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Exhibit 99.1 FIRST Commonwealth FOR IMMEDIATE RELEASE First Commonwealth Announces First Quarter 2021 Earnings ; Increases Quarterly Dividend Indiana , PA , April 27 , 2021 - First Commonwealth Financial Corporation ( NYSE : FCF ) today announced financial results for the first quarter of 2021 . Financial Summary ( dollars in thousands , except per share data ) Reported Results Net income Diluted earnings per share Return on average assets Return on average equity Operating Results ( non - GAAP ) ( ¹ ) Core net income Core diluted earnings per share Core pre - tax pre - provision net revenue Provision expense Net charge - offs Reserve build / ( release ) ( 2 ) Core return on average assets ( ROAA ) Core pre - tax pre - provision ROAA Return on average tangible common equity Core return on average tangible common equity Core efficiency ratio Net interest margin ( FTE ) March 31 , For the Three Months Ended December 31 , 2021 2020 March 31 , 2020 $ 39,770 $ 0.41 $ 25,683 $ 0.27 $ 4,727 $ 0.05 1.77 % 1.12 % 0.23 % 14.98 % 9.48 % 1.77 % $ 39,855 $ 26,102 $ 4,730 $ 0.41 $ 0.27 $ 0.05 $ 45,046 $ 40,092 $ 36,730 ( $ 4,390 ) $ 7,680 $ 30,967 $ 3,270 $ 4,825 $ 3,529 ( $ 4,546 ) $ 13,002 $ 27,439 1.77 % 1.14 % 0.23 % 2.00 % 1.75 % 1.77 % 21.58 % 13.80 % 2.92 % 21.63 % 14.02 % 2.92 % 53.18 % 3.40 % 56.00 % 3.26 % 58.19 % 3.65 % ( 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 can 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 2021 Highlights Financial results • • Net income of $ 39.8 million and diluted earnings per share totaled $ 0.41 , an increase of $ 14.1 million , or $ 0.14 per share from the previous quarter Pre - tax pre - provision net revenue ( PPNR ) ( ¹ ) totaled $ 44.9 million , an increase of $ 5.4 million from the previous quarter and an increase of $ 8.2 million from the first quarter of 2020