EX-99.1 2 fcf-ex991_20250729x8k.htm EX-99.1 PRESS RELEASE Document
                                                
Exhibit 99.1

fcfimagea01.jpg                    
FOR IMMEDIATE RELEASE

First Commonwealth Announces Second Quarter 2025 Earnings; Declares Quarterly Dividend

Indiana, PA, July 29, 2025 - First Commonwealth Financial Corporation (NYSE: FCF) today announced financial results for the second quarter of 2025.

Financial Summary
(dollars in thousands,For the Three Months EndedFor the Six Months Ended
except per share data)June 30,March 31,June 30,June 30,June 30,
20252025202420252024
Reported Results
Net income $33,402 $32,696 $37,088 $66,098 $74,637 
Diluted earnings per share$0.32 $0.32 $0.36 $0.64 $0.73 
Return on average assets1.11 %1.14 %1.28 %1.12 %1.29 %
Return on average equity8.97 %9.28 %11.10 %9.12 %11.24 %
Operating Results (non-GAAP)(1)
Core net income$39,496 $32,779 $37,070 $72,276 $74,709 
Core diluted earnings per share$0.38 $0.32 $0.36 $0.70 $0.73 
Core pre-tax pre-provision net revenue$58,677 $46,879 $54,381 $105,556 $105,214 
Provision expense$8,898 $5,736 $7,827 $14,634 $12,065 
Provision for credit losses - acquisition day 1 non-PCD$3,759 $— $— $3,759 $— 
Net charge-offs$2,758 $3,098 $4,402 $5,856 $8,704 
Reserve build/(release)(2)
$13,035 $1,025 $4,556 $14,060 $5,936 
Core return on average assets (ROAA)1.31 %1.14 %1.27 %1.23 %1.29 %
Core pre-tax pre-provision ROAA1.95 %1.63 %1.87 %1.79 %1.82 %
Return on average tangible common equity12.59 %13.02 %15.94 %12.80 %16.22 %
Core return on average tangible common equity14.82 %13.05 %15.93 %13.96 %16.24 %
Core efficiency ratio54.06 %59.08 %53.63 %56.44 %54.33 %
Net interest margin (FTE)3.83 %3.62 %3.57 %3.73 %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.    

                                                
Second Quarter 2025 Highlights
Financial results
▪GAAP Net income of $33.4 million and diluted earnings per share of $0.32 represented an increase of $0.7 million from the prior quarter and a decrease of $3.7 million, or $0.04 per share, from the second quarter of 2024
•Core net income(1) of $39.5 million and core earnings per share of $0.38 represented an increase of $6.7 million, or $0.06 per share from the prior quarter and an increase of $2.4 million or $0.02 per share, from the second quarter of 2024
•Core pre-tax pre-provision net revenue (PPNR)(1) totaled $58.7 million, an increase of $11.8 million from the previous quarter and an increase of $4.3 million from the second quarter of 2024
▪Net interest income (FTE) of $106.6 million increased $10.7 million from the previous quarter and increased $11.3 million from the second quarter of 2024
▪Noninterest income (excluding securities gains and losses) of $24.7 million increased $2.3 million from the previous quarter and decreased $0.4 from the second quarter of 2024. The decrease from the prior year was due to lower card-related interchange income as a result of the full implementation of the Durbin amendment
▪Noninterest expense (excluding merger-related expense) of $72.3 million increased $1.2 million from the previous quarter
▪Average deposits (excluding acquired balances) increased $91.6 million, or 3.8% annualized, compared to the prior quarter
•End of period deposits (excluding acquired balances) decreased $35.1 million, or 1.4% annualized, compared to the prior quarter
▪Total loans (excluding acquired balances) increased $183.7 million, or 8.1% annualized, from the previous quarter
▪The loan-to-deposit ratio increased to 95.1% at the end of the second quarter of 2025 as compared to 92.6% at the end of the previous quarter
▪Total shareholder’s equity increased $70.7 million from the previous quarter due to $45.9 million in equity issued for the CenterGroup acquisition, a $19.5 million increase in retained earnings and $5.0 million improvement in accumulated other comprehensive income (AOCI).
•Tangible book value per share increased $0.19, or 7.3% annualized, from the previous quarter
•AOCI as a percentage of tangible common equity was 6.8% in the second quarter of 2025 as compared to 7.6% in the previous quarter
▪First Commonwealth Bank (the Bank) has been recognized for the fourth consecutive year by Forbes as one of the World’s Best Banks for 2025
Profitability
▪The core efficiency ratio(1) of 54.1% improved 501 basis points from the previous quarter
▪The return on average assets (ROA) decreased three basis points to 1.11% compared to previous quarter
•The core return on average assets(1) increased 17 basis points to 1.31% compared to the previous quarter
▪Core pre-tax pre-provision ROA(1) for the quarter ended June 30, 2025 increased 32 basis points to 1.95% as compared to 1.63% in the prior quarter and 1.87% in the second quarter of 2024
▪The net interest margin of 3.83% increased 21 basis points compared to the prior quarter and increased 26 basis points as compared to the second quarter of 2024
•The acquisition of CenterBank contributed four basis points of the increase from the prior quarter due to the accretion of purchase accounting marks

                                                
•The expiration of $150 million in macro swaps on May 1st contributed three basis points to the increase from prior quarter
•Higher yields on new loan volume contributed nine basis points of the increase from prior quarter
•A five basis point improvement in the cost of funds contributed five basis points of the increase from prior quarter
▪There were no material security gains during the quarter
Asset quality
▪The provision for credit losses (excluding acquisition Day-1 non-PCD provision for CenterGroup) was $8.9 million, an increase of $3.2 million compared to the previous quarter
▪The allowance for credit losses as a percentage of period-end loans was 1.39%, an increase of seven basis points from the previous quarter
▪Total criticized loans increased $64.4 million from the previous quarter
•Total nonperforming loans of $99.5 million increased $40.1 million from the previous quarter driven by an individual commercial floorplan relationship that was transferred to nonaccrual status during the second quarter of 2025
▪Net charge-offs on loans totaled $2.8 million, a decrease of $0.3 million from the previous quarter
•Net charge-offs as a percentage of average loans (annualized) was 0.12% in the second quarter of 2025 as compared to 0.14% in the previous quarter
Strong capital and liquidity positions
▪The Bank-level Total Capital ratio was 13.4% at June 30, 2025, which represents $338.5 million in excess capital above the regulatory “well capitalized” requirement of 10.0%
▪On April 28, 2025, the Board of Directors authorized a 3.7% increase in the quarterly cash dividend to shareholders
▪There were 32,844 shares repurchased during the second quarter of 2025. The remaining capacity under the current program was $6.2 million as of June 30, 2025. On July 29, 2025, the Board of Directors authorized an additional $25 million share repurchase program.
“We are pleased to report a strong second quarter, marked by significant net interest margin expansion, robust loan growth, and the successful completion of the CenterBank acquisition,” stated T. Michael Price, President and Chief Executive Officer. “Our focus on organic growth and strategic acquisitions continues to position First Commonwealth for sustained success, delivering value to our shareholders and communities.”
Earnings
GAAP net income for the second quarter of 2025 was $33.4 million, or $0.32 per share, compared to $32.7 million, or $0.32 per share in the first quarter of 2025, and $37.1 million, or $0.36 per share for the second quarter of 2024.
Core net income for the second quarter of 2025 was $39.5 million, or $0.38 per share, compared to $32.8 million, or $0.32 per share in the first quarter of 2025, and $37.1 million, or $0.36 per share for the second quarter of 2024.
Net Interest Income and Net Interest Margin
Net interest income (FTE) of $106.6 million increased $10.7 million from the previous quarter and increased $11.3 million from the prior year quarter. The increase from the previous quarter was primarily due to a 21 basis point expansion in the net interest margin and a $411.1 million increase in interest earning assets.
The net interest margin for the second quarter of 2025 was 3.83%, an increase of 21 basis points from the previous quarter and an increase of 26 basis points from the second quarter of 2024. The increase from the previous quarter was due primarily to a 17 basis point increase in the yield on loans and a nine basis point increase in the yield on securities. The net interest margin benefitted further by an eight basis point decrease in the cost of deposits. The total cost of funds was 2.02% in the second quarter of 2025, which represents a decrease of five basis points from the previous quarter.

                                                
Total average deposits (excluding acquired deposits) grew $91.6 million, or 3.8% annualized, in the second quarter of 2025 as compared to the previous quarter. Average interest-bearing demand and savings deposits (excluding acquired deposits) grew $130.9 million, average noninterest-bearing deposits (excluding acquired deposits) grew $36.8 million and average time deposits (excluding acquired deposits) decreased $76.1 million from the previous quarter.
Total average loans (excluding acquired loans) grew $164.5 million, or 7.3% annualized, in the second quarter of 2025 as compared to the previous quarter.
Asset Quality
Provision (excluding acquisition Day-1 non-PCD provision for CenterGroup) expense in the second quarter of 2025 totaled $8.9 million as compared to $5.7 million in the previous quarter. The increase in the provision expense from the previous quarter was primarily the result of a $2.6 million increase in specific reserves. The increase in specific reserves was driven by a commercial floorplan relationship that was moved to nonaccrual status during the quarter. The commercial dealer floorplan portfolio totaled $152.7 million as of June 30, 2025.
The allowance for credit losses as a percentage of end-of-period loans in the second quarter of 2025 was 1.39% as compared to 1.32% in the previous quarter.
At June 30, 2025, nonperforming loans totaled $99.5 million, an increase of $40.1 million from the previous quarter. The increase in nonperforming loans was primarily due to the aforementioned dealer floorplan relationship, which was moved into nonaccrual status and $8.4 million of acquired nonperforming loans.
Nonperforming loans represented 1.04% of total loans for the period ended June 30, 2025 as compared to 0.65% and 0.64% for the periods ended March 31, 2025 and June 30, 2024, respectively.
During the second quarter of 2025, net charge-offs were $2.8 million as compared to $3.1 million in the previous quarter and $4.4 million in the second quarter of 2024.
Net charge-offs as a percentage of average loans (annualized) were 0.12%, 0.14% and 0.20% for the periods ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively.
Noninterest Income and Noninterest Expense
Noninterest income (excluding securities gains and losses) totaled $24.7 million for the second quarter of 2025, as compared to $22.5 million for the first quarter of 2025 and $25.2 million for the second quarter of 2024.
The $2.3 million increase from the previous quarter was primarily due to a $0.4 million increase in other income which includes a $0.4 million increase in gain on sale of Small Business Administration (SBA) loans and a $0.4 million gain on the sale of property held as Other Real Estate Owned (OREO), a $0.4 million increase in gain on sale of mortgage loans, a $0.4 million increase in Bank Owned Life Insurance (BOLI) income, and a $0.2 million increase in other revenue due to limited partnership gains, partially offset by a $0.4 million decrease in swap fee income.
There were no material security gains during the quarter.
Noninterest expense (excluding merger-related expense) of $72.3 million increased $1.2 million from the previous quarter. The increase from the previous quarter was driven by a $1.0 million increase in other operating expenses primarily driven by higher loan expenses related to higher loan volume, a $0.4 million increase in furniture and equipment and a $0.3 million increase in other professional fees. Partially offsetting these increases was a $0.8 million decrease in occupancy expense.
The core efficiency ratio was 54.1% during the second quarter of 2025 as compared to 59.1% in the previous quarter and 53.6% in the second quarter of 2024.
Full time equivalent staff was 1,562 at June 30, 2025, 1,538 at March 31, 2025, and 1,472 at June 30, 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 second quarter of 2024. The cash dividend is payable on August 22, 2025 to shareholders of record as of August 8, 2025. This dividend represents a 3.3% projected annual yield utilizing the July 28, 2025 closing market price of $16.31.
On July 29, 2025, the Board of Directors authorized an additional $25 million share repurchase program.

                                                
First Commonwealth’s capital ratios for Total, Tier I, Leverage and Common Equity Tier I at June 30, 2025 were 14.4%, 12.7%, 10.7% and 12.0%, 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 2025 on Wednesday, July 30, 2025 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 127 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: RWahl@fcbanking.com

Investor Relations:
Ryan M. Thomas
Vice President / Finance and Investor Relations
Phone: 724-463-1690
E-mail: RThomas1@fcbanking.com

                                                
FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)
For the Three Months EndedFor the Six Months Ended
June 30,March 31,June 30,June 30,June 30,
20252025202420252024
SUMMARY RESULTS OF OPERATIONS
Net interest income$106,241 $95,522 $94,992 $201,763 $187,296 
Provision for credit losses8,898 5,736 7,827 14,634 12,065 
Provision for credit losses — acquisition day 1 non-PCD3,759 — — 3,759 — 
Noninterest income24,749 22,502 25,210 47,251 49,198 
Noninterest expense76,268 71,250 65,798 147,518 131,371 
Net income 33,402 32,696 37,088 66,098 74,637 
Core net income (5)
39,496 32,779 37,070 72,276 74,709 
Earnings per common share (diluted)$0.32 $0.32 $0.36 $0.64 $0.73 
Core earnings per common share (diluted) (6)
$0.38 $0.32 $0.36 $0.70 $0.73 
KEY FINANCIAL RATIOS
Return on average assets1.11 %1.14 %1.28 %1.12 %1.29 %
Core return on average assets (7)
1.31 %1.14 %1.27 %1.23 %1.29 %
Return on average assets, pre-provision, pre-tax1.81 %1.62 %1.87 %1.72 %1.82 %
Core return on average assets, pre-provision, pre-tax1.95 %1.63 %1.87 %1.79 %1.82 %
Return on average shareholders' equity8.97 %9.28 %11.10 %9.12 %11.24 %
Return on average tangible common equity (8)
12.59 %13.02 %15.94 %12.80 %16.22 %
Core return on average tangible common equity (9)
14.82 %13.05 %15.93 %13.96 %16.24 %
Core efficiency ratio (2)(10)
54.06 %59.08 %53.63 %56.44 %54.33 %
Net interest margin (FTE) (1)
3.83 %3.62 %3.57 %3.73 %3.55 %
Book value per common share$14.47 $14.20 $13.32 
Tangible book value per common share (11)
10.63 10.44 9.56 
Market value per common share16.23 15.54 13.81 
Cash dividends declared per common share0.135 0.130 0.130 0.265 0.255 
ASSET QUALITY RATIOS
Nonperforming loans and leases as a percent of end-of-period loans and leases(3)
1.04 %0.65 %0.63 %
Nonperforming assets as a percent of total assets (3)
0.83 %0.52 %0.51 %
Net charge-offs as a percent of average loans and leases (annualized) (4)
0.12 %0.14 %0.20 %
Allowance for credit losses as a percent of nonperforming loans and leases (4)
133.62 %201.89 %216.48 %
Allowance for credit losses as a percent of end-of-period loans and leases (4)
1.39 %1.32 %1.37 %
CAPITAL RATIOS
Shareholders' equity as a percent of total assets12.4 %12.3 %11.7 %
Tangible common equity as a percent of tangible assets (12)
9.4 %9.3 %8.7 %
Leverage Ratio10.7 %10.7 %10.2 %
Risk Based Capital - Tier I12.7 %12.9 %12.5 %
Risk Based Capital - Total14.4 %14.7 %14.2 %
Common Equity - Tier I12.0 %12.2 %11.7 %


                                                
FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)
For the Three Months EndedFor the Six Months Ended
June 30,March 31,June 30,June 30,June 30,
20252025202420252024
INCOME STATEMENT
   Interest income$158,926 $147,128 $150,682 $306,054 $296,144 
   Interest expense52,685 51,606 55,690 104,291 108,848 
Net Interest Income106,241 95,522 94,992 201,763 187,296 
   Provision for credit losses8,898 5,736 7,827 14,634 12,065 
   Provision for credit losses - acquisition day 1 non-PCD3,759 — — 3,759 — 
Net Interest Income after Provision for Credit Losses93,584 89,786 87,165 183,370 175,231 
Net securities losses— (5,142)(5,535)(5,142)(5,535)
   Gain on sale of VISA— 5,146 5,558 5,146 5,558 
   Trust income3,029 3,022 2,821 6,051 5,548 
   Service charges on deposit accounts5,595 5,438 5,546 11,033 10,929 
   Insurance and retail brokerage commissions3,097 3,170 3,154 6,267 5,805 
   Income from bank owned life insurance1,938 1,502 1,371 3,440 2,665 
   Gain on sale of mortgage loans1,836 1,387 1,671 3,223 2,999 
   Gain on sale of other loans and assets2,217 1,388 1,408 3,605 3,459 
   Card-related interchange income3,998 3,654 7,137 7,652 13,827 
Derivative mark-to-market— (153)— (153)12 
Swap fee income439 835 — 1,274 — 
   Other income2,600 2,255 2,079 4,855 3,931 
Total Noninterest Income24,749 22,502 25,210 47,251 49,198 
   Salaries and employee benefits40,584 40,415 37,320 80,999 72,644 
   Net occupancy4,894 5,729 4,822 10,623 10,156 
   Furniture and equipment 4,547 4,193 4,278 8,740 8,758 
   Data processing4,085 3,817 3,840 7,902 7,664 
   Pennsylvania shares tax1,338 1,337 1,126 2,675 2,328 
   Advertising and promotion 1,457 1,372 898 2,829 2,217 
   Intangible amortization1,311 1,131 1,169 2,442 2,433 
   Other professional fees and services1,903 1,620 1,286 3,523 2,528 
   FDIC insurance1,550 1,379 1,286 2,929 2,899 
   Litigation and operational losses470 793 494 1,263 1,491 
   Loss on sale or write-down of assets71 215 77 286 220 
   Loss on early redemption of subordinated debt— — 369 — 369 
   Merger and acquisition3,955 109 — 4,064 114 
   Other operating expenses10,103 9,140 8,833 19,243 17,550 
Total Noninterest Expense76,268 71,250 65,798 147,518 131,371 
Income before Income Taxes42,065 41,038 46,577 83,103 93,058 
   Income tax provision 8,663 8,342 9,489 17,005 18,421 
Net Income$33,402 $32,696 $37,088 $66,098 $74,637 
Shares Outstanding at End of Period104,925,587101,927,219102,297,847104,925,587102,297,847
Average Shares Outstanding Assuming Dilution103,928,428101,859,825102,287,598102,886,345102,238,489


                                                
FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands)
June 30,March 31,June 30,
202520252024
BALANCE SHEET (Period End)
Assets
   Cash and due from banks$121,052 $118,792 $109,907 
   Interest-bearing bank deposits39,114 22,566 78,386 
   Securities available for sale, at fair value1,153,323 1,186,438 1,101,154 
   Securities held to maturity, at amortized cost498,043 519,029 453,820 
   Loans held for sale42,993 41,587 50,769 
     Loans and leases9,570,815 9,093,140 8,994,890 
     Allowance for credit losses(132,966)(119,931)(123,654)
   Net loans and leases9,437,849 8,973,209 8,871,236 
   Goodwill and other intangibles402,558 382,514 384,854 
   Other assets542,215 542,263 576,747 
Total Assets$12,237,147 $11,786,398 $11,626,873 
Liabilities and Shareholders' Equity
   Noninterest-bearing demand deposits$2,326,836 $2,273,858 $2,304,830 
     Interest-bearing demand deposits (a)
1,885,953 1,835,568 1,865,478 
     Savings deposits (a)
4,132,508 4,029,705 3,710,117 
     Time deposits1,759,285 1,722,526 1,528,496 
   Total interest-bearing deposits7,777,746 7,587,799 7,104,091 
   Total deposits10,104,582 9,861,657 9,408,921 
     Short-term borrowings225,874 77,515 537,613 
     Long-term borrowings262,369 262,679 136,581 
   Total borrowings488,243 340,194 674,194 
   Other liabilities126,555 137,496 181,253 
   Shareholders' equity1,517,767 1,447,051 1,362,505 
Total Liabilities and Shareholders' Equity$12,237,147 $11,786,398 $11,626,873 
(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 CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands)
For the Three Months EndedFor the Six Months Ended
June 30,Yield/March 31,Yield/June 30,Yield/June 30,Yield/June 30,Yield/
2025Rate2025Rate2024Rate2025Rate2024Rate
NET INTEREST MARGIN
Assets
Loans and leases (FTE)(1)(3)
$9,430,284 6.09 %$9,068,872 5.92 %$9,017,288 6.06 %$9,250,577 6.01 %$9,007,969 6.01 %
Interest bearing bank deposits59,614 4.85 %76,836 4.72 %208,360 5.58 %68,177 4.78 %160,398 5.80 %
Securities (FTE)(1)
1,666,988 3.67 %1,600,047 3.58 %1,510,409 3.23 %1,633,703 3.63 %1,491,322 3.14 %
Total Interest-Earning Assets (FTE) (1)
11,156,886 5.73 %10,745,755 5.57 %10,736,057 5.66 %10,952,457 5.65 %10,659,689 5.60 %
Noninterest-earning assets939,441 934,933 959,103 937,199 948,612 
Total Assets$12,096,327 $11,680,688 $11,695,160 $11,889,656 $11,608,301 
Liabilities and Shareholders' Equity
Interest-bearing demand and savings deposits$5,998,326 2.09 %$5,769,898 2.13 %$5,629,028 2.20 %$5,884,743 2.11 %$5,591,841 2.16 %
Time deposits1,747,881 3.82 %1,763,492 4.07 %1,504,544 4.35 %1,755,643 3.94 %1,445,752 4.28 %
Short-term borrowings146,503 4.12 %50,725 2.88 %545,551 4.67 %98,879 3.81 %570,717 4.62 %
Long-term borrowings262,633 4.98 %262,809 5.00 %170,963 5.52 %262,720 4.99 %178,780 5.65 %
Total Interest-Bearing Liabilities8,155,343 2.59 %7,846,924 2.67 %7,850,086 2.85 %8,001,985 2.63 %7,787,090 2.81 %
Noninterest-bearing deposits2,316,854 2,252,794 2,310,274 2,285,001 2,306,306 
Other liabilities131,218 151,957 190,440 141,531 180,062 
Shareholders' equity1,492,912 1,429,013 1,344,360 1,461,139 1,334,843 
Total Noninterest-Bearing Funding Sources3,940,984 3,833,764 3,845,074 3,887,671 3,821,211 
Total Liabilities and Shareholders' Equity$12,096,327 $11,680,688 $11,695,160 $11,889,656 $11,608,301 
Net Interest Margin (FTE) (annualized)(1)
3.83 %3.62 %3.57 %3.73 %3.55 %


                                                
FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands)
June 30,March 31,June 30,
202520252024
Loan and Lease Portfolio Detail
Commercial Loan and Lease Portfolio:
Commercial, financial, agricultural and other$1,381,523 $1,276,420 $1,312,816 
Commercial real estate3,366,267 3,158,440 3,077,013 
Equipment finance loans and leases573,810 485,782 316,700 
Real estate construction424,437 478,833 523,595 
Total Commercial5,746,037 5,399,475 5,230,124 
Consumer Loan Portfolio:
Closed-end mortgages1,879,468 1,826,760 1,902,173 
Home equity lines of credit510,807 488,411 492,133 
Real estate construction23,715 9,869 24,460 
Total Real Estate - Consumer2,413,990 2,325,040 2,418,766 
Auto & RV loans1,339,660 1,296,567 1,270,044 
Direct installment24,659 24,962 26,807 
Personal lines of credit44,475 45,079 46,932 
Student loans1,994 2,017 2,217 
Total Other Consumer1,410,788 1,368,625 1,346,000 
Total Consumer Portfolio3,824,778 3,693,665 3,764,766 
Total Portfolio Loans and Leases9,570,815 9,093,140 8,994,890 
Loans held for sale42,993 41,587 50,769 
Total Loans and Leases$9,613,808 $9,134,727 $9,045,659 
June 30,March 31,June 30,
202520252024
ASSET QUALITY DETAIL
Nonperforming Loans and Leases:
Loans and leases on nonaccrual basis$83,180 $50,536 $31,443 
Loans on nonaccrual basis - acquisition16,327 8,869 25,676 
       Total Nonperforming Loans and Leases$99,507 $59,405 $57,119 
Other real estate owned ("OREO")1,049 1,270 484 
Repossessions ("Repos")945 621 1,456 
       Total Nonperforming Assets$101,501 $61,296 $59,059 
Loans past due in excess of 90 days and still accruing1,297 1,156 1,753 
Classified loans and leases130,020 88,929 103,111 
Criticized loans and leases254,902 190,510 241,611 
Nonperforming assets as a percentage of total loans and leases, plus OREO and Repos (4)
1.06 %0.67 %0.66 %
Allowance for credit losses$132,966 $119,931 $123,654 

                                                
FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands)
For the Three Months EndedFor the Six Months Ended
June 30,March 31,June 30,June 30,June 30,
20252025202420252024
Net Charge-offs (Recoveries):
       Commercial, financial, agricultural and other$726 $329 $2,485 $1,055 $4,727 
       Real estate construction— — 35 — 29 
       Commercial real estate613 1,308 331 1,921 500 
       Residential real estate72 (29)64 43 85 
       Loans to individuals1,347 1,490 1,487 2,837 3,363 
Net Charge-offs$2,758 $3,098 $4,402 $5,856 $8,704 
Net charge-offs as a percentage of average loans and leases outstanding (annualized) (4)
0.12 %0.14 %0.20 %0.13 %0.19 %
Provision for credit losses as a percentage of net charge-offs322.63 %185.15 %177.81 %249.90 %138.61 %
Provision for credit losses$8,898 $5,736 $7,827 $14,634 $12,065 
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 EndedFor the Six Months Ended
June 30,March 31,June 30,June 30,June 30,
20252025202420252024
Interest income$158,926 $147,128 $150,682 $306,054 $296,144 
Adjustment to fully taxable equivalent basis (1)
341 335 329 676 652 
Interest income adjusted to fully taxable equivalent basis (non-GAAP)159,267 147,463 151,011 306,730 296,796 
Interest expense52,685 51,606 55,690 104,291 108,848 
Net interest income, (FTE) (1)
$106,582 $95,857 $95,321 $202,439 $187,948 


                                                
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 EndedFor the Six Months Ended
June 30,March 31,June 30,June 30,June 30,
20252025202420252024
Net Income$33,402 $32,696 $37,088 $66,098 $74,637 
Intangible amortization1,311 1,131 1,169 2,442 2,433 
Tax benefit of amortization of intangibles(275)(238)(245)(513)(511)
Net Income, adjusted for tax affected amortization of intangibles$34,438 $33,589 $38,012 $68,027 $76,559 
Average Tangible Equity:
   Total shareholders' equity$1,492,912 $1,429,013 $1,344,360 $1,461,139 $1,334,843 
   Less: intangible assets395,772 382,919 385,332 389,381 385,686 
       Tangible Equity1,097,140 1,046,094 959,028 1,071,758 949,157 
   Less: preferred stock— — — — — 
       Tangible Common Equity$1,097,140 $1,046,094 $959,028 $1,071,758 $949,157 
(8)Return on Average Tangible Common Equity
12.59 %13.02 %15.94 %12.80 %16.22 %

For the Three Months EndedFor the Six Months Ended
June 30,March 31,June 30,June 30,June 30,
20252025202420252024
Core Net Income:
Total Net Income$33,402 $32,696 $37,088 $66,098 $74,637 
Net securites gains— (4)(23)(4)(23)
Tax benefit of net securities gains— 1 5 1 5 
Merger and acquisition related expenses3,955 109 — 4,064 114 
Tax benefit of merger and acquisition related expenses(831)(23)— (853)(24)
Provision for credit losses - acquisition day 1 non-PCD3,759 — — 3,759 — 
Tax benefit of provision for credit losses - acquisition day 1 non-PCD(789)— — (789)— 
(5) Core net income
$39,496 $32,779 $37,070 $72,276 $74,709 
Average Shares Outstanding Assuming Dilution103,928,428101,859,825102,287,598102,886,345102,238,489
(6) Core Earnings per common share (diluted)
$0.38 $0.32 $0.36 $0.70 $0.73 
Intangible amortization1,311 1,131 1,169 2,442 2,433 
Tax benefit of amortization of intangibles(275)(238)(245)(513)(511)
Core Net Income, adjusted for tax affected amortization of intangibles$40,532 $33,672 $37,994 $74,205 $76,631 
(9) Core Return on Average Tangible Common Equity
14.82 %13.05 %15.93 %13.96 %16.24 %


                                                
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 EndedFor the Six Months Ended
June 30,March 31,June 30,June 30,June 30,
20252025202420252024
Core Return on Average Assets:
Total Net Income$33,402 $32,696 $37,088 $66,098 $74,637 
Total Average Assets12,096,327 11,680,688 11,695,160 11,889,656 11,608,301 
Return on Average Assets1.11 %1.14 %1.28 %1.12 %1.29 %
Core Net Income (5)
$39,496 $32,779 $37,070 $72,276 $74,709 
Total Average Assets12,096,327 11,680,688 11,695,160 11,889,656 11,608,301 
(7) Core Return on Average Assets
1.31 %1.14 %1.27 %1.23 %1.29 %

For the Three Months EndedFor the Six Months Ended
June 30,March 31,June 30,June 30,June 30,
20252025202420252024
Core Efficiency Ratio:
Total Noninterest Expense$76,268 $71,250 $65,798 $147,518 $131,371 
Adjustments to Noninterest Expense:
Intangible amortization1,311 1,131 1,169 2,442 2,433 
Merger and acquisition related3,955 109 — 4,064 114 
Noninterest Expense - Core$71,002 $70,010 $64,629 $141,012 $128,824 
Net interest income, (FTE)$106,582 $95,857 $95,321 $202,439 $187,948 
Total noninterest income24,749 22,502 25,210 47,251 49,198 
Net securites gains— (4)(23)(4)(23)
Total Revenue131,331 118,355 120,508 249,686 237,123 
Adjustments to Revenue:
Derivative mark-to-market— (153)— (153)12 
Total Revenue - Core$131,331 $118,508 $120,508 $249,839 $237,111 
(10)Core Efficiency Ratio
54.06 %59.08 %53.63 %56.44 %54.33 %


                                                
FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands)
DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES
June 30,March 31,June 30,
202520252024
Tangible Equity:
   Total shareholders' equity$1,517,767 $1,447,051 $1,362,505 
   Less: intangible assets402,558 382,514 384,854 
       Tangible Equity1,115,209 1,064,537 977,651 
   Less: preferred stock— — — 
       Tangible Common Equity$1,115,209 $1,064,537 $977,651 
Tangible Assets:
   Total assets $12,237,147 $11,786,398 $11,626,873 
   Less: intangible assets402,558 382,514 384,854 
       Tangible Assets$11,834,589 $11,403,884 $11,242,019 
(12)Tangible Common Equity as a percentage of Tangible Assets
9.42 %9.33 %8.70 %
   Shares Outstanding at End of Period104,925,587 101,927,219 102,297,847 
(11)Tangible Book Value Per Common Share
$10.63 $10.44 $9.56 

For the Three Months EndedFor the Six Months Ended
June 30,March 31,June 30,June 30,June 30,
20252025202420252024
Pre-tax pre-provision net revenue:
Net interest income$106,241 $95,522 $94,992 $201,763 $187,296 
Noninterest income24,74922,50225,21047,25149,198
Noninterest expense76,26871,25065,798147,518131,371
Pre-tax pre-provision net revenue$54,722 $46,774 $54,404 $101,496 $105,123 
Net securites gains$— $(4)$(23)$(4)$(23)
Merger and acquisition related expenses3,955109—4,064114
Core pre-tax pre-provision net revenue$58,677 $46,879 $54,381 $105,556 $105,214 
Net charge-offs$2,758 $3,098 $4,402 $5,856 $8,704