Earnings release
Page 1
Exhibit 99.1 FOR IMMEDIATE RELEASE First Commonwealth Announces Third Quarter 2025 Earnings; Declares Quarterly Dividend Indiana, PA, October 28, 2025 - First Commonwealth Financial Corporation (NYSE: FCF) today announced financial results for the third quarter of 2025. Financial Summary (dollars in thousands, For the Three Months Ended For the Nine Months Ended except per share data) September 30, June 30, September 30, September 30, September 30, 2025 2025 2024 2025 2024 Reported Results Net income $ 41,328 $ 33,402 $ 32,086 $ 107,426 $ 106,723 Diluted earnings per share $ 0.39 $ 0.32 $ 0.31 $ 1.04 $ 1.04 Return on average assets 1.34 % 1.11 % 1.08 % 1.20 % 1.22 % Return on average equity 10.71 % 8.97 % 9.19 % 9.67 % 10.54 % Operating Results (non-GAAP) Core net income $ 41,166 $ 39,496 $ 31,933 $ 113,442 $ 106,642 Core diluted earnings per share $ 0.39 $ 0.38 $ 0.31 $ 1.10 $ 1.04 Core pre-tax pre-provision net revenue$ 62,942 $ 58,677 $ 50,949 $ 168,498 $ 156,163 Provision expense $ 11,327 $ 8,898 $ 10,615 $ 25,961 $ 22,680 Provision for credit losses - acquisition day 1non-PCD $ — $ 3,759 $ — $ 3,759 $ — Net charge-offs $ 12,247 $ 2,758 $ 8,785 $ 18,103 $ 17,489 Reserve build/(release) $ (3,361) $ 13,035 $ 2,458 $ 10,699 $ 8,394 Core return on average assets (ROAA) 1.34 % 1.31 % 1.08 % 1.26 % 1.22 % Core pre-tax pre-provision ROAA 2.05 % 1.95 % 1.72 % 1.88 % 1.79 % Return on average tangible common equity 14.96 % 12.59 % 13.09 % 13.55 % 15.13 % Core return on average tangible commonequity 14.90 % 14.82 % 13.02 % 14.29 % 15.12 % Core efficiency ratio 52.30 % 54.06 % 56.66 % 54.98 % 55.12 % Net interest margin (FTE) 3.92 % 3.83 % 3.56 % 3.79 % 3.55 % 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. Reserve build/(release) represents the net change in the Company's allowance for credit losses (ACL) from the prior period. Third Quarter 2025 Highlights Financial results ▪ GAAP net income of $41.3 million and diluted earnings per share of $0.39 represented an increase of $7.9 million from the prior quarter and an increase of $9.2 million, or $0.08 per share, from the third quarter of 2024. (1) (2) (1) (2)
Page 2
• Core net income of $41.2 million and core earnings per share of $0.39 represented an increase of $1.7 million, or $0.01 per share, from the prior quarter and an increase of $9.2 million, or $0.08 per share, from the third quarter of 2024. • Core pre-tax pre-provision net revenue (PPNR) totaled $62.9 million, an increase of $4.3 million from the previous quarter and an increase of $12.0 million from the third quarter of 2024. ▪ Net interest income (FTE) of $111.5 million increased $4.9 million from the previous quarter and increased $14.6 million from the third quarter of 2024. ▪ Noninterest income (excluding securities gains and losses) of $24.5 million decreased $0.3 million from the previous quarter and was unchanged from the prior year quarter. ▪ Noninterest expense (excluding merger-related expense) of $72.7 million increased $0.4 million from the previous quarter and $2.6 million from the prior year quarter. ▪ Average deposits increased $102.7 million, or 4.0% annualized, compared to the prior quarter. • End of period deposits increased $126.8 million, or 5.0% annualized, compared to the prior quarter. ▪ Total loans increased $137.0 million, or 5.7% annualized, from the previous quarter. ▪ The loan-to-deposit ratio increased to 95.3% at the end of the third quarter of 2025 as compared to 95.1% at the end of the previous quarter. ▪ Total shareholder’s equity increased $24.1 million from the previous quarter due to a $17.2 million increase in retained earnings (net of $10.5 million share repurchases) and a $6.9 million improvement in accumulated other comprehensive income (AOCI). • Tangible book value per share increased $0.31, or 11.6% annualized, from the previous quarter. • AOCI as a percentage of tangible common equity was 6.1% in the third quarter of 2025 as compared to 6.8% 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 of 52.3% improved 176 basis points from the previous quarter. ▪ Return on average assets (ROA) increased 23 basis points to 1.34% compared to the previous quarter. • Core return on average assets increased 3 basis points to 1.34% compared to the previous quarter. ▪ Core pre-tax pre-provision ROA for the quarter ended September 30, 2025 was 2.05%, up from 1.95% in the prior quarter. ▪ Net interest margin expanded to 3.92%, up 9 basis points from the prior quarter and 36 basis points from the third quarter of 2024. • An 8 basis point improvement in the cost of funds contributed 9 basis points of the increase to the net interest margin from prior quarter • Purchase accounting accretion contributed 6 basis points to the net interest margin in the third quarter as compared to 10 basis points in the prior quarter. • The expiration of $25 million in macro swaps on August 25 contributed two basis points to the increase in the net interest margin from prior quarter ▪ Total security gains were $0.4 million during the third quarter of 2025 Asset quality • The provision for credit losses was $11.3 million, an increase of $2.4 million compared to the previous quarter (excluding acquisition Day-1 non-PCD provision for CenterGroup) (1) th
Page 3
• The allowance for credit losses as a percentage of period-end loans was 1.34%, a decrease of five basis points from the previous quarter • Total criticized loans decreased $6.7 million from the previous quarter ◦ Total nonperforming loans of $88.7 million decreased $10.8 million from the previous quarter driven by a decreased balance of $15.9 million for an individual commercial floorplan relationship that was transferred to nonaccrual status during the second quarter of 2025 • Net charge-offs on loans totaled $12.2 million, an increase of $9.5 million from the previous quarter, primarily due to a $5.5 million chargeoff for the aforementioned floorplan relationship, as well as a $2.8 million chargeoff associated with the sale of five recently acquired loans from CenterGroup that collectively carried a $2.6 million loan mark ◦ Net charge-offs as a percentage of average loans (annualized) was 0.51% in the third quarter of 2025 as compared to 0.12% in the previous quarter Strong capital and liquidity positions • The Bank-level Total Capital ratio was 13.4% at September 30, 2025, which represents $348.9 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 shareholders • There were 625,483 shares repurchased during the third quarter of 2025. The remaining capacity under the current authorized program was $20.7 million as of September 30, 2025. “Our third quarter results reflect continued momentum across our core banking operations,” stated T. Michael Price, President and Chief Executive Officer. “We delivered strong net interest income growth, maintained disciplined expense management, and improved asset quality metrics. These results demonstrate our commitment to building long-term value for our shareholders and supporting the financial well-being of our customers and communities.” Earnings GAAP net income for the third quarter of 2025 was $41.3 million, or $0.39 per share, compared to $33.4 million, or $0.32 per share in the second quarter of 2025, and $32.1 million, or $0.31 per share for the third quarter of 2024. Core net income for the third quarter of 2025 was $41.2 million, or $0.39 per share, compared to $39.5 million, or $0.38 per share in the second quarter of 2025, and $31.9 million, or $0.31 per share for the third quarter of 2024. Net Interest Income and Net Interest Margin Net interest income (FTE) of $111.5 million increased $4.9 million from the previous quarter and increased $14.6 million from the prior year quarter. The increase from the previous quarter was primarily due to a 9 basis point expansion in the net interest margin and a $133.8 million increase in interest earning assets. The net interest margin for the third quarter of 2025 was 3.92%, an increase of 9 basis points from the previous quarter and an increase of 36 basis points from the third quarter of 2024. The increase from the previous quarter was due primarily to a lower cost of funds. Total average deposits grew $102.7 million, or 4.0% annualized, in the third quarter of 2025 as compared to the previous quarter. Total average loans grew $222.8 million, or 9.4% annualized, in the third quarter of 2025 as compared to the previous quarter. Asset Quality Provision expense in the third quarter of 2025 totaled $11.3 million as compared to $8.9 million in the previous quarter (excluding acquisition Day-1 non-PCD provision for CenterGroup). The allowance for credit losses as a percentage of end-of-period loans in the third quarter of 2025 was 1.34% as compared to 1.39% in the previous quarter. At September 30, 2025, nonperforming loans totaled $88.7 million, a decrease of $10.8 million from the previous quarter. The decrease from the prior quarter was driven by a decreased balance of $15.9 million for an individual commercial floorplan relationship that was transferred to nonaccrual status during the second quarter of 2025.
Page 4
Nonperforming loans represented 0.91% of total loans for the period ended September 30, 2025 as compared to 1.04% and 0.83% for the periods ended June 30, 2025 and September 30, 2024, respectively. During the third quarter of 2025, net charge-offs were $12.2 million as compared to $2.8 million in the previous quarter and $8.8 million in the third quarter of 2024. The increase from the previous quarter was due to a $5.5 million chargeoff for the aforementioned floorplan relationship and a $2.8 million chargeoff a loan sale of five recently acquired loans with a $2.6 million loan mark. Net charge-offs as a percentage of average loans (annualized) were 0.51%, 0.12% and 0.39% for the periods ended September 30, 2025, June 30, 2025 and September 30, 2024, respectively. Noninterest Income and Noninterest Expense Noninterest income (excluding securities gains and losses) totaled $24.5 million for the third quarter of 2025, a $0.3 million decrease from the second quarter of 2025 and unchanged from the third quarter of 2024. The quarter-over-quarter change was driven by a $0.3 million increase in gain on sale of mortgage loans, a $0.4 million increase in trust income, and a $0.4 million increase in brokerage commissions, offset by a $1.1 million decrease in gain on sale of other loans primarily due to gains on the sale of other real estate owned (OREO) properties in the prior quarter. Total security gains were $0.4 million during the third quarter of 2025 due to the early call of a discounted note. Noninterest expense (excluding merger-related expense) of $72.7 million increased $0.4 million from the previous quarter. The increase was primarily due to a $0.5 million increase in advertising and promotional expense and a $0.3 million increase in intangible amortization, partially offset by a $0.4 million decrease in other loan expense. The core efficiency ratio was 52.3% during the third quarter of 2025 as compared to 54.1% in the previous quarter and 56.7% in the third quarter of 2024. Full time equivalent staff was 1,548 at September 30, 2025, 1,562 at June 30, 2025, and 1,500 at September 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 third quarter of 2024. The cash dividend is payable on November 21, 2025 to shareholders of record as of November 7, 2025. This dividend represents a 3.3% projected annual yield utilizing the October 27, 2025 closing market price of $16.31. First Commonwealth’s capital ratios for Total, Tier I, Leverage and Common Equity Tier I at September 30, 2025 were 14.4%, 12.7%, 10.8% 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 third quarter of 2025 on Wednesday, October 29, 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.
Page 5
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: RWahl@fcbanking.com Investor Relations: Ryan M. Thomas Vice President / FP&A and Investor Relations Phone: 724-463-1690 E-mail: RThomas1@fcbanking.com
Page 6
FIRST COMMONWEALTH FINANCIAL CORPORATION CONSOLIDATED FINANCIAL DATA Unaudited (dollars in thousands, except per share data) For the Three Months Ended For the Nine Months Ended September 30, June 30, September 30, September 30, September 30, 2025 2025 2024 2025 2024 SUMMARY RESULTS OF OPERATIONS Net interest income $ 111,123 $ 106,241 $ 96,515 $ 312,886 $ 283,811 Provision for credit losses 11,327 8,898 10,615 25,961 22,680 Provision for credit losses — acquisition day 1 non-PCD — 3,759 — 3,759 — Noninterest income 24,857 24,749 24,698 72,108 73,896 Noninterest expense 72,834 76,268 70,070 220,352 201,441 Net income 41,328 33,402 32,086 107,426 106,723 Core net income 41,166 39,496 31,933 113,442 106,642 Earnings per common share (diluted) $ 0.39 $ 0.32 $ 0.31 $ 1.04 $ 1.04 Core earnings per common share (diluted) $ 0.39 $ 0.38 $ 0.31 $ 1.10 $ 1.04 KEY FINANCIAL RATIOS Return on average assets 1.34 % 1.11 % 1.08 % 1.20 % 1.22 % Core return on average assets 1.34 % 1.31 % 1.08 % 1.26 % 1.22 % Return on average assets, pre-provision, pre-tax 2.05 % 1.81 % 1.73 % 1.83 % 1.79 % Core return on average assets, pre-provision, pre-tax 2.05 % 1.95 % 1.72 % 1.88 % 1.79 % Return on average shareholders' equity 10.71 % 8.97 % 9.19 % 9.67 % 10.54 % Return on average tangible common equity 14.96 % 12.59 % 13.09 % 13.55 % 15.13 % Core return on average tangible common equity 14.90 % 14.82 % 13.02 % 14.29 % 15.12 % Core efficiency ratio 52.30 % 54.06 % 56.66 % 54.98 % 55.12 % Net interest margin (FTE) 3.92 % 3.83 % 3.56 % 3.79 % 3.55 % Book value per common share $ 14.78 $ 14.47 $ 13.79 Tangible book value per common share 10.94 10.63 10.03 Market value per common share 17.05 16.23 17.15 Cash dividends declared per common share 0.135 0.135 0.130 0.400 0.385 ASSET QUALITY RATIOS Nonperforming loans and leases as a percent of end-of-period loans and leases 0.91 % 1.04 % 0.83 % Nonperforming assets as a percent of total assets 0.74 % 0.83 % 0.64 % Net charge-offs as a percent of average loans and leases (annualized) 0.51 % 0.12 % 0.39 % Allowance for credit losses as a percent of nonperforming loans and leases 148.04 % 133.62 % 168.77 % Allowance for credit losses as a percent of end-of-period loans and leases 1.34 % 1.39 % 1.41 % CAPITAL RATIOS Shareholders' equity as a percent of total assets 12.5 % 12.4 % 11.8 % Tangible common equity as a percent of tangible assets 9.6 % 9.4 % 8.8 % Leverage Ratio 10.8 % 10.7 % 10.3 % Risk Based Capital - Tier I 12.7 % 12.7 % 12.7 % Risk Based Capital - Total 14.4 % 14.4 % 14.5 % Common Equity - Tier I 12.0 % 12.0 % 12.0 % (5) (6) (7) (8) (9) (2)(10) (1) (11) (3) (3) (4) (4) (4) (12)
Page 7
FIRST COMMONWEALTH FINANCIAL CORPORATION CONSOLIDATED FINANCIAL DATA Unaudited (dollars in thousands, except per share data) For the Three Months Ended For the Nine Months Ended September 30, June 30, September 30, September 30, September 30, 2025 2025 2024 2025 2024 INCOME STATEMENT Interest income $ 162,709 $ 158,926 $ 154,323 $ 468,763 $ 450,467 Interest expense 51,586 52,685 57,808 155,877 166,656 Net Interest Income 111,123 106,241 96,515 312,886 283,811 Provision for credit losses 11,327 8,898 10,615 25,961 22,680 Provision for credit losses - acquisition day 1 non-PCD — 3,759 — 3,759 — Net Interest Income after Provision for Credit Losses 99,796 93,584 85,900 283,166 261,131 Net securities gains (losses) 369 — 88 (4,773) (5,447) Gain on sale of VISA — — 106 5,146 5,664 Trust income 3,477 3,029 3,242 9,528 8,790 Service charges on deposit accounts 5,913 5,595 5,840 16,946 16,769 Insurance and retail brokerage commissions 3,499 3,097 3,087 9,766 8,892 Income from bank owned life insurance 1,712 1,938 2,278 5,152 4,943 Gain on sale of mortgage loans 2,132 1,836 1,151 5,355 4,150 Gain on sale of other loans and assets 1,085 2,217 2,576 4,690 6,035 Card-related interchange income 3,985 3,998 4,137 11,637 17,964 Derivative mark-to-market 2 — (153) (151) (141) Swap fee income 243 439 88 1,517 88 Other income 2,440 2,600 2,258 7,295 6,189 Total Noninterest Income 24,857 24,749 24,698 72,108 73,896 Salaries and employee benefits 40,717 40,584 38,618 121,716 111,262 Net occupancy 5,110 4,894 4,858 15,733 15,014 Furniture and equipment 4,427 4,547 4,335 13,167 13,093 Data processing 4,260 4,085 3,879 12,162 11,543 Pennsylvania shares tax 1,337 1,338 1,126 4,012 3,454 Advertising and promotion 1,931 1,457 1,960 4,760 4,177 Intangible amortization 1,567 1,311 1,223 4,009 3,656 Other professional fees and services 1,843 1,903 1,448 5,366 3,976 FDIC insurance 1,653 1,550 1,638 4,582 4,537 Litigation and operational losses 582 470 2,181 1,845 3,672 Loss on sale or write-down of assets 87 71 132 373 352 Loss on early redemption of subordinated debt — — — — 369 Merger and acquisition 165 3,955 — 4,229 114 Other operating expenses 9,155 10,103 8,672 28,398 26,222 Total Noninterest Expense 72,834 76,268 70,070 220,352 201,441 Income before Income Taxes 51,819 42,065 40,528 134,922 133,586 Income tax provision 10,491 8,663 8,442 27,496 26,863 Net Income $ 41,328 $ 33,402 $ 32,086 $ 107,426 $ 106,723 Shares Outstanding at End of Period 104,293,298 104,925,587 102,237,941 104,293,298 102,237,941 Average Shares Outstanding Assuming Dilution 104,754,917 103,928,428 102,418,964 103,509,902 102,293,213
Page 8
FIRST COMMONWEALTH FINANCIAL CORPORATION CONSOLIDATED FINANCIAL DATA Unaudited (dollars in thousands) September 30, June 30, September 30, 2025 2025 2024 BALANCE SHEET (Period End) Assets Cash and due from banks $ 117,241 $ 121,052 $ 126,598 Interest-bearing bank deposits 44,170 39,114 455,711 Securities available for sale, at fair value 1,100,437 1,153,323 1,165,392 Securities held to maturity, at amortized cost 479,915 498,043 430,425 Loans held for sale 62,566 42,993 46,785 Loans and leases 9,688,288 9,570,815 8,965,500 Allowance for credit losses (129,605) (132,966) (126,112) Net loans and leases 9,558,683 9,437,849 8,839,388 Goodwill and other intangibles 400,851 402,558 384,172 Other assets 546,513 542,215 534,728 Total Assets $ 12,310,376 $ 12,237,147 $ 11,983,199 Liabilities and Shareholders' Equity Noninterest-bearing demand deposits $ 2,420,235 $ 2,326,836 $ 2,463,971 Interest-bearing demand deposits 1,904,381 1,885,953 1,970,519 Savings deposits 4,103,904 4,132,508 3,654,354 Time deposits 1,802,820 1,759,285 1,656,708 Total interest-bearing deposits 7,811,105 7,777,746 7,281,581 Total deposits 10,231,340 10,104,582 9,745,552 Short-term borrowings 149,557 225,874 538,828 Long-term borrowings 262,057 262,369 136,285 Total borrowings 411,614 488,243 675,113 Other liabilities 125,585 126,555 152,918 Shareholders' equity 1,541,837 1,517,767 1,409,616 Total Liabilities and Shareholders' Equity $ 12,310,376 $ 12,237,147 $ 11,983,199 Deposits on the above balance sheet for periods prior to June 30, 2025 reflect a reclassification to interest-bearing deposits from savings deposits in order to remove the impact of an internal sweep program related to regulatory reserve requirements. The internal sweep program was terminated in the second quarter of 2025, therefore prior periods are now shown without the reclassification. (a) (a) (a)
Page 9
FIRST COMMONWEALTH FINANCIAL CORPORATION CONSOLIDATED FINANCIAL DATA Unaudited (dollars in thousands) For the Three Months Ended For the Nine Months Ended September 30, Yield/ June 30, Yield/ September 30, Yield/ September 30, Yield/ September 30, Yield/ 2025 Rate 2025 Rate 2024 Rate 2025 Rate 2024 Rate NET INTEREST MARGIN Assets Loans and leases (FTE) $ 9,653,118 6.08 %$ 9,430,284 6.09 %$ 9,004,808 6.09 % $ 9,386,232 6.04 %$ 9,006,908 6.03 % Interest bearing bank deposits 40,159 4.85 % 59,614 4.85 % 278,006 5.49 % 58,735 4.79 % 199,887 5.55 % Securities (FTE) 1,597,369 3.60 % 1,666,988 3.67 % 1,542,792 3.34 % 1,621,458 3.62 % 1,508,604 3.21 % Total Interest-Earning Assets (FTE) 11,290,646 5.73 % 11,156,886 5.73 % 10,825,606 5.68 % 11,066,425 5.68 % 10,715,399 5.63 % Noninterest-earning assets 919,357 939,441 950,926 931,187 949,389 Total Assets $ 12,210,003 $ 12,096,327 $ 11,776,532 $ 11,997,612 $ 11,664,788 Liabilities and Shareholders' Equity Interest-bearing demand and savingsdeposits $ 6,064,450 2.03 %$ 5,998,326 2.09 %$ 5,657,796 2.27 % $ 5,945,303 2.08 %$ 5,613,986 2.19 % Time deposits 1,734,804 3.66 % 1,747,881 3.82 % 1,575,975 4.40 % 1,748,621 3.85 % 1,489,476 4.33 % Short-term borrowings 128,548 3.89 % 146,503 4.12 % 541,010 4.62 % 108,877 3.84 % 560,743 4.62 % Long-term borrowings 262,186 4.97 % 262,633 4.98 % 136,408 5.44 % 262,540 4.98 % 164,553 5.59 % Total Interest-Bearing Liabilities 8,189,988 2.50 % 8,155,343 2.59 % 7,911,189 2.91 % 8,065,341 2.58 % 7,828,758 2.84 % Noninterest-bearing deposits 2,366,509 2,316,854 2,286,482 2,312,469 2,299,650 Other liabilities 122,896 131,218 189,571 135,251 183,255 Shareholders' equity 1,530,610 1,492,912 1,389,290 1,484,551 1,353,125 Total Noninterest-Bearing FundingSources 4,020,015 3,940,984 3,865,343 3,932,271 3,836,030 Total Liabilities and Shareholders' Equity$ 12,210,003 $ 12,096,327 $ 11,776,532 $ 11,997,612 $ 11,664,788 Net Interest Margin (FTE) (annualized) 3.92 % 3.83 % 3.56 % 3.79 % 3.55 % (1)(3) (1) (1) (1)
Page 10
FIRST COMMONWEALTH FINANCIAL CORPORATION CONSOLIDATED FINANCIAL DATA Unaudited (dollars in thousands) September 30, June 30, September 30, 2025 2025 2024 Loan and Lease Portfolio Detail Commercial Loan and Lease Portfolio: Commercial, financial, agricultural and other $ 1,374,627 $ 1,381,523 $ 1,263,008 Commercial real estate 3,408,801 3,366,267 3,069,438 Equipment finance loans and leases 634,398 573,810 366,527 Real estate construction 403,548 424,437 522,548 Total Commercial 5,821,374 5,746,037 5,221,521 Consumer Loan Portfolio: Closed-end mortgages 1,858,471 1,879,468 1,878,980 Home equity lines of credit 524,254 510,807 495,396 Real estate construction 41,894 23,715 18,227 Total Real Estate - Consumer 2,424,619 2,413,990 2,392,603 Auto & RV loans 1,370,551 1,339,660 1,275,765 Direct installment 24,115 24,659 26,425 Personal lines of credit 45,657 44,475 47,076 Student loans 1,972 1,994 2,110 Total Other Consumer 1,442,295 1,410,788 1,351,376 Total Consumer Portfolio 3,866,914 3,824,778 3,743,979 Total Portfolio Loans and Leases 9,688,288 9,570,815 8,965,500 Loans held for sale 62,566 42,993 46,785 Total Loans and Leases $ 9,750,854 $ 9,613,808 $ 9,012,285 September 30, June 30, September 30, 2025 2025 2024 ASSET QUALITY DETAIL Nonperforming Loans and Leases: Loans and leases on nonaccrual basis $ 76,622 $ 83,180 $ 50,929 Loans on nonaccrual basis - acquisition 10,925 16,327 23,794 Loans held for sale on a nonaccrual basis 1,138 — — Total Nonperforming Loans and Leases $ 88,685 $ 99,507 $ 74,723 Other real estate owned ("OREO") 853 1,049 669 Repossessions ("Repos") 1,503 945 1,188 Total Nonperforming Assets $ 91,041 $ 101,501 $ 76,580 Loans past due in excess of 90 days and still accruing 2,117 1,297 1,191 Classified loans and leases 124,902 130,020 114,751 Criticized loans and leases 248,214 254,902 241,962 Nonperforming assets as a percentage of total loans and leases, plus OREO and Repos 0.94 % 1.06 % 0.85 % Allowance for credit losses $ 129,605 $ 132,966 $ 126,112 (4)
Page 11
FIRST COMMONWEALTH FINANCIAL CORPORATION CONSOLIDATED FINANCIAL DATA Unaudited (dollars in thousands) For the Three Months Ended For the Nine Months Ended September 30, June 30, September 30, September 30, September 30, 2025 2025 2024 2025 2024 Net Charge-offs (Recoveries): Commercial, financial, agricultural and other $ 6,927 $ 726 $ 5,870 $ 7,982 $ 10,597 Real estate construction 829 — — 829 29 Commercial real estate 3,011 613 1,381 4,932 1,881 Residential real estate 106 72 55 149 140 Loans to individuals 1,374 1,347 1,479 4,211 4,842 Net Charge-offs $ 12,247 $ 2,758 $ 8,785 $ 18,103 $ 17,489 Net charge-offs as a percentage of average loans and leases outstanding(annualized) 0.51 % 0.12 % 0.39 % 0.26 % 0.26 % Provision for credit losses as a percentage of net charge-offs 92.49 % 322.63 % 120.83 % 143.41 % 129.68 % Provision for credit losses $ 11,327 $ 8,898 $ 10,615 $ 25,961 $ 22,680 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. Net interest income has been computed on a fully taxable equivalent basis ("FTE") using the federal income tax statutory rate of 21%. Core efficiency ratio excludes from total revenue the impact of derivative mark-to-market and excludes from "total noninterest expense" the amortization of intangiblesand any other unusual items deemed by management to not be related to normal operations, such as merger, acquisition and severance costs. Includes held for sale loans. Excludes held for sale loans. For the Three Months Ended For the Nine Months Ended September 30, June 30, September 30, September 30, September 30, 2025 2025 2024 2025 2024 Interest income $ 162,709 $ 158,926 $ 154,323 $ 468,763 $ 450,467 Adjustment to fully taxable equivalent basis 351 341 342 1,027 994 Interest income adjusted to fully taxable equivalent basis (non-GAAP) 163,060 159,267 154,665 469,790 451,461 Interest expense 51,586 52,685 57,808 155,877 166,656 Net interest income, (FTE) $ 111,474 $ 106,582 $ 96,857 $ 313,913 $ 284,805 (4) (1) (2) (3) (4) (1) (1)
Page 12
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 For the Nine Months Ended September 30, June 30, September 30, September 30, September 30, 2025 2025 2024 2025 2024 Net Income $ 41,328 $ 33,402 $ 32,086 $ 107,426 $ 106,723 Intangible amortization 1,567 1,311 1,223 4,009 3,656 Tax benefit of amortization of intangibles (329) (275) (257) (842) (768) Net Income, adjusted for tax affected amortization ofintangibles $ 42,566 $ 34,438 $ 33,052 $ 110,593 $ 109,611 Average Tangible Equity: Total shareholders' equity $ 1,530,610 $ 1,492,912 $ 1,389,290 $ 1,484,551 $ 1,353,125 Less: intangible assets 401,825 395,772 384,404 393,574 385,255 Tangible Equity 1,128,785 1,097,140 1,004,886 1,090,977 967,870 Less: preferred stock — — — — — Tangible Common Equity $ 1,128,785 $ 1,097,140 $ 1,004,886 $ 1,090,977 $ 967,870 Return on Average Tangible Common Equity 14.96 % 12.59 % 13.09 % 13.55 % 15.13 % For the Three Months Ended For the Nine Months Ended September 30, June 30, September 30, September 30, September 30, 2025 2025 2024 2025 2024 Core Net Income: Total Net Income $ 41,328 $ 33,402 $ 32,086 $ 107,426 $ 106,723 Net securities gains (369) — (194) (373) (217) Tax benefit of net securities gains 77 — 41 78 46 Merger and acquisition related expenses 165 3,955 — 4,229 114 Tax benefit of merger and acquisition related expenses (35) (831) — (888) (24) Provision for credit losses - acquisition day 1 non-PCD — 3,759 — 3,759 — Tax benefit of provision for credit losses - acquisition day 1non-PCD — (789) — (789) — Core net income $ 41,166 $ 39,496 $ 31,933 $ 113,442 $ 106,642 Average Shares Outstanding Assuming Dilution 104,754,917 103,928,428 102,418,964 103,509,902 102,293,213 Core Earnings per common share (diluted) $ 0.39 $ 0.38 $ 0.31 $ 1.10 $ 1.04 Intangible amortization 1,567 1,311 1,223 4,009 3,656 Tax benefit of amortization of intangibles (329) (275) (257) (842) (768) Core Net Income, adjusted for tax affectedamortization of intangibles $ 42,404 $ 40,532 $ 32,899 $ 116,609 $ 109,530 Core Return on Average Tangible Common Equity 14.90 % 14.82 % 13.02 % 14.29 % 15.12 % (8) (5) (6) (9)
Page 13
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 For the Nine Months Ended September 30, June 30, September 30, September 30, September 30, 2025 2025 2024 2025 2024 Core Return on Average Assets: Total Net Income $ 41,328 $ 33,402 $ 32,086 $ 107,426 $ 106,723 Total Average Assets 12,210,003 12,096,327 11,776,532 11,997,612 11,664,788 Return on Average Assets 1.34 % 1.11 % 1.08 % 1.20 % 1.22 % Core Net Income $ 41,166 $ 39,496 $ 31,933 $ 113,442 $ 106,642 Total Average Assets 12,210,003 12,096,327 11,776,532 11,997,612 11,664,788 Core Return on Average Assets 1.34 % 1.31 % 1.08 % 1.26 % 1.22 % For the Three Months Ended For the Nine Months Ended September 30, June 30, September 30, September 30, September 30, 2025 2025 2024 2025 2024 Core Efficiency Ratio: Total Noninterest Expense $ 72,834 $ 76,268 $ 70,070 $ 220,352 $ 201,441 Adjustments to Noninterest Expense: Intangible amortization 1,567 1,311 1,223 4,009 3,656 Merger and acquisition related 165 3,955 — 4,229 114 Noninterest Expense - Core $ 71,102 $ 71,002 $ 68,847 $ 212,114 $ 197,671 Net interest income, (FTE) $ 111,474 $ 106,582 $ 96,857 $ 313,913 $ 284,805 Total noninterest income 24,857 24,749 24,698 72,108 73,896 Net securities gains (369) — (194) (373) (217) Total Revenue 135,962 131,331 121,361 385,648 358,484 Adjustments to Revenue: Derivative mark-to-market 2 — (153) (151) (141) Total Revenue - Core $ 135,960 $ 131,331 $ 121,514 $ 385,799 $ 358,625 Core Efficiency Ratio 52.30 % 54.06 % 56.66 % 54.98 % 55.12 % (5) (7) (10)
Page 14
FIRST COMMONWEALTH FINANCIAL CORPORATION CONSOLIDATED FINANCIAL DATA Unaudited (dollars in thousands) DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES September 30, June 30, September 30, 2025 2025 2024 Tangible Equity: Total shareholders' equity $ 1,541,837 $ 1,517,767 $ 1,409,616 Less: intangible assets 400,851 402,558 384,172 Tangible Equity 1,140,986 1,115,209 1,025,444 Less: preferred stock — — — Tangible Common Equity $ 1,140,986 $ 1,115,209 $ 1,025,444 Tangible Assets: Total assets $ 12,310,376 $ 12,237,147 $ 11,983,199 Less: intangible assets 400,851 402,558 384,172 Tangible Assets $ 11,909,525 $ 11,834,589 $ 11,599,027 Tangible Common Equity as a percentage of Tangible Assets 9.58 % 9.42 % 8.84 % Shares Outstanding at End of Period 104,293,298 104,925,587 102,237,941 Tangible Book Value Per Common Share $ 10.94 $ 10.63 $ 10.03 For the Three Months Ended For the Nine Months Ended September 30, June 30, September 30, September 30, September 30, 2025 2025 2024 2025 2024 Pre-tax pre-provision net revenue: Net interest income $ 111,123 $ 106,241 $ 96,515 $ 312,886 $ 283,811 Noninterest income 24,857 24,749 24,698 72,108 73,896 Noninterest expense 72,834 76,268 70,070 220,352 201,441 Pre-tax pre-provision net revenue $ 63,146 $ 54,722 $ 51,143 $ 164,642 $ 156,266 Net securities gains $ (369) $ — $ (194) $ (373) $ (217) Merger and acquisition related expenses 165 3,955 — 4,229 114 Core pre-tax pre-provision net revenue $ 62,942 $ 58,677 $ 50,949 $ 168,498 $ 156,163 Net charge-offs $ 12,247 $ 2,758 $ 8,785 $ 18,103 $ 17,489 (12) (11)