Indiana, PA, January 27, 2026 - First Commonwealth Financial Corporation (NYSE: FCF) today announced financial results for the fourth quarter and full year 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.    

•Net income of $44.9 million and diluted earnings per share of $0.43 represent an increase of $3.5 million, or $0.04 per share from the previous quarter and an increase of $9.0 million, or $0.08 per share from the fourth quarter of 2024

•Core pre-tax pre-provision net revenue (PPNR)(1) totaled $63.2 million, an increase of $0.2 million from the previous quarter and an increase of $11.8 million from the fourth quarter of 2024

•Average deposits increased $72.0 million, 2.8% annualized, compared to the prior quarter

•Total loans increased $28.6 million, or 1.2% annualized, from the previous quarter, driven by growth in the Equipment Finance and Construction portfolios

◦Loans held for sale increased $208.9 million from the previous quarter due to the designation of $225.4 million of Commercial loans as held for sale

•Net interest income (FTE) of $113.6 million increased $2.1 million from the previous quarter

•Noninterest income (excluding a $0.4 million gain on investment securities in both 3Q and 4Q 2025) of $24.3 million decreased $0.2 million from the previous quarter

•Noninterest expense (excluding $0.2 million of merger-related expenses in 3Q and 4Q 2025) of $74.3 million increased $1.7 million from the previous quarter

•The return on average assets (ROAA) was 1.46% as compared to 1.34% in the previous quarter and 1.23% in the fourth quarter of 2024

•Core return on average assets (ROAA) was 1.45% as compared to 1.34% in the previous quarter and 1.23% in the fourth quarter of 2024

•Core pre-tax pre-provision ROAA(1) was 2.05% as compared to 2.05% in the prior quarter and 1.76% in the fourth quarter of 2024

•The net interest margin of 3.98% increased six basis points from the prior quarter and increased 44 basis points from the fourth quarter of 2024

•The core efficiency ratio(1) of 52.84% increased 54 basis points from the previous quarter and decreased 323 basis points from the fourth quarter of 2024

•Bank-level Total Regulatory Capital ratio of 13.4% represents $348.0 million in excess capital above the regulatory “well capitalized” requirement of 10.0%

•A total of 1,451,296 shares at a weighted average price of $15.94 were repurchased during the fourth quarter of 2025 under the Company’s previously authorized share repurchase programs. The remaining repurchase capacity under the current program was $22.7 million as of December 31, 2025. An additional $25.0 million of share repurchase authority was authorized by the Board in January 2026

•The provision for credit losses was $7.0 million, a decrease of $4.3 million compared to the previous quarter

•The allowance for credit losses as a percentage of end-of-period loans was 1.32%, as compared to 1.34% in the previous quarter

•Total nonperforming loans increased $3.1 million from the previous quarter

•Net charge-offs on loans totaled $11.3 million, a decrease of $1.0 million from the previous quarter

◦Net charge-offs (annualized) as a percentage of average loans outstanding was 0.47% in the fourth quarter of 2025 as compared to 0.51% in the previous quarter

•Net income of $152.3 million and diluted earnings per share of $1.47

◦Core net income(1) was $158.1 million, or $1.53 diluted earnings per share, compared to $142.7 million, or $1.40 diluted earnings per share in the prior year

•Core pre-tax pre-provision income(1) of $231.7 million increased $24.1 million from the prior year

•The return on average assets (ROAA) for the year ended December 31, 2025 was 1.26% as compared to 1.22% in the prior year

•Core return on average assets (ROAA) for the year ended December 31, 2025 was 1.31% as compared to 1.22% in the prior year

•Core pre-tax pre-provision ROAA(1) for the year ended December 31, 2025 was 1.92% as compared to 1.78% in the prior year

•The core efficiency ratio(1) decreased 94 basis points to 54.42% compared to the prior year

•Average deposits grew $580.1 million, or 6.1% compared to the prior year

◦Average deposits (excluding acquired deposits) grew $393.5 million, or 4.2% compared to the prior year

•Total loans grew $743.7 million, or 8.2% compared to the prior year

◦Total loans (excluding acquired loans) grew $451.9 million, or 5.0% compared to the prior year

•The loan-to-deposit ratio was 95.4% for the year ended December 31, 2025 as compared to 93.4% in the prior year

•Tangible book value per share increased $1.18, or 11.8% from the previous year.

“Our fourth quarter results capped off a strong year for First Commonwealth, highlighted by solid loan and deposit growth, continued expansion of our net interest margin, and stable capital levels,” said T. Michael Price, President and Chief Executive Officer. “We delivered improved profitability this quarter while maintaining sound credit quality and strengthening our balance sheet through core deposit growth. The progress we made this year—both financially and operationally—positions us well to continue delivering long term value for our shareholders and supporting the financial success of our customers and communities.”

Net income for the quarter ended December 31, 2025 was $44.9 million, or $0.43 per share, compared to $41.3 million, or $0.39 per share in the prior quarter.

Net income for the year ended December 31, 2025 was $152.3 million, or $1.47 per share, compared to $142.6 million, or $1.39 per share for the same period in 2024.

Net interest income (FTE) of $113.6 million increased $2.1 million from the previous quarter and increased $18.1 million from the prior year quarter. The increase from the previous quarter was primarily due to a six basis point increase in the net interest margin. The yield on earning assets increased three basis points due to an 11 basis point increase in the yield on indirect auto loans along with a $32.3 million increase in indirect auto balances, combined with a $51.5 million increase in average equipment finance loans. The total cost of funds decreased three basis points due to a 16 basis point decrease in the cost of non-personal NOW accounts and $73.4 million decrease in average short-term borrowings, partially offset by a $72.1 million increase in average time deposits.

Total average deposits increased $72.0 million, or 2.8% annualized in the fourth quarter of 2025 as compared to the previous quarter. Total end-of-period deposits decreased $19.6 million, or 0.8% annualized, from the previous quarter.

Provision for credit losses totaled $7.0 million in the fourth quarter of 2025 as compared to $11.3 million in the previous quarter. The decrease in provision expense, relative to the prior quarter, was primarily driven by a $4.4 million provision for a dealer floorplan relationship in the prior quarter, along with a $2.3 million decrease in provision expense for unfunded commitments.

Nonperforming loans totaled $91.8 million, an increase of $3.1 million from the previous quarter. Nonperforming loans represented 0.94% of total loans as compared to 0.91% and 0.68% for the periods ended September 30, 2025 and December 31, 2024, respectively.

At December 31, 2025, criticized loans totaled $267.2 million, an increase of $19.0 million from the previous quarter.

During the fourth quarter of 2025, net charge-offs were $11.3 million as compared to net charge-offs of $12.2 million in the previous quarter and $13.7 million in the fourth quarter of 2024.

Net charge-offs (annualized) as a percentage of average loans were 0.46%, 0.51% and 0.61% for the periods ended December 31, 2025, September 30, 2025 and December 31, 2024, respectively.

Noninterest income (excluding $0.4 million gain on investment securities in 3Q and 4Q 2025) totaled $24.3 million for the fourth quarter of 2025, as compared to $24.5 million for the third quarter of 2025 and $25.3 million for the fourth quarter of 2024. The $0.2 million decrease from the previous quarter was primarily due to a $0.7 million decrease in wealth advisory fees and a $0.2 million decrease in swap fees, partially offset by a $0.8 million increase in Gain on Sale of Small Business Administration (SBA) loans.

For the year ended December 31, 2025, noninterest income (excluding $0.8 million gain on sale of investment securities in 2025 and $0.2 million gain on sale of investment securities in 2024) totaled $96.0 million, a decrease of $3.0 million from the prior year. The decrease from the prior year was primarily due to a $6.3 million decrease in card-related interchange income due to the Bank being subject to a full twelve months of the Durbin amendment, partially offset by a $1.8 million increase in wealth advisory fees, a $1.5 million increase in gain on sale of mortgage loans and a $0.7 million increase in swap fees.

Noninterest expense (excluding $0.2 million of merger related expenses in 3Q and 4Q 2025 and $0.3 million in 4Q 2024) totaled $74.3 million for the fourth quarter of 2025, as compared to $72.7 million in the third quarter of 2025 and $69.0 million for the fourth quarter of 2024. The $1.7 million increase from the previous quarter was primarily the result of a $1.5 million increase in salaries and benefits and a $0.7 million increase in software expense, partially offset by a $0.9 million decrease for a Pennsylvania shares tax adjustment.

The core efficiency ratio was 52.84% during the fourth quarter of 2025 as compared to 52.30% in the previous quarter and 56.07% in the fourth quarter of 2024.

For the year ended December 31, 2025, noninterest expense (excluding $4.4 million of merger related expenses in 2025 and $0.4 million in merger expense and $0.4 million loss on the early redemption of subordinated debt in 2024) totaled $290.4 million, as compared to $270.0 million in the prior year. The $20.5 million increase from the prior year was primarily driven by a $14.7 million increase in salaries and benefits and a $1.4 million increase in other professional fees, partially offset by a $1.7 million decrease in operational losses due to lower fraud expense.

The core efficiency ratio was 54.42% for the year ended December 31, 2025 as compared to 55.36% in the previous year.

Full time equivalent staff was 1,567 at December 31, 2025, 1,548 at September 30, 2025 and 1,512 at December 31, 2024 First Commonwealth Financial Corporation declared a common stock quarterly dividend of $0.135 per share, which represents a 3.9% increase from the fourth quarter of 2024.

The cash dividend is payable on February 20, 2026 to shareholders of record as of February 6, 2026. This dividend represents a 3.1% projected annual yield utilizing the January 26, 2026 closing market price of $17.53.

First Commonwealth’s capital ratios for Total, Tier I, Leverage and Common Equity Tier I at December 31, 2025 were 14.5%, 12.7%, 10.9% and 12.1%, 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 fourth quarter and full year 2025 on Wednesday, January 28, 2026 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 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.

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.