First Commonwealth Announces First Quarter 2026 Earnings; Increases Quarterly Dividend
Rhea-AI Summary
First Commonwealth (NYSE: FCF) reported GAAP net income of $37.5M for Q1 2026, or $0.37 diluted EPS. Core pre-tax pre-provision net revenue totaled $57.9M. Net interest income (FTE) was $109.3M and NIM was 3.92%. The Board raised the quarterly cash dividend to $0.14 per share.
Loans decreased after sale of a $225.4M commercial portfolio; deposits rose and the Bank-level total capital ratio was 13.8% at March 31, 2026.
Positive
- Net income of $37.5M in Q1 2026
- NIM expanded to 3.92% year-over-year
- Dividend increased 3.7% to $0.14 per share
- Bank-level capital 13.8%, $376.3M above well-capitalized requirement
- Share repurchases 1,284,457 shares repurchased in Q1 2026
Negative
- Quarterly net income declined $7.3M sequentially from Q4 2025
- End-period loans decreased $74.2M (3.2% annualized) sequentially
- Provision for credit losses rose to $10.7M, up $3.7M sequentially
- Core efficiency ratio worsened to 55.43%, up 259 bps sequentially
Key Figures
Market Reality Check
Peers on Argus
FCF was up 0.11% pre-release with mixed peer moves: regional bank peers like NWBI (+1.66%), CHCO (+0.13%), OFG (+0.61%), LKFN (+0.59%) and VBTX (-0.13%) showed no unified direction, suggesting stock-specific focus on FCF’s earnings and dividend increase.
Previous Dividends,earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Oct 28 | Q3 2025 earnings | Positive | -5.5% | Strong Q3 2025 earnings and dividend declaration with solid capital levels. |
| Jul 29 | Q2 2025 earnings | Positive | +1.7% | Q2 2025 earnings with NIM expansion, loan and deposit growth, higher dividend. |
| Apr 29 | Q1 2025 earnings | Positive | +1.6% | Q1 2025 results, NIM improvement, dividend increase and stable asset quality. |
| Jan 28 | Q4 2024 earnings | Negative | -3.9% | Q4 and full-year 2024 earnings with lower YoY profit and higher charge-offs. |
| Oct 29 | Q3 2024 earnings | Negative | -0.3% | Q3 2024 earnings with declining net income despite deposit growth and dividend. |
Across the last five dividends, earnings releases, price moves were modest with an average move of -1.29% and 4 of 5 reactions broadly aligning with the underlying tone of the results.
Over the past five dividends, earnings announcements since October 2024, FCF has reported steady profitability with net income per quarter ranging from the low $30Ms to low $40Ms, while regularly declaring or increasing its quarterly dividend. Net interest margin and core PPNR have generally improved versus prior periods, though some reports highlighted rising nonperforming loans or softer growth. Price reactions have been mixed but mostly aligned with the news tone, with an average move of -1.29% following these updates.
Historical Comparison
In the past five dividends/earnings releases, FCF’s average move was -1.29%, with mostly aligned reactions to modestly positive or mixed fundamentals.
Recent dividends/earnings releases show a pattern of steady quarterly profitability, gradual dividend increases, and improving net interest margin, offset at times by rising nonperforming loans and credit costs.
Market Pulse Summary
This announcement combined Q1 2026 earnings of $37.5M (EPS $0.37) with a 3.7% dividend increase to $0.14 per share and a net interest margin of 3.92%. Credit costs rose, with a $10.7M provision and higher nonperforming loans, though capital remained strong with a Bank Total Capital Ratio of 13.8%. Relative to prior dividends, earnings releases, investors may watch asset quality trends, net interest margin, and future dividend actions closely.
Key Terms
net interest margin financial
allowance for credit losses financial
nonperforming loans financial
core pre-tax pre-provision net revenue financial
efficiency ratio financial
Basel III regulatory
AI-generated analysis. Not financial advice.
INDIANA, Pa., April 28, 2026 (GLOBE NEWSWIRE) -- First Commonwealth Financial Corporation (NYSE: FCF) today announced financial results for the first quarter of 2026.
Financial Summary
| (dollars in thousands, | For the Three Months Ended | ||||||||||
| except per share data) | March 31, | December 31, | March 31, | ||||||||
| 2026 | 2025 | 2025 | |||||||||
| Reported Results | |||||||||||
| Net income | $ | 37,548 | $ | 44,876 | $ | 32,696 | |||||
| Diluted earnings per share | $ | 0.37 | $ | 0.43 | $ | 0.32 | |||||
| Return on average assets | 1.25 | % | 1.46 | % | 1.14 | % | |||||
| Return on average equity | 9.75 | % | 11.49 | % | 9.28 | % | |||||
| Operating Results (non-GAAP)(1) | |||||||||||
| Core net income | $ | 37,459 | $ | 44,658 | $ | 32,779 | |||||
| Core diluted earnings per share | $ | 0.37 | $ | 0.43 | $ | 0.32 | |||||
| Core pre-tax pre-provision net revenue | $ | 57,854 | $ | 63,166 | $ | 46,879 | |||||
| Provision expense | $ | 10,733 | $ | 7,005 | $ | 5,736 | |||||
| Net charge-offs | $ | 8,161 | $ | 11,272 | $ | 3,098 | |||||
| Reserve build/(release)(2) | $ | 3,415 | $ | (3,837 | ) | $ | 1,025 | ||||
| Core return on average assets (ROAA) | 1.24 | % | 1.45 | % | 1.14 | % | |||||
| Core pre-tax pre-provision ROAA | 1.92 | % | 2.05 | % | 1.63 | % | |||||
| Return on average tangible common equity | 13.47 | % | 15.90 | % | 13.02 | % | |||||
| Core return on average tangible common equity | 13.44 | % | 15.83 | % | 13.05 | % | |||||
| Core efficiency ratio | 55.43 | % | 52.84 | % | 59.08 | % | |||||
| Net interest margin (FTE) | 3.92 | % | 3.98 | % | 3.62 | % | |||||
| (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. | |
First Quarter 2026 Highlights
Financial results
- GAAP Net income of
$37.5 million and diluted earnings per share totaled$0.37 , a decrease of$7.3 million , or$0.06 per share from the prior quarter and an increase of$4.9 million , or$0.05 per share from first quarter of 2025.- Core pre-tax pre-provision net revenue (PPNR)(1) totaled
$57.9 million , a decrease of$5.3 million from the prior quarter and an increase of$11.0 million from the first quarter of 2025. The decrease from the prior quarter was primarily as a result of a$4.2 million decrease in net interest income (FTE)
- Core pre-tax pre-provision net revenue (PPNR)(1) totaled
- End of period loans (excluding loans held for sale) decreased
$74.2 million , or3.2% annualized from the previous quarter- Loans held for sale decreased
$239.8 million from the previous quarter due primarily to the sale of a$225.4 million Commercial portfolio during the quarter that had been moved to held for sale at year end as previously disclosed
- Loans held for sale decreased
- Average deposits increased
$67.1 million , or2.7% annualized from the previous quarter- End of period deposits increased
$158.9 million , or6.3% annualized from the previous quarter
- End of period deposits increased
- The loan-to-deposit ratio decreased 447 basis points to
90.9% in the first quarter of 2026 - Net interest income (FTE) of
$109.3 million decreased$4.2 million from the previous quarter and increased$13.5 million from the first quarter of 2025 - Noninterest income (excluding security gains of
$0.2 million in 1Q26 and$0.4 million in 4Q25) of$24.4 million increased$0.1 million from the previous quarter and increased$1.9 million from the first quarter of 2025 - Noninterest expense (excluding merger-related expense of
$0.1 million in 1Q26 and$0.2 million in 4Q25 and$0.1 million in 1Q25) of$75.5 million increased$1.2 million from the previous quarter and increased$4.3 million from the first quarter of 2025 - Tangible book value per share increased
$0.12 , or4.3% annualized from the previous quarter- AOCI as a percentage of tangible common equity increased 30 basis points to
5.90% in the first quarter of 2026
- AOCI as a percentage of tangible common equity increased 30 basis points to
Profitability
- The net interest margin of
3.92% decreased 6 basis points compared to the prior quarter and increased 30 basis points from the first quarter of 2025 - The core efficiency ratio(1) increased 259 basis points to
55.43% compared to the prior quarter and decreased 365 basis points from the first quarter of 2025 - Core ROAA decreased 21 basis points to
1.24% compared to the prior quarter and increased 10 basis points from the first quarter of 2025 - Core pre-tax pre-provision ROAA(1) decreased 13 basis points to
1.92% compared to the prior quarter and increased 29 basis points from the first quarter of 2025
Strong capital positions
- On April 28, 2026, the Board of Directors authorized a
3.7% increase in the quarterly cash dividend to shareholders - The Bank-level Total Capital Ratio was
13.8% at March 31, 2026, which represents$376.3 million in excess capital above the regulatory “well capitalized” requirement of10.0% - A total of 1,284,457 shares at a weighted average price of
$17.67 were repurchased during the first quarter of 2026 under the Company’s previously authorized share repurchase programs. The remaining repurchase capacity under the current program was$18.4 million as of March 31, 2026
Asset quality
- The total provision for credit losses was
$10.7 million , an increase of$3.7 million from the previous quarter primarily due to a$4.2 million increase in reserves for individually analyzed commercial credits - Reserve build/(release)(2) was
$3.4 million , which resulted in reserves to total loans of1.37% , which is an increase of 5 basis points from the previous quarter - Nonperforming loans of
$92.3 million increased$0.6 million from the previous quarter- Subsequent to March 31, 2026, two individually analyzed nonaccrual commercial credits with an outstanding balance of
$5.6 million with associated reserves of$3.3 million were sold or paid off.
- Subsequent to March 31, 2026, two individually analyzed nonaccrual commercial credits with an outstanding balance of
- Net charge-offs on loans totaled
$8.2 million , a decrease of$3.1 million from the prior quarter- Net charge-offs as a percentage of average loans outstanding (annualized) was
0.35% in the first quarter of 2025, a decrease of 11 basis points from the previous quarter
- Net charge-offs as a percentage of average loans outstanding (annualized) was
“Despite some credit headwinds, we were pleased to see our capital and liquidity strengthen during the quarter, supported by a strong net interest margin, and stable seasonally-adjusted fee income,” said T. Michael Price, President and Chief Executive Officer. “Organic loan growth was muted, reflecting elevated payoffs, but overall origination and credit trends remain well-managed. Looking ahead, we are confident in our positioning across our core businesses, and expect continued momentum as we progress through the year.”
Earnings
Net income for the first quarter of 2026 was
Net Interest Income and Net Interest Margin
Net interest income (FTE) of
The NIM for the first quarter of 2026 was
Total average deposits grew
End of period deposits increased
Asset Quality
Provision for credit losses totaled
The allowance for credit losses (ACL) as a percentage of end-of-period loans was
At March 31, 2026, nonperforming loans totaled
Subsequent to March 31, 2026, two individually analyzed nonaccrual commercial credits with an outstanding balance of
Nonperforming loans represented
At March 31, 2026, criticized loans totaled
During the first quarter of 2026, net charge-offs were
Net charge-offs were
Noninterest Income and Noninterest Expense
Noninterest income (excluding security gains of
The
Noninterest expense (excluding merger-related expense of
The core efficiency ratio was
Full time equivalent staff was 1,592, 1,567 and 1,538 at March 31, 2026, December 31, 2025 and March 31, 2025, respectively.
Dividends and Capital
First Commonwealth Financial Corporation declared a common stock quarterly dividend of
First Commonwealth’s capital ratios for Total, Tier I, Leverage and Common Equity Tier I at March 31, 2026 were
Conference Call
First Commonwealth will host a quarterly conference call to discuss its financial results for the first quarter of 2026 on Wednesday, April 29, 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 web.
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 | |||||||||||
| March 31, | December 31, | March 31, | |||||||||
| 2026 | 2025 | 2025 | |||||||||
| SUMMARY RESULTS OF OPERATIONS | |||||||||||
| Net interest income | $ | 108,974 | $ | 113,201 | $ | 95,522 | |||||
| Provision for credit losses | 10,733 | 7,005 | 5,736 | ||||||||
| Noninterest income | 24,587 | 24,716 | 22,502 | ||||||||
| Noninterest expense | 75,595 | 74,476 | 71,250 | ||||||||
| Net income | 37,548 | 44,876 | 32,696 | ||||||||
| Core net income(5) | 37,459 | 44,658 | 32,779 | ||||||||
| Earnings per common share (diluted) | $ | 0.37 | $ | 0.43 | $ | 0.32 | |||||
| Core earnings per common share (diluted)(6) | $ | 0.37 | $ | 0.43 | $ | 0.32 | |||||
| KEY FINANCIAL RATIOS | |||||||||||
| Return on average assets | 1.25 | % | 1.46 | % | 1.14 | % | |||||
| Core return on average assets(7) | 1.24 | % | 1.45 | % | 1.14 | % | |||||
| Return on average assets, pre-provision, pre-tax | 1.92 | % | 2.06 | % | 1.62 | % | |||||
| Core return on average assets, pre-provision, pre-tax | 1.92 | % | 2.05 | % | 1.63 | % | |||||
| Return on average shareholders' equity | 9.75 | % | 11.49 | % | 9.28 | % | |||||
| Return on average tangible common equity(8) | 13.47 | % | 15.90 | % | 13.02 | % | |||||
| Core return on average tangible common equity(9) | 13.44 | % | 15.83 | % | 13.05 | % | |||||
| Core efficiency ratio(2)(10) | 55.43 | % | 52.84 | % | 59.08 | % | |||||
| Net interest margin (FTE)(1) | 3.92 | % | 3.98 | % | 3.62 | % | |||||
| Book value per common share | $ | 15.27 | $ | 15.11 | $ | 14.20 | |||||
| Tangible book value per common share(11) | 11.34 | 11.22 | 10.44 | ||||||||
| Market value per common share | 17.58 | 16.86 | 15.54 | ||||||||
| Cash dividends declared per common share | 0.135 | 0.135 | 0.130 | ||||||||
| ASSET QUALITY RATIOS | |||||||||||
| Nonperforming loans and leases as a percent of end-of-period loans and leases(3) | 0.98 | % | 0.94 | % | 0.65 | % | |||||
| Nonperforming assets as a percent of total assets(3) | 0.77 | % | 0.77 | % | 0.52 | % | |||||
| Net charge-offs as a percent of average loans and leases (annualized)(4) | 0.35 | % | 0.46 | % | 0.14 | % | |||||
| Allowance for credit losses as a percent of nonperforming loans and leases(4) | 141.70 | % | 137.07 | % | 201.89 | % | |||||
| Allowance for credit losses as a percent of end-of-period loans and leases(4) | 1.37 | % | 1.32 | % | 1.32 | % | |||||
| CAPITAL RATIOS | |||||||||||
| Shareholders' equity as a percent of total assets | 12.7 | % | 12.6 | % | 12.3 | % | |||||
| Tangible common equity as a percent of tangible assets(12) | 9.7 | % | 9.7 | % | 9.3 | % | |||||
| Leverage Ratio | 10.9 | % | 10.9 | % | 10.7 | % | |||||
| Risk Based Capital - Tier I | 13.2 | % | 12.7 | % | 12.9 | % | |||||
| Risk Based Capital - Total | 14.9 | % | 14.5 | % | 14.7 | % | |||||
| Common Equity - Tier I | 12.5 | % | 12.1 | % | 12.2 | % | |||||
| FIRST COMMONWEALTH FINANCIAL CORPORATION | |||||||||
| CONSOLIDATED FINANCIAL DATA | |||||||||
| Unaudited | |||||||||
| (dollars in thousands, except per share data) | |||||||||
| For the Three Months Ended | |||||||||
| March 31, | December 31, | March 31, | |||||||
| 2026 | 2025 | 2025 | |||||||
| INCOME STATEMENT | |||||||||
| Interest income | $ | 157,218 | $ | 163,925 | $ | 147,128 | |||
| Interest expense | 48,244 | 50,724 | 51,606 | ||||||
| Net Interest Income | 108,974 | 113,201 | 95,522 | ||||||
| Provision for credit losses | 10,733 | 7,005 | 5,736 | ||||||
| Net Interest Income after Provision for Credit Losses | 98,241 | 106,196 | 89,786 | ||||||
| Net securities gains (losses) | 229 | 425 | (5,142 | ) | |||||
| Gain on sale of VISA | — | — | 5,146 | ||||||
| Trust income | 3,408 | 3,379 | 3,022 | ||||||
| Service charges on deposit accounts | 5,530 | 5,828 | 5,438 | ||||||
| Insurance and retail brokerage commissions | 3,267 | 2,886 | 3,170 | ||||||
| Income from bank owned life insurance | 1,796 | 1,725 | 1,502 | ||||||
| Gain on sale of mortgage loans | 2,215 | 1,941 | 1,387 | ||||||
| Gain on sale of other loans and assets | 2,182 | 2,198 | 1,388 | ||||||
| Card-related interchange income | 3,661 | 3,974 | 3,654 | ||||||
| Derivative mark-to-market | (6 | ) | 25 | (153 | ) | ||||
| Swap fee income | 122 | 26 | 835 | ||||||
| Other income | 2,183 | 2,309 | 2,255 | ||||||
| Total Noninterest Income | 24,587 | 24,716 | 22,502 | ||||||
| Salaries and employee benefits | 42,874 | 42,265 | 40,415 | ||||||
| Net occupancy | 5,565 | 4,981 | 5,729 | ||||||
| Furniture and equipment | 4,823 | 4,994 | 4,193 | ||||||
| Data processing | 4,183 | 4,197 | 3,817 | ||||||
| Pennsylvania shares tax | 1,330 | 483 | 1,337 | ||||||
| Advertising and promotion | 1,671 | 1,687 | 1,372 | ||||||
| Intangible amortization | 1,364 | 1,494 | 1,131 | ||||||
| Other professional fees and services | 1,106 | 1,526 | 1,620 | ||||||
| FDIC insurance | 1,589 | 1,535 | 1,379 | ||||||
| Litigation and operational losses | 857 | 1,080 | 793 | ||||||
| Loss on sale or write-down of assets | 567 | 281 | 215 | ||||||
| Merger and acquisition | 117 | 150 | 109 | ||||||
| Other operating expenses | 9,549 | 9,803 | 9,140 | ||||||
| Total Noninterest Expense | 75,595 | 74,476 | 71,250 | ||||||
| Income before Income Taxes | 47,233 | 56,436 | 41,038 | ||||||
| Income tax provision | 9,685 | 11,560 | 8,342 | ||||||
| Net Income | $ | 37,548 | $ | 44,876 | $ | 32,696 | |||
| Shares Outstanding at End of Period | 101,679,621 | 102,840,771 | 101,927,219 | ||||||
| Average Shares Outstanding Assuming Dilution | 102,394,488 | 103,643,551 | 101,859,825 | ||||||
| FIRST COMMONWEALTH FINANCIAL CORPORATION | |||||||||||
| CONSOLIDATED FINANCIAL DATA | |||||||||||
| Unaudited | |||||||||||
| (dollars in thousands) | |||||||||||
| March 31, | December 31, | March 31, | |||||||||
| 2026 | 2025 | 2025 | |||||||||
| BALANCE SHEET (Period End) | |||||||||||
| Assets | |||||||||||
| Cash and due from banks | $ | 118,134 | $ | 103,280 | $ | 118,792 | |||||
| Interest-bearing bank deposits | 224,806 | 77,082 | 22,566 | ||||||||
| Securities available for sale, at fair value | 1,071,345 | 1,052,489 | 1,186,438 | ||||||||
| Securities held to maturity, at amortized cost | 577,286 | 519,422 | 519,029 | ||||||||
| Loans held for sale | 31,638 | 271,452 | 41,587 | ||||||||
| Loans and leases | 9,433,825 | 9,508,039 | 9,093,140 | ||||||||
| Allowance for credit losses | (129,183 | ) | (125,768 | ) | (119,931 | ) | |||||
| Net loans and leases | 9,304,642 | 9,382,271 | 8,973,209 | ||||||||
| Goodwill and other intangibles | 399,233 | 400,229 | 382,514 | ||||||||
| Other assets | 535,488 | 536,811 | 542,263 | ||||||||
| Total Assets | $ | 12,262,572 | $ | 12,343,036 | $ | 11,786,398 | |||||
| Liabilities and Shareholders' Equity | |||||||||||
| Noninterest-bearing demand deposits | $ | 2,370,132 | $ | 2,372,771 | $ | 2,273,858 | |||||
| Interest-bearing demand deposits(a) | 1,835,503 | 1,795,513 | 1,835,568 | ||||||||
| Savings deposits(a) | 4,402,789 | 4,241,762 | 4,029,705 | ||||||||
| Time deposits | 1,801,469 | 1,840,923 | 1,722,526 | ||||||||
| Total interest-bearing deposits | 8,039,761 | 7,878,198 | 7,587,799 | ||||||||
| Total deposits | 10,409,893 | 10,250,969 | 9,861,657 | ||||||||
| Short-term borrowings | 22,858 | 147,966 | 77,515 | ||||||||
| Long-term borrowings | 132,069 | 261,742 | 262,679 | ||||||||
| Total borrowings | 154,927 | 409,708 | 340,194 | ||||||||
| Other liabilities | 145,055 | 127,983 | 137,496 | ||||||||
| Shareholders' equity | 1,552,697 | 1,554,376 | 1,447,051 | ||||||||
| Total Liabilities and Shareholders' Equity | $ | 12,262,572 | $ | 12,343,036 | $ | 11,786,398 | |||||
| (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 | ||||||||||||||
| March 31, | Yield/ | December 31, | Yield/ | March 31, | Yield/ | |||||||||
| 2026 | Rate | 2025 | Rate | 2025 | Rate | |||||||||
| NET INTEREST MARGIN | ||||||||||||||
| Assets | ||||||||||||||
| Loans and leases (FTE)(1)(3) | $ | 9,566,302 | 6.03 | % | $ | 9,736,392 | 6.12 | % | $ | 9,068,872 | 5.92 | % | ||
| Interest bearing bank deposits | 207,792 | 3.84 | % | 48,542 | 4.48 | % | 76,836 | 4.72 | % | |||||
| Securities (FTE)(1) | 1,529,772 | 3.55 | % | 1,525,296 | 3.52 | % | 1,600,047 | 3.58 | % | |||||
| Total Interest-Earning Assets (FTE)(1) | 11,303,866 | 5.65 | % | 11,310,230 | 5.76 | % | 10,745,755 | 5.57 | % | |||||
| Noninterest-earning assets | 920,940 | 919,649 | 934,933 | |||||||||||
| Total Assets | $ | 12,224,806 | $ | 12,229,879 | $ | 11,680,688 | ||||||||
| Liabilities and Shareholders' Equity | ||||||||||||||
| Interest-bearing demand and savings deposits | $ | 6,145,197 | 1.95 | % | $ | 6,054,039 | 2.00 | % | $ | 5,769,898 | 2.13 | % | ||
| Time deposits | 1,820,411 | 3.55 | % | 1,806,856 | 3.65 | % | 1,763,492 | 4.07 | % | |||||
| Short-term borrowings | 31,766 | 2.16 | % | 55,098 | 2.64 | % | 50,725 | 2.88 | % | |||||
| Long-term borrowings | 208,363 | 5.11 | % | 261,872 | 4.92 | % | 262,809 | 5.00 | % | |||||
| Total Interest-Bearing Liabilities | 8,205,737 | 2.38 | % | 8,177,865 | 2.46 | % | 7,846,924 | 2.67 | % | |||||
| Noninterest-bearing deposits | 2,339,160 | 2,376,821 | 2,252,794 | |||||||||||
| Other liabilities | 117,667 | 125,496 | 151,957 | |||||||||||
| Shareholders' equity | 1,562,242 | 1,549,697 | 1,429,013 | |||||||||||
| Total Noninterest-Bearing Funding Sources | 4,019,069 | 4,052,014 | 3,833,764 | |||||||||||
| Total Liabilities and Shareholders' Equity | $ | 12,224,806 | $ | 12,229,879 | $ | 11,680,688 | ||||||||
| Net Interest Margin (FTE) (annualized)(1) | 3.92 | % | 3.98 | % | 3.62 | % | ||||||||
| FIRST COMMONWEALTH FINANCIAL CORPORATION | |||||||||||
| CONSOLIDATED FINANCIAL DATA | |||||||||||
| Unaudited | |||||||||||
| (dollars in thousands) | |||||||||||
| March 31, | December 31, | March 31, | |||||||||
| 2026 | 2025 | 2025 | |||||||||
| Loan and Lease Portfolio Detail | |||||||||||
| Commercial Loan and Lease Portfolio: | |||||||||||
| Commercial, financial, agricultural and other | $ | 1,315,171 | $ | 1,351,724 | $ | 1,276,420 | |||||
| Commercial real estate | 3,148,767 | 3,182,109 | 3,158,440 | ||||||||
| Equipment finance loans and leases | 746,723 | 693,265 | 485,782 | ||||||||
| Real estate construction | 404,394 | 415,536 | 478,833 | ||||||||
| Total Commercial | 5,615,055 | 5,642,634 | 5,399,475 | ||||||||
| Consumer Loan Portfolio: | |||||||||||
| Closed-end mortgages | 1,814,512 | 1,830,470 | 1,826,760 | ||||||||
| Home equity lines of credit | 537,089 | 529,815 | 488,411 | ||||||||
| Real estate construction | 31,843 | 47,250 | 9,869 | ||||||||
| Total Real Estate - Consumer | 2,383,444 | 2,407,535 | 2,325,040 | ||||||||
| Auto & RV loans | 1,367,360 | 1,387,195 | 1,296,567 | ||||||||
| Direct installment | 22,451 | 23,057 | 24,962 | ||||||||
| Personal lines of credit | 43,751 | 45,785 | 45,079 | ||||||||
| Student loans | 1,764 | 1,833 | 2,017 | ||||||||
| Total Other Consumer | 1,435,326 | 1,457,870 | 1,368,625 | ||||||||
| Total Consumer Portfolio | 3,818,770 | 3,865,405 | 3,693,665 | ||||||||
| Total Portfolio Loans and Leases | 9,433,825 | 9,508,039 | 9,093,140 | ||||||||
| Loans held for sale - individual | 31,638 | 46,071 | 41,587 | ||||||||
| Loans held for sale - portfolio | — | 225,381 | — | ||||||||
| Total Loans and Leases | $ | 9,465,463 | $ | 9,779,491 | $ | 9,134,727 | |||||
| March 31, | December 31, | March 31, | |||||||||
| 2026 | 2025 | 2025 | |||||||||
| ASSET QUALITY DETAIL | |||||||||||
| Nonperforming Loans and Leases: | |||||||||||
| Loans and leases on nonaccrual basis | $ | 50,260 | $ | 51,151 | $ | 37,520 | |||||
| Loans and leases on a nonaccrual basis - with government guarantees | 27,028 | 30,325 | 13,016 | ||||||||
| Loans held for sale on a nonaccrual basis | 1,149 | — | — | ||||||||
| Loans and leases on a nonaccrual basis - acquired | 12,844 | 9,393 | 8,211 | ||||||||
| Loans and leases on a nonaccrual basis - acquired with government guarantees | 1,032 | 887 | 658 | ||||||||
| Total Nonperforming Loans and Leases | $ | 92,313 | $ | 91,756 | $ | 59,405 | |||||
| Other real estate owned ("OREO") | 221 | 990 | 1,270 | ||||||||
| Repossessions ("Repos") | 1,328 | 1,744 | 621 | ||||||||
| Total Nonperforming Assets | $ | 93,862 | $ | 94,490 | $ | 61,296 | |||||
| Loans past due in excess of 90 days and still accruing | 2,927 | 1,288 | 1,156 | ||||||||
| Classified loans and leases | 136,897 | 139,378 | 88,929 | ||||||||
| Criticized loans and leases | 284,628 | 267,164 | 190,510 | ||||||||
| Nonperforming assets as a percentage of total loans and leases, plus OREO and Repos(4) | 0.99 | % | 0.99 | % | 0.67 | % | |||||
| Allowance for credit losses | $ | 129,183 | $ | 125,768 | $ | 119,931 | |||||
| FIRST COMMONWEALTH FINANCIAL CORPORATION | |||||||||||
| CONSOLIDATED FINANCIAL DATA | |||||||||||
| Unaudited | |||||||||||
| (dollars in thousands) | |||||||||||
| For the Three Months Ended | |||||||||||
| March 31, | December 31, | March 31, | |||||||||
| 2026 | 2025 | 2025 | |||||||||
| Net Charge-offs (Recoveries): | |||||||||||
| Commercial, financial, agricultural and other | $ | 3,608 | $ | 7,152 | $ | 329 | |||||
| Real estate construction | 326 | 465 | — | ||||||||
| Commercial real estate | 2,268 | 2,039 | 1,308 | ||||||||
| Residential real estate | 119 | 362 | (29 | ) | |||||||
| Loans to individuals | 1,840 | 1,254 | 1,490 | ||||||||
| Net Charge-offs | $ | 8,161 | $ | 11,272 | $ | 3,098 | |||||
| Net charge-offs as a percentage of average loans and leases outstanding (annualized)(4) | 0.35 | % | 0.46 | % | 0.14 | % | |||||
| Provision for credit losses as a percentage of net charge-offs | 131.52 | % | 62.15 | % | 185.15 | % | |||||
| Provision for credit losses | $ | 10,733 | $ | 7,005 | $ | 5,736 | |||||
| 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 | ||||||||
| (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 | ||||||||
| March 31, | December 31, | March 31, | ||||||
| 2026 | 2025 | 2025 | ||||||
| Interest income | $ | 157,218 | $ | 163,925 | $ | 147,128 | ||
| Adjustment to fully taxable equivalent basis(1) | 361 | 355 | 335 | |||||
| Interest income adjusted to fully taxable equivalent basis (non-GAAP) | 157,579 | 164,280 | 147,463 | |||||
| Interest expense | 48,244 | 50,724 | 51,606 | |||||
| Net interest income, (FTE)(1) | $ | 109,335 | $ | 113,556 | $ | 95,857 | ||
| 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 | |||||||||||
| March 31, | December 31, | March 31, | |||||||||
| 2026 | 2025 | 2025 | |||||||||
| Net Income | $ | 37,548 | $ | 44,876 | $ | 32,696 | |||||
| Intangible amortization | 1,364 | 1,494 | 1,131 | ||||||||
| Tax benefit of amortization of intangibles | (286 | ) | (314 | ) | (238 | ) | |||||
| Net Income, adjusted for tax affected amortization of intangibles | $ | 38,626 | $ | 46,056 | $ | 33,589 | |||||
| Average Tangible Equity: | |||||||||||
| Total shareholders' equity | $ | 1,562,242 | $ | 1,549,697 | $ | 1,429,013 | |||||
| Less: intangible assets | 399,668 | 400,638 | 382,919 | ||||||||
| Tangible Equity | 1,162,574 | 1,149,059 | 1,046,094 | ||||||||
| Less: preferred stock | — | — | — | ||||||||
| Tangible Common Equity | $ | 1,162,574 | $ | 1,149,059 | $ | 1,046,094 | |||||
| (8)Return on Average Tangible Common Equity | 13.47 | % | 15.90 | % | 13.02 | % | |||||
| For the Three Months Ended | |||||||||||
| March 31, | December 31, | March 31, | |||||||||
| 2026 | 2025 | 2025 | |||||||||
| Core Net Income: | |||||||||||
| Total Net Income | $ | 37,548 | $ | 44,876 | $ | 32,696 | |||||
| Net securites gains | (229 | ) | (425 | ) | (4 | ) | |||||
| Tax benefit of net securities gains | 48 | 89 | 1 | ||||||||
| Merger and acquisition related expenses | 117 | 150 | 109 | ||||||||
| Tax benefit of merger and acquisition related expenses | (25 | ) | (32 | ) | (23 | ) | |||||
| (5)Core net income | $ | 37,459 | $ | 44,658 | $ | 32,779 | |||||
| Average Shares Outstanding Assuming Dilution | 102,394,488 | 103,643,551 | 101,859,825 | ||||||||
| (6)Core Earnings per common share (diluted) | $ | 0.37 | $ | 0.43 | $ | 0.32 | |||||
| Intangible amortization | 1,364 | 1,494 | 1,131 | ||||||||
| Tax benefit of amortization of intangibles | (286 | ) | (314 | ) | (238 | ) | |||||
| Core Net Income, adjusted for tax affected amortization of intangibles | $ | 38,537 | $ | 45,838 | $ | 33,672 | |||||
| (9)Core Return on Average Tangible Common Equity | 13.44 | % | 15.83 | % | 13.05 | % | |||||
| 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 | |||||||||||
| March 31, | December 31, | March 31, | |||||||||
| 2026 | 2025 | 2025 | |||||||||
| Core Return on Average Assets: | |||||||||||
| Total Net Income | $ | 37,548 | $ | 44,876 | $ | 32,696 | |||||
| Total Average Assets | 12,224,806 | 12,229,879 | 11,680,688 | ||||||||
| Return on Average Assets | 1.25 | % | 1.46 | % | 1.14 | % | |||||
| Core Net Income(5) | $ | 37,459 | $ | 44,658 | $ | 32,779 | |||||
| Total Average Assets | 12,224,806 | 12,229,879 | 11,680,688 | ||||||||
| (7)Core Return on Average Assets | 1.24 | % | 1.45 | % | 1.14 | % | |||||
| For the Three Months Ended | |||||||||||
| March 31, | December 31, | March 31, | |||||||||
| 2026 | 2025 | 2025 | |||||||||
| Core Efficiency Ratio: | |||||||||||
| Total Noninterest Expense | $ | 75,595 | $ | 74,476 | $ | 71,250 | |||||
| Adjustments to Noninterest Expense: | |||||||||||
| Intangible amortization | 1,364 | 1,494 | 1,131 | ||||||||
| Merger and acquisition related | 117 | 150 | 109 | ||||||||
| Noninterest Expense - Core | $ | 74,114 | $ | 72,832 | $ | 70,010 | |||||
| Net interest income, (FTE) | $ | 109,335 | $ | 113,556 | $ | 95,857 | |||||
| Total noninterest income | 24,587 | 24,716 | 22,502 | ||||||||
| Net securities gains | (229 | ) | (425 | ) | (4 | ) | |||||
| Total Revenue | 133,693 | 137,847 | 118,355 | ||||||||
| Adjustments to Revenue: | |||||||||||
| Derivative mark-to-market | (6 | ) | 25 | (153 | ) | ||||||
| Total Revenue - Core | $ | 133,699 | $ | 137,822 | $ | 118,508 | |||||
| (10)Core Efficiency Ratio | 55.43 | % | 52.84 | % | 59.08 | % | |||||
| FIRST COMMONWEALTH FINANCIAL CORPORATION | |||||||||||
| CONSOLIDATED FINANCIAL DATA | |||||||||||
| Unaudited | |||||||||||
| (dollars in thousands) | |||||||||||
| DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES | |||||||||||
| March 31, | December 31, | March 31, | |||||||||
| 2026 | 2025 | 2025 | |||||||||
| Tangible Equity: | |||||||||||
| Total shareholders' equity | $ | 1,552,697 | $ | 1,554,376 | $ | 1,447,051 | |||||
| Less: intangible assets | 399,233 | 400,229 | 382,514 | ||||||||
| Tangible Equity | 1,153,464 | 1,154,147 | 1,064,537 | ||||||||
| Less: preferred stock | — | — | — | ||||||||
| Tangible Common Equity | $ | 1,153,464 | $ | 1,154,147 | $ | 1,064,537 | |||||
| Tangible Assets: | |||||||||||
| Total assets | $ | 12,262,572 | $ | 12,343,036 | $ | 11,786,398 | |||||
| Less: intangible assets | 399,233 | 400,229 | 382,514 | ||||||||
| Tangible Assets | $ | 11,863,339 | $ | 11,942,807 | $ | 11,403,884 | |||||
| (12)Tangible Common Equity as a percentage of Tangible Assets | 9.72 | % | 9.66 | % | 9.33 | % | |||||
| Shares Outstanding at End of Period | 101,679,621 | 102,840,771 | 101,927,219 | ||||||||
| (11)Tangible Book Value Per Common Share | $ | 11.34 | $ | 11.22 | $ | 10.44 | |||||
| For the Three Months Ended | |||||||||||
| March 31, | December 31, | March 31, | |||||||||
| 2026 | 2025 | 2025 | |||||||||
| Pre-tax pre-provision net revenue: | |||||||||||
| Net interest income | $ | 108,974 | $ | 113,201 | $ | 95,522 | |||||
| Noninterest income | 24,587 | 24,716 | 22,502 | ||||||||
| Noninterest expense | 75,595 | 74,476 | 71,250 | ||||||||
| Pre-tax pre-provision net revenue | $ | 57,966 | $ | 63,441 | $ | 46,774 | |||||
| Net securites gains | $ | (229 | ) | $ | (425 | ) | $ | (4 | ) | ||
| Merger and acquisition related expenses | 117 | 150 | 109 | ||||||||
| Core pre-tax pre-provision net revenue | $ | 57,854 | $ | 63,166 | $ | 46,879 | |||||
| Net charge-offs | $ | 8,161 | $ | 11,272 | $ | 3,098 | |||||
