Indiana, PA, July 23, 2024 - First Commonwealth Financial Corporation (NYSE: FCF) today announced financial results for the second quarter of 2024.

(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.    

•GAAP Net income of $37.1 million and diluted earnings per share of $0.36 represented a decrease of $0.5 million, or $0.01 per share, from the prior quarter and a decrease of $5.7 million, or $0.06 per share, from the second quarter of 2023

▪Core pre-tax pre-provision net revenue (PPNR)(1) totaled $54.4 million, an increase of $3.5 million from the previous quarter but a decrease of $2.0 million from the second quarter of 2023

•Net interest income (FTE) of $95.3 million increased $2.7 million from the previous quarter but decreased $2.8 million from the second quarter of 2023

•Noninterest income (excluding securities gains and losses) of $25.2 million increased $1.2 million from the previous quarter and $0.7 from the second quarter of 2023 due in part to higher wealth management sales and card related interchange income

•Noninterest expense (excluding loss on early redemption of subordinated debt and merger-related expense) of $65.4 million which was unchanged from the previous quarter

•Average deposits increased $199.9 million, or 8.7% annualized, compared to the prior quarter

▪End of period deposits decreased $37.5 million, or 1.6% annualized, compared to the prior quarter

•Total loans increased $13.9 million, or 0.6% annualized, from the previous quarter, driven by $36.8 million of growth in equipment finance loans

•The loan-to-deposit ratio increased to 96.1% at the end of the second quarter of 2024 as compared to 95.6% in the previous quarter

•Total shareholder’s equity increased $29.8 million from the previous quarter due to a $23.8 million increase in retained earnings and a $5.7 million improvement in accumulated other comprehensive income (AOCI) due in part to the sale of $75.1 million in available for sale investment securities

▪Tangible book value per share increased $0.30, or 13.0% annualized, from the previous quarter

▪AOCI as a percentage of tangible common equity was 11.6% in the second quarter of 2024 as compared to 12.6% in the previous quarter

•First Commonwealth Bank (the Bank) has been recognized for the sixth consecutive year by Forbes as one of the World’s Best Banks for 2024

•The core efficiency ratio(1) of 53.6% improved 142 basis points from the previous quarter

•The return on average assets (ROA) decreased 3 basis points to 1.28% compared to previous quarter

▪The core return on average assets(1) decreased 4 basis points to 1.27% compared to the previous quarter

•Core pre-tax pre-provision ROA(1) for the quarter ended June 30, 2024 increased 10 basis points to 1.87% as compared to 1.77% in the prior quarter and 2.03% in the second quarter of 2023

•The net interest margin of 3.57% increased 5 basis points compared to the prior quarter and decreased 28 basis points as compared to the second quarter of 2023

▪The recognition of deferred interest upon the payoff of a previously nonaccrual loan had a positive impact on the net interest margin of two basis points in the second quarter of 2024

▪The retention of approximately $200 million of additional cash on the Bank’s balance sheet had a negative impact on the net interest margin of six basis points in the second quarter of 2024 as compared to three basis points in the prior quarter

▪Purchasing accounting marks contributed eight basis points to the margin in the second quarter of 2024, unchanged from the prior quarter ◦On June 1, 2024, the Bank retired $50 million of variable rate subordinate corporate debentures with an interest rate of 7.45%.

This transaction is expected to improve the net interest margin by approximately three basis points beginning in the third quarter of 2024.

◦During the second quarter of 2024, security gains and losses included a $5.6 million gain from the conversion of Visa Inc. class B shares.

◦During the second quarter of 2024, the Bank sold approximately $75 million of investment securities yielding 2.17% for a loss of $5.5 million and reinvested the proceeds into approximately $75 million of investments securities yielding 5.49%. This transaction is expected to improve the net interest margin by 2 basis points beginning in the third quarter of 2024.

•The provision for credit losses was $7.8 million, an increase of $3.6 million compared to the previous quarter

•The allowance for credit losses as a percentage of end-of-period loans was 1.37%, an increase of five basis points from the previous quarter

•Total criticized loans increased $29.8 million from the previous quarter

▪Total nonperforming loans of $57.1 million increased $14.7 million from the previous quarter, including $11.1 million of acquired loans that were transferred to nonaccrual status.

•Net charge-offs on loans totaled $4.4 million, an increase of $0.1 million from the previous quarter

▪Net charge-offs as a percentage of average loans (annualized) was 0.20% in the second quarter of 2024 as compared to 0.19% in the previous quarter

•On June 1, 2024, the Bank retired $50 million of variable rate subordinate corporate debentures that were included in Tier II regulatory capital. This action reduced the Bank’s Total Risk Based Capital by approximately 44 basis points; however, the actual Total Capital Ratio decreased by only eight basis points from the previous quarter due to strong organic capital generation

•The Bank-level Total Capital ratio was 13.1% at June 30, 2024, which represents $292.4 million in excess capital above the regulatory “well capitalized” requirement of 10.0%

•On April 23, 2024, the Board of Directors authorized a 4.0% increase in the quarterly cash dividend to shareholders

•There were 22,961 shares repurchased during the second quarter of 2024 at a weighted average price of $12.48. The remaining capacity under the current program was $17.1 million as of June 30, 2024.

“I’m excited to report that our second quarter results demonstrated the core earnings power of our community-focused regional banking model,” stated T. Michael Price, President and Chief Executive Officer. “It seems we may have turned the corner with NIM compression this quarter and we continue to see pockets of loan demand in our new markets in Pennsylvania and Ohio, while our legacy markets remain a rich source of core deposit growth.” Price continued, “As we move forward, we will continue to adapt to meet the evolving needs of our neighbors and their businesses and help them navigate their financial future.”

GAAP Net income for the second quarter of 2024 was $37.1 million, or $0.36 per share, compared to $37.5 million, or $0.37 per share in the first quarter of 2024, and $42.8 million, or $0.42 per share for the second quarter of 2023.

Net interest income (FTE) of $95.3 million increased $2.7 million from the previous quarter and decreased $2.8 million from the prior year quarter. The increase from the previous quarter was primarily due to a five basis point expansion in the net interest margin and a $152.7 million increase in interest earning assets.

The net interest margin for the second quarter of 2024 was 3.57%, an increase of five basis points from the previous quarter and a decrease of 28 basis points from the second quarter of 2023. The increase from the previous quarter was due primarily to a 12 basis point increase in the yield on loans and an 18 basis point increase in the yield on securities, partially offset by a 10 basis point increase in the cost of deposits. The total cost of funds was 2.20% in the second quarter of 2024, which represents an increase of seven basis points from the previous quarter.

Total average deposits grew $199.9 million in the second quarter of 2024 as compared to the previous quarter. Average time deposits grew $117.6 million and interest-bearing demand and savings deposits grew $74.4 million.

Total average investment securities and interest bearing bank deposits grew $134.1 million and total average loans grew $18.6 million in the second quarter of 2024 as compared to the previous quarter.

Provision expense in the second quarter of 2024 totaled $7.8 million as compared to $4.2 million in the previous quarter. The increase in the provision expense from the previous quarter was the result of a $5.8 million increase in reserves for individually analyzed loans primarily driven by a $14.7 million increase in nonperforming loans.

The allowance for credit losses as a percentage of end-of-period loans in the second quarter of 2024 was 1.37% as compared to 1.32% in the previous quarter.

At June 30, 2024, nonperforming loans totaled $57.1 million, an increase of $14.7 million from the previous quarter. The increase in nonperforming loans was primarily due to the migration of $11.1 million in loans acquired in the Centric acquisition into nonaccrual status.

Nonperforming loans represented 0.63% of total loans for the period ended June 30, 2024 as compared to 0.47% and 0.54% for the periods ended March 31, 2024 and June 30, 2023, respectively.

During the second quarter of 2024, net charge-offs were $4.4 million as compared to $4.3 million in the previous quarter and $8.7 million in the second quarter of 2023.

Net charge-offs as a percentage of average loans (annualized) were 0.20%, 0.19% and 0.40% for the periods ended June 30, 2024, March 31, 2024 and June 30, 2023, respectively.

Noninterest income (excluding securities gains and losses) totaled $25.2 million for the second quarter of 2024, as compared to $24.0 million for the first quarter of 2024 and $24.5 million for the second quarter of 2023.

The $1.2 million increase from the previous quarter was primarily due to a $0.6 million increase in wealth management services, a $0.4 million increase in card-related interchange income and a $0.3 million increase in gain on sale of mortgage loans, partially offset by a $0.6 million decrease in gain on sale of Small Business Administration (SBA) loans.

During the second quarter of 2024, security gains and losses included a $5.6 million gain from the conversion of Visa Inc. class B shares, of which $5.6 million was realized through shares held at fair value at quarter-end. This gain was offset by a loss of $5.5 million on the sale of $75.1 million in investment securities.

Noninterest expense (excluding losses on the early redemption of subordinated debt and merger-related expense) of $65.4 million was unchanged from the previous quarter. Offsetting changes in comparison with the prior quarter were primarily due to a $0.5 million decrease in occupancy expense, a $0.5 million decrease in operational losses and a $0.4 million decrease in advertising and promotion expense, offset by a $2.0 million increase in salaries and benefits (primarily driven by a $1.0 million increase in hospitalization expense and a $1.2 million incentive accrual reversals in the prior quarter).

The core efficiency ratio was 53.6% during the second quarter of 2024 as compared to 55.1% in the previous quarter and 52.8% in the second quarter of 2023.

Full time equivalent staff was 1,472 at June 30, 2024, 1,465 at March 31, 2024, and 1,483 at June 30, 2023.

First Commonwealth Financial Corporation declared a common stock quarterly dividend of $0.13 per share, which represents a 4.0% increase from the second quarter of 2023. The cash dividend is payable on August 16, 2024 to shareholders of record as of August 2, 2024. This dividend represents a 3.1% projected annual yield utilizing the July 22, 2024 closing market price of $16.62.

First Commonwealth’s capital ratios for Total, Tier I, Leverage and Common Equity Tier I at June 30, 2024 were 14.2%, 12.5%, 10.2% and 11.7%, respectively. First Commonwealth’s current capital levels exceed the fully phased-in Basel III capital requirements issued by U.S. bank regulators.

First Commonwealth will host a quarterly conference call to discuss its financial results for the second quarter of 2024 on Wednesday, July 24, 2024 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.

First Commonwealth Financial Corporation (NYSE: FCF), headquartered in Indiana, Pennsylvania, is a financial services Company with 124 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.

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.

Ron Wahl

Communications and Media Relations

Phone: 724-463-6806

E-mail: RWahl@fcbanking.com

Ryan M. Thomas

Vice President / Finance and Investor Relations

Phone: 724-463-1690

E-mail: RThomas1@fcbanking.com