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

(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 $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

▪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

▪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

▪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.”

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 (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.

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 (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.

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.

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.

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.

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

(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.