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First Commonwealth Announces Second Quarter 2026 Earnings; Declares Quarterly Dividend and Announces Additional Share Repurchase Authorization
First Commonwealth Announces Second Quarter 2026 Earnings; Declares Quarterly Dividend and Announces Additional Share Repurchase
About this update from First
INDIANA , Pa., July 28, 2026 (GLOBE NEWSWIRE) -- First Commonwealth Financial Corporation (NYSE: FCF) today announced financial results for the second quarter of 2026. Financial Summary (dollars in thousands, For the Three Months Ended For the Six Months Ended except per share data) June 30 , March 31 , June 30 , June 30 , June 30 , 2026 2026 2025 2026 2025 Reported Results Net income $ 44,589 $ 37,548 $ 33,402 $ 82,137 $ 66,098 Diluted earnings per share $ 0.44 $ 0.37 $ 0.32 $ 0.81 $ 0.64 Return on average assets 1.47 % 1.25 % 1.11 % 1.36 % 1.12 % Return on average equity 11.44 % 9.75 % 8.97 % 10.60 % 9.12 % Operating Results (non-GAAP) ( 1) Core net income $ 44,427 $ 37,459 $ 39,496 $ 81,886 $ 72,276 Core diluted earnings per share $ 0.44 $ 0.37 $ 0.38 $ 0.80 $ 0.70 Core pre-tax pre-provision net revenue $ 64,999 $ 57,854 $ 58,677 $ 122,853 $ 105,556 Provision expense $ 8,931 $ 10,733 $ 8,898 $ 19,664 $ 18,393 Provision for credit losses - acquisition day 1 non-PCD $ — $ — $ 3,759 $ — $ 3,759 Net charge-offs $ 11,441 $ 8,161 $ 2,758 $ 19,602 $ 5,856 Reserve build/(release) ( 2) $ (1,758 ) $ 3,415 $ 13,035 $ 1,657 $ 14,060 Core return on average assets (ROAA) 1.46 % 1.24 % 1.31 % 1.35 % 1.23 % Core pre-tax pre-provision ROAA 2.14 % 1.92 % 1.95 % 2.03 % 1.79 % Return on average tangible common equity 15.71 % 13.47 % 12.59 % 14.60 % 12.80 % Core return on average tangible common equity 15.66 % 13.44 % 14.82 % 14.56 % 13.96 % Core efficiency ratio 52.24 % 55.43 % 54.06 % 53.80 % 56.44 % Net interest margin (FTE) 4.01 % 3.92 % 3.83 % 3.97 % 3.73 % (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. Second Quarter 2026 Highlights GAAP Net income of $44.6 million and diluted earnings per share of $0.44 represented an increase of $7.0 million , or $0.07 per share, from the prior quarter and an increase of $11.2 million , or $0.12 per share, from the second quarter of 2025 Core net income(1) of $44.4 million and core earnings per share of $0.44 represented an increase of $7.0 million , or $0.07 per share, from the prior quarter and an increase of $4.9 million , or $0.06 per share, from the second quarter of 2025 Core pre-tax pre-provision net revenue (PPNR)(1) totaled $65.0 million , an increase of $7.1 million from the previous quarter and an increase of $6.3 million from the second quarter of 2025 Net interest income (FTE) of $112.8 million increased $3.5 million from the previous quarter and increased $6.2 million from the second quarter of 2025 Noninterest income (excluding securities gains of $0.3 million in 2Q26 and $0.2 million in 1Q26) of $26.7 million increased $2.3 million from the previous quarter and increased $1.9 million from the second quarter of 2025 Noninterest expense (excluding merger-related expense of $0.1 million in 2Q26, $0.1 million in 1Q26 and $4.0 million in 2Q25) of $74.1 million decreased $1.3 million from the previous quarter and increased $1.8 million from the second quarter of 2025 Average deposits increased $52.3 million , or 2.0% annualized, compared to the prior quarter End-of period-deposits decreased $149.8 million , or 5.8% annualized, compared to the prior quarter Total loans increased $46.5 million , or 2.0% annualized, from the previous quarter The loan-to-deposit ratio increased to 92.7% at the end of the second quarter of 2026 as compared to 90.9% at the end of the previous quarter Tangible book value per share increased $0.24 , or 8.5% annualized from the previous quarter AOCI as a percentage of tangible common equity increased 14 basis points from the previous quarter to 6.04% in the second quarter of 2026 First Commonwealth Bank (the Bank) has been named to TIME Magazine’s 2026 America's Best Companies list Profitability The net interest margin of 4.01% increased nine basis points compared to the prior quarter and increased 18 basis points from the second quarter of 2025 The core efficiency ratio(1) decreased 320 basis points to 52.24% compared to the prior quarter and decreased 183 basis points from the second quarter of 2025 Core ROAA increased 22 basis points to 1.46% compared to the prior quarter and increased 15 basis points from the second quarter of 2025 Core pre-tax pre-provision ROAA(1) increased 22 basis points to 2.14% compared to the prior quarter and increased 19 basis points from the second quarter of 2025 Core return on average tangible common equity (ROATCE)(1) increased 221 basis points to 15.66% compared to the prior quarter and increased 84 basis points from the second quarter of 2025 Asset quality The provision for credit losses was $8.9 million , a decrease of $1.8 million compared to the previous quarter The allowance for credit losses as a percentage of period-end loans was 1.35%, a decrease of two basis points from the previous quarter Total nonperforming loans of $81.6 million decreased $10.7 million from the previous quarter Net charge-offs on loans totaled $11.4 million , an increase of $3.3 million from the previous quarter Net charge-offs as a percentage of average loans (annualized) was 0.49% in the second quarter of 2026, as compared to 0.35% in the previous quarter Strong capital positions The Bank-level Total Capital Ratio was 14.0% at June 30, 2026 , which represents $393.8 million in excess capital above the regulatory “well capitalized” requirement of 10.0% A total of 645,695 shares at a weighted average price of $18.66 were repurchased during the second quarter of 2026 under the Company’s previously authorized share repurchase programs. The remaining repurchase 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 $75.0 million share repurchase program. “The momentum we generated during the second quarter reinforces our confidence in First Commonwealth’s long-term outlook,” stated T. Michael Price , President and Chief Executive Officer. “We successfully balanced profitable loan growth with disciplined funding costs, supporting continued margin expansion and meaningful earnings growth. While the economic environment remains dynamic, we believe our strong capital position, diversified revenue streams, focus on operating leverage, and regionally led business model positions us to continue creating value for our stakeholders.” Earnings GAAP net income for the second quarter of 2026 was $44.6 million , or $0.44 per share, compared to $37.5 million , or $0.37 per share in the first quarter of 2026, and $33.4 million , or $0.32 per share for the second quarter of 2025. Core net income for the second quarter of 2026 was $44.4 million , or $0.44 per share, compared to $37.5 million , or $0.37 per share in the first quarter of 2026, and $39.5 million , or $0.38 per share for the second quarter of 2025. Net Interest Income and Net Interest Margin Net interest income (FTE) of $112.8 million increased $3.5 million from the previous quarter and increased $6.2 million from the prior year quarter. The increase from the previous quarter was primarily due to a nine basis point expansion in the net interest margin and one additional day in the quarter, which more than offset a $28.1 million decrease in average interest earning assets. The net interest margin for the second quarter of 2026 was 4.01%, an increase of nine basis points from the previous quarter and an increase of 18 basis points from the second quarter of 2025. The increase from the previous quarter was primarily due to a five basis point decrease in the cost of deposits combined with an improved mix of deposits. The net interest margin benefitted further by a four basis points increase in the yield on loans and 15 basis point increase in the yield on securities. The total cost of funds was 1.79% in the second quarter of 2026, which represents a decrease of seven basis points from the previous quarter. Total average deposits grew $52.3 million , or 2.0% annualized, in the second quarter of 2026 as compared to the previous quarter. Average interest-bearing demand and savings deposits grew $76.2 million , average noninterest-bearing deposits grew $27.4 million and average time deposits decreased $51.3 million from the previous quarter. Total average loans declined $106.3 million , or 4.5% annualized, in the second quarter of 2026 as compared to the previous quarter. Asset Quality Provision expense in the second quarter of 2026 totaled $8.9 million as compared to $10.7 million in the previous quarter. The decrease from the prior quarter was primarily due to a $4.2 million increase in reserves for individually analyzed commercial credits in the prior quarter. The allowance for credit losses as a percentage of end-of-period loans in the second quarter of 2026 was 1.35% as compared to 1.37% in the previous quarter. At June 30, 2026 , nonperforming loans totaled $81.6 million , a decrease of $10.7 million from the previous quarter. The decrease in nonperforming loans was primarily due to the resolution of six commercial credits with an aggregate balance of $6.9 million . Nonperforming loans represented 0.86% of total loans for the period ended June 30, 2026 as compared to 0.98% and 1.04% for the periods ended March 31, 2026 and June 30, 2025 , respectively. During the second quarter of 2026, net charge-offs were $11.4 million as compared to $8.2 million in the previous quarter and $2.8 million in the second quarter of 2025. The increase from the previous quarter was primarily due to the aforementioned resolution of six commercial credits with an aggregate balance of $6.9 million . Net charge-offs as a percentage of average loans (annualized) were 0.49%, 0.35% and 0.12% for the periods ended June 30, 2026 , March 31, 2026 and June 30, 2025 , respectively. Noninterest Income and Noninterest Expense Noninterest income (excluding securities gains of $0.3 million in 2Q26 and $0.2 million in 1Q26) totaled $26.7 million for the second quarter of 2026, as compared to $24.4 million for the first quarter of 2026 and $24.7 million for the second quarter of 2025. The $2.3 million increase in noninterest income from the previous quarter was primarily due to a $0.8 million gain on the early redemption of sub debt, a $0.3 million increase in income from Bank Owned Life Insurance (BOLI), a $0.03 million increase in other revenue due to $0.3 million in limited partnership gains, and a $0.3 million increase in card related interchange income, all of which was partially offset by a $0.2 million decrease in gain on sale of other loans due to a $0.4 million gain on the sale of a loan pool in the prior quarter. Noninterest expense (excluding merger-related expense of $0.1 million in 2Q26, $0.1 million in 1Q26 and $4.0 million in 2Q25) was $74.1 million for the second quarter of 2026, as compared to $75.5 million in the first quarter of 2026 and $72.3 million in the second quarter of 2025. The $1.3 million decrease in noninterest expense from the previous quarter was driven by a $0.6 million decrease in furniture and equipment expense due to a $0.4 million rebate received from a third-party vendor, a $0.5 million decrease in occupancy due to a $0.7 million decrease in snow removal costs, a $0.5 million decrease in loss on sale of other assets due to a $0.5 million prepayment penalty on long-term Federal Home Loan Bank (FHLB) debt in the previous quarter and a $0.4 million decrease in Federal Deposit Insurance Corporation (FDIC) insurance due to a lower assessment rate. Partially offsetting these decreases was a $0.5 million increase in other professional fees. The core efficiency ratio was 52.2% during the second quarter of 2026 as compared to 55.4% in the previous quarter and 54.1% in the second quarter of 2025. Full time equivalent staff was 1,589, 1,592 and 1,562 at June 30, 2026 , March 31, 2026 and June 30, 2025 , respectively. Dividends and Capital First Commonwealth Financial Corporation declared a common stock quarterly dividend of $0.14 per share, which represents a 3.7% increase from the second quarter of 2025. The cash dividend is payable on August 21, 2026 to shareholders of record as of August 7, 2026 . This dividend represents a 2.7% projected annual yield utilizing the July 27, 2026 closing market price of $20.87 . First Commonwealth’s capital ratios for Total, Tier I, Leverage and Common Equity Tier I at June 30, 2026 were 15.1%, 13.4%, 11.1% and 12.6%, 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 second quarter of 2026 on Wednesday, July 29, 2026 at 2:00 PM (ET) . The call can be accessed by dialing (toll free) +1 833-461-5787 conference ID # 403 587 293 or through the Company’s web page, http://www.fcbanking.com/InvestorRelations . 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 Wahl Communications and Media Relations Phone: 724-463-6806 E-mail: [email protected] Investor Relations: Ryan M. Thomas Vice President / Finance and Investor Relations Phone: 724-463-1690 E-mail: [email protected] FIRST COMMONWEALTH FINANCIAL CORPORATION CONSOLIDATED FINANCIAL DATA Unaudited (dollars in thousands, except per share data) For the Three Months Ended For the Six Months Ended June 30 , March 31 , June 30 , June 30 , June 30 , 2026 2026 2025 2026 2025 SUMMARY RESULTS OF OPERATIONS Net interest income $ 112,442 $ 108,974 $ 106,241 $ 221,416 $ 201,763 Provision for credit losses 8,931 10,733 8,898 19,664 14,634 Provision for credit losses — acquisition day 1 non-PCD — — 3,759 — 3,759 Noninterest income 26,997 24,587 24,749 51,584 47,251 Noninterest expense 74,235 75,595 76,268 149,830 147,518 Net income 44,589 37,548 33,402 82,137 66,098 Core net income (5) 44,427 37,459 39,496 81,886 72,276 Earnings per common share (diluted) $ 0.44 $ 0.37 $ 0.32 $ 0.81 $ 0.64 Core earnings per common share (diluted) (6) $ 0.44 $ 0.37 $ 0.38 $ 0.80 $ 0.70 KEY FINANCIAL RATIOS Return on average assets 1.47 % 1.25 % 1.11 % 1.36 % 1.12 % Core return on average assets (7) 1.46 % 1.24 % 1.31 % 1.35 % 1.23 % Return on average assets, pre-provision, pre-tax 2.15 % 1.92 % 1.81 % 2.03 % 1.72 % Core return on average assets, pre-provision, pre-tax 2.14 % 1.92 % 1.95 % 2.03 % 1.79 % Return on average shareholders' equity 11.44 % 9.75 % 8.97 % 10.60 % 9.12 % Return on average tangible common equity (8) 15.71 % 13.47 % 12.59 % 14.60 % 12.80 % Core return on average tangible common equity (9) 15.66 % 13.44 % 14.82 % 14.56 % 13.96 % Core efficiency ratio (2)(10) 52.24 % 55.43 % 54.06 % 53.80 % 56.44 % Net interest margin (FTE) (1) 4.01 % 3.92 % 3.83 % 3.97 % 3.73 % Book value per common share $ 15.52 $ 15.27 $ 14.47 Tangible book value per common share (11) 11.58 11.34 10.63 Market value per common share 20.33 17.58 16.23 Cash dividends declared per common share 0.140 0.135 0.135 0.275 0.265 ASSET QUALITY RATIOS Nonperforming loans and leases as a percent of end-of-period loans and leases ( 3) 0.86 % 0.98 % 1.04 % Nonperforming assets as a percent of total assets (3) 0.70 % 0.77 % 0.83 % Net charge-offs as a percent of average loans and leases (annualized) (4) 0.49 % 0.35 % 0.12 % Allowance for credit losses as a percent of nonperforming loans and leases (4) 156.08 % 141.70 % 133.62 % Allowance for credit losses as a percent of end-of-period loans and leases (4) 1.35 % 1.37 % 1.39 % CAPITAL RATIOS Shareholders' equity as a percent of total assets 12.9 % 12.7 % 12.4 % Tangible common equity as a percent of tangible assets (12) 9.9 % 9.7 % 9.4 % Leverage Ratio 11.1 % 10.9 % 10.7 % Risk Based Capital - Tier I 13.4 % 13.2 % 12.7 % Risk Based Capital - Total 15.1 % 14.9 % 14.4 % Common Equity - Tier I 12.6 % 12.5 % 12.0 % FIRST COMMONWEALTH FINANCIAL CORPORATION CONSOLIDATED FINANCIAL DATA Unaudited (dollars in thousands, except per share data) For the Three Months Ended For the Six Months Ended June 30 , March 31 , June 30 , June 30 , June 30 , 2026 2026 2025 2026 2025 INCOME STATEMENT Interest income $ 159,322 $ 157,218 $ 158,926 $ 316,540 $ 306,054 Interest expense 46,880 48,244 52,685 95,124 104,291 Net Interest Income 112,442 108,974 106,241 221,416 201,763 Provision for credit losses 8,931 10,733 8,898 19,664 14,634 Provision for credit losses - acquisition day 1 non-PCD — — 3,759 — 3,759 Net Interest Income after Provision for Credit Losses 103,511 98,241 93,584 201,752 183,370 Net securities gains (losses) 311 229 — 540 (5,142 ) Gain on sale of VISA — — — — 5,146 Trust income 3,583 3,408 3,029 6,991 6,051 Service charges on deposit accounts 5,744 5,530 5,595 11,274 11,033 Insurance and retail brokerage commissions 3,085 3,267 3,097 6,352 6,267 Income from bank owned life insurance 2,144 1,796 1,938 3,940 3,440 Gain on sale of mortgage loans 2,337 2,215 1,836 4,552 3,223 Gain on sale of other loans and assets 2,028 2,182 2,217 4,210 3,605 Gain on early redemption of subordinated debt 806 — — 806 — Card-related interchange income 4,005 3,661 3,998 7,666 7,652 Derivative mark-to-market 95 (6 ) — 89 (153 ) Swap fee income 383 122 439 505 1,274 Other income 2,476 2,183 2,600 4,659 4,855 Total Noninterest Income 26,997 24,587 24,749 51,584 47,251 Salaries and employee benefits 42,734 42,874 40,584 85,608 80,999 Net occupancy 5,017 5,565 4,894 10,582 10,623 Furniture and equipment 4,174 4,823 4,547 8,997 8,740 Data processing 4,152 4,183 4,085 8,335 7,902 Pennsylvania shares tax 1,505 1,330 1,338 2,835 2,675 Advertising and promotion 1,438 1,671 1,457 3,109 2,829 Intangible amortization 1,303 1,364 1,311 2,667 2,442 Other professional fees and services 1,650 1,106 1,903 2,756 3,523 FDIC insurance 1,147 1,589 1,550 2,736 2,929 Litigation and operational losses 776 857 470 1,633 1,263 Loss on sale or write-down of assets 86 567 71 653 286 Merger and acquisition 106 117 3,955 223 4,064 Other operating expenses 10,147 9,549 10,103 19,696 19,243 Total Noninterest Expense 74,235 75,595 76,268 149,830 147,518 Income before Income Taxes 56,273 47,233 42,065 103,506 83,103 Income tax provision 11,684 9,685 8,663 21,369 17,005 Net Income $ 44,589 $ 37,548 $ 33,402 $ 82,137 $ 66,098 Shares Outstanding at End of Period 101,101,529 101,679,621 104,925,587 101,101,529 104,925,587 Average Shares Outstanding Assuming Dilution 101,558,853 102,394,488 103,928,428 101,970,008 102,886,345 FIRST COMMONWEALTH FINANCIAL CORPORATION CONSOLIDATED FINANCIAL DATA Unaudited (dollars in thousands) June 30 , March 31 , June 30 , 2026 2026 2025 BALANCE SHEET (Period End) Assets Cash and due from banks $ 110,327 $ 118,134 $ 121,052 Interest-bearing bank deposits 69,308 224,806 39,114 Securities available for sale, at fair value 1,126,573 1,071,345 1,153,323 Securities held to maturity, at amortized cost 574,542 577,286 498,043 Loans held for sale 44,764 31,638 42,993 Loans and leases 9,467,229 9,433,825 9,570,815 Allowance for credit losses (127,425 ) (129,183 ) (132,966 ) Net loans and leases 9,339,804 9,304,642 9,437,849 Goodwill and other intangibles 398,327 399,233 402,558 Other assets 544,181 535,488 542,215 Total Assets $ 12,207,826 $ 12,262,572 $ 12,237,147 Liabilities and Shareholders' Equity Noninterest-bearing demand deposits $ 2,413,605 $ 2,370,132 $ 2,326,836 Interest-bearing demand deposits (a) 1,802,938 1,835,503 1,885,953 Savings deposits (a) 4,360,889 4,402,789 4,132,508 Time deposits 1,682,629 1,801,469 1,759,285 Total interest-bearing deposits 7,846,456 8,039,761 7,777,746 Total deposits 10,260,061 10,409,893 10,104,582 Short-term borrowings 137,946 22,858 225,874 Long-term borrowings 125,084 132,069 262,369 Total borrowings 263,030 154,927 488,243 Other liabilities 115,567 145,055 126,555 Shareholders' equity 1,569,168 1,552,697 1,517,767 Total Liabilities and Shareholders' Equity $ 12,207,826 $ 12,262,572 $ 12,237,147 (a) Deposits on the above balance sheet for March 31, 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 CORPORATION CONSOLIDATED FINANCIAL DATA Unaudited (dollars in thousands) For the Three Months Ended For the Six Months Ended June 30 , Yield/ March 31 , Yield/ June 30 , Yield/ June 30 , Yield/ June 30 , Yield/ 2026 Rate 2026 Rate 2025 Rate 2026 Rate 2025 Rate NET INTEREST MARGIN Assets Loans and leases (FTE) ( 1)(3) $ 9,460,013 6.07 % $ 9,566,302 6.03 % $ 9,430,284 6.09 % $ 9,512,864 6.05 % $ 9,250,577 6.01 % Interest bearing bank deposits 158,346 3.86 % 207,792 3.84 % 59,614 4.85 % 182,932 3.85 % 68,177 4.78 % Securities (FTE) ( 1) 1,657,454 3.66 % 1,529,772 3.55 % 1,666,988 3.67 % 1,593,965 3.61 % 1,633,703 3.63 % Total Interest-Earning Assets (FTE) (1) 11,275,813 5.68 % 11,303,866 5.65 % 11,156,886 5.73 % 11,289,761 5.67 % 10,952,457 5.65 % Noninterest-earning assets 915,320 920,940 939,441 918,115 937,199 Total Assets $ 12,191,133 $ 12,224,806 $ 12,096,327 $ 12,207,876 $ 11,889,656 Liabilities and Shareholders' Equity Interest-bearing demand and savings deposits $ 6,221,376 1.92 % $ 6,145,197 1.95 % $ 5,998,326 2.09 % $ 6,183,496 1.93 % $ 5,884,743 2.11 % Time deposits 1,769,090 3.43 % 1,820,411 3.55 % 1,747,881 3.82 % 1,794,609 3.49 % 1,755,643 3.94 % Short-term borrowings 26,854 2.18 % 31,766 2.16 % 146,503 4.12 % 29,297 2.17 % 98,879 3.81 % Long-term borrowings 131,357 5.55 % 208,363 5.11 % 262,633 4.98 % 169,647 5.28 % 262,720 4.99 % Total Interest-Bearing Liabilities 8,148,677 2.31 % 8,205,737 2.38 % 8,155,343 2.59 % 8,177,049 2.35 % 8,001,985 2.63 % Noninterest-bearing deposits 2,366,559 2,339,160 2,316,854 2,352,935 2,285,001 Other liabilities 112,616 117,667 131,218 115,127 141,531 Shareholders' equity 1,563,281 1,562,242 1,492,912 1,562,765 1,461,139 Total Noninterest-Bearing Funding Sources 4,042,456 4,019,069 3,940,984 4,030,827 3,887,671 Total Liabilities and Shareholders' Equity $ 12,191,133 $ 12,224,806 $ 12,096,327 $ 12,207,876 $ 11,889,656 Net Interest Margin (FTE) (annualized) ( 1) 4.01 % 3.92 % 3.83 % 3.97 % 3.73 % FIRST COMMONWEALTH FINANCIAL CORPORATION CONSOLIDATED FINANCIAL DATA Unaudited (dollars in thousands) June 30 , March 31 , June 30 , 2026 2026 2025 Loan and Lease Portfolio Detail Commercial Loan and Lease Portfolio: Commercial, financial, agricultural and other $ 1,286,633 $ 1,315,171 $ 1,381,523 Commercial real estate 3,083,774 3,148,767 3,366,267 Equipment finance loans and leases 784,754 746,723 573,810 Real estate construction 456,253 404,394 424,437 Total Commercial 5,611,414 5,615,055 5,746,037 Consumer Loan Portfolio: Closed-end mortgages 1,811,748 1,814,512 1,879,468 Home equity lines of credit 556,418 537,089 510,807 Real estate construction 30,413 31,843 23,715 Total Real Estate - Consumer 2,398,579 2,383,444 2,413,990 Auto & RV loans 1,390,894 1,367,360 1,339,660 Direct installment 22,085 22,451 24,659 Personal lines of credit 42,564 43,751 44,475 Student loans 1,693 1,764 1,994 Total Other Consumer 1,457,236 1,435,326 1,410,788 Total Consumer Portfolio 3,855,815 3,818,770 3,824,778 Total Portfolio Loans and Leases 9,467,229 9,433,825 9,570,815 Loans held for sale - individual 44,764 31,638 42,993 Loans held for sale - portfolio — — — Total Loans and Leases $ 9,511,993 $ 9,465,463 $ 9,613,808 June 30 , March 31 , June 30 , 2026 2026 2025 ASSET QUALITY DETAIL Nonperforming Loans and Leases: Loans and leases on nonaccrual basis $ 50,298 $ 50,260 $ 71,590 Loans and leases on a nonaccrual basis - with government guarantees 22,510 27,028 11,590 Loans held for sale on a nonaccrual basis — 1,149 — Loans and leases on a nonaccrual basis - acquired 8,031 12,844 15,024 Loans and leases on a nonaccrual basis - acquired with government guarantees 801 1,032 1,303 Total Nonperforming Loans and Leases $ 81,640 $ 92,313 $ 99,507 Other real estate owned ("OREO") 2,270 221 1,049 Repossessions ("Repos") 1,368 1,328 945 Total Nonperforming Assets $ 85,278 $ 93,862 $ 101,501 Loans past due in excess of 90 days and still accruing 3,218 2,927 1,297 Classified loans and leases 148,407 136,897 130,020 Criticized loans and leases 286,497 284,628 254,902 Nonperforming assets as a percentage of total loans and leases, plus OREO and Repos (4) 0.90 % 0.99 % 1.06 % Allowance for credit losses $ 127,425 $ 129,183 $ 132,966 FIRST COMMONWEALTH FINANCIAL CORPORATION CONSOLIDATED FINANCIAL DATA Unaudited (dollars in thousands) For the Three Months Ended For the Six Months Ended June 30 , March 31 , June 30 , June 30 , June 30 , 2026 2026 2025 2026 2025 Net Charge-offs (Recoveries): Commercial, financial, agricultural and other $ 7,838 $ 3,608 $ 726 $ 11,446 $ 1,055 Real estate construction — 326 — 326 — Commercial real estate 1,999 2,268 613 4,267 1,921 Residential real estate 267 119 72 386 43 Loans to individuals 1,337 1,840 1,347 3,177 2,837 Net Charge-offs $ 11,441 $ 8,161 $ 2,758 $ 19,602 $ 5,856 Net charge-offs as a percentage of average loans and leases outstanding (annualized) (4) 0.49 % 0.35 % 0.12 % 0.42 % 0.13 % Provision for credit losses as a percentage of net charge-offs 78.06 % 131.52 % 322.63 % 100.32 % 249.90 % Provision for credit losses $ 8,931 $ 10,733 $ 8,898 $ 19,664 $ 14,634 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. (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 Six Months Ended June 30 , March 31 , June 30 , June 30 , June 30 , 2026 2026 2025 2026 2025 Interest income $ 159,322 $ 157,218 $ 158,926 $ 316,540 $ 306,054 Adjustment to fully taxable equivalent basis (1) 385 361 341 746 676 Interest income adjusted to fully taxable equivalent basis (non-GAAP) 159,707 157,579 159,267 317,286 306,730 Interest expense 46,880 48,244 52,685 95,124 104,291 Net interest income, (FTE) (1) $ 112,827 $ 109,335 $ 106,582 $ 222,162 $ 202,439 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 Six Months Ended June 30 , March 31 , June 30 , June 30 , June 30 , 2026 2026 2025 2026 2025 Net Income $ 44,589 $ 37,548 $ 33,402 $ 82,137 $ 66,098 Intangible amortization 1,303 1,364 1,311 2,667 2,442 Tax benefit of amortization of intangibles (274 ) (286 ) (275 ) (560 ) (513 ) Net Income, adjusted for tax affected amortization of intangibles $ 45,618 $ 38,626 $ 34,438 $ 84,244 $ 68,027 Average Tangible Equity: Total shareholders' equity $ 1,563,281 $ 1,562,242 $ 1,492,912 $ 1,562,765 $ 1,461,139 Less: intangible assets 398,767 399,668 395,772 399,215 389,381 Tangible Equity 1,164,514 1,162,574 1,097,140 1,163,550 1,071,758 Less: preferred stock — — — — — Tangible Common Equity $ 1,164,514 $ 1,162,574 $ 1,097,140 $ 1,163,550 $ 1,071,758 ( 8) Return on Average Tangible Common Equity 15.71 % 13.47 % 12.59 % 14.60 % 12.80 % For the Three Months Ended For the Six Months Ended June 30 , March 31 , June 30 , June 30 , June 30 , 2026 2026 2025 2026 2025 Core Net Income: Total Net Income $ 44,589 $ 37,548 $ 33,402 $ 82,137 $ 66,098 Net securities gains (311 ) (229 ) — (540 ) (4 ) Tax benefit of net securities gains 65 48 — 113 1 Merger and acquisition related expenses 106 117 3,955 223 4,064 Tax benefit of merger and acquisition related expenses (22 ) (25 ) (831 ) (47 ) (853 ) Provision for credit losses - acquisition day 1 non-PCD — — 3,759 — 3,759 Tax benefit of provision for credit losses - acquisition day 1 non-PCD — — (789 ) — (789 ) (5) Core net income $ 44,427 $ 37,459 $ 39,496 $ 81,886 $ 72,276 Average Shares Outstanding Assuming Dilution 101,558,853 102,394,488 103,928,428 101,970,008 102,886,345 (6) Core Earnings per common share (diluted) $ 0.44 $ 0.37 $ 0.38 $ 0.80 $ 0.70 Intangible amortization 1,303 1,364 1,311 2,667 2,442 Tax benefit of amortization of intangibles (274 ) (286 ) (275 ) (560 ) (513 ) Core Net Income, adjusted for tax affected amortization of intangibles $ 45,456 $ 38,537 $ 40,532 $ 83,993 $ 74,205 (9) Core Return on Average Tangible Common Equity 15.66 % 13.44 % 14.82 % 14.56 % 13.96 % 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 Six Months Ended June 30 , March 31 , June 30 , June 30 , June 30 , 2026 2026 2025 2026 2025 Core Return on Average Assets: Total Net Income $ 44,589 $ 37,548 $ 33,402 $ 82,137 $ 66,098 Total Average Assets 12,191,133 12,224,806 12,096,327 12,207,876 11,889,656 Return on Average Assets 1.47 % 1.25 % 1.11 % 1.36 % 1.12 % Core Net Income (5) $ 44,427 $ 37,459 $ 39,496 $ 81,886 $ 72,276 Total Average Assets 12,191,133 12,224,806 12,096,327 12,207,876 11,889,656 (7) Core Return on Average Assets 1.46 % 1.24 % 1.31 % 1.35 % 1.23 % For the Three Months Ended For the Six Months Ended June 30 , March 31 , June 30 , June 30 , June 30 , 2026 2026 2025 2026 2025 Core Efficiency Ratio: Total Noninterest Expense $ 74,235 $ 75,595 $ 76,268 $ 149,830 $ 147,518 Adjustments to Noninterest Expense: Intangible amortization 1,303 1,364 1,311 2,667 2,442 Merger and acquisition related 106 117 3,955 223 4,064 Noninterest Expense - Core $ 72,826 $ 74,114 $ 71,002 $ 146,940 $ 141,012 Net interest income, (FTE) $ 112,827 $ 109,335 $ 106,582 $ 222,162 $ 202,439 Total noninterest income 26,997 24,587 24,749 51,584 47,251 Net securities gains (311 ) (229 ) — (540 ) (4 ) Total Revenue 139,513 133,693 131,331 273,206 249,686 Adjustments to Revenue: Derivative mark-to-market 95 (6 ) — 89 (153 ) Total Revenue - Core $ 139,418 $ 133,699 $ 131,331 $ 273,117 $ 249,839 ( 10) Core Efficiency Ratio 52.24 % 55.43 % 54.06 % 53.80 % 56.44 % FIRST COMMONWEALTH FINANCIAL CORPORATION CONSOLIDATED FINANCIAL DATA Unaudited (dollars in thousands) DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES June 30 , March 31 , June 30 , 2026 2026 2025 Tangible Equity: Total shareholders' equity $ 1,569,168 $ 1,552,697 $ 1,517,767 Less: intangible assets 398,327 399,233 402,558 Tangible Equity 1,170,841 1,153,464 1,115,209 Less: preferred stock — — — Tangible Common Equity $ 1,170,841 $ 1,153,464 $ 1,115,209 Tangible Assets: Total assets $ 12,207,826 $ 12,262,572 $ 12,237,147 Less: intangible assets 398,327 399,233 402,558 Tangible Assets $ 11,809,499 $ 11,863,339 $ 11,834,589 ( 12) Tangible Common Equity as a percentage of Tangible Assets 9.91 % 9.72 % 9.42 % Shares Outstanding at End of Period 101,101,529 101,679,621 104,925,587 ( 11) Tangible Book Value Per Common Share $ 11.58 $ 11.34 $ 10.63 For the Three Months Ended For the Six Months Ended June 30 , March 31 , June 30 , June 30 , June 30 , 2026 2026 2025 2026 2025 Pre-tax pre-provision net revenue: Net interest income $ 112,442 $ 108,974 $ 106,241 $ 221,416 $ 201,763 Noninterest income 26,997 24,587 24,749 51,584 47,251 Noninterest expense 74,235 75,595 76,268 149,830 147,518 Pre-tax pre-provision net revenue $ 65,204 $ 57,966 $ 54,722 $ 123,170 $ 101,496 Net securities gains $ (311 ) $ (229 ) $ — $ (540 ) $ (4 ) Merger and acquisition related expenses 106 117 3,955 223 4,064 Core pre-tax pre-provision net revenue $ 64,999 $ 57,854 $ 58,677 $ 122,853 $ 105,556 Net charge-offs $ 11,441 $ 8,161 $ 2,758 $ 19,602 $ 5,856 Source: First Commonwealth Financial Corporation 2026 GlobeNewswire, Inc., source Press Releases