First · NYSE:FCF

First — First Commonwealth Financial — Q3 2025 Earnings Presentation

23 slides from First's earnings presentation, Oct 29, 2025

  1. Slide 1: First Commonwealth NYSE: FCF

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  2. Slide 2: 3Q 2025 Earnings Release Webcast Presentation

    3Q 2025 Earnings Release Webcast Presentation October 29, 2025 2

  3. Slide 3: Forward-Looking Statements

    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 “Exch

  4. Slide 4: Third Quarter 2025 Highlights

    3Q 2025 Earnings Webcast Presentation THIRD QUARTER 2025 HIGHLIGHTS Diversified balance sheet and revenue streams continue to Highlights support the fundamental earnings of the company $62.9 million  Core EPS of $0.39 was an increase of $0.01 from the previous quarter Core Pre-tax pre-provision  T

  5. Slide 5: Net Interest Income and Net Interest Margin

    3Q 2025 Earnings Release Webcast Presentation NET INTEREST INCOME AND NET INTEREST MARGIN Net Interest Income(1)  Net interest income (FTE) of $111.5 million increased $4.9 million from LQ and $14.6 million YoY  Net interest margin of 3.92% increased 9bp from LQ and 36bps YoY − Cost of deposits wa

  6. Slide 6: Loans

    3Q 2025 Earnings Release Webcast Presentation LOANS Average Loans(1) Average  Average loans increased $222.8 million from LQ and increased $648.3 million YoY − Average loan growth (excluding acquired balances) totaled $124.3 million, or 5.3% annualized from LQ  The yield on loans decreased 1bps fr

  7. Slide 7: Deposits

    3Q 2025 Earnings Release Webcast Presentation DEPOSITS Average  Average deposits grew $102.7million or 4.0% Average Deposits annualized from LQ  Average deposits (excluding acquired balances) increased $9.6 million, or 0.4% annualized from LQ  Average interest-bearing and savings deposits (exclud

  8. Slide 8: Noninterest Income

    3Q 2025 Earnings Release Webcast Presentation NONINTEREST INCOME Change from 3Q25 2Q25 3Q24 2Q25 3Q24  Fee income (excluding security gains) Interchange $4.0 $4.0 $4.1 $0.0 ($0.1) Service Charges 5.9 5.6 5.8 0.3 0.1 decreased $0.2 million from LQ and YoY Trust 3.5 3.0 3.2 0.5 0.3 Retail Brokerage 2

  9. Slide 9: Noninterest Expense

    3Q 2025 Earnings Release Webcast Presentation NONINTEREST EXPENSE Change from 3Q25 2Q25 3Q24 2Q25 3Q24 Salaries and benefits $40.7 $40.6 $38.6 $0.1 $2.1  Total operating expense increased $0.1 Occupancy 5.1 4.9 4.9 0.2 0.2 million from LQ and increased $2.2 Furniture and equipment 4.4 4.5 4.3 (0.1)

  10. Slide 10: Credit Quality

    3Q 2025 Earnings Release Webcast Presentation CREDIT QUALITY  Provision expense of $11.3 million increased $2.4 million from LQ (excluding acquisition Day-1 non-PCD provision) Provision Expense and Net Charge-offs  The allowance for credit losses as a percentage of end- of-period loans was 1.34% a

  11. Slide 11: Capital Return

    3Q 2025 Earnings Release Webcast Presentation CAPITAL RETURN Payout Ratios (1) • Strong capital levels allow us to continue to return capital to shareholders • There were 625,483 shares repurchases in 3Q 2025; remaining capacity under the current program was $20.7 million as of September 30, 2025 •

  12. Slide 12: Additional Areas of Focus

    3Q 2025 Earnings Release Webcast Presentation ADDITIONAL AREAS OF FOCUS 12

  13. Slide 13: Sources of Liquidity

    3Q 2025 Earnings Release Webcast Presentation SOURCES OF LIQUIDITY As of September 30, 2025 Total Amount Net Available Used Availability Internal Sources: Unencumbered Securities $457.1 $0 $457.1 Other (Excess Pledged) $61.6 $0 $61.6 External Sources: FHLB $2,686.3 $256.0 $2,430.3 Federal Reserve $1

  14. Slide 14: Receive Fixed Macro Swaps

    3Q 2025 Earnings Release Webcast Presentation RECEIVE FIXED MACRO SWAPS Macro Swap Maturity Schedule(1)  $100mm of receive fixed macro swaps mature in 2025 and $175mm mature in 2026  Under these swaps, FCB receives a fixed rate of approximately 50-100bps and pays 1mSOFR (currently 3.98%)  The NIM

  15. Slide 15: Investment Securities Portfolio

    3Q 2025 Earnings Release Webcast Presentation INVESTMENT SECURITIES PORTFOLIO Securities Portfolio Composition(1)  Conservative investment portfolio intended to act as a pool of liquidity  There were no investment securities purchased during 3Q 2025 $1.5B  One callable security was redeemed in th

  16. Slide 16: Granular Core Deposit Franchise

    3Q 2025 Earnings Release Webcast Presentation GRANULAR CORE DEPOSIT FRANCHISE  Strong, granular, well-diversified depository Insured Deposits − Average deposit account size ~$19,500 − Average retail account size ~$12,000 − Average business account size ~$74,000 − 77% of deposits were insured or sec

  17. Slide 17: CRE Portfolio

    3Q 2025 Earnings Release Webcast Presentation CRE PORTFOLIO Total Loans Commercial Real Estate Portfolio % of total 3Q 25 loans Owner-occupied CRE $ 807.6 8.3% Multifamily 656.2 6.7% Retail 680.3 7.0% Office 397.8 4.1% Office - Medical 61.1 0.6% Hospitality 232.3 2.4% $9.8B Industrial Distr./Warehou

  18. Slide 18: CRE Portfolio: Office

    3Q 2025 Earnings Release Webcast Presentation CRE PORTFOLIO: OFFICE Risk profile reflects well-diversified, granular portfolio and conservative credit culture  Office credits >$1 million (90% of Office portfolio balances) are formally reviewed annually Geographic Breakdown(1)  Average Office loan

  19. Slide 19: Appendix

    3Q 2025 Earnings Release Webcast Presentation APPENDIX 19

  20. Slide 20: Non-GAAP Measures

    3Q 2025 Earnings Release Webcast Presentation NON-GAAP MEASURES Operating Revenue 3Q25 2Q25 1Q25 4Q24 3Q24 Net Interest Income $111.1 $106.2 $95.5 $95.1 $96.5 Tax equivalent adjustment 0.4 0.4 0.3 0.4 0.4 Net Interest Income (FTE) 111.5 106.6 95.8 95.5 96.9 Noninterest Income (Reported) 24.9 24.7 22

  21. Slide 21: Non-GAAP Measures

    3Q 2025 Earnings Release Webcast Presentation NON-GAAP MEASURES Core Earnings per Share 3Q25 2Q25 1Q25 4Q24 3Q24 Net Income (GAAP) $41.3 $33.4 $32.7 $35.8 $32.1 (after tax) Less: Realized gains/ (losses) on securities (after tax) (0.2) 0.0 0.0 0.0 (0.2) Less: Merger and acquisition related (after ta

  22. Slide 22: Non-GAAP Measures

    3Q 2025 Earnings Release Webcast Presentation NON-GAAP MEASURES Tangible Common Equity / Tangible Assets (Tangible Common Equity Ratio) 3Q25 2Q25 1Q25 4Q24 3Q24 Total Equity $1,542 $1,518 $1,447 $1,405 $1,410 Less: Intangible assets 401 403 383 383 384 Less: Preferred stock 0 0 0 0 0 Tangible Common

  23. Slide 23: Non-GAAP Measures

    3Q 2025 Earnings Release Webcast Presentation NON-GAAP MEASURES Core Return on Average Tangible Common Equity (%) 3Q25 2Q25 1Q25 4Q24 3Q24 Average Equity $1,531 $1,493 $1,429 $1,404 $1,389 Less: Average intangible assets 402 396 383 384 384 Less: Average preferred stock 0 0 0 0 0 Average Tangible Co

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