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falseFIRST COMMONWEALTH FINANCIAL CORP /PA/25-14285282026FY000071253700007125372026-07-282026-07-28

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
  
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 28, 2026
 
First Commonwealth Financial Corporation
(Exact name of registrant as specified in its charter)
 
Pennsylvania 001-11138 25-1428528
(State or other jurisdiction
of incorporation)		 (Commission File Number) (IRS Employer
Identification No.)
601 Philadelphia Street
Indiana, PA 15701
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (724) 349-7220
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $1.00 par value FCF New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02 Results of Operations and Financial Condition
On July 28, 2026, First Commonwealth Financial Corporation (the “Company”) issued a press release announcing financial results for the three and six month periods ended June 30, 2026. A copy of this press release and the related earnings tables are furnished as Exhibit 99.1 to this report and incorporated herein by reference.
Item 7.01 Regulation FD Disclosure
On July 28, 2026, the Company announced a cash dividend of $0.14 per share of the Company’s common stock. The dividend declaration is included in the press release announcing financial results for the three and six month periods ended June 30, 2026. A copy of this press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference.
On July 28, 2026, the Company announced that its Board of Directors authorized an additional $75.0 million share repurchase program of the Company's common stock. Under the program, management is authorized to repurchase shares through Rule 10b5-1 plans, open market purchases, privately negotiated transactions, block purchases or otherwise in a manner that is intended to comply with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934. The Company may suspend or discontinue the program at any time. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
Exhibits
104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document).



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: July 28, 2026
 
FIRST COMMONWEALTH FINANCIAL CORPORATION
By:       /s/ James R. Reske
Name:   James R. Reske
Title:   Executive Vice President, Chief Financial Officer and Treasurer


EX-99.1 2 fcf-ex991_20260728x8k.htm EX-99.1 PRESS RELEASE Document
                                                
Exhibit 99.1

fcfimagea01a.jpg                    
FOR IMMEDIATE RELEASE

First Commonwealth Announces Second Quarter 2026 Earnings; Declares Quarterly Dividend and Announces Additional Share Repurchase Authorization

Indiana, PA, July 28, 2026 - 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: 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 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 44,764  31,638  42,993 
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