quarter of 2024.

Net Interest Income and Net Interest Margin

Net interest income (FTE) of $95.9 million increased $0.4 million from the previous quarter and increased $3.2 million from the prior year quarter. The increase from the prior quarter was primarily due to a $34.8 million increase in average loans combined with expansion of the net interest margin (NIM).

The NIM for the first quarter of 2025 was 3.62% as compared to 3.54% in the prior quarter and 3.52% in the year ago quarter. The increase from the prior quarter was primarily due to a 10 basis point decrease in the cost of funds that was only partially offset by a 5 basis point decrease in the yield on loans.

Total average deposits grew $58.8 million in the first quarter of 2025 as compared to the previous quarter. Average interest-bearing demand and savings deposits grew $66.1 million and total time deposits increased $33.2 million from the prior quarter. The increase in interest bearing deposits was partially offset by a $40.5 million decrease in average noninterest-bearing deposits.

End of period deposits increased $183.6 million, or 7.7% annualized from the previous quarter, including a $214.8 million increase in savings deposits and a $24.2 million increase in noninterest bearing deposits, which together offset a $27.9 million decrease in time deposits and a $27.5 million decrease in interest-bearing demand deposits.

Asset Quality

Provision for credit losses totaled $5.7 million in the first quarter of 2025 as compared to $6.5 million in the previous quarter. The decrease from the previous quarter was primarily driven by a $10.6 million decrease in net charge-offs. Net charge-offs in the previous quarter included $8.0 million of loans specifically provided for in prior quarters.

The allowance for credit losses (ACL) as a percentage of end-of-period loans was 1.32% in the first quarter which was unchanged from the previous quarter.

At March 31, 2025, nonperforming loans totaled $59.4 million as compared to $61.5 million in the prior quarter and $42.4 million in the first quarter of 2024.

Nonperforming loans represented 0.65% of total loans as of March 31, 2025 as compared to 0.68% and 0.47% for the periods ended December 31, 2024 and March 31, 2024, respectively.

At March 31, 2025, criticized loans totaled $190.5 million, a decrease of $33.7 million from the previous quarter.

During the first quarter of 2025, net charge-offs were $3.1 million, compared to $13.7 million in the prior quarter and $4.3 million in the first quarter of 2024. Net charge-offs in the previous quarter were primarily driven by acquired loans, of which $8.0 million were specifically reserved for in prior periods.

Net charge-offs were 0.14%, 0.61% and 0.19% of average loans (annualized) for the periods ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

Noninterest Income and Noninterest Expense

Noninterest income totaled $22.5 million for the first quarter of 2025, as compared to $25.3 million for the fourth quarter of 2024 and $24.0 million for the first quarter of 2024. There were no material securities gains during the current or comparable quarters.

The $2.8 million decrease from the previous quarter was primarily driven by a $1.4 million gain on a limited partnership and donation of a branch facility in the previous quarter, a $1.0 million decrease in gain on sale of SBA loans and seasonally lower fees due to the number of days in the quarter.

Noninterest expense (excluding merger-related) totaled $71.1 million for the first quarter of 2025, as compared to $69.0 million for the fourth quarter of 2024 and $65.5 million for the first quarter of 2024. The $2.1 million increase from the previous quarter was primarily the result of a $2.4 million increase in salaries and benefits and a $1.0 million increase in occupancy expense due to a $0.7 million increase in snow removal expense. Contributing to the higher salary expense in 2025 was a $1.8 million increase in incentive expense, of which $1.5 million was attributed to finalizing payments related to prior year volumes and performance.

The core efficiency ratio was 59.08% during the first quarter of 2025 as compared to 56.07% in the previous quarter and 55.05% in the first quarter of 2024.

Full time equivalent staff was 1,538, 1,512 and 1,465 at March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

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 previous quarter. The cash dividend is payable on May 23, 2025 to shareholders of record as of May 9, 2025. This dividend represents a 3.5% projected annual yield utilizing the April 28, 2025 closing market price of $15.31.

First Commonwealth’s capital ratios for Total, Tier I, Leverage and Common Equity Tier I at March 31, 2025 were 14.7%, 12.9%, 10.7% and 12.2% 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 first quarter of 2025 on Wednesday, April 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 web.

About First Commonwealth Financial Corporation

First Commonwealth Financial Corporation (NYSE: FCF), headquartered in Indiana, Pennsylvania, is a financial services company with 125 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 March 31,  December 31,  March 31, 2025    2024    2024  SUMMARY RESULTS OF OPERATIONS  Net interest income $ 95,522   $ 95,081   $ 92,304  Provision for credit losses  5,736    6,490    4,238  Noninterest income  22,502    25,335    23,988  Noninterest expense  71,250    69,304    65,573  Net income  32,696    35,849    37,549  Core net income (5)  32,779    36,067    37,639  Earnings per common share (diluted) $ 0.32   $ 0.35   $ 0.37  Core earnings per common share (diluted) (6) $ 0.32   $ 0.35   $ 0.37  KEY FINANCIAL RATIOS  Return on average assets  1.14 %   1.23 %   1.31 % Core return on average assets (7)  1.14 %   1.23 %   1.31 % Return on average assets, pre-provision, pre-tax  1.62 %   1.75 %   1.77 % Core return on average assets, pre-provision, pre-tax  1.63 %   1.76 %   1.77 % Return on average shareholders' equity  9.28 %   10.16 %   11.40 % Return on average tangible common equity (8)  13.02 %   14.40 %   16.51 % Core return on average tangible common equity (9)  13.05 %   14.48 %   16.54 % Core efficiency ratio (2)(10)  59.08 %   56.07 %   55.05 % Net interest margin (FTE) (1)  3.62 %   3.54 %   3.52 %  Book value per common share $ 14.20   $ 13.81   $ 13.03  Tangible book value per common share (11)  10.44    10.04    9.26  Market value per common share  15.54    16.92    13.92  Cash dividends declared per common share  0.130    0.130    0.125  ASSET QUALITY RATIOS  Nonperforming loans and leases as a percent of end-of-period loans and leases(3)  0.65 %   0.68 %   0.47 % Nonperforming assets as a percent of total assets (3)  0.52 %   0.55 %   0.38 % Net charge-offs as a percent of average loans and leases (annualized) (4)  0.14 %   0.61 %   0.19 % Allowance for credit losses as a percent of nonperforming loans and leases (4)  201.89 %   193.48 %   280.59 % Allowance for credit losses as a percent of end-of-period loans and leases (4)  1.32 %   1.32 %   1.32 % CAPITAL RATIOS  Shareholders' equity as a percent of total assets  12.3 %   12.1 %   11.4 % Tangible common equity as a percent of tangible assets (12)  9.3 %   9.1 %   8.4 % Leverage Ratio  10.7 %   10.6 %   10.2 % Risk Based Capital - Tier I  12.9 %   12.9 %   12.2 % Risk Based Capital - Total  14.7 %   14.6 %   14.3 % Common Equity - Tier I  12.2 %   12.1 %   11.4 %

FIRST COMMONWEALTH FINANCIAL CORPORATION CONSOLIDATED FINANCIAL DATA Unaudited (dollars in thousands, except per share data) For the Three Months Ended March 31, December 31, March 31, 2025   2024  2024  INCOME STATEMENT  Interest income $ 147,128  $ 149,996 $ 145,462  Interest expense  51,606   54,915  53,158  Net Interest Income  95,522   95,081  92,304  Provision for credit losses  5,736   6,490  4,238  Net Interest Income after Provision for Credit Losses  89,786   88,591  88,066  Net securities (losses) gains  (5,142 )  1  —  Gain on VISA exchange  5,146   —  —  Trust income  3,022   3,031  2,727  Service charges on deposit accounts  5,438   5,749  5,383  Insurance and retail brokerage commissions  3,170   2,654  2,651  Income from bank owned life insurance  1,502   1,418  1,294  Gain on sale of mortgage loans  1,387   1,645  1,328  Gain on sale of other loans and assets  1,388   3,076  2,051  Card-related interchange income  3,654   3,923  6,690  Derivative mark-to-market  (153 )  95  12  Swap fee income  835   797  —  Other income  2,255   2,946  1,852  Total Noninterest Income  22,502   25,335  23,988  Salaries and employee benefits  40,415   38,025  35,324  Net occupancy  5,729   4,769  5,334  Furniture and equipment  4,193   4,360  4,480  Data processing  3,817   4,039  3,824  Pennsylvania shares tax  1,337   1,968  1,202  Advertising and promotion  1,372   1,358  1,319  Intangible amortization  1,131   1,368  1,264  Other professional fees and services  1,620   1,557  1,242  FDIC insurance  1,379   1,436  1,613  Litigation and operational losses  793   920  997  Loss on sale or write-down of assets  215   99  143  Merger and acquisition  109   277  114  Other operating expenses  9,140   9,128  8,717  Total Noninterest Expense  71,250   69,304  65,573  Income before Income Taxes  41,038   44,622  46,481  Income tax provision  8,342   8,773  8,932  Net Income $ 32,696  $ 35,849 $ 37,549   Shares Outstanding at End of Period  101,927,219   101,758,450  102,303,974  Average Shares Outstanding Assuming Dilution  101,859,825   101,963,018  102,198,899

FIRST COMMONWEALTH FINANCIAL CORPORATION  CONSOLIDATED FINANCIAL DATA Unaudited  (dollars in thousands)  March 31,  December 31,  March 31, 2025    2024    2024  BALANCE SHEET (Period End)  Assets  Cash and due from banks $ 118,792   $ 105,051   $ 77,179  Interest-bearing bank deposits  22,566    28,358    233,188  Securities available for sale, at fair value  1,186,438    1,178,577    1,049,108  Securities held to maturity, at amortized cost  519,029    405,639    464,708  Loans held for sale  41,587    51,991    31,895   Loans and leases  9,093,140    8,983,754    8,999,870  Allowance for credit losses  (119,931 )   (118,906 )   (119,098 ) Net loans and leases  8,973,209    8,864,848    8,880,772   Goodwill and other intangibles  382,514    383,352    385,745  Other assets  542,263    567,120    571,813  Total Assets $ 11,786,398   $ 11,584,936   $ 11,694,408   Liabilities and Shareholders' Equity  Noninterest-bearing demand deposits $ 2,273,858   $ 2,249,615   $ 2,334,495   Interest-bearing demand deposits  661,094    688,596    637,908  Savings deposits  5,204,179    4,989,342    4,999,822  Time deposits  1,722,526    1,750,466    1,474,178  Total interest-bearing deposits  7,587,799    7,428,404    7,111,908   Total deposits  9,861,657    9,678,019    9,446,403   Short-term borrowings  77,515    80,139    546,541  Long-term borrowings  262,679    262,985    186,490  Total borrowings  340,194    343,124    733,031   Other liabilities  137,496    158,628    182,254  Shareholders' equity  1,447,051    1,405,165    1,332,720  Total Liabilities and Shareholders' Equity $ 11,786,398   $ 11,584,936   $ 11,694,408

FIRST COMMONWEALTH FINANCIAL CORPORATION CONSOLIDATED FINANCIAL DATA Unaudited (dollars in thousands) For the Three Months Ended March 31, Yield/ December 31, Yield/ March 31, Yield/ 2025 Rate  2024 Rate  2024 Rate NET INTEREST MARGIN   Assets  Loans and leases (FTE)(1)(3) $ 9,068,872 5.92 % $ 9,034,096 5.97 % $ 8,998,649 5.95 % Interest bearing bank deposits  76,836 4.72 %  58,469 5.22 %  112,436 5.63 % Securities (FTE)(1)  1,600,047 3.58 %  1,620,823 3.43 %  1,472,237 3.05 % Total Interest-Earning Assets (FTE) (1)  10,745,755 5.57 %  10,713,388 5.58 %  10,583,322 5.54 % Noninterest-earning assets  934,933   912,328   938,121  Total Assets $ 11,680,688  $ 11,625,716  $ 11,521,443   Liabilities and Shareholders' Equity  Interest-bearing demand and savings deposits $ 5,769,898 2.13 % $ 5,703,763 2.22 % $ 5,554,656 2.11 % Time deposits  1,763,492 4.07 %  1,730,251 4.32 %  1,386,959 4.21 % Short-term borrowings  50,725 2.88 %  98,113 4.28 %  595,884 4.57 % Long-term borrowings  262,809 5.00 %  252,064 5.07 %  186,597 5.76 % Total Interest-Bearing Liabilities  7,846,924 2.67 %  7,784,191 2.81 %  7,724,096 2.77 % Noninterest-bearing deposits  2,252,794   2,293,343   2,302,338  Other liabilities  151,957   144,153   169,683  Shareholders' equity  1,429,013   1,404,029   1,325,326  Total Noninterest-Bearing Funding Sources  3,833,764   3,841,525   3,797,347  Total Liabilities and Shareholders' Equity $ 11,680,688  $ 11,625,716  $ 11,521,443   Net Interest Margin (FTE) (annualized)(1)  3.62 %  3.54 %  3.52 %

FIRST COMMONWEALTH FINANCIAL CORPORATION  CONSOLIDATED FINANCIAL DATA Unaudited (dollars in thousands)  March 31, December 31, March 31, 2025   2024   2024  Loan and Lease Portfolio Detail  Commercial Loan and Lease Portfolio:  Commercial, financial, agricultural and other $ 1,276,420  $ 1,250,669  $ 1,313,898  Commercial real estate  3,158,440   3,124,704   3,090,950  Equipment finance loans and leases  485,782   427,320   279,938  Real estate construction  478,833   475,367   520,320  Total Commercial  5,399,475   5,278,060   5,205,106   Consumer Loan Portfolio:  Closed-end mortgages  1,826,760   1,849,223   1,913,479  Home equity lines of credit  488,411   492,480   488,793  Real estate construction  9,869   8,017   39,047  Total Real Estate - Consumer  2,325,040   2,349,720   2,441,319   Auto & RV loans  1,296,567   1,280,645   1,277,212  Direct installment  24,962   25,935   26,731  Personal lines of credit  45,079   47,313   46,733  Student loans  2,017   2,081   2,769  Total Other Consumer  1,368,625   1,355,974   1,353,445  Total Consumer Portfolio  3,693,665   3,705,694   3,794,764  Total Portfolio Loans and Leases  9,093,140   8,983,754   8,999,870  Loans held for sale  41,587   51,991   31,895  Total Loans and Leases $ 9,134,727  $ 9,035,745  $ 9,031,765    March 31, December 31, March 31, 2025   2024   2024  ASSET QUALITY DETAIL  Nonperforming Loans and Leases:  Loans and leases on nonaccrual basis $ 50,536  $ 45,827  $ 27,649  Loans on nonaccrual basis - Centric acquisition  8,869   15,629   14,797  Total Nonperforming Loans and Leases $ 59,405  $ 61,456  $ 42,446  Other real estate owned ("OREO")  1,270   895   368  Repossessions ("Repos")  621   792   1,442  Total Nonperforming Assets $ 61,296  $ 63,143  $ 44,256  Loans past due in excess of 90 days and still accruing  1,156   2,064   1,699  Classified loans and leases  88,929   96,296   89,284  Criticized loans and leases  190,510   224,175   211,857   Nonperforming assets as a percentage of total loans and leases, plus OREO and Repos (4)  0.67 %  0.70 %  0.49 % Allowance for credit losses $ 119,931  $ 118,906  $ 119,098

FIRST COMMONWEALTH FINANCIAL CORPORATION CONSOLIDATED FINANCIAL DATA Unaudited (dollars in thousands) For the Three Months Ended March 31, December 31, March 31, 2025   2024   2024  Net Charge-offs (Recoveries):  Commercial, financial, agricultural and other $ 329  $ 4,102  $ 2,242  Real estate construction  —   1,057   (6 ) Commercial real estate  1,308   6,620   169  Residential real estate  (29 )  (27 )  21  Loans to individuals  1,490   1,939   1,876  Net Charge-offs $ 3,098  $ 13,691  $ 4,302   Net charge-offs as a percentage of average loans and leases outstanding (annualized) (4)  0.14 %  0.61 %  0.19 % Provision for credit losses as a percentage of net charge-offs  185.15 %  47.40 %  98.51 % Provision for credit losses $ 5,736  $ 6,490  $ 4,238   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 March 31, December 31, March 31, 2025  2024  2024   Interest income $ 147,128 $ 149,996 $ 145,462  Adjustment to fully taxable equivalent basis (1)  335  354  323  Interest income adjusted to fully taxable equivalent basis (non-GAAP)  147,463  150,350  145,785  Interest expense  51,606  54,915  53,158  Net interest income, (FTE) (1) $ 95,857 $ 95,435 $ 92,627

FIRST COMMONWEALTH FINANCIAL CORPORATION CONSOLIDATED FINANCIAL DATA Unaudited (dollars in thousands, except per share data)  DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES  For the Three Months Ended March 31, December 31, March 31, 2025   2024   2024   Net Income $ 32,696  $ 35,849  $ 37,549  Intangible amortization  1,131   1,368   1,264  Tax benefit of amortization of intangibles  (238 )  (287 )  (265 ) Net Income, adjusted for tax affected amortization of intangibles $ 33,589  $ 36,930  $ 38,548   Average Tangible Equity:  Total shareholders' equity $ 1,429,013  $ 1,404,029  $ 1,325,326  Less: intangible assets  382,919   383,620   386,040  Tangible Equity  1,046,094   1,020,409   939,286  Less: preferred stock  —   —   —  Tangible Common Equity $ 1,046,094  $ 1,020,409  $ 939,286   (8)Return on Average Tangible Common Equity  13.02 %  14.40 %  16.51 %

For the Three Months Ended March 31, December 31, March 31, 2025   2024   2024   Core Net Income:  Total Net Income $ 32,696  $ 35,849  $ 37,549  Net securites gains  (4 )  (1 )  —  Tax benefit of net securities gains  1   —   —  Merger and acquisition related expenses  109   277   114  Tax benefit of merger and acquisition related expenses  (23 )  (58 )  (24 ) (5) Core net income $ 32,779  $ 36,067  $ 37,639  Average Shares Outstanding Assuming Dilution  101,859,825   101,963,018   102,198,899  (6) Core Earnings per common share (diluted) $ 0.32  $ 0.35  $ 0.37   Intangible amortization  1,131   1,368   1,264  Tax benefit of amortization of intangibles  (238 )  (287 )  (265 ) Core Net Income, adjusted for tax affected amortization of intangibles $ 33,672  $ 37,148  $ 38,638   (9) Core Return on Average Tangible Common Equity  13.05 %  14.48 %  16.54 %

FIRST COMMONWEALTH FINANCIAL CORPORATION CONSOLIDATED FINANCIAL DATA Unaudited (dollars in thousands, except per share data)  DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES   For the Three Months Ended March 31, December 31, March 31, 2025   2024   2024  Core Return on Average Assets:  Total Net Income $ 32,696  $ 35,849  $ 37,549  Total Average Assets  11,680,688   11,625,716   11,521,443  Return on Average Assets  1.14 %  1.23 %  1.31 %  Core Net Income (5) $ 32,779  $ 36,067  $ 37,639  Total Average Assets  11,680,688   11,625,716   11,521,443  (7) Core Return on Average Assets  1.14 %  1.23 %  1.31 %

For the Three Months Ended March 31, December 31, March 31, 2025   2024   2024  Core Efficiency Ratio:  Total Noninterest Expense $ 71,250  $ 69,304  $ 65,573  Adjustments to Noninterest Expense:  Intangible amortization  1,131   1,368   1,264  Merger and acquisition related  109   277   114  Noninterest Expense - Core $ 70,010  $ 67,659  $ 64,195   Net interest income, (FTE) $ 95,857  $ 95,435  $ 92,627  Total noninterest income  22,502   25,335   23,988  Net securites gains  (4 )  (1 )  —  Total Revenue  118,355   120,769   116,615   Adjustments to Revenue:  Derivative mark-to-market  (153 )  95   12  Total Revenue - Core $ 118,508  $ 120,674  $ 116,603   (10)Core Efficiency Ratio  59.08 %  56.07 %  55.05 %

FIRST COMMONWEALTH FINANCIAL CORPORATION CONSOLIDATED FINANCIAL DATA Unaudited (dollars in thousands)  DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES   March 31, December 31, March 31, 2025   2024   2024  Tangible Equity:  Total shareholders' equity $ 1,447,051  $ 1,405,165  $ 1,332,720  Less: intangible assets  382,514   383,352   385,745  Tangible Equity  1,064,537   1,021,813   946,975  Less: preferred stock  —   —   —  Tangible Common Equity $ 1,064,537  $ 1,021,813  $ 946,975   Tangible Assets:  Total assets $ 11,786,398  $ 11,584,936  $ 11,694,408  Less: intangible assets  382,514   383,352   385,745  Tangible Assets $ 11,403,884  $ 11,201,584  $ 11,308,663   (12)Tangible Common Equity as a percentage of Tangible Assets  9.33 %  9.12 %  8.37 %  Shares Outstanding at End of Period  101,927,219   101,758,450   102,303,974  (11)Tangible Book Value Per Common Share $ 10.44  $ 10.04  $ 9.26

For the Three Months Ended March 31, December 31, March 31, 2025   2024   2024  Pre-tax pre-provision net revenue:  Net interest income $ 95,522  $ 95,081  $ 92,304  Noninterest income  22,502   25,335   23,988  Noninterest expense  71,250   69,304   65,573  Pre-tax pre-provision net revenue $ 46,774  $ 51,112  $ 50,719   Net securites gains $ (4 ) $ (1 ) $ —  Merger and acquisition related expenses  109   277   114  Core pre-tax pre-provision net revenue $ 46,879  $ 51,388  $ 50,833   Net charge-offs $ 3,098  $ 13,691  $ 4,302

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