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Exhibit 99.1 FIRST Commonwealth FOR IMMEDIATE RELEASE First Commonwealth Announces Second Quarter 2021 Earnings ; Declares Quarterly Dividend Indiana , PA , July 27 , 2021 - First Commonwealth Financial Corporation ( NYSE : FCF ) today announced financial results for the second quarter of 2021 . Financial Summary ( dollars in thousands , except per share data ) Reported Results Net income Diluted earnings per share Return on average assets June 30 , 2021 For the Three Months Ended March 31 , 2021 June 30 , For the Six Months Ended June 30 , June 30 , 2020 2021 2020 $ 29,619 $ 39,770 $ 23,851 $ 69,389 $ 0.31 $ 0.41 $ 0.24 $ 0.72 $ 28,578 $ 0.29 1.26 % 1.77 % 1.06 % 1.51 % 0.66 % 10.82 % 14.98 % 8.95 % 12.87 % 5.36 % Return on average equity Operating Results ( non - GAAP ) ( 1 ) Core net income $ 29,777 $ 39,855 $ 24,176 $ 69,632 $ 28,906 Core diluted earnings per share $ 0.31 $ 0.41 $ 0.25 $ 0.72 $ 0.29 Core pre - tax pre - provision net revenue $ 42,943 $ 45,046 $ 36,153 $ 87,989 $ 72,883 Provision expense $ 5,413 ( $ 4,390 ) $ 6,859 $ 1,023 $ 37,826 Net charge - offs $ 3,927 $ 3,270 $ 4,493 $ 7,197 $ 8,022 Reserve build / ( release ) ( 2 ) $ 275 ( $ 4,546 ) $ 2,366 ( $ 4,271 ) $ 29,804 Core return on average assets ( ROAA ) 1.26 % 1.77 % 1.08 % 1.51 % 0.67 % Core pre - tax pre - provision ROAA 1.82 % 2.00 % 1.61 % 1.91 % 1.69 % Return on average tangible common equity 15.54 % 21.58 % 13.13 % 18.50 % 8.03 % Core return on average tangible common equity 15.62 % 21.63 % 13.30 % 18.56 % 8.12 % Core efficiency ratio 53.21 % 53.18 % 56.73 % 53.20 % Net interest margin ( FTE ) 3.17 % 3.40 % 3.29 % 3.29 % 57.46 % 3.46 % ( 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 . Second Quarter 2021 Highlights • • Net income of $ 29.6 million and diluted earnings per share totaled $ 0.31 , an increase of $ 5.8 million , or $ 0.07 per share from the second quarter of 2020 Core pre - tax pre - provision net revenue ( PPNR ) ( ¹ ) totaled $ 42.9 million , a decrease of $ 2.1 million from the previous quarter and an increase of $ 6.8 million from the second quarter of 2020