First Commonwealth Announces Fourth Quarter and Full Year 2025 Earnings; Declares Quarterly Dividend, Increases Share Repurchase Authorization | FCF Stock News

INDIANA, Pa., Jan. 27, 2026 (GLOBE NEWSWIRE) -- First Commonwealth Financial Corporation (NYSE: FCF) today announced financial results for the fourth quarter and full year of 2025. Financial Summary (dollars in thousands,For the Three Months Ended For the Year Endedexcept per share data)December 31, September 30, December 31, December 31, December 31, 2025 2025 2024 2025 2024Reported Results Net income$44,876 $41,328 $35,849 $152,302 $142,572 Diluted earnings per share$0.43 $0.39 $0.35 $1.47 $1.39 Return on average assets 1.46% 1.34% 1.23% 1.26% 1.22%Return on average equity 11.49% 10.71% 10.16% 10.15% 10.44% Operating Results (non-GAAP)(1) Core net income$44,658 $41,166 $36,067 $158,101 $142,709 Core diluted earnings per share$0.43 $0.39 $0.35 $1.53 $1.40 Core pre-tax pre-provision net revenue$63,166 $62,942 $51,388 $231,664 $207,551 Provision expense$7,005 $11,327 $6,490 $32,966 $29,170 Provision for credit losses - acquisition day 1 non-PCD - - - $3,759 - Net charge-offs$11,272 $12,247 $13,691 $29,375 $31,180 Reserve build/(release)(2)$(3,837) $(3,361) $(7,206) $6,862 $1,188 Core return on average assets (ROAA) 1.45% 1.34% 1.23% 1.31% 1.22%Core pre-tax pre-provision ROAA 2.05% 2.05% 1.76% 1.92% 1.78%Return on average tangible common equity 15.90% 14.96% 14.40% 14.17% 14.94%Core return on average tangible common equity 15.83% 14.90% 14.48% 14.69% 14.95%Core efficiency ratio 52.84% 52.30% 56.07% 54.42% 55.36%Net interest margin (FTE) 3.98% 3.92% 3.54% 3.84% 3.55% (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. Fourth Quarter 2025 Highlights Net income of $44.9 million and diluted earnings per share of $0.43 represent an increase of $3.5 million, or $0.04 per share from the previous quarter and an increase of $9.0 million, or $0.08 per share from the fourth quarter of 2024Core pre-tax pre-provision net revenue (PPNR)(1) totaled $63.2 million, an increase of $0.2 million from the previous quarter and an increase of $11.8 million from the fourth quarter of 2024Average deposits increased $72.0 million, 2.8% annualized, compared to the prior quarterTotal loans increased $28.6 million, or 1.2% annualized, from the previous quarter, driven by growth in the Equipment Finance and Construction portfolios Loans held for sale increased $208.9 million from the previous quarter due to the designation of $225.4 million of Commercial loans as held for sale Net interest income (FTE) of $113.6 million increased $2.1 million from the previous quarterNoninterest income (excluding a $0.4 million gain on investment securities in both 3Q and 4Q 2025) of $24.3 million decreased $0.2 million from the previous quarterNoninterest expense (excluding $0.2 million of merger-related expenses in 3Q and 4Q 2025) of $74.3 million increased $1.7 million from the previous quarter Profitability The return on average assets (ROAA) was 1.46% as compared to 1.34% in the previous quarter and 1.23% in the fourth quarter of 2024Core return on average assets (ROAA) was 1.45% as compared to 1.34% in the previous quarter and 1.23% in the fourth quarter of 2024Core pre-tax pre-provision ROAA(1) was 2.05% as compared to 2.05% in the prior quarter and 1.76% in the fourth quarter of 2024The net interest margin of 3.98% increased six basis points from the prior quarter and increased 44 basis points from the fourth quarter of 2024The core efficiency ratio(1) of 52.84% increased 54 basis points from the previous quarter and decreased 323 basis points from the fourth quarter of 2024 Strong capital position Bank-level Total Regulatory Capital ratio of 13.4% represents $348.0 million in excess capital above the regulatory “well capitalized” requirement of 10.0%A total of 1,451,296 shares at a weighted average price of $15.94 were repurchased during the fourth quarter of 2025 under the Company’s previously authorized share repurchase programs. The remaining repurchase capacity under the current program was $22.7 million as of December 31, 2025. An additional $25.0 million of share repurchase authority was authorized by the Board in January 2026 Asset quality The provision for credit losses was $7.0 million, a decrease of $4.3 million compared to the previous quarterThe allowance for credit losses as a percentage of end-of-period loans was 1.32%, as compared to 1.34% in the previous quarterTotal nonperforming loans increased $3.1 million from the previous quarterNet charge-offs on loans totaled $11.3 million, a decrease of $1.0 million from the previous quarter Net charge-offs (annualized) as a percentage of average loans outstanding was 0.46% in the fourth quarter of 2025 as compared to 0.51% in the previous quarter Full Year 2025 Highlights Earnings Net income of $152.3 million and diluted earnings per share of $1.47 Core net income(1) was $158.1 million, or $1.53 diluted earnings per share, compared to $142.7 million, or $1.40 diluted earnings per share in the prior year Core pre-tax pre-provision income(1) of $231.7 million increased $24.1 million from the prior year Profitability The return on average assets (ROAA) for the year ended December 31, 2025 was 1.26% as compared to 1.22% in the prior yearCore return on average assets (ROAA) for the year ended December 31, 2025 was 1.31% as compared to 1.22% in the prior yearCore pre-tax pre-provision ROAA(1) for the year ended December 31, 2025 was 1.92% as compared to 1.78% in the prior yearThe core efficiency ratio(1) decreased 94 basis points to 54.42% compared to the prior year Franchise Growth Average deposits grew $580.1 million, or 6.1% compared to the prior year Average deposits (excluding acquired deposits) grew $393.5 million, or 4.2% compared to the prior year Total loans grew $743.7 million, or 8.2% compared to the prior year Total loans (excluding acquired loans) grew $451.9 million, or 5.0% compared to the prior year The loan-to-deposit ratio was 95.4% for the year ended December 31, 2025 as compared to 93.4% in the prior yearTangible book value per share increased $1.18, or 11.8% from the previous year. “Our fourth quarter results capped off a strong year for First Commonwealth, highlighted by solid loan and deposit growth, continued expansion of our net interest margin, and stable capital levels,” said T. Michael Price, President and Chief Executive Officer. “We delivered improved profitability this quarter while maintaining sound credit quality and strengthening our balance sheet through core deposit growth. The progress we made this year—both financially and operationally—positions us well to continue delivering long term value for our shareholders and supporting the financial success of our customers and communities.” Earnings Net income for the quarter ended December 31, 2025 was $44.9 million, or $0.43 per share, compared to $41.3 million, or $0.39 per share in the prior quarter. Net income for the year ended December 31, 2025 was $152.3 million, or $1.47 per share, compared to $142.6 million, or $1.39 per share for the same period in 2024. Net Interest Income and Net Interest Margin Net interest income (FTE) of $113.6 million increased $2.1 million from the previous quarter and increased $18.1 million from the prior year quarter. The increase from the previous quarter was primarily due to a six basis point increase in the net interest margin. The yield on earning assets increased three basis points due to an 11 basis point increase in the yield on indirect auto loans along with a $32.3 million increase in indirect auto balances, combined with a $51.5 million increase in average equipment finance loans. The total cost of funds decreased three basis points due to a 16 basis point decrease in the cost of non-personal NOW accounts and $73.4 million decrease in average short-term borrowings, partially offset by a $72.1 million increase in average time deposits. Total average deposits increased $72.0 million, or 2.8% annualized in the fourth quarter of 2025 as compared to the previous quarter. Total end-of-period deposits decreased $19.6 million, or 0.8% annualized, from the previous quarter. Asset Quality Provision for credit losses totaled $7.0 million in the fourth quarter of 2025 as compared to $11.3 million in the previous quarter. The decrease in provision expense, relative to the prior quarter, was primarily driven by a $4.4 million provision for a dealer floorplan relationship in the prior quarter, along with a $2.3 million decrease in provision expense for unfunded commitments. Nonperforming loans totaled $91.8 million, an increase of $3.1 million from the previous quarter. Nonperforming loans represented 0.94% of total loans as compared to 0.91% and 0.68% for the periods ended September 30, 2025 and December 31, 2024, respectively. At December 31, 2025, criticized loans totaled $267.2 million, an increase of $19.0 million from the previous quarter. During the fourth quarter of 2025, net charge-offs were $11.3 million as compared to net charge-offs of $12.2 million in the previous quarter and $13.7 million in the fourth quarter of 2024. Net charge-offs (annualized) as a percentage of average loans were 0.46%, 0.51% and 0.61% for the periods ended December 31, 2025, September 30, 2025 and December 31, 2024, respectively. Noninterest Income and Noninterest Expense Noninterest income (excluding $0.4 million gain on investment securities in 3Q and 4Q 2025) totaled $24.3 million for the fourth quarter of 2025, as compared to $24.5 million for the third quarter of 2025 and $25.3 million for the fourth quarter of 2024. The $0.2 million decrease from the previous quarter was primarily due to a $0.7 million decrease in wealth advisory fees and a $0.2 million decrease in swap fees, partially offset by a $0.8 million increase in Gain on Sale of Small Business Administration (SBA) loans. For the year ended December 31, 2025, noninterest income (excluding $0.8 million gain sale of investment securities in 2025 and $0.2 million gain on sale of investment securities in 2024) totaled $96.0 million, a decrease of $3.0 million from the prior year. The decrease from the prior year was primarily due to a $6.3 million decrease in card-related interchange income due to the Bank being subject to a full twelve months of the Durbin amendment, partially offset by a $1.8 million increase in wealth advisory fees, a $1.5 million increase in gain on sale of mortgage loans and a $0.7 million increase in swap fees. Noninterest expense (excluding $0.2 million of merger related expenses in 3Q and 4Q 2025 and $0.3 million in 4Q 2024) totaled $74.3 million for the fourth quarter of 2025, as compared to $72.7 million in the third quarter of 2025 and $69.0 million for the fourth quarter of 2024. The $1.7 million increase from the previous quarter was primarily the result of a $1.5 million increase in salaries and benefits and a $0.7 million increase in software expense, partially offset by a $0.9 million decrease for a Pennsylvania shares tax adjustment. The core efficiency ratio was 52.84% during the fourth quarter of 2025 as compared to 52.30% in the previous quarter and 56.07% in the fourth quarter of 2024. For the year ended December 31, 2025, noninterest expense (excluding $4.4 million of merger related expenses in 2025 and $0.4 million in merger expense and $0.4 million loss on the early redemption of subordinated debt in 2024) totaled $290.4 million, as compared to $270.0 million in the prior year. The $20.5 million increase from the prior year was primarily driven by a $14.7 million increase in salaries and benefits and a $1.4 million increase in other professional fees, partially offset by a $1.7 million decrease in operational losses due to lower fraud expense. The core efficiency ratio was 54.42% for the year ended December 31, 2025 as compared to 55.36% in the previous year. Full time equivalent staff was 1,567 at December 31, 2025, 1,548 as September 30, 2025 and 1,512 at December 31, 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 fourth quarter of 2024. The cash dividend is payable on February 20, 2026 to shareholders of record as of February 6, 2026. This dividend represents a 3.1% projected annual yield utilizing the January 26, 2026 closing market price of $17.53. First Commonwealth’s capital ratios for Total, Tier I, Leverage and Common Equity Tier I at December 31, 2025 were 14.5%, 12.7%, 10.9% and 12.1%, 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 fourth quarter and full year 2025 on Wednesday, January 28, 2026 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 126 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 WahlCommunications and Media RelationsPhone: 724-463-6806E-mail: RWahl@fcbanking.com Investor Relations:Ryan M. ThomasVice President / Finance and Investor RelationsPhone: 724-463-1690E-mail: RThomas1@fcbanking.com CONSOLIDATED FINANCIAL DATAUnaudited(dollars in thousands, except per share data) For the Three Months Ended For the Year Ended December 31, September 30, December 31, December 31, December 31, 2025 2025 2024 2025 2024SUMMARY RESULTS OF OPERATIONS Net interest income$113,201 $111,123 $95,081 $426,087 $378,892 Provision for credit losses 7,005 11,327 6,490 32,966 29,170 Provision for credit losses — acquisition day 1 non-PCD — — — 3,759 — Noninterest income 24,716 24,857 25,335 96,824 99,231 Noninterest expense 74,476 72,834 69,304 294,828 270,745 Net income 44,876 41,328 35,849 152,302 142,572 Core net income(5) 44,658 41,166 36,067 158,101 142,709 Earnings per common share (diluted)$0.43 $0.39 $0.35 $1.47 $1.39 Core earnings per common share (diluted)(6)$0.43 $0.39 $0.35 $1.53 $1.40 KEY FINANCIAL RATIOS Return on average assets 1.46% 1.34% 1.23% 1.26% 1.22%Core return on average assets(7) 1.45% 1.34% 1.23% 1.31% 1.22%Return on average assets, pre-provision, pre-tax 2.06% 2.05% 1.75% 1.89% 1.78%Core return on average assets, pre-provision, pre-tax 2.05% 2.05% 1.76% 1.92% 1.78%Return on average shareholders' equity 11.49% 10.71% 10.16% 10.15% 10.44%Return on average tangible common equity(8) 15.90% 14.96% 14.40% 14.17% 14.94%Core return on average tangible common equity(9) 15.83% 14.90% 14.48% 14.69% 14.95%Core efficiency ratio(2)(10) 52.84% 52.30% 56.07% 54.42% 55.36%Net interest margin (FTE)(1) 3.98% 3.92% 3.54% 3.84% 3.55% Book value per common share$15.11 $14.78 $13.81 Tangible book value per common share(11) 11.22 10.94 10.04 Market value per common share 16.86 17.05 16.92 Cash dividends declared per common share 0.135 0.135 0.130 0.535 0.515 ASSET QUALITY RATIOS Nonperforming loans and leases as a percent of end-of-period loans and leases(3) 0.94% 0.91% 0.68% Nonperforming assets as a percent of total assets(3) 0.77% 0.74% 0.55% Net charge-offs as a percent of average loans and leases (annualized)(4) 0.46% 0.51% 0.61% Allowance for credit losses as a percent of nonperforming loans and leases(4) 137.07% 148.04% 193.48% Allowance for credit losses as a percent of end-of-period loans and leases(4) 1.32% 1.34% 1.32% CAPITAL RATIOS Shareholders' equity as a percent of total assets 12.6% 12.5% 12.1% Tangible common equity as a percent of tangible assets(12) 9.7% 9.6% 9.1% Leverage Ratio 10.9% 10.8% 10.6% Risk Based Capital - Tier I 12.7% 12.7% 12.9% Risk Based Capital - Total 14.5% 14.4% 14.6% Common Equity - Tier I 12.1% 12.0% 12.1% FIRST COMMONWEALTH FINANCIAL CORPORATIONCONSOLIDATED FINANCIAL DATAUnaudited(dollars in thousands, except per share data) For the Three Months Ended For the Year Ended December 31, September 30, December 31, December 31, December 31, 2025 2025 2024 2025 2024INCOME STATEMENT Interest income$163,925 $162,709 $149,996 $632,688 $600,463 Interest expense 50,724 51,586 54,915 206,601 221,571 Net Interest Income 113,201 111,123 95,081 426,087 378,892 Provision for credit losses 7,005 11,327 6,490 32,966 29,170 Provision for credit losses - acquisition day 1 non-PCD — — — 3,759 — Net Interest Income after Provision for Credit Losses 106,196 99,796 88,591 389,362 349,722 Net securities gains (losses) 425 369 1 (4,348) (5,446)Gain on sale of VISA — — — 5,146 5,664 Trust income 3,379 3,477 3,031 12,907 11,821 Service charges on deposit accounts 5,828 5,913 5,749 22,774 22,518 Insurance and retail brokerage commissions 2,886 3,499 2,654 12,652 11,546 Income from bank owned life insurance 1,725 1,712 1,418 6,877 6,361 Gain on sale of mortgage loans 1,941 2,132 1,645 7,296 5,795 Gain on sale of other loans and assets 2,198 1,085 3,076 6,888 9,111 Card-related interchange income 3,974 3,985 3,923 15,611 21,887 Derivative mark-to-market 25 2 95 (126) (46)Swap fee income 26 243 797 1,543 885 Other income 2,309 2,440 2,946 9,604 9,135 Total Noninterest Income 24,716 24,857 25,335 96,824 99,231 Salaries and employee benefits 42,265 40,717 38,025 163,981 149,287 Net occupancy 4,981 5,110 4,769 20,714 19,783 Furniture and equipment 4,994 4,427 4,360 18,161 17,453 Data processing 4,197 4,260 4,039 16,359 15,582 Pennsylvania shares tax 483 1,337 1,968 4,495 5,422 Advertising and promotion 1,687 1,931 1,358 6,447 5,535 Intangible amortization 1,494 1,567 1,368 5,503 5,024 Other professional fees and services 1,526 1,843 1,557 6,892 5,533 FDIC insurance 1,535 1,653 1,436 6,117 5,973 Litigation and operational losses 1,080 582 920 2,925 4,592 Loss on sale or write-down of assets 281 87 99 654 451 Loss on early redemption of subordinated debt — — — — 369 Merger and acquisition 150 165 277 4,379 391 Other operating expenses 9,803 9,155 9,128 38,201 35,350 Total Noninterest Expense 74,476 72,834 69,304 294,828 270,745 Income before Income Taxes 56,436 51,819 44,622 191,358 178,208 Income tax provision 11,560 10,491 8,773 39,056 35,636 Net Income$44,876 $41,328 $35,849 $152,302 $142,572 Shares Outstanding at End of Period 102,840,771 104,293,298 101,758,450 102,840,771 101,758,450 Average Shares Outstanding Assuming Dilution 103,643,551 104,754,917 101,963,018 103,524,130 102,205,497 FIRST COMMONWEALTH FINANCIAL CORPORATIONCONSOLIDATED FINANCIAL DATAUnaudited(dollars in thousands) December 31, September 30, December 31, 2025 2025 2024BALANCE SHEET (Period End) Assets Cash and due from banks$103,280 $117,241 $105,051 Interest-bearing bank deposits 77,082 44,170 28,358 Securities available for sale, at fair value 1,052,489 1,100,437 1,178,577 Securities held to maturity, at amortized cost 519,422 479,915 405,639 Loans held for sale 271,452 62,566 51,991 Loans and leases 9,508,039 9,688,288 8,983,754 Allowance for credit losses (125,768) (129,605) (118,906)Net loans and leases 9,382,271 9,558,683 8,864,848 Goodwill and other intangibles 400,229 400,851 383,352 Other assets 536,811 546,513 567,120 Total Assets$12,343,036 $12,310,376 $11,584,936 Liabilities and Shareholders' Equity Noninterest-bearing demand deposits$2,372,771 $2,420,235 $2,249,615 Interest-bearing demand deposits(a) 1,795,513 1,904,381 1,855,633 Savings deposits(a) 4,241,762 4,103,904 3,822,305 Time deposits 1,840,923 1,802,820 1,750,466 Total interest-bearing deposits 7,878,198 7,811,105 7,428,404 Total deposits 10,250,969 10,231,340 9,678,019 Short-term borrowings 147,966 149,557 80,139 Long-term borrowings 261,742 262,057 262,985 Total borrowings 409,708 411,614 343,124 Other liabilities 127,983 125,585 158,628 Shareholders' equity 1,554,376 1,541,837 1,405,165 Total Liabilities and Shareholders' Equity$12,343,036 $12,310,376 $11,584,936 (a) 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. FIRST COMMONWEALTH FINANCIAL CORPORATIONCONSOLIDATED FINANCIAL DATAUnaudited(dollars in thousands) For the Three Months Ended For the Year Ended December 31, Yield/September 30, Yield/December 31, Yield/ December 31, Yield/December 31, Yield/ 2025 Rate2025 Rate2024 Rate 2025 Rate2024 RateNET INTEREST MARGIN Assets Loans and leases (FTE)(1)(3)$9,736,392 6.12%$9,653,118 6.08%$9,034,096 5.97% $9,474,491 6.06%$9,013,742 6.02%Interest bearing bank deposits 48,542 4.48% 40,159 4.85% 58,469 5.22% 56,166 4.73% 164,339 5.52%Securities (FTE)(1) 1,525,296 3.52% 1,597,369 3.60% 1,620,823 3.43% 1,597,220 3.59% 1,536,812 3.27%Total Interest-Earning Assets (FTE)(1) 11,310,230 5.76% 11,290,646 5.73% 10,713,388 5.58% 11,127,877 5.70% 10,714,893 5.62%Noninterest-earning assets 919,649 919,357 912,328 928,278 940,073 Total Assets$12,229,879 $12,210,003 $11,625,716 $12,056,155 $11,654,966 Liabilities and Shareholders' Equity Interest-bearing demand and savings deposits$6,054,039 2.00%$6,064,450 2.03%$5,703,763 2.22% $5,972,711 2.06%$5,636,553 2.20%Time deposits 1,806,856 3.65% 1,734,804 3.66% 1,730,251 4.32% 1,763,299 3.80% 1,549,999 4.32%Short-term borrowings 55,098 2.64% 128,548 3.89% 98,113 4.28% 95,322 3.67% 444,453 4.60%Long-term borrowings 261,872 4.92% 262,186 4.97% 252,064 5.07% 262,371 4.97% 186,550 5.51%Total Interest-Bearing Liabilities 8,177,865 2.46% 8,189,988 2.50% 7,784,191 2.81% 8,093,703 2.55% 7,817,555 2.83%Noninterest-bearing deposits 2,376,821 2,366,509 2,293,343 2,328,689 2,298,065 Other liabilities 125,496 122,896 144,153 132,792 173,426 Shareholders' equity 1,549,697 1,530,610 1,404,029 1,500,971 1,365,920 Total Noninterest-Bearing Funding Sources 4,052,014 4,020,015 3,841,525 3,962,452 3,837,411 Total Liabilities and Shareholders' Equity$12,229,879 $12,210,003 $11,625,716 $12,056,155 $11,654,966 Net Interest Margin (FTE) (annualized)(1) 3.98% 3.92% 3.54% 3.84% 3.55% FIRST COMMONWEALTH FINANCIAL CORPORATIONCONSOLIDATED FINANCIAL DATAUnaudited(dollars in thousands) Balance Prior to Portfolio Move Portfolio Moved to HFS December 31, December 31, December 31, September 30, December 31, 2025 2025 2025 2025 2024Loan and Lease Portfolio Detail Commercial Loan and Lease Portfolio: Commercial, financial, agricultural and other$1,370,005 $(18,281) $1,351,724 $1,374,627 $1,250,669 Commercial real estate 3,355,970 (173,861) 3,182,109 3,408,801 3,124,704 Equipment finance loans and leases 693,265 — 693,265 634,398 427,320 Real estate construction 439,095 (23,559) 415,536 403,548 475,367 Total Commercial 5,858,335 (215,701) 5,642,634 5,821,374 5,278,060 Consumer Loan Portfolio: Closed-end mortgages 1,839,901 (9,431) 1,830,470 1,858,471 1,849,223 Home equity lines of credit 530,064 (249) 529,815 524,254 492,480 Real estate construction 47,250 — 47,250 41,894 8,017 Total Real Estate - Consumer 2,417,215 (9,680) 2,407,535 2,424,619 2,349,720 Auto & RV loans 1,387,195 — 1,387,195 1,370,551 1,280,645 Direct installment 23,057 — 23,057 24,115 25,935 Personal lines of credit 45,785 — 45,785 45,657 47,313 Student loans 1,833 — 1,833 1,972 2,081 Total Other Consumer 1,457,870 — 1,457,870 1,442,295 1,355,974 Total Consumer Portfolio 3,875,085 (9,680) 3,865,405 3,866,914 3,705,694 Total Portfolio Loans and Leases 9,733,420 (225,381) 9,508,039 9,688,288 8,983,754 Loans held for sale - individual 46,071 — 46,071 62,566 51,991 Loans held for sale - portfolio — 225,381 225,381 — — Total Loans and Leases$9,779,491 $— $9,779,491 $9,750,854 $9,035,745 December 31, September 30, December 31, 2025 2025 2024ASSET QUALITY DETAIL Nonperforming Loans and Leases: Loans and leases on nonaccrual basis $81,476 $76,622 $45,827 Loans on nonaccrual basis - acquisition 10,280 10,925 15,629 Loans held for sale on a nonaccrual basis — 1,138 — Total Nonperforming Loans and Leases $91,756 $88,685 $61,456 Other real estate owned ("OREO") 990 853 895 Repossessions ("Repos") 1,744 1,503 792 Total Nonperforming Assets $94,490 $91,041 $63,143 Loans past due in excess of 90 days and still accruing 1,288 2,117 2,064 Classified loans and leases 139,378 124,902 96,296 Criticized loans and leases 267,164 248,214 224,175 Nonperforming assets as a percentage of total loans and leases, plus OREO and Repos(4) 0.99% 0.94% 0.70%Allowance for credit losses $125,768 $129,605 $118,906 FIRST COMMONWEALTH FINANCIAL CORPORATIONCONSOLIDATED FINANCIAL DATAUnaudited(dollars in thousands) For the Three Months Ended For the Year Ended December 31, September 30, December 31, December 31, December 31, 2025 2025 2024 2025 2024Net Charge-offs (Recoveries): Commercial, financial, agricultural and other$7,152 $6,927 $4,102 $15,134 $14,699 Real estate construction 465 829 1,057 1,294 1,086 Commercial real estate 2,039 3,011 6,620 6,971 8,501 Residential real estate 362 106 (27) 511 113 Loans to individuals 1,254 1,374 1,939 5,465 6,781 Net Charge-offs$11,272 $12,247 $13,691 $29,375 $31,180 Net charge-offs as a percentage of average loans and leases outstanding (annualized)(4) 0.46% 0.51% 0.61% 0.31% 0.35%Provision for credit losses as a percentage of net charge-offs 62.15% 92.49% 47.40% 112.22% 93.55%Provision for credit losses$7,005 $11,327 $6,490 $32,966 $29,170 DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURESNote: 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 For the Year Ended December 31, September 30, December 31, December 31, December 31, 2025 2025 2024 2025 2024 Interest income$163,925 $162,709 $149,996 $632,688 $600,463 Adjustment to fully taxable equivalent basis(1) 355 351 354 1,382 1,347 Interest income adjusted to fully taxable equivalent basis (non-GAAP) 164,280 163,060 150,350 634,070 601,810 Interest expense 50,724 51,586 54,915 206,601 221,571 Net interest income, (FTE)(1)$113,556 $111,474 $95,435 $427,469 $380,239 FIRST COMMONWEALTH FINANCIAL CORPORATIONCONSOLIDATED FINANCIAL DATAUnaudited(dollars in thousands, except per share data) DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES For the Three Months Ended For the Year Ended December 31, September 30, December 31, December 31, December 31, 2025 2025 2024 2025 2024 Net Income$44,876 $41,328 $35,849 $152,302 $142,572 Intangible amortization 1,494 1,567 1,368 5,503 5,024 Tax benefit of amortization of intangibles (314) (329) (287) (1,156) (1,055)Net Income, adjusted for tax affected amortization of intangibles$46,056 $42,566 $36,930 $156,649 $146,541 Average Tangible Equity: Total shareholders' equity$1,549,697 $1,530,610 $1,404,029 $1,500,971 $1,365,920 Less: intangible assets 400,638 401,825 383,620 395,355 384,844 Tangible Equity 1,149,059 1,128,785 1,020,409 1,105,616 981,076 Less: preferred stock — — — — — Tangible Common Equity$1,149,059 $1,128,785 $1,020,409 $1,105,616 $981,076 (8)Return on Average Tangible Common Equity 15.90% 14.96% 14.40% 14.17% 14.94% For the Three Months Ended For the Year Ended December 31, September 30, December 31, December 31, December 31, 2025 2025 2024 2025 2024 Core Net Income: Total Net Income$44,876 $41,328 $35,849 $152,302 $142,572 Net securities gains (425) (369) (1) (798) (218)Tax benefit of net securities gains 89 77 — 168 46 Merger and acquisition related expenses 150 165 277 4,379 391 Tax benefit of merger and acquisition related expenses (32) (35) (58) (920) (82)Provision for credit losses - acquisition day 1 non-PCD — — — 3,759 — Tax benefit of provision for credit losses - acquisition day 1 non-PCD — — — (789) — (5)Core net income$44,658 $41,166 $36,067 $158,101 $142,709 Average Shares Outstanding Assuming Dilution 103,643,551 104,754,917 101,963,018 103,524,130 102,205,497 (6)Core Earnings per common share (diluted)$0.43 $0.39 $0.35 $1.53 $1.40 Intangible amortization 1,494 1,567 1,368 5,503 5,024 Tax benefit of amortization of intangibles (314) (329) (287) (1,156) (1,055)Core Net Income, adjusted for tax affected amortization of intangibles$45,838 $42,404 $37,148 $162,448 $146,678 (9)Core Return on Average Tangible Common Equity 15.83% 14.90% 14.48% 14.69% 14.95% FIRST COMMONWEALTH FINANCIAL CORPORATIONCONSOLIDATED FINANCIAL DATAUnaudited(dollars in thousands, except per share data) DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES For the Three Months Ended For the Year Ended December 31, September 30, December 31, December 31, December 31, 2025 2025 2024 2025 2024Core Return on Average Assets: Total Net Income$44,876 $41,328 $35,849 $152,302 $142,572 Total Average Assets 12,229,879 12,210,003 11,625,716 12,056,155 11,654,966 Return on Average Assets 1.46% 1.34% 1.23% 1.26% 1.22% Core Net Income(5)$44,658 $41,166 $36,067 $158,101 $142,709 Total Average Assets 12,229,879 12,210,003 11,625,716 12,056,155 11,654,966 (7)Core Return on Average Assets 1.45% 1.34% 1.23% 1.31% 1.22% For the Three Months Ended For the Year Ended December 31, September 30, December 31, December 31, December 31, 2025 2025 2024 2025 2024Core Efficiency Ratio: Total Noninterest Expense$74,476 $72,834 $69,304 $294,828 $270,745 Adjustments to Noninterest Expense: Intangible amortization 1,494 1,567 1,368 5,503 5,024 Merger and acquisition related 150 165 277 4,379 391 Noninterest Expense - Core$72,832 $71,102 $67,659 $284,946 $265,330 Net interest income, (FTE)$113,556 $111,474 $95,435 $427,469 $380,239 Total noninterest income 24,716 24,857 25,335 96,824 99,231 Net securities gains (425) (369) (1) (798) (218)Total Revenue 137,847 135,962 120,769 523,495 479,252 Adjustments to Revenue: Derivative mark-to-market 25 2 95 (126) (46)Total Revenue - Core$137,822 $135,960 $120,674 $523,621 $479,298 (10)Core Efficiency Ratio 52.84% 52.30% 56.07% 54.42% 55.36% FIRST COMMONWEALTH FINANCIAL CORPORATIONCONSOLIDATED FINANCIAL DATAUnaudited(dollars in thousands) DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES December 31, September 30, December 31, 2025 2025 2024Tangible Equity: Total shareholders' equity$1,554,376 $1,541,837 $1,405,165 Less: intangible assets 400,229 400,851 383,352 Tangible Equity 1,154,147 1,140,986 1,021,813 Less: preferred stock — — — Tangible Common Equity$1,154,147 $1,140,986 $1,021,813 Tangible Assets: Total assets$12,343,036 $12,310,376 $11,584,936 Less: intangible assets 400,229 400,851 383,352 Tangible Assets$11,942,807 $11,909,525 $11,201,584 (12)Tangible Common Equity as a percentage of Tangible Assets 9.66% 9.58% 9.12% Shares Outstanding at End of Period 102,840,771 104,293,298 101,758,450 (11)Tangible Book Value Per Common Share$11.22 $10.94 $10.04 For the Three Months Ended For the Year Ended December 31, September 30, December 31, December 31, December 31, 2025 2025 2024 2025 2024Pre-tax pre-provision net revenue: Net interest income$113,201 $111,123 $95,081 $426,087 $378,892 Noninterest income 24,716 24,857 25,335 96,824 99,231 Noninterest expense 74,476 72,834 69,304 294,828 270,745 Pre-tax pre-provision net revenue$63,441 $63,146 $51,112 $228,083 $207,378 Net securities gains$(425) $(369) $(1) $(798) $(218)Merger and acquisition related expenses 150 165 277 4,379 391 Core pre-tax pre-provision net revenue$63,166 $62,942 $51,388 $231,664 $207,551 Net charge-offs$11,272 $12,247 $13,691 $29,375 $31,180