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NYSE: FCF
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2 2Q 2026 Earnings Release Webcast Presentation July 29, 2026
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3 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: volatility and disruption in national and international financial markets; the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board; inflation, interest rate, commodity price, securities market and monetary fluctuations; 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; the soundness of other financial institutions; (6) political instability; impairment of First Commonwealth’s goodwill or other intangible assets; acts of God or of war or terrorism; the timely development and acceptance of new products and services and perceived overall value of these products and services by users; changes in consumer spending, borrowings and savings habits; changes in the financial performance and/or condition of First Commonwealth’s borrowers; technological changes; acquisitions and integration of acquired businesses; First Commonwealth’s ability to attract and retain qualified employees; changes in the competitive environment in First Commonwealth’s markets and among banking organizations and other financial service providers; the ability to increase market share and control expenses; 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; the reliability of First Commonwealth’s vendors, internal control systems or information systems; 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 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. Forward-looking statements speak only as of the date on which they are made. First Commonwealth undertakes no obligation to update any forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made. FORWARD-LOOKING STATEMENTS
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4 SECOND QUARTER 2026 HIGHLIGHTS Highlights Diversified balance sheet and revenue streams continue to support the fundamental earnings of the company $65.0 million Core Pre-tax pre-provision income(1) 2.14% Core PTPP ROAA(1) 1.35% Reserve coverage ratio $5.7 billion Available liquidity $418.1 million Excess capital(2) 9.9% TCE ratio(1) Core EPS of $0.44 was an increase of $0.07 from the previous quarter and an increase of $0.06 from the prior year quarter The net interest margin was 4.01%, a 9 basis point increase from the previous quarter and 19 basis point increase from the prior year quarter Average deposits grew by $52.3 million, or 2.0% annualized from the previous quarter Total loans increased $46.5 million, or 2.0% annualized from the previous quarter Provision expense was $8.9 million, which represented a $1.8 million decrease from the previous quarter Fee income increased by $2.2 million from the previous quarter Operating expense decreased by $1.3 million from the previous quarter The core efficiency ratio decreased 320 basis points to 52.2% Tangible book value per share increased 8.5% (annualized) from the previous quarter A total of 645,695 shares were repurchased with an aggregate value of $12 million during the quarter The Board of Directors approved an additional $75 million share repurchase program on July 28, 2026 (1) Non-GAAP measures (2) Represents excess capital above the bank-level Total Capital ratio regulatory “well capitalized” requirement of 10.0% 2Q 2026 Earnings Webcast Presentation
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2Q 2026 Earnings Release Webcast Presentation 5 NET INTEREST INCOME AND NET INTEREST MARGIN $ in millions (1) Taxable equivalent Net interest income (FTE) of $112.8 million increased $3.5 million from LQ and increased $6.2 million YoY Net interest margin of 4.01% increased 9bps from LQ but increased 18bps YoY − Cost of deposits was 1.74% in the current quarter compared to 1.79% LQ − Cost of funds was 1.79% in the current quarter compared to 1.86% LQ Approximately $4.7 billion, or 49%, of the $9.7 billion loan portfolio is variable − Average duration of the loan portfolio is 2.6 years − There were $125 million of floating rate macro swaps that matured in 2Q26, and $25 million that will mature in the remainder of 2026 Net Interest Income(1) Yield/Cost Trends(1)
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2Q 2026 Earnings Release Webcast Presentation 6 LOANS $ in millions (1) Includes loans held for sale (2) Taxable equivalent yield (3) Includes $785, $747 and $574 million Equipment Finance Loans in 2Q26, 1Q26 and 2Q26, respectively Average Loans(1) Period-end Loans(1) Average Average loans decreased $106.3 million from LQ but increased $29.7 million YoY The yield on loans increased 5bps from LQ but decreased 2bps YoY Period-end Total loans(1) increased $46.5 million, or 2.0% annualized, from the previous quarter − Commercial Construction loans increased $51.9 million from LQ − Equipment finance loans increased $38.0 million from LQ − HELOC loans increased $19.3 million from LQ − Indirect auto loans increased $23.5 million from LQ Partially offset by… − CRE loans decreased $65.0 million from LQ − C&I loans (excluding equipment finance) decreased $28.5 million from LQ (2) (3)
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2Q 2026 Earnings Release Webcast Presentation 7 $ in millions Average Deposits Period-end Deposits Average Average deposits grew $52.3 million or 2.0% annualized from LQ Average deposits increased $294.0 million, or 11.7% from prior year quarter Average interest-bearing and savings deposits increased $76.2 million from LQ Average noninterest-bearing deposits increased $27.4 million from LQ Average time deposits decreased $51.3 million from LQ The total cost of deposits decreased 5bps from LQ Period-end Total period-end deposits decreased $149.8 million, or 5.8% annualized from LQ Noninterest-bearing deposits increased $43.5 million from LQ Noninterest-bearing deposits currently comprise 23.5% of total deposits DEPOSITS
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2Q 2026 Earnings Release Webcast Presentation 8 Fee income increased $2.2 million from LQ and increased $1.9 million YoY Gain on the early redemption of sub debt of $0.8 million in 2Q26 Other fees increased $0.4 million from LQ due to $0.3 million in limited partnership gains BOLI increased $0.3 million from LQ Card-related interchange income increased $0.3 million from LQ Gain on sale of mortgage loans increased $0.1 million from LQ and $0.5 million YoY ꟷ 2Q26 mortgage originations of $107.8 million increased by $16.5 million from LQ Fee income represented 19.1% of total operating revenue (1) Please refer to the appendix for disclosures regarding non-GAAP measures $ in millions NONINTEREST INCOME 2Q26 1Q26 2Q25 1Q26 2Q25 Interchange $4.0 $3.7 $4.0 $0.3 $0.0 Service Charges 5.7 5.5 5.6 0.2 0.1 Trust 3.6 3.4 3.0 0.2 0.6 Retail Brokerage 1.7 1.8 1.9 (0.1) (0.2) Insurance 1.4 1.5 1.2 (0.1) 0.2 BOLI 2.1 1.8 1.9 0.3 0.2 Gain on sale of mortgage loans 2.3 2.2 1.8 0.1 0.5 Gain on sale of SBA loans 1.6 1.6 1.7 0.0 (0.1) Gain on sale of Assets 1.2 0.6 0.5 0.6 0.7 SWAP fees 0.4 0.1 0.4 0.3 0.0 Other fees 2.6 2.2 2.7 0.4 (0.1) Total Fee Income $26.6 $24.4 $24.7 $2.2 $1.9 Gain of sale of securities 0.3 0.2 0.0 0.1 0.3 Derivative mark-to-market 0.1 0.0 0.0 0.1 0.1 Total Noninterest Income $27.0 $24.6 $24.7 $2.4 $2.3 Change from
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2Q 2026 Earnings Release Webcast Presentation 9 NONINTEREST EXPENSE (1) Please refer to the appendix for disclosures regarding non-GAAP measures Total operating expense decreased $1.3 million from LQ and increased $1.8 million YoY Furniture & equipment expense decreased $0.6 million from LQ due to a $0.4 million rebate received from a third- party vendor Occupancy decreased by $0.5 million due to a $0.7 million decrease in snow removal FDIC decreased by $0.5 million from LQ due to a lower assessment rate Other professional fees increased by $0.5 million from LQ and decreased by $0.3 million YoY FTEs of 1,589 decreased 3 from LQ and increased 27 YoY (1) 2Q26 1Q26 2Q25 1Q26 2Q25 Salaries and benefits $42.7 $42.9 $40.6 ($0.2) $2.1 Occupancy 5.0 5.5 4.9 (0.5) 0.1 Furniture and equipment 4.2 4.8 4.5 (0.6) (0.3) PA shares tax 1.5 1.3 1.3 0.2 0.2 Data processing 4.2 4.2 4.1 0.0 0.1 Professional fees 1.6 1.1 1.9 0.5 (0.3) FDIC insurance 1.1 1.6 1.6 (0.5) (0.5) Operational losses 0.8 0.9 0.5 (0.1) 0.3 Loss on sale or write-down of assets 0.1 0.6 0.1 (0.5) 0.0 Other operating expenses 11.6 11.2 11.5 0.4 0.1 Total operating expense $72.8 $74.1 $71.0 ($1.3) $1.8 Intangible amortization 1.3 1.3 1.3 0.0 0.0 Merger Expenses 0.1 0.1 4.0 0.0 (3.9) Total noninterest expense $74.2 $75.5 $76.3 ($1.3) ($2.1) Change from
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2Q 2026 Earnings Release Webcast Presentation 10 CREDIT QUALITY (1) Net charge-offs as a percentage of period-to-date average loans, annualized Provision Expense and Net Charge-offs Nonperforming Assets Provision expense of $8.9 million decreased $1.8 million from LQ The allowance for credit losses as a percentage of end-of- period loans was 1.35% as compared to 1.37% in LQ Nonperforming loans of $81.6 million decreased $10.7 million from LQ Net Charge-offs of $11.4 million increased $3.2 million from LQ (1) Criticized and Classified Loans
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2Q 2026 Earnings Release Webcast Presentation 11 (1) Net payout ratio represents common stock dividends and share repurchases less share issuances and stock compensation-related items, excluding acquisition-related items, divided by net income attributable to common stock Payout Ratios • Strong capital levels allow us to continue to return capital to shareholders • There were 645,695 shares repurchases in 2Q 2026; remaining capacity under the current program was $13.0 million as of June 30, 2026 • On July 28, 2026, the Board of Directors authorized an additional $75 million share repurchase program (1) CAPITAL RETURN
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2Q 2026 Earnings Release Webcast Presentation 12 ADDITIONAL AREAS OF FOCUS
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2Q 2026 Earnings Release Webcast Presentation 13 SOURCES OF LIQUIDITY (1) Acquired from Centric (2) Uninsured deposits include intercompany deposits of $144.6 million based on the FDIC’s revised instructions for reporting uni nsured deposits As of June 30, 2026 Total Available Amount Used Net Availability Internal Sources: Unencumbered Securities $702.0 $0 $702.0 Other (Excess Pledged) $129.0 $0 $129.0 External Sources: FHLB $2,686.4 $126.1 $2,560.3 Federal Reserve $1,014.9 $0 $1,014.9 Brokered Deposits $1,217.6 $14.0 (1) $1,203.6 Other (Repo Lines) $160.0 $0 $160.0 Total Liquidity $5,909.9 $140.1 $5,769.8 (2) $ in millions
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2Q 2026 Earnings Release Webcast Presentation 14 INVESTMENT SECURITIES PORTFOLIO (1) EOP balances, includes AFS, the unrealized AFS loss and HTM securities as of June 30, 2026 $ in millions Conservative investment portfolio intended to act as a pool of liquidity There were $149.0 mm of investment securities purchased during the quarter with a weighted average life of 4.9 years One callable security was redeemed in the second quarter, resulting in a $311 thousand gain Low credit risk; 96% of portfolio consists of Agency, CMO and MBS Average securities to total interest-earning assets of 15% AOCI/Tangible common equity was 6.0% at June 30, 2026, an increase from 5.9% at March 31, 2026 $1.7B 34% HTM/ 66% AFS Securities Portfolio Composition(1) Average Securities
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2Q 2026 Earnings Release Webcast Presentation 15 2Q 26 % of total loans Owner-occupied CRE 756.7$ 8.0% Multifamily 636.8 6.7% Retail 631.6 6.6% Office 323.5 3.4% Office - Medical 48.9 0.5% Hospitality 207.2 2.2% Industrial Distr./Warehouse 246.7 2.6% Healthcare Facilities 31.2 0.3% Other 201.2 2.1% Total 3,083.8$ 32.4% CRE PORTFOLIO EOP balances as of June 30, 2026 $ in millions Granular portfolios with well-reasoned hold levels Stable geographic footprint in familiar markets: - Pittsburgh - Columbus - Cincinnati - Cleveland - Eastern PA $9.5B Jun 30, 2026 Commercial Real Estate PortfolioTotal Loans Strong credit metrics Well reserved Loans >$3 million are formally reviewed by committee annually Annual in-depth Industry Studies analyze key credit metrics for each CRE segment
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2Q 2026 Earnings Release Webcast Presentation 16 CRE PORTFOLIO: OFFICE Risk profile reflects well-diversified, granular portfolio and conservative credit culture (1) Balances as of June 30, 2026; CRE Office portfolio excludes owner-occupied, office properties under construction and commitments <$1 million (2) Loan-to-value as of the most recent appraisal or at origination $ in millions Office credits >$1 million (90% of Office portfolio balances) are formally reviewed annually Average Office loan size is $1.1 million Average loan size >$1 million is $5.7 million - 12 loans >$10 million Approximately $64 million are located in central business districts (~14% of total office portfolio) Approximately 80% are recourse Stable credit metrics and stable markets Geographic Breakdown(1) $322.3M Jun 30, 2026 Office Maturity Schedule(1) Commitment Balance Commit Vacancy Rent/SF DSCR WA LTV $ $ $ % $ x % Class A 193.1$ 193.1$ 9.7$ 15% 19.37$ 1.52 60% Non-Class A 85.0 85.0 3.9 18% 16.25 1.63 39% Medical 44.2 44.2 3.7 12% 24.76 1.37 35% Total 322.3$ 322.3$ 5.7$ 15% 20.13$ 1.51 45% Average:
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2Q 2026 Earnings Release Webcast Presentation 17 APPENDIX
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2Q 2026 Earnings Release Webcast Presentation 18 Operating Revenue 2Q26 1Q26 4Q25 3Q25 2Q25 Net Interest Income $112.4 $109.0 $113.2 $111.1 $106.2 Tax equivalent adjustment 0.4 0.3 0.4 0.4 0.4 Net Interest Income (FTE) 112.8 109.3 113.6 111.5 106.6 Noninterest Income (Reported) 27.0 24.6 24.7 24.9 24.7 Less: Realized gains / (losses) on securities 0.3 0.2 0.4 0.4 0.0 Less: Derivative mark-to-market 0.1 0.0 0.0 0.0 0.0 Total Noninterest Income (Operating) $26.6 $24.4 $24.3 $24.5 $24.7 Total Operating Revenue $139.4 $133.7 $137.9 $136.0 $131.3 Average Assets 12,191 12,225 12,230 12,210 12,096 Operating Revenue / Average Assets (%) 4.57% 4.37% 4.51% 4.46% 4.34% Operating Expense 2Q26 1Q26 4Q25 3Q25 2Q25 Noninterest Expense $74.2 $75.6 $74.5 $72.8 $76.3 Less: Intangible amortization 1.3 1.4 1.5 1.5 1.3 Less: Merger and acquisition related 0.1 0.1 0.2 0.2 4.0 Total Operating Expense $72.8 $74.1 $72.8 $71.1 $71.0 Average Assets 12,191 12,225 12,230 12,210 12,096 Operating Expense / Average Assets (%) 2.39% 2.43% 2.38% 2.33% 2.35% Core Efficiency Ratio(1) 52.2% 55.4% 52.8% 52.3% 54.1% Core Pre-tax Pre-Provision Net Income (Reported) $65.0 $57.9 $63.2 $62.9 $58.7 Average Diluted Shares Outstanding 101.6 102.4 103.6 104.8 103.9 Core Pre-tax Pre-Provision Net Income per share $0.64 $0.57 $0.61 $0.60 $0.56 NON-GAAP MEASURES $ in millions (1) Core Efficiency Ratio is calculated as Operating Expense as a percentage of Operating Revenue 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.
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2Q 2026 Earnings Release Webcast Presentation 19 Core Earnings per Share 2Q26 1Q26 4Q25 3Q25 2Q25 Net Income (GAAP) $44.6 $37.5 $44.9 $41.3 $33.4 (after tax) Less: Realized gains/ (losses) on securities (after tax) (0.3) (0.1) (0.3) (0.2) 0.0 Less: Merger and acquisition related (after tax) 0.1 0.1 0.1 0.1 3.1 Less: Provision - Acquisitions Day 1 Non-PCD (after tax) 0.0 0.0 0.0 0.0 3.0 Core Net Income (Non-GAAP) $44.4 $37.5 $44.7 $41.2 $39.5 Average Diluted Shares Outstanding 101.6 102.4 103.6 104.8 103.9 Core Earnings per Share (Non-GAAP) $0.44 $0.37 $0.43 $0.39 $0.38 Core Return on Average Assets (%) 2Q26 1Q26 4Q25 3Q25 2Q25 Net Income (GAAP) $44.6 $37.5 $44.9 $41.3 $33.4 Less: Realized gains/ (losses) on securities (after tax) (0.3) (0.1) (0.3) (0.2) 0.0 Less: Merger and acquisition related (after tax) 0.1 0.1 0.1 0.1 3.1 Core Net Income (Non-GAAP) $44.4 $37.5 $44.7 $41.2 $39.5 Average Assets 12,191 12,225 12,230 12,210 12,096 Core Return on Average Assets (Non-GAAP) 1.46% 1.24% 1.45% 1.34% 1.31% Core Pre-tax Pre-Provision Net Income $65.0 $57.9 $63.2 $62.9 $58.7 Core Pre-tax Pre-Provision Income / Average Assets (%) 2.14% 1.92% 2.05% 2.05% 1.95% NON-GAAP MEASURES $ in millions, except per share data 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.
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2Q 2026 Earnings Release Webcast Presentation 20 Tangible Common Equity / Tangible Assets (Tangible Common Equity Ratio) 2Q26 1Q26 4Q25 3Q25 2Q25 Total Equity $1,569 $1,552 $1,554 $1,542 $1,518 Less: Intangible assets 398 399 400 401 403 Less: Preferred stock 0 0 0 0 0 Tangible Common Equity $1,171 $1,153 $1,154 $1,141 $1,115 Total Assets $12,208 $12,263 $12,343 $12,310 $12,237 Less: Intangible assets 398 399 400 401 403 Tangible Assets $11,810 $11,863 $11,943 $11,910 $11,835 Tangible Common Equity / Tangible Assets 9.9% 9.7% 9.7% 9.6% 9.4% Tangible Common Equity $1,171 $1,153 $1,154 $1,141 $1,115 Less: Accumulated Other Comprehensive Income (AOCI) (71) (68) (65) (69) (76) Tangible Common Equity (excl. AOCI) $1,242 $1,221 $1,219 $1,210 $1,191 Tangible Common Equity / Tangible Assets (excl. AOCI) 10.5% 10.3% 10.2% 10.2% 10.1% Return on Average Tangible Common Equity (%) 2Q26 1Q26 4Q25 3Q25 2Q25 Average Equity $1,563 $1,562 $1,550 $1,531 $1,493 Less: Average intangible assets 399 400 401 402 396 Average Tangible Common Equity $1,165 $1,163 $1,149 $1,129 $1,097 Net Income (GAAP) $44.6 $37.5 $44.9 $41.3 $33.4 Less: Intangible amortization (after tax) 1.0 1.1 1.2 1.3 1.0 Net Income Adjusted for Intangible Amortization (Non-GAAP) $45.6 $38.6 $46.1 $42.6 $34.4 Return on Average Tangible Common Equity 15.7% 13.5% 15.9% 15.0% 12.6% NON-GAAP MEASURES $ in millions 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.
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2Q 2026 Earnings Release Webcast Presentation 21 Core Return on Average Tangible Common Equity (%) 2Q26 1Q26 4Q25 3Q25 2Q25 Average Equity $1,563 $1,562 $1,550 $1,531 $1,493 Less: Average intangible assets 399 400 401 402 396 Average Tangible Common Equity $1,165 $1,163 $1,149 $1,129 $1,097 Net Income (GAAP) $44.6 $37.5 $44.9 $41.3 $33.4 Less: Realized gains/ (losses) on securities (after tax) (0.3) (0.1) (0.3) (0.2) 0.0 Less: Merger and acquisition related (after tax) 0.1 0.1 0.1 0.1 3.1 Less: Provision - Acquisitions Day 1 Non-PCD (after tax) 0.0 0.0 0.0 0.0 3.0 Core Net Income (Non-GAAP) $44.4 $37.5 $44.7 $41.2 $39.5 Less: Intangible amortization (after tax) 1.0 1.1 1.1 1.3 1.0 Core Net Income Adjusted for Intangible Amortization (Non-GAAP) $45.4 $38.6 $45.8 $42.5 $40.5 Core Return on Average Tangible Common Equity 15.7% 13.4% 15.8% 14.9% 14.8% NON-GAAP MEASURES $ in millions 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.