First · NYSE:FCF

First — First Commonwealth Financial — Merger or Acquisition (August 2022)

16 slides from First's merger presentation, Aug 30, 2022

  1. Slide 1: Acquisition of Centric Financial Corporation

    NYSE: FCF Acquisition of Centric Financial Corporation (OTCPK: CFCX) August 30, 2022

  2. Slide 2: Forward-Looking Statements

    FORWARD-LOOKING STATEMENTS This presentation contains “forw ard- looking statements” w ithin the meaning of the Private Securities Litigation Reform Act, relating to present or future trends or factors affecting the banking industry and, specifically, the financial operations, markets and products o

  3. Slide 3: Acquisition of Centric Financial Corporation: An Attractive Addition to Our Pennsylvania Franchise

    ACQUISITION OF CENTRIC FINANCIAL CORPORATION: AN ATTRACTIVE ADDITION TO OUR PENNSYLVANIA FRANCHISE Franchise Overview FCF Branches CFCX Branches CFCX LPO CFCX Headquarters Centric Highlights Headquarters Harrisburg, PA Total Assets $1.0 billion Founded 2007 Gross Loans $0.9 billion Number of Locatio

  4. Slide 4: Transaction Highlights

    TRANSACTION HIGHLIGHTS  Continues First Commonwealth’s expansion strategy into higher growth, contiguous, demographically attractive metro markets through acquisitions with low risk relative to FCF’s size  Geographically builds upon FCF’s knowledge of central and eastern Pennsylvania markets throu

  5. Slide 5: A History of Successful Acquisitions

    A HISTORY OF SUCCESSFUL ACQUISITIONS Successful Expansion Efforts Recent Acquisition Overview  Expansion efforts leverage our significant management Target Announcemen t Date Completion Deal Value Date $MM(2) Total Loans Total Deposits Acquired $MM Acquired $MM experience in Ohio and Pennsylvania m

  6. Slide 6: Centric Financial Corporation

    CENTRIC FINANCIAL CORPORATION Company Highlights Branch Footprint Balance Sheet Highlights ($000) 6/30/22 Total Assets $1,035,817 Gross Loans HFI 904,203 Total Deposits 878,895 Tangible Common Equity (1) 99,702 2Q 2022 Profitability Net Income ($000) $2,948 Return on Avg. Assets 1.14% Net Interest M

  7. Slide 7: Pro Forma Loan and Deposit Composition

    PRO FORMA LOAN AND DEPOSIT COMPOSITION Pro Forma Construction Residential R.E. Construction Residential R.E. Construction Residential R.E. 6% 21% Consumer & 9% 10% 6% 19% Other 3% Multifamily 5% Multifamily Loan Mix Multifamily 5% Consumer & 5% Consumer & Other Other Commercial & Owner 23% Owner Own

  8. Slide 8: Demographically Accretive Expansion

    DEMOGRAPHICALLY ACCRETIVE EXPANSION Market Highlights >$500B #1 / #4 / #5 >465,000 Combined annual GDP of Ranked MSAs in Pennsylvania in Total number of businesses Philadelphia, Harrisburg & estimated population growth(1) in the Philadelphia, Lancaster MSAs (Harrisburg, Philadelphia & Harrisburg & L

  9. Slide 9: Crossing $10 Billion with the Centric Acquisition

    CROSSING $10 BILLION WITH THE CENTRIC ACQUISITION Incremental transaction earnings more than offset the earnings impact to FCF of crossing $10 billion  First Commonwealth will cross $10 billion in assets upon closing of the Centric acquisition Estimated Impact of Crossing $10B – Closing will take p

  10. Slide 10: Transaction Terms & Key Assumptions

    TRANSACTION TERMS & KEY ASSUMPTIONS Conservative Transaction Assumptions the Result of Thorough Due Diligence Effort  Fixed exchange ratio of 1.09 shares of FCF common stock for each share of CFCX common stock  Outstanding stock options and w arrants to be exchanged for FCF shares Consideration 

  11. Slide 11: Pro Forma Financial Impact

    PRO FORMA FINANCIAL IMPACT Key Financial Results Key Financial Results Excluding AOCI and Rate Marks(1) (2) (2) (2) (2) >20% 5.0% 6.8% >20% 2.6% 4.4% Internal Rate of 2023 2024 Internal Rate of 2023 2024 Return EPS Accretion EPS Accretion Return EPS Accretion EPS Accretion s (3.1%) 2.0 yrs 8.1% (1.5

  12. Slide 12: Comprehensive Due Diligence Effort

    COMPREHENSIVE DUE DILIGENCE EFFORT Our comprehensive due diligence review covered all functional areas of Centric and was coordinated with participation from key executives from FCF and CFCX, outside counsel and third party advisors Credit & Lending Key Functional Area Diligence  Reviewed approxima

  13. Slide 13: Summary

    SUMMARY Footprint Continues First Commonwealth’s expansion strategy into higher Expansion growth, contiguous, demographically attractive metro markets Crossing Incremental earnings from the transaction offset the financial impacts $10 Billion of crossing $10 billion Financially Approximately 7% EPS

  14. Slide 14: Appendix

    APPENDIX Bich RT wealth

  15. Slide 15: Centric Financial Corporation Non-GAAP Measures

    CENTRIC FINANCIAL CORPORATION NON-GAAP MEASURES TCE Ratio and TBV Per Share Efficiency Ratio (dollars in thousands except per share data) As of (dollars in thousands) Quarter Ended 6/30/22 6/30/22 GAAP Common Equity $100,194 GAAP Noninterest Expense $6,604 Intangible Assets (492) Non-GAAP Tangible C

  16. Slide 16: Additional Information

    ADDITIONAL INFORMATION Non-GAAP Financial Measures In addition to results presented in accordance w ith GAAP, this presentation contains certain non-GAAP financial measures. First Commonw ealth believes that providing certain non-GAAP financial measures provides investors w ith information useful in

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